Document:

MASTER
		TRANSACTION AGREEMENT

	  

	 among

	  

	 ION
		Media Networks, Inc.,

	  

	 NBC
		Universal, Inc.,

	  

	 NBC Palm
		Beach Investment I, Inc.,

	  

	 NBC Palm
		Beach Investment II, Inc.,

	  

	 and

	  

	 CIG
		Media LLC

	  

	 Dated as
		of May 3, 2007

	  
		
		  

		  
 

	  

	 

	 
	 

	 
	  

	 TABLE
		OF CONTENTS

	  

	 
		
		  	 	
				  Page

				  
	 	 
	
				  ARTICLE
					 I DEFINITIONS
 	
				  2

				  
	 	 
	
				  SECTION
					 1.01 Definitions
 	
				  2

				  
	
				  SECTION
					 1.02 Other Defined Terms
 	
				  14

				  
	
				  SECTION
					 1.03 Interpretation
 	
				  16

				  
	 	 
	
				  ARTICLE
					 II THE PRELIMINARY TRANSACTIONS
 	
				  17

				  
	 	 
	
				  SECTION
					 2.01 Confirmation from Senior Lenders, CIG and NBCU
 	
				  17

				  
	
				  SECTION
					 2.02 Call Right Assignment
 	
				  18

				  
	
				  SECTION
					 2.03 Delivery of the Documents
 	
				  18

				  
	
				  SECTION
					 2.04 Filing of New Preferred Stock
 	
				  19

				  
	
				  SECTION
					 2.05 Exchange of NBCU Series B Preferred and Transfer of Series F
					 Non-Convertible Preferred
 	
				  19

				  
	
				  SECTION
					 2.06 Additional Investment by CIG
 	
				  19

				  
	
				  SECTION
					 2.07 Selection of Investment Banks
 	
				  20

				  
	 	 
	
				  ARTICLE
					 III THE TENDER OFFER
 	
				  20

				  
	 	 
	
				  SECTION
					 3.01 The Tender Offer
 	
				  20

				  
	
				  SECTION
					 3.02 Company Action
 	
				  22

				  
	 	 
	
				  ARTICLE
					 IV THE REVERSE STOCK SPLIT
 	
				  23

				  
	 	 
	
				  SECTION
					 4.01 The Reverse Stock Split
 	
				  23

				  
	
				  SECTION
					 4.02 Company Stock Options
 	
				  24

				  
	
				  SECTION
					 4.03 Surrender of Shares
 	
				  25

				  
	 	 
	
				  ARTICLE
					 V THE EXCHANGE OFFER
 	
				  26

				  
	 	 
	
				  SECTION
					 5.01 The Exchange Offer
 	
				  26

				  
	
				  SECTION
					 5.02 Consent Solicitation
 	
				  29

				  
	
				  SECTION
					 5.03 Exchange by CIG
 	
				  29

				  
	
				  SECTION
					 5.04 Contingent Exchange
 	
				  29

				  
	
				  SECTION
					 5.05 Company Approval
 	
				  30

				  
	 	 
	
				  ARTICLE
					 VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY
 	
				  30

				  
	 	 
	
				  SECTION
					 6.01 Organization and Qualification
 	
				  31

				  
	
				  SECTION
					 6.02 Capitalization
 	
				  31

				  
	
				  SECTION
					 6.03 Authority Relative to the Transaction Agreements
 	
				  33

				  
	
				  SECTION
					 6.04 No Conflict; Required Filings and Consents
 	
				  34

				  
	
				  SECTION
					 6.05 Permits; Compliance
 	
				  35

				  

 

		 

		i

		
		   

			 
			 

			  
 

		
		  	
				  SECTION
					 6.06 SEC Filings; Financial Statements
 	
				  37

				  
	
				  SECTION
					 6.07 Absence of Certain Changes or Events
 	
				  39

				  
	
				  SECTION
					 6.08 Absence of Litigation
 	
				  40

				  
	
				  SECTION
					 6.09 Compensation and Benefit Plans; ERISA
 	
				  40

				  
	
				  SECTION
					 6.10 Labor Matters
 	
				  42

				  
	
				  SECTION
					 6.11 Taxes
 	
				  43

				  
	
				  SECTION
					 6.12 Insurance
 	
				  43

				  
	
				  SECTION
					 6.13 Company Material Contracts
 	
				  44

				  
	
				  SECTION
					 6.14 Property
 	
				  44

				  
	
				  SECTION
					 6.15 Intellectual Property
 	
				  44

				  
	
				  SECTION
					 6.16 Brokers
 	
				  45

				  
	 	 
	
				  ARTICLE
					 VII REPRESENTATIONS AND WARRANTIES OF CIG
 	
				  45

				  
	 	 
	
				  SECTION
					 7.01 Corporate Organization
 	
				  46

				  
	
				  SECTION
					 7.02 Authority Relative to Transaction Agreements
 	
				  46

				  
	
				  SECTION
					 7.03 No Conflict; Required Filings and Consents
 	
				  46

				  
	
				  SECTION
					 7.04 Ownership of Company Securities
 	
				  47

				  
	
				  SECTION
					 7.05 FCC Compliance
 	
				  47

				  
	
				  SECTION
					 7.06 Financing
 	
				  47

				  
	
				  SECTION
					 7.07 Brokers
 	
				  47

				  
	 	 
	
				  ARTICLE
					 VIII REPRESENTATIONS AND WARRANTIES OF NBCU ENTITIES
 	
				  47

				  
	 	 
	
				  SECTION
					 8.01 Corporate Organization
 	
				  48

				  
	
				  SECTION
					 8.02 Authority Relative to Transaction Agreements
 	
				  48

				  
	
				  SECTION
					 8.03 No Conflict; Required Filings and Consents
 	
				  48

				  
	
				  SECTION
					 8.04 Ownership of Company Securities
 	
				  49

				  
	
				  SECTION
					 8.05 Brokers
 	
				  49

				  
	 	 
	
				  ARTICLE
					 IX CONDUCT OF BUSINESS PENDING THE CALL CLOSING
 	
				  49

				  
	 	 
	
				  SECTION
					 9.01 Conduct of Business by the Company Pending the Call Closing

				  	
				  49

				  
	 	 
	
				  ARTICLE
					 X ADDITIONAL AGREEMENTS
 	
				  53

				  
	 	 
	
				  SECTION
					 10.01 Stockholders’ Meetings
 	
				  53

				  
	
				  SECTION
					 10.02 Proxy Statement
 	
				  54

				  
	
				  SECTION
					 10.03 Company Board Representation; Section 14(f)
 	
				  55

				  
	
				  SECTION
					 10.04 Access to Information; Confidentiality
 	
				  55

				  
	
				  SECTION
					 10.05 No Solicitation of Transactions
 	
				  56

				  
	
				  SECTION
					 10.06 Directors’ and Officers’ Indemnification and
					 Insurance
 	
				  57

				  
	
				  SECTION
					 10.07 Notification of Certain Matters
 	
				  58

				  
	
				  SECTION
					 10.08 Further Action; Reasonable Best Efforts
 	
				  58

				  
	
				  SECTION
					 10.09 Public Announcements
 	
				  59

				  
	
				  SECTION
					 10.10 Exchange of NBCU Series B Preferred
 	
				  59

				  
	
				  SECTION
					 10.11 Exchange of Series F Non-Convertible Preferred
 	
				  60

				  

 

		 

		ii

		 

		  
		  

		   

		 

		
		  	
				  SECTION
					 10.12 Transfer of Series B Convertible Subordinated Debt
 	
				  60

				  
	
				  SECTION
					 10.13 Exchange of Series A-2 Preferred Stock or Series C Preferred Stock
					 Following the Call Closing
 	
				  60

				  
	
				  SECTION
					 10.14 Exchange of Series A-2 Preferred Stock or Series C Preferred Stock in
					 Absence of Call Closing
 	
				  61

				  
	
				  SECTION
					 10.15 Termination of Certain Existing Agreements
 	
				  61

				  
	
				  SECTION
					 10.16 Delisting
 	
				  62

				  
	
				  SECTION
					 10.17 Stockholder Litigation
 	
				  62

				  
	
				  SECTION
					 10.18 CIG Option to Purchase NBCU Series B Preferred
 	
				  62

				  
	
				  SECTION
					 10.19 Employment of Certain Company Employees
 	
				  63

				  
	
				  SECTION
					 10.20 Approval of Compensation Actions
 	
				  63

				  
	
				  SECTION
					 10.21 Indemnity for Prior Breach of Call Agreement, Escrow Agreement and
					 Noncompete Agreements
 	
				  63

				  
	
				  SECTION
					 10.22 Indemnity for Compensation Actions
 	
				  64

				  
	
				  SECTION
					 10.23 Conduct of the Exchange Offer
 	
				  64

				  
	
				  SECTION
					 10.24 CUSIP Numbers
 	
				  64

				  
	
				  SECTION
					 10.25 PMC
					 Agreement
 	
				  64

				  
	 	 
	
				  ARTICLE
					 XI CONDITIONS PRECEDENT
 	
				  64

				  
	 	 
	
				  SECTION
					 11.01 Conditions to the Reverse Stock Split
 	
				  64

				  
	
				  SECTION
					 11.02 Frustration of Closing Conditions
 	
				  65

				  
	 	 
	
				  ARTICLE
					 XII TERMINATION, AMENDMENT AND WAIVER
 	
				  65

				  
	 	 
	
				  SECTION
					 12.01 Termination Prior to the Commencement Date
 	
				  65

				  
	
				  SECTION
					 12.02 Termination After the Commencement Date
 	
				  65

				  
	
				  SECTION
					 12.03 Effect of Termination
 	
				  65

				  
	
				  SECTION
					 12.04 Fees and Expenses
 	
				  66

				  
	
				  SECTION
					 12.05 Amendment
 	
				  66

				  
	
				  SECTION
					 12.06 Waiver
 	
				  66

				  
	 	 
	
				  ARTICLE
					 XIII GENERAL PROVISIONS
 	
				  66

				  
	 	 
	
				  SECTION
					 13.01 Notices
 	
				  66

				  
	
				  SECTION
					 13.02 Severability
 	
				  68

				  
	
				  SECTION
					 13.03 Entire Agreement; Assignment
 	
				  69

				  
	
				  SECTION
					 13.04 Parties in Interest
 	
				  69

				  
	
				  SECTION
					 13.05 Specific Performance
 	
				  69

				  
	
				  SECTION
					 13.06 Governing Law
 	
				  69

				  
	
				  SECTION
					 13.07 Counterparts
 	
				  69

				  
	
				  SECTION
					 13.08 Waiver of Jury Trial
 	
				  70

				  

 
 

	  

	 iii

	  

		
		

		
		

		  
			 	 	 	
					 ANNEXES

					 
	 	 	 
	
					 Annex
						A
 	 	
					 Conditions
						to the Tender Offer
 
	
					 Annex
						B
 	 	
					 Conditions
						to the Exchange Offer
 
	 	 	 
	
					 SCHEDULES

					 	 	 
	 	 	 
	
					 Schedule
						5.04
 	 	
					 Contingent
						Exchange Methodology
 
	
					 Schedule
						10.12
 	 	
					 Transfer
						of Series B Convertible Subordinated Debt
 
	 	 	 
	
					 EXHIBITS

					 	 	 
	 	 	 
	
					 Exhibit
						A
 	 	
					 Series A
						Convertible Subordinated Debt Indenture
 
	
					 Exhibit
						B
 	 	
					 Series B
						Convertible Subordinated Debt Indenture 
 
	
					 Exhibit
						C
 	 	
					 NBCU
						Option I
 
	
					 Exhibit
						D
 	 	
					 NBCU
						Option II
 
	
					 Exhibit
						E
 	 	
					 Registration
						Rights Agreement for New Securities
 
	
					 Exhibit
						F
 	 	
					 Series
						A-1 Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						G
 	 	
					 Series
						A-2 Preferred Stock Certificate of Designation
 
	
					 Exhibit
						H
 	 	
					 Series
						A-3 Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						I
 	 	
					 Series B
						Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						J-1
 	 	
					 Series C
						Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						J-2
 	 	
					 Series C
						Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						K
 	 	
					 Series C
						Preferred Stock Certificate of Designation
 
	
					 Exhibit
						L
 	 	
					 Series D
						Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						M
 	 	
					 Series
						E-1 Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						N
 	 	
					 Series
						E-2 Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						O
 	 	
					 Series F
						Non-Convertible Preferred Certificate of Designation
 
	
					 Exhibit
						P
 	 	
					 New
						Stockholders’ Agreement
 
	
					 Exhibit
						Q
 	 	
					 Assignment
						Agreement
 
	
					 Exhibit
						R
 	 	
					 Call
						Right Exercise Notice
 
	
					 Exhibit
						S
 	 	
					 Restated
						Certificate of Incorporation
 
	
					 Exhibit
						T
 	 	
					 Proposed
						Amendments
 
	
					 Exhibit
						U
 	 	
					 Warrant

					 
	
					 Exhibit
						V
 	 	
					 Put/Call
						Agreement
 
	
					 Exhibit
						W
 	 	
					 Certificate
						Amendment
 
	
					 Exhibit
						X
 	 	
					 Registration
						Rights Agreement for Series B Convertible Subordinated Debt
 

 
 

		 

		iv

		 

		  
		  

		   
 

	 
		THIS
		  MASTER TRANSACTION AGREEMENT (this “Agreement”)
		  is made and entered into as of May 3, 2007, by and among ION Media Networks,
		  Inc., a Delaware corporation (the “Company”),
		  NBC Universal, Inc., a Delaware corporation (“NBCU”),
		  NBC Palm Beach Investment I, Inc., a California corporation (“NBC
		  Palm Beach I”),
		  NBC Palm Beach Investment II, Inc., a California corporation
		  (“NBC
		  Palm Beach II,”
		  and together with NBCU and NBC Palm Beach I, the “NBCU
		  Entities”),
		  and CIG Media LLC, a Delaware limited liability company (“CIG”).

		 

		WHEREAS,
		  on November 7, 2005, the NBCU Entities entered into a series of agreements (the
		  “2005
		  Agreements”)
		  with one or more of the following parties: Mr. Paxson (as defined below),
		  Second Crystal Diamond Limited Partnership, a Nevada limited partnership,
		  Paxson Enterprises, Inc., a Nevada corporation (collectively, the
		  “Paxson
		  Stockholders”),
		  the Company and Paxson Management Corporation, a Nevada corporation
		  (“PMC”),
		  to, among other things, restructure the original investment of the NBCU
		  Entities in the Company made on September 15, 1999 and to resolve certain
		  disputes arising therefrom;

		 

		WHEREAS,
		  the Company, CIG and the NBCU Entities have agreed to further restructure the
		  Company’s ownership and capital structure (the “Transaction”),
		  subject to the terms and conditions set forth in the Transaction Agreements (as
		  defined below);

		 

		WHEREAS,
		  in furtherance of the Transaction, NBC Palm Beach II wishes to assign to CIG
		  $210,000,000 aggregate stated liquidation preference of Series F
		  Non-Convertible Preferred (as defined below), and its rights and obligations
		  under the Call Agreement (as defined below), and any other consideration
		  contemplated herein, in each case subject to the terms and conditions of this
		  Agreement, and in consideration therefor CIG intends to exercise the Call Right
		  (as defined below) immediately following such assignment and assumption and
		  perform the obligations set forth more fully in Section 2.02 hereof, and grant
		  NBC Palm Beach II the NBCU Option I (as defined below); 

		 

		WHEREAS,
		  PMC and the Paxson Stockholders have filed or intend to file promptly following
		  the execution of this Agreement one or more applications with the FCC
		  requesting that the FCC consent to the acquisition of the Call Shares (as
		  defined below) by CIG from the Paxson Stockholders pursuant to the Call
		  Agreement (the “FCC
		  Application”);
		  

		 

		WHEREAS,
		  CIG has made, and the Company and Mr. Paxson intend to make promptly following
		  the execution of this Agreement, all governmental filings required to be made
		  to consummate the Transaction under the HSR Act (as defined
		  below);

		 

		WHEREAS,
		  concurrently with the assignment and exercise of the Call Right, CIG shall make
		  a cash tender offer (the “Tender
		  Offer”)
		  to acquire any and all of the issued and outstanding shares of Class A Common
		  Stock, par value $0.001 per share, of the Company (“Class
		  A Common Stock”)
		  at the Offer Price (as defined below), net to the seller in cash, subject to
		  the terms and conditions of this Agreement and the Tender Offer, and shall
		  invest $100,000,000 in a new series of convertible subordinated debt of the
		  Company, and in consideration thereof, among other consideration, the Company
		  shall issue to CIG a warrant to purchase up to 100,000,000 

		 

		1

		 

		

		
		

		
		 

		shares
		  of Class A Common Stock at a price of $0.75 per share, in each case on the
		  terms and subject to the conditions set forth in this Agreement and the other
		  Transaction Agreement;

		 

		WHEREAS,
		  as soon as reasonably practicable following the commencement of the Tender
		  Offer, the Company intends to make an offer (the “Exchange
		  Offer”)
		  to exchange any and all outstanding shares of Senior Preferred Stock (as
		  defined below) for an aggregate principal amount of up to $465,304,353 of
		  Series A Convertible Subordinated Debt (as defined below) and an aggregate
		  stated liquidation preference of up to $73,627,470 of Series A-1 Convertible
		  Preferred (as defined below) or up to an aggregate principal amount of
		  $20,819,068 of Series B Convertible Preferred (as defined below), subject to
		  the terms and conditions of the Exchange Offer set forth in this Agreement;
		  

		 

		WHEREAS,
		  the Board (as defined below) has approved the making of the Tender Offer by CIG
		  and the making of the Exchange Offer by the Company and resolved to recommend
		  that holders of shares of Class A Common Stock tender their shares pursuant to
		  the Tender Offer; and

		 

		WHEREAS,
		  also in furtherance of the Transaction, the Board, the manager of CIG, and the
		  boards of directors of the NBCU Entities have each approved the Transaction,
		  this Agreement and the other Transaction Agreements to which it is a party and
		  the Board has approved the Reverse Stock Split (as defined below) in accordance
		  with the DGCL and upon the terms and subject to the conditions set forth
		  herein.

		 

		NOW,
		  THEREFORE, in consideration of the foregoing, and for other good and valuable
		  consideration, the receipt and sufficiency of which are hereby acknowledged,
		  the parties hereto, intending to be legally bound, agree as
		  follows:

		 

		ARTICLE
		  I

		DEFINITIONS

		 

		SECTION
		  1.01 Definitions (a) For
		  purposes of this Agreement:

		 

		“93⁄4%
		  Preferred”
		  means the 93⁄4% Series A Convertible Preferred Stock, par value $0.001 per
		  share, of the Company, with a liquidation preference of $10,000 per share, as
		  it may be modified or amended from time to time.

		 

		“141⁄4%
		  Preferred”
		  means the 131⁄4% Cumulative Junior Exchangeable Preferred Stock, par value
		  $0.001 per share (currently accruing dividends at the rate of 141⁄4%), of
		  the Company, with a liquidation preference of $10,000 per share, as it may be
		  modified or amended from time to time.

		 

		“Action”
		  means any claim, demand, action, suit, arbitration, proceeding or investigation
		  by or before any Governmental Authority.

		 

		“Affiliate”
		  means, with respect to any Person, any other Person that, directly or
		  indirectly, controls, is controlled by, or is under common control with, such
		  Person. As used in this definition, “control” (including its
		  correlative meanings, “controlled by” and “under common control
		  with”) 

		 

		2

		 

		

		
		

		
		 

		means
		  the possession, directly or indirectly, of power to direct or cause the
		  direction of management or policies (whether through ownership of securities or
		  partnership or other ownership interests, by contract or
		  otherwise).

		 

		“Board”
		  means the Board of Directors of the Company as constituted from time to
		  time.

		 

		“Business
		  Day”
		  means any day, other than a Saturday, Sunday or a day on which commercial banks
		  in New York, New York are authorized or obligated by Law to close.

		 

		“Call
		  Agreement”
		  means the Call Agreement, dated as of November 7, 2005, between the Paxson
		  Stockholders and NBC Palm Beach II, as such agreement may be amended from time
		  to time. 

		 

		“Call
		  Closing”
		  has the meaning set forth in Section 2.3 of the Call Agreement. 

		 

		“Call
		  Right”
		  has the meaning set forth in Section 2.1 of the Call Agreement.

		 

		“Call
		  Right Transfer Agreement”
		  means the Call Right Transfer Agreement, dated as of February 22, 2007, among
		  CIG, NBCU and NBC Palm Beach II, as such agreement may be amended from time to
		  time.

		 

		“Call
		  Shares”
		  means the 8,311,639 shares of Class B Common Stock and 15,455,062 shares of
		  Class A Common Stock owned by the Paxson Stockholders, and any shares of common
		  stock of the Company or other securities that may be received by the Paxson
		  Stockholders with respect to such Call Shares (x) as a result of a stock
		  dividend or distribution on, stock split or reverse stock split of, or similar
		  event with respect to Call Shares or (y) in a merger, consolidation,
		  combination, reclassification, recapitalization or similar transaction
		  involving the Company. 

		 

		“Class
		  B Common Stock”
		  means the Class B Common Stock, par value $0.001 per share, of the
		  Company.

		 

		“Class
		  C Common Stock”
		  means the Class C Non-Voting Common Stock, par value $0.001 per share, of the
		  Company.

		 

		“Class
		  D Common Stock”
		  means the Class D Non-Voting Common Stock, par value $0.001 per share, of the
		  Company. 

		 

		“CLP”
		  means Citadel Limited Partnership, a Delaware limited partnership.
		  

		 

		“Code”
		  means the United States Internal Revenue Code of 1986, as amended.

		 

		“Commencement
		  Date”
		  means May 4, 2007. 

		 

		“Common
		  Stock”
		  means, collectively, Class A Common Stock, Class B Common Stock, Class C Common
		  Stock and Class D Common Stock.

		
		   

		  3

		   

		  

		  
		  

		   

		 

		“Communications
		  Act”
		  means the Communications Act of 1934, as amended (including, without
		  limitation, the Cable Communications Policy Act of 1984, the Cable Television
		  Consumer Protection and Competition Act of 1992 and the Telecommunications Act
		  of 1996) and all rules and regulations of the FCC, in each case as from time to
		  time in effect.

		 

		“Company
		  Benefit Plan”
		  means each “employee benefit plan” within the meaning of Section 3(3)
		  of ERISA, other than Multiemployer Plans, and each other stock purchase, stock
		  option, restricted stock, severance, retention, employment, consulting,
		  change-of-control, collective bargaining, bonus, incentive, deferred
		  compensation, employee loan, fringe benefit and other benefit plan, agreement,
		  program, policy, commitment or other arrangement, whether or not subject to
		  ERISA (including any related funding mechanism now in effect or required in the
		  future), whether formal or informal, oral or written, in each case under which
		  any past or present director, officer, employee, consultant or independent
		  contractor of the Company or any of its Subsidiaries has any present or future
		  right to benefits. 

		 

		“Company
		  Disclosure Letter”
		  means the disclosure letter delivered to CIG and the NBCU Entities by the
		  Company on the date hereof. 

		 

		“Company
		  Intellectual Property”
		  means all Intellectual Property owned, used, or held for use by the
		  Company.

		 

		“Company
		  Material Contracts”
		  means Contracts that (A) would be required to be filed by the Company with the
		  SEC pursuant to Item 601(b) (1), (2), (4) or (10) of Regulation S-K or
		  described under Item 1.01 of Form 8-K under the Exchange Act, or filed with the
		  FCC pursuant to section 76.3613 of the rules and regulations of the FCC; (B)
		  provide for the rights of the partners under material partnerships or joint
		  ventures, or that provide for material acquisitions or dispositions; (C)
		  contain covenants of the Company or any of its Subsidiaries purporting to limit
		  any line of business, industry or geographical area in which the Company or its
		  Subsidiaries may operate or granting material exclusive rights to the
		  counterparty thereto; (D) individually or in the aggregate with other
		  Contracts, would or would reasonably be expected to prevent, materially delay
		  or materially impede the Company’s ability to timely consummate the
		  Transaction; or (E) are indentures, mortgages, loans, guarantees or credit
		  agreements of any kind under which the Company or any of its Subsidiaries has
		  outstanding indebtedness or an outstanding note, bond, indenture or other
		  evidence of indebtedness for borrowed money or otherwise or any guaranteed
		  indebtedness for money borrowed by others, in each case, for or guaranteeing an
		  amount in excess of $5,000,000, other than any such indebtedness between the
		  Company (whether as creditor or debtor) and any of its wholly-owned
		  Subsidiaries, or between any of the Company’s wholly-owned
		  Subsidiaries.

		 

		“Company
		  Stations”
		  means, collectively, each full power television station owned and operated by
		  the Company or any Subsidiary.

		 

		“Company
		  Stock Option”
		  means each outstanding option to purchase shares of Class A Common Stock
		  granted under the Company Stock Plans. 

		
		   

		  4

		   

		  

		  
		  

		  
		   
 

		“Company
		  Stock Plan”
		  means the Company’s Stock Incentive Plan, 1996 Stock Incentive Plan, 1998
		  Stock Incentive Plan, 2006 Stock Incentive Plan and other stock-based
		  compensation plans approved by the Board, each as amended through the date
		  hereof. 

		 

		“Competing
		  Transaction”
		  means any of the following (other than the Transaction): (i) any merger,
		  consolidation, share exchange, business combination, recapitalization,
		  liquidation, dissolution or other similar transaction involving the Company or
		  any Subsidiary; (ii) any sale, lease, exchange, transfer or other disposition
		  of all or a substantial part of the assets of the Company or any Subsidiary;
		  (iii) any sale, exchange, transfer or other disposition of 15% or more of any
		  class of equity securities of the Company or of any Subsidiary; (iv) any tender
		  offer or exchange offer that, if consummated, would result in any Person
		  beneficially owning (as defined in subsection 13(d)(3) of the Exchange Act) 15%
		  or more of any class of equity securities of the Company or of any Subsidiary;
		  (v) any solicitation in opposition to approval and adoption of the Transaction
		  Agreements to which the Company is a party and the transactions contemplated
		  thereby by the Company’s stockholders; or (vi) any other transaction the
		  consummation of which would reasonably be expected to impede, interfere with,
		  prevent or materially delay the Transaction.

		 

		“Contract”
		  means, with respect to any Person, any agreement, undertaking, contract,
		  understanding, obligation, indenture, instrument, lease, arrangement or
		  commitment to which such Person is subject or by which any of its assets or
		  properties is bound that is legally binding.

		 

		“Convertible
		  Securities”
		  means, collectively, Series A-1 Convertible Preferred, Series A-3 Convertible
		  Preferred, Series B Convertible Preferred, Series C Convertible Preferred,
		  Series D Convertible Preferred, Series E Convertible Preferred and the
		  Convertible Subordinated Debt and, to the extent outstanding following the
		  Exchange Offer Closing or the closing of the Contingent Exchange, NBCU Series B
		  Preferred and 93⁄4% Preferred.

		 

		“Convertible
		  Subordinated Debt”
		  means, collectively, Series A Convertible Subordinated Debt and Series B
		  Convertible Subordinated Debt. 

		 

		“DGCL”
		  means the General Corporation Law of the State of Delaware, as
		  amended.

		 

		“DMA”
		  means a designated market area as determined by Nielsen Media Research or such
		  successor designation of television markets that may in the future be
		  recognized by the FCC for determining television markets.

		

		“D&O
		  Insurance Policies”
		  means a policy or policies of officers’ and directors’ liability
		  insurance currently maintained by the Company for acts and omissions of the
		  Company’s present or prior directors or officers occurring prior to the
		  Call Closing.

		

		“ERISA”
		  means the Employee Retirement Income Security Act of 1974 (and any sections of
		  the Code), as amended, and all rules and regulations promulgated and rulings
		  issued thereunder.

		 

		“Escrow
		  Agent”
		  means The Bank of New York.

		 

		
		  5

		   

		  

		  
		  

		   

		 

		“Escrow
		  Agreement”
		  means the Escrow Agreement, dated as of November 7, 2005, among the Paxson
		  Stockholders, NBCU and the Escrow Agent, as such agreement may be amended from
		  time to time.

		 

		“Exchange
		  Act”
		  means the Securities Exchange Act of 1934, as amended, and the rules and
		  regulations promulgated thereunder. 

		 

		“Exchange
		  Offer Closing”
		  means the closing of the Exchange Offer by the Company in accordance with
		  Section 5.01(b) whereby the Company accepts for exchange shares of Senior
		  Preferred Stock validly tendered pursuant to the Exchange Offer and not validly
		  withdrawn.

		 

		“Exchange
		  Offer Expiration”
		  means the termination of the Exchange Offer whereby no shares of Senior
		  Preferred Stock validly tendered pursuant to the Exchange Offer and not validly
		  withdrawn are accepted for exchange by the Company. 

		 

		“Existing
		  Preferred Stock”
		  means, collectively, 141⁄4% Preferred, 93⁄4% Preferred and NBCU
		  Series B Preferred. 

		 

		“FCC”
		  means the Federal Communications Commission or any successor governmental
		  authority performing functions similar to those performed by the Federal
		  Communications Commission on the date hereof.

		 

		“FCC
		  Approval”
		  means the grant of the FCC Application by the FCC in a Final Order approving
		  the acquisition of the Call Shares by CIG from the Paxson Stockholders.
		  

		 

		“FCC
		  Licenses”
		  means the principal licenses issued by the FCC for each of the Company
		  Stations.

		 

		“Final
		  Order”
		  means an action or actions by the FCC that have not been reversed, stayed,
		  enjoined, set aside, annulled, or suspended, and with respect to which no
		  requests are pending for administrative or judicial review, reconsideration,
		  appeal, or stay, and the time for filing any such requests and the time for the
		  FCC to set aside the action on its own motion have expired.

		 

		“GAAP”
		  means United States generally accepted accounting principles as in effect from
		  time to time.

		 

		“Goodman
		  Noncompete Agreement”
		  means the Goodman Noncompetition Agreement, dated November 7, 2005, between
		  NBCU and Mr. Goodman, as such agreement may be amended from time to
		  time.

		 

		“Governmental
		  Authority”
		  means any federal, national, supranational, state, provincial, local or other
		  government, governmental, regulatory or administrative authority, agency or
		  commission or any court, tribunal, or judicial or arbitral body.

		 

		“Governmental
		  Order”
		  means any order, writ, judgment, injunction, decree, stipulation, determination
		  or award issued or entered by or with any Governmental Authority.

		
		   

		  6

		   

		  

		  
		  

		  
		   
 

		“HSR
		  Act”
		  means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and
		  the rules and regulations promulgated thereunder.

		 

		“Ineligible
		  Shares”
		  means, collectively, (i) shares of the Class A Common Stock owned by the Paxson
		  Stockholders and (ii) shares of Class A Common Stock issued after November 7,
		  2005 upon the exercise, grant or vesting of any Stock-Based Compensation Awards
		  (as defined in the Stockholder Agreement) or upon conversion or exchange of
		  convertible or exchangeable securities of the Company, unless such shares are
		  issued pursuant to any contractual obligations of the Company as existing
		  immediately prior to November 7, 2005. 

		 

		“Intellectual
		  Property”
		  means trademarks, service marks, trade dress, trade names, and domain names,
		  including all goodwill associated therewith; copyrights; trade secrets and
		  confidential business information; patents and patent applications, together
		  with all reissuances, continuations, continuations-in-part, divisions,
		  revisions, extensions and reexaminations thereof; computer software (including
		  data and related documentation); rights of privacy and publicity; and licenses,
		  sublicenses, agreements, or permissions related to any of the
		  foregoing.

		 

		“Investment
		  Agreement”
		  means the Amended and Restated Investment Agreement, dated as of November 7,
		  2005, between the Company and NBCU, as such agreement may be amended from time
		  to time. 

		 

		“Knowledge
		  of the Company”
		  means the actual current knowledge of the Persons identified on Section 1.01 of
		  the Company Disclosure Letter.

		 

		“Law”
		  means any provision of any (i) federal, state, provincial, local, foreign or
		  similar statute, law, ordinance, regulation, rule, code, administrative
		  interpretation, regulation or other requirement of any Governmental Authority
		  or (ii) Governmental Order. 

		 

		“Lien”
		  means any mortgage, pledge, hypothecation, assignment, encumbrance, lien
		  (statutory or other) or security agreement of any kind or nature whatsoever
		  (including, without limitation, any conditional sale or other title retention
		  agreement or any financing lease having substantially the same effect as any of
		  the foregoing).

		 

		“Losses”
		  means any and all losses, damages, liabilities, obligations, costs, demands,
		  claims, actions, causes of action or expenses (including reasonable
		  attorneys’ fees and disbursements and whether or not arising out of a
		  third party claim).

		 

		“Material
		  Adverse Effect”
		  means any event, change, circumstance or effect that, individually or when
		  taken together with all other such events, changes, circumstances or effects,
		  is or is reasonably expected to be materially adverse to the business, assets,
		  liabilities, results of operations or financial condition of the Company and
		  its Subsidiaries, taken as a whole; provided,
		  however, that
		  none of the following shall be considered in determining whether there has been
		  a Material Adverse Effect: (i) any change in conditions in the United States,
		  foreign or global economy or capital or financial markets generally, or any
		  change resulting from acts of war, terrorism or natural disasters, except to
		  the extent the Company and its Subsidiaries, taken as a whole, are adversely
		  affected in a disproportionate manner as compared to other companies in the
		  

		
		   

		  7

		   

		  

		  
		  

		  
		   
 

		television
		  broadcast industry, (ii) any event, change, circumstance or effect affecting
		  the television broadcasting industry generally, except to the extent the
		  Company and its Subsidiaries, taken as a whole, are adversely affected in a
		  substantially disproportionate manner as compared to other companies in the
		  television broadcast industry, (iii) the impact related to the announcement or
		  pendency of the Transaction contemplated by the Transaction Agreements,
		  including such matters as are set forth in Section 9.01 of the Company
		  Disclosure Schedule, (iv) the effect of any action taken by the Company as
		  required by the Transaction Agreements to which the Company is a party, (v) the
		  effect of changes in any applicable accounting regulations or principles or the
		  interpretations thereof, or (vi) the effect of any action taken or omitted to
		  be taken by the Company at the request or with the prior consent of CIG and the
		  NBCU Entities.

		 

		“Mr.
		  Burgess”
		  means Roy Brandon Burgess.

		 

		“Mr.
		  Paxson”
		  means Lowell W. Paxson.

		 

		“Mr.
		  Goodman”
		  means Dean M. Goodman.

		 

		“Multiemployer
		  Plan”
		  means a “multiemployer plan” as defined in Section 4001(a)(3) of
		  ERISA.

		 

		“National
		  Coverage”
		  means, with respect to any television network, the percentage of national
		  television households that receive such network’s broadcast as listed in
		  the Nielsen Television Index or such successor measure of coverage equivalent
		  thereto generally adopted by the television industry. 

		

		“NBCU
		  Option I”
		  means the Call Agreement between CIG and NBC Palm Beach II, in the form
		  attached hereto as Exhibit C, pursuant to which CIG grants NBC Palm Beach II an
		  irrevocable right to purchase the Call Shares upon the terms and conditions set
		  forth therein. 

		 

		“NBCU
		  Option II”
		  means the Call Agreement between the Company and NBC Palm Beach I, in the form
		  attached hereto as Exhibit D, pursuant to which the Company grants NBC Palm
		  Beach I an irrevocable right to purchase 26,688,361 shares of Class B Common
		  Stock upon the terms and conditions set forth therein. 

		 

		“NBCU
		  Series B Preferred”
		  means the 11% Series B Convertible Exchangeable Preferred Stock, par value
		  $0.001 per share, of the Company, with a liquidation preference of $10,000 per
		  share, as it may be modified or amended from time to time.

		 

		“New
		  Preferred Stock”
		  means, collectively, Series A-1 Convertible Preferred, Series A-2 Preferred
		  Stock, Series A-3 Convertible Preferred, Series B Convertible Preferred, Series
		  C Preferred Stock, Series C Convertible Preferred, Series D Convertible
		  Preferred, Series E Convertible Preferred and Series F Non-Convertible
		  Preferred. 

		 

		“New
		  Preferred Stock Certificates of Designation”
		  means, collectively, the Series A-1 Convertible Preferred Certificate of
		  Designation, the Series A-2 Preferred Stock Certificate of Designation, the
		  Series A-3 Convertible Preferred Certificate of Designation, the Series B
		  

		
		   

		  8

		   

		  

		  
		  

		   

		 

		Convertible
		  Preferred Certificate of Designation, the Series C Preferred Stock Certificates
		  of Designation, the Series C Convertible Preferred Certificate of Designation,
		  the Series D Convertible Preferred Certificates of Designation, the Series E
		  Convertible Preferred Certificates of Designation and the Series F
		  Non-Convertible Preferred Certificate of Designation.

		 

		“New
		  Stockholders’ Agreement”
		  means the Stockholders’ Agreement, in the form attached hereto as Exhibit
		  P, among the Company, NBCU and CIG.

		 

		“Noncompete
		  Agreements”
		  means, collectively, the Paxson Noncompete Agreement and the Goodman Noncompete
		  Agreement. 

		 

		“Offer
		  Price”
		  means $1.46 per share of Class A Common Stock to be offered in the Tender
		  Offer, which is $1.25 per share of Class A Common Stock, increasing at a rate
		  per annum equal to 10% from October 1, 2005 through the date of the
		  commencement of the Tender Offer, as such price may be equitably adjusted to
		  reflect (i) any stock dividend or distribution on, stock split or reverse stock
		  split of, or similar event with respect to Common Stock, (ii) any merger,
		  consolidation, combination, reclassification, recapitalization or similar
		  transaction involving Common Stock and (iii) any issuance of Common Stock for
		  consideration less than fair market value on the date of issue (other than
		  shares issued pursuant to Stock-Based Compensation Awards (as defined in the
		  Stockholder Agreement) or upon conversion or exchange of convertible or
		  exchangeable securities the conversion or exchange price of which was not less
		  than the fair market value on the date of issue) or, except as set forth in the
		  2005 Agreements, any repurchase or redemption of Common Stock by the Company at
		  a price greater than fair market value on the date of repurchase or
		  redemption.

		 

		“Paxson
		  Noncompete Agreement”
		  means the Paxson Consulting and Noncompetition Agreement, dated November 7,
		  2005, among the Company, NBCU and Mr. Paxson, as such agreement may be amended
		  from time to time.

		 

		“Permitted
		  Liens”
		  means (i) mechanics’, carriers’, repairmen’s or other like Liens
		  arising or incurred in the ordinary course of business, (ii) Liens arising
		  under original purchase price conditioned sales contracts and equipment leases
		  with third parties entered into in the ordinary course of business consistent
		  with past practice, (iii) statutory Liens for Taxes not yet due and payable,
		  (iv) Liens securing the indebtedness included as “long-term debt” on
		  the financial statements of the Company or securing any indebtedness that
		  replaces or refinances any of such indebtedness and (v) other encumbrances or
		  restrictions or imperfections of title which do not materially impair the
		  continued use and operation of the assets to which they relate.

		 

		“Person”
		  means an individual, corporation, unincorporated association, partnership,
		  group (as defined in subsection 13(d)(3) of the Exchange Act), trust, joint
		  stock company, joint venture, business trust or unincorporated organization,
		  limited liability company, Governmental Authority or any other entity of
		  whatever nature.

		 

		“Put/Call
		  Agreement”
		  means the Put/Call Agreement between NBCU and CIG, in the form attached hereto
		  as Exhibit V.

		
		   

		  9

		   

		  

		  
		  

		  
		   
 

		“Registration
		  Rights Agreement”
		  means the Registration Rights Agreement, dated as of September 15, 1999,
		  between the Company and NBCU, as amended from time to time. 

		 

		“Registration
		  Rights Agreement for New Securities”
		  means the Registration Rights Agreement among the Company, NBCU and CIG, in the
		  form attached hereto as Exhibit E, pursuant to which the registration rights of
		  holders of Series B Convertible Subordinated Debt, Series A-3 Convertible
		  Preferred, Series C Convertible Preferred, Series D Convertible Preferred and
		  Series E Convertible Preferred are set forth. 

		 

		“Registration
		  Rights Agreement for Series B Convertible Subordinated Debt”
		  means the Registration Rights Agreement among the Company, NBCU and CIG, in the
		  form attached hereto as Exhibit X, pursuant to which certain registration
		  rights of holders of Series B Convertible Subordinated Debt are set
		  forth.

		 

		“Same
		  Market Station”
		  means any Company Station (i) in which any Person that holds not less than 10%
		  of the outstanding voting power of the Company, on a fully-diluted basis, would
		  be permitted to have an attributable interest under the ownership rules adopted
		  by the FCC, as such rules may be amended from time to time, and (ii) which,
		  even if such Person were deemed to have an attributable interest therein, would
		  not increase such Person’s national broadcast coverage as calculated under
		  the FCC’s national ownership rules because such Person has an attributable
		  interest in a television station in the same DMA. 

		 

		“SEC”
		  means the Securities and Exchange Commission. 

		 

		“Securities
		  Act”
		  means the Securities Act of 1933, as amended, and the rules and regulations
		  promulgated thereunder. 

		 

		“Senior
		  Debt”
		  means, collectively, the Company’s (i) $325,000,000 aggregate principal
		  amount of First Priority Term Loan due 2012, (ii) $400,000,000 aggregate
		  principal amount of Floating Rate First Priority Senior Secured Notes due 2012
		  and (iii) $405,000,000 aggregate principal amount of Floating Rate Second
		  Priority Senior Secured Notes due 2013.

		 

		“Senior
		  Preferred Stock”
		  means, collectively, 141⁄4% Preferred and 93⁄4%
		  Preferred.

		 

		“Series
		  A Convertible Subordinated Debt”
		  means 11% mandatorily convertible subordinated debt due 2013 to be issued by
		  the Company to holders of 141⁄4% Preferred and 93⁄4% Preferred in the
		  Exchange Offer under the Series A Convertible Subordinated Debt Indenture
		  pursuant to Section 5.01.

		 

		“Series
		  A Convertible Subordinated Debt Indenture”
		  means the indenture, in the form of Exhibit A attached hereto, among the
		  Company, a trustee selected by the Company and reasonably satisfactory to CIG
		  and the NBCU Entities, as trustee, and subsidiary guarantors party thereto
		  which govern Series A Convertible Subordinated Debt. 

		 

		“Series
		  A-1 Convertible Preferred”
		  means 12% Series A Mandatorily Convertible Preferred Stock due 2013, par value
		  $0.001 per share, of the Company, with a liquidation

		
		   

		  10

		   

		  

		  
		  

		   

		 

		preference
		  of $10,000 per share, to be issued by the Company under the Series A-1
		  Convertible Preferred Certificate of Designation pursuant to this
		  Agreement.

		 

		“Series
		  A-1 Convertible Preferred Certificate of Designation”
		  means the Certificate of Designation of Series A-1 Convertible Preferred to be
		  executed and filed with the Secretary of State of the State of Delaware on the
		  Commencement Date, in the form of Exhibit F attached hereto.

		 

		“Series
		  A-2 Preferred Stock”
		  means 8% Series A-2 Preferred Stock due 2013, par value $0.001 per share, of
		  the Company, with a liquidation preference of $10,000 per share, to be issued
		  by the Company under the Series A-2 Preferred Stock Certificate of Designation
		  pursuant to this Agreement.

		 

		“Series
		  A-2 Preferred Stock Certificate of Designation”
		  means the Certificate of Designation of Series A-2 Preferred Stock to be
		  executed and filed with the Secretary of State of the State of Delaware on the
		  Commencement Date, in the form of Exhibit G attached hereto.

		 

		“Series
		  A-3 Convertible Preferred”
		  means 12% Series A-3 Mandatorily Convertible Preferred Stock due 2013, par
		  value $0.001 per share, of the Company, with a liquidation preference of
		  $10,000 per share, to be issued by the Company under the Series A-3 Convertible
		  Preferred Certificate of Designation pursuant to this Agreement.

		 

		“Series
		  A-3 Convertible Preferred Certificate of Designation”
		  means the Certificate of Designation of Series A-3 Convertible Preferred to be
		  executed and filed with the Secretary of State of the State of Delaware on the
		  Commencement Date, in the form of Exhibit H attached hereto.

		 

		“Series
		  B Convertible Preferred”
		  means 12% Series B Mandatorily Convertible Preferred Stock due 2013, par value
		  $0.001 per share, of the Company, with a liquidation preference of $10,000 per
		  share, to be issued by the Company under the Series B Convertible Preferred
		  Certificate of Designation pursuant to this Agreement. 

		 

		“Series
		  B Convertible Preferred Certificate of Designation”
		  means the Certificate of Designation of Series B Convertible Preferred to be
		  executed and filed with the Secretary of State of the State of Delaware on the
		  Commencement Date, in the form of Exhibit I attached hereto.

		 

		“Series
		  B Convertible Subordinated Debt”
		  means 11% mandatorily convertible subordinated debt due 2013 to be issued by
		  the Company to (i) CIG and NBC Palm Beach I in the Contingent Exchange under
		  the Series B Convertible Subordinated Debt Indenture pursuant to Section 5.04
		  and (ii) to CIG pursuant to Section 2.06.

		 

		“Series
		  B Convertible Subordinated Debt Indenture”
		  means the indenture, in the form of Exhibit B attached hereto, among the
		  Company, The Bank of New York Trust Company, N.A., as trustee, and subsidiary
		  guarantors party thereto which govern Series B Convertible Subordinated
		  Debt.

		
		   

		  11

		   

		  

		  
		  

		  
		   
 

		“Series
		  C Convertible Preferred”
		  means 8% Series C Mandatorily Convertible Preferred Stock due 2013, par value
		  $0.001 per share, of the Company, with a liquidation preference of $10,000 per
		  share, to be issued by the Company under the Series C Convertible Preferred
		  Certificate of Designation pursuant to this Agreement.

		 

		“Series
		  C Convertible Preferred Certificate of Designation”
		  means the Certificate of Designation of Series C Convertible Preferred to be
		  executed and filed with the Secretary of State of the State of Delaware on the
		  Commencement Date which shall have become effective and shall be in full force
		  and effect upon filing with the Secretary of State of the State of Delaware, in
		  the form of Exhibit J-1 attached hereto, in the event the Exchange Offer is
		  more than 50% successful, and in the form of Exhibit J-2 attached hereto, in
		  the event the Exchange Offer is 50% or less successful. 

		 

		“Series
		  C Preferred Stock”
		  means 8% Series C Preferred Stock due 2013, par value $0.001 per share, of the
		  Company, with a liquidation preference of $10,000 per share, to be issued by
		  the Company under the Series C Preferred Stock Certificate of Designation
		  pursuant to this Agreement.

		 

		“Series
		  C Preferred Stock Certificate of Designation”
		  means the Certificate of Designation of Series C Preferred Stock to be executed
		  and filed with the Secretary of State of the State of Delaware on the
		  Commencement Date, in the form of Exhibit K attached hereto.

		 

		“Series
		  D Convertible Preferred”
		  means 8% Series D Mandatorily Convertible Preferred Stock due 2013, par value
		  $0.001 per share, of the Company, with a liquidation preference of $10,000 per
		  share, to be issued by the Company under the Series D Convertible Preferred
		  Certificate of Designation pursuant to this Agreement.

		 

		“Series
		  D Convertible Preferred Certificate of Designation”
		  means the Certificate of Designation of Series D Convertible Preferred to be
		  executed and filed with the Secretary of State of the State of Delaware on the
		  Commencement Date, in the form of Exhibit L attached hereto. 

		 

		“Series
		  E Convertible Preferred”
		  means Series E-1 Convertible Preferred and Series E-2 Convertible Preferred.
		  

		 

		“Series
		  E Convertible Preferred Certificates of Designation”
		  means the Series E-1 Convertible Preferred Certificate of Designation and the
		  Series E-2 Convertible Preferred Certificate of Designation. 

		 

		“Series
		  E-1 Convertible Preferred”
		  means Series E-1 Mandatorily Convertible Preferred Stock due 2013, par value
		  $0.001 per share, of the Company, with a liquidation preference of $10,000 per
		  share, to be issued by the Company under the Series E-1 Convertible Preferred
		  Certificate of Designation pursuant to this Agreement.

		 

		“Series
		  E-1 Convertible Preferred Certificate of Designation”
		  means the Certificate of Designation of Series E-1 Convertible Preferred to be
		  executed and filed with the Secretary of 

		
		   

		  12

		   

		  

		  
		  

		  
		   
 

		State of
		  the State of Delaware on the Commencement Date, in the form of Exhibit M
		  attached hereto. 

		 

		“Series
		  E-2 Convertible Preferred,”
		  means Series E-2 Mandatorily Convertible Preferred Stock due 2013, par value
		  $0.001 per share, of the Company, with a liquidation preference of $10,000 per
		  share, to be issued by the Company under the Series E-2 Convertible Preferred
		  Certificate of Designation pursuant to this Agreement. 

		 

		“Series
		  E-2 Convertible Preferred Certificate of Designation”
		  means the Certificate of Designation of Series E-2 Convertible Preferred to be
		  executed and filed with the Secretary of State of the State of Delaware on the
		  Commencement Date, in the form of Exhibit N attached hereto.

		 

		“Series
		  F Non-Convertible Preferred”
		  means 8% Series F Non-Convertible Preferred Stock due 2013, par value $0.001
		  per share, of the Company, with a liquidation preference of $10,000 per share,
		  to be issued by the Company under the Series F Non-Convertible Preferred
		  Certificate of Designation pursuant to this Agreement. 

		 

		“Series
		  F Non-Convertible Preferred Certificate of Designation”
		  means the Certificate of Designation of Series F Non-Convertible Preferred to
		  be executed and filed with the Secretary of State of the State of Delaware on
		  the Commencement Date, in the form of Exhibit O attached hereto.

		 

		“stated
		  liquidation preference”
		  means, with respect to any equity security, the stated liquidation preference
		  of such security on a per share basis without including any accrued and unpaid
		  dividends.

		 

		“Stockholder
		  Agreement”
		  means the Amended and Restated Stockholder Agreement, dated as of November 7,
		  2005, among the Company, the Paxson Stockholders and NBCU, as such agreement
		  may be amended from time to time.

		 

		“Subsequent
		  Expiration Date”
		  means, in the event there is a Subsequent Period, the expiration date of such
		  Subsequent Period.

		 

		“Subsidiary”
		  means, with respect to the Company, a corporation, partnership, limited
		  liability company, joint venture or other entity of which shares of stock or
		  other ownership interests having ordinary voting power (other than stock or
		  such other ownership interests having such power only by reason of the
		  happening of a contingency) to elect a majority of the board of directors or
		  other managers of such corporation, partnership or other entity are at the time
		  owned, directly or indirectly, through one or more intermediaries (including,
		  without limitation, other Subsidiaries), or both, by the Company.

		 

		“Superior
		  Proposal”
		  means an unsolicited written bona fide offer made by a third party with respect
		  to a Competing Transaction (with all percentages contained in the definition of
		  “Competing Transaction” increased to 50% for purposes of this
		  definition), in each case on terms (including conditions to consummation of the
		  contemplated transaction) that the Board determines, 

		
		   

		  13

		   

		  

		  
		  

		  
		   
 

		in its
		  good faith judgment (after consultation with its financial advisor), to be more
		  favorable to the Company than the Transaction; provided,
		  however, that
		  any such offer shall not be deemed to be a “Superior Proposal” if (i)
		  any financing required to consummate the transaction contemplated by such offer
		  is not committed and is not likely, in the good faith judgment of the Board
		  (after consultation with its financial advisor), to be obtained by such third
		  party on a basis the Board deems timely, (ii) the transaction contemplated by
		  such offer is not likely, in the good faith judgment of the Board (after
		  consultation with its financial and legal advisors), to be consummated in a
		  timely manner or (iii) such offer is received by the Board after the
		  Commencement Date and contains a condition precedent that the Call Right shall
		  not have been exercised.

		 

		“Tax”
		  means, with respect to any Person, all taxes, assessments and other
		  governmental charges, duties, impositions and liabilities (including any tax on
		  or based upon net income, gross income, or income as specially defined, or
		  earnings, profits, or selected items of income, earnings or profits) and all
		  alternative or add-on minimum tax, profits or excess profits tax, franchise
		  tax, gross income, gross receipts tax, license, employment related tax, real or
		  personal property tax or ad valorem tax, sales, social service, goods and
		  services or use tax, customs, excise tax, stamp tax, land transfer tax, any
		  withholding or backup withholding tax, value added tax, customs duties, capital
		  stock, severance tax, prohibited transaction tax, premiums tax, environmental,
		  windfall profits, occupation tax, capital tax, together with any interest and
		  any penalty, additions to tax or additional amount imposed by any Governmental
		  Authority on such person and any obligations under any legally binding
		  agreements or arrangements with any other person with respect to such amounts
		  and including any liability for the aforementioned taxes of a predecessor
		  entity.

		 

		“Tax
		  Return”
		  means any federal, state, local, foreign and other return, declaration, report
		  or similar statement required to be filed with a Governmental Authority with
		  respect to any Taxes (and any attached schedules), including any information
		  return, claim for refund, declaration of estimated Tax, and any amendment to
		  any of the foregoing.

		 

		“Transaction
		  Agreements”
		  means, collectively, this Agreement, the Registration Rights Agreement for New
		  Securities, the Registration Rights Agreement for Series B Convertible
		  Subordinated Debt, the Series A Convertible Subordinated Debt Indenture, the
		  Series B Convertible Subordinated Debt Indenture, NBCU Option I, NBCU Option
		  II, the New Preferred Stock Certificates of Designation, the New
		  Stockholders’ Agreement, the Put/Call Agreement and the Warrant.
		  

		 

		“Voting
		  Stock”
		  means shares of the capital stock and any other securities of the Company
		  having the ordinary power to vote in the election of directors of the
		  Company.

		 

		“Warrant”
		  means the Class A Common Stock Purchase Warrant, in the form attached hereto as
		  Exhibit U, to be issued by the Company to CIG providing for the purchase of up
		  to 100,000,000 shares of Class A Common Stock at an initial exercise price of
		  $0.75 per share. 

		 

		SECTION
		  1.02 Other
		  Defined Terms. The
		  following terms have the meanings set forth in the Sections set forth
		  below:

		
		   

		  14

		   

		  

		  
		  

		  
		   
 

		
		  	
				  Definition

				  	
				   
 	
				  Section

				  
	
				  “2005
					 Agreements”
 	 	
				  Recitals

				  
	
				  “2005
					 SEC Filings”

				  	 	
				  8.02

				  
	
				  “2006
					 Balance Sheet”
					 
 	 	
				  6.06(c)

				  
	
				  “Adjusted
					 Company Restricted Stock”

				  	 	
				  4.02(c)

				  
	
				  “Adjusted
					 Company Stock Option”

				  	 	
				  4.02(b)

				  
	
				  “Agreement”

				  	 	
				  Preamble

				  
	
				  “Assignment
					 Agreement”

				  	 	
				  2.02(a)

				  
	
				  “Blue
					 Sky Laws”

				  	 	
				  6.04(b)

				  
	
				  “Certificate
					 Amendment”

				  	 	
				  6.02(e)

				  
	
				  “Certificates”

				  	 	
				  4.01(b)

				  
	
				  “CIG”

				  	 	
				  Preamble

				  
	
				  “Class
					 A Common Stock”
					 
 	 	
				  Recitals

				  
	
				  “Company”

				  	 	
				  Preamble

				  
	
				  “Company
					 Joint Venture”

				  	 	
				  6.02(b)

				  
	
				  “Company
					 Stock Awards”

				  	 	
				  6.02(a)

				  
	
				  “Compensation
					 Actions”

				  	 	
				  6.07(b)

				  
	
				  “Confidentiality
					 Agreements”

				  	 	
				  10.04(b)

				  
	
				  “Contingent
					 Exchange”

				  	 	
				  5.04(b)

				  
	
				  “Conversion
					 Shares”

				  	 	
				  6.02(e)

				  
	
				  “DTV”

				  	 	
				  6.05(e)

				  
	
				  “Effective
					 Time”

				  	 	
				  4.01(a)

				  
	
				  “Equity
					 Commitment Letter”

				  	 	
				  7.06

				  
	
				  “Exchange
					 Offer”

				  	 	
				  Recitals

				  
	
				  “Exchange
					 Offer Conditions”

				  	 	
				  5.01(b)

				  
	
				  “Exchange
					 Offer Documents”

				  	 	
				  5.01(d)

				  
	
				  “Exchange
					 Offer Initial Expiration Date”

				  	 	
				  5.01(b)

				  
	
				  “Exchange
					 Offer Schedule TO”

				  	 	
				  5.01(d)

				  
	
				  “FCC
					 Application”
					 
 	 	
				  Recitals

				  
	
				  “Indemnified
					 D&Os”
					 
 	 	
				  10.06(a)

				  
	
				  “Initial
					 Stockholders’ Meeting”
					 
 	 	
				  10.01(a)

				  
	
				  “IRS”

				  	 	
				  6.09(b)

				  
	
				  “Minority
					 Exchange”
 	 	
				  5.01(a)

				  
	
				  “NBC
					 Palm Beach I”

				  	 	
				  Preamble

				  
	
				  “NBC
					 Palm Beach II”

				  	 	
				  Preamble

				  
	
				  “NBCU”

				  	 	
				  Preamble

				  
	
				  “NBCU
					 Entities”

				  	 	
				  Preamble

				  
	
				  “Paxson
					 Stockholders”

				  	 	
				  Recitals

				  
	
				  “Paying
					 Agent”

				  	 	
				  4.03(a)

				  
	
				  “Permits”

				  	 	
				  6.05(a)

				  
	
				  “PBGC”

				  	 	
				  6.09(d)

				  
	
				  “PMC”

				  	 	
				  Recitals

				  
	
				  “Principal
					 Amount”

				  	 	
				  2.06(b)

				  
	
				  “Proposed
					 Amendments”

				  	 	
				  5.02

				  

 

		
		  
			  

			 15

			  

			 

			 
			 

			 
			  
 
 

		
		  	
				  Definition

				  	 	
				  Section

				  
	
				  “Proxy
					 Statement”

				  	 	
				  10.02

				  
	
				  “Restated
					 Certificate of Incorporation”

				  	 	
				  4.01(a)

				  
	
				  “Reverse
					 Stock Split”

				  	 	
				  4.01(a)

				  
	
				  “Reverse
					 Stock Split Ratio”

				  	 	
				  4.01(a)

				  
	
				  “Schedule
					 14D-9”

				  	 	
				  3.01(b)

				  
	
				  “SEC
					 Reports”

				  	 	
				  6.06(a)

				  
	
				  “Stockholders’
					 Meeting”

				  	 	
				  10.01(b)

				  
	
				  “Subsequent
					 Period”

				  	 	
				  3.01(a)

				  
	
				  “Tender
					 Offer”

				  	 	
				  Recitals

				  
	
				  “Tender
					 Offer Conditions”

				  	 	
				  3.01(a)

				  
	
				  “Tender
					 Offer Documents”

				  	 	
				  3.01(b)

				  
	
				  “Tender
					 Offer Expiration Date”

				  	 	
				  3.01(a)

				  
	
				  “Tender
					 Offer Initial Expiration Date”

				  	 	
				  3.01(a)

				  
	
				  “Tender
					 Offer Schedule TO”

				  	 	
				  3.01(b)

				  
	
				  “Termination
					 Date”

				  	 	
				  12.02

				  
	
				  “Transaction”

				  	 	
				  Recitals

				  
	
				  “WARN”

				  	 	
				  6.10(b)

				  

 

		 

		SECTION
		  1.03 Interpretation. In
		  each Transaction Agreement, unless otherwise specified or where the context
		  otherwise requires:

		 

		(a) the
		  Section and paragraph headings contained in such Transaction Agreement are for
		  reference purposes only and shall not affect in any way the meaning or
		  interpretation of such Transaction Agreement;

		 

		(b) a
		  reference to a Preamble is to the relevant Preamble to such Transaction
		  Agreement, to a Recital is to the relevant Recital to such Transaction
		  Agreement, to a Section is to the relevant Section of such Transaction
		  Agreement, to an Exhibit is to the relevant Exhibit to such Transaction
		  Agreement, a reference to a Schedule is to the relevant Schedule of such
		  Transaction Agreement and to an Annex is to the relevant Annex to such
		  Transaction Agreement;

		 

		(c) words
		  importing any gender shall include other genders;

		 

		(d) words
		  importing the singular only shall include the plural and vice
		  versa;

		 

		(e) the
		  words “include”, “includes” or “including” shall
		  be deemed to be followed by the words “without
		  limitation”;

		 

		(f) the
		  words “hereof”, “herein”, “hereunder” and
		  “herewith” and words of similar import shall, unless otherwise
		  stated, be construed to refer to such Transaction Agreement as a whole and not
		  to any particular provision of such Transaction Agreement;

		
		  
			  

			 16

			  

			 

			 
			 

			 
			  
 
 

		(g) references
		  to any Person shall include such Person’s successors and permitted
		  assigns;

		 

		(h) references
		  to currency, monetary values, dollars or “$” set forth herein shall
		  mean United States (U.S.) dollars; and

		 

		(i) unless
		  otherwise expressly provided therein, any Contract or Law defined or referred
		  to therein or in any Contract that is referred to therein means such Contract
		  or Law as from time to time amended, modified or supplemented, including (in
		  the case of a Contract) by waiver or consent and (in the case of a Law) by
		  succession of comparable successor Laws and any reference to a Contract shall
		  be deemed to include all attachments thereto and instruments incorporated
		  therein, and any reference in such Transaction Agreement to a Law shall be
		  deemed to include any rules and regulations promulgated
		  thereunder.

		 

		ARTICLE
		  II

		THE
		  PRELIMINARY TRANSACTIONS

		 

		SECTION
		  2.01 Confirmation
		  from Senior Lenders, CIG and NBCU. (a)
		  If, within ten days after the Commencement Date, the Company has not entered
		  into arrangements reasonably satisfactory to CIG providing for a third party to
		  purchase any and all of the Company’s outstanding Senior Debt as to which
		  the holders thereof elect to exercise any right they may have to require the
		  Company to repurchase such Senior Debt as a result of the Transaction (it being
		  agreed and understood that the Company shall continue to use its reasonable
		  best efforts to enter into such arrangements notwithstanding the expiration of
		  such 10 day period), the Company shall use its reasonable best efforts to
		  obtain a waiver, in form and substance satisfactory to the parties hereto, from
		  the holders of at least a majority in aggregate principal amount of each class
		  of the Senior Debt outstanding at the time of waiver, of any such right. CIG
		  hereby irrevocably waives any right it or any controlled Affiliate might have
		  to require the Company to prepay all or any part of the Senior Debt it owns, as
		  set forth in Section 7.04, as a result of the Transaction. 

		 

		(b) In the
		  event neither the third party purchase arrangements nor the waiver described in
		  Section 2.01(a) is obtained prior to the Exchange Offer Closing or the closing
		  of the Contingent Exchange, the parties hereto shall, prior to the Call
		  Closing, amend and restructure the Transaction such that the NBCU Entities
		  shall retain not less than $250,000,000 in aggregate liquidation preference of
		  NBCU Series B Preferred at all times until such waiver has been obtained by the
		  Company or is no longer required (it being agreed and understood that the
		  Company shall continue to use its reasonable best efforts to enter into the
		  arrangements described in Section 2.01(a) subsequent to the Exchange Offer
		  Closing or the closing of the Contingent Exchange), and the Company shall
		  cooperate fully with CIG and the NBCU Entities and use its reasonable best
		  efforts to effect any changes to the terms of securities of the Company to be
		  held and received by CIG and the NBCU Entities as a result of any such
		  amendments to the Transaction to the extent permitted by Law. 

		 

		(c) Each of
		  the NBCU Entities and CIG (on its own behalf and on behalf of its controlled
		  Affiliates) hereby irrevocably waives any right it might have, as a result of
		  

		
		  
			  

			 17

			  

			 

			 
			 

			 
			  
 
 

		the
		  Transaction, to require the Company to purchase for cash all or any shares of
		  NBCU Series B Preferred or Senior Preferred Stock, as the case may be, it
		  owns.

		 

		SECTION
		  2.02 Call
		  Right Assignment. (a) On
		  the Commencement Date, (i) NBC Palm Beach II shall assign all of its rights and
		  obligations under the Call Agreement, and (ii) NBCU shall assign all of its
		  rights and obligations arising under the Escrow Agreement and the Noncompete
		  Agreements, in each case, to CIG by executing and delivering to CIG an
		  assignment and assumption agreement (the “Assignment
		  Agreement”)
		  in the form attached hereto as Exhibit Q. 

		 

		(b) On the
		  Commencement Date, CIG shall assume and accept the assignment of (i) all of the
		  rights and obligations of NBC Palm Beach II under the Call Agreement, and (ii)
		  all of the rights and obligations of NBCU under the Escrow Agreement and the
		  Noncompete Agreements, in each case, by executing and delivering to NBC Palm
		  Beach II and NBCU the Assignment Agreement. CIG shall be bound by all of the
		  terms and conditions thereof in the same way as such terms obligate NBC Palm
		  Beach II and NBCU, as the case may be. CIG hereby agrees that, following the
		  Commencement Date, the NBCU Entities shall not have any obligations under the
		  Call Agreement, the Escrow Agreement and the Noncompete Agreements, other than
		  the indemnity obligations set forth in Section 10.21. In addition, CIG shall
		  grant to NBC Palm Beach II the NBCU Option I.

		 

		(c) On the
		  Commencement Date, concurrently with the assignment and assumption described in
		  Sections 2.02(a) and (b), CIG shall (i) exercise the Call Right by delivering a
		  notice in the form attached hereto as Exhibit R to the Paxson Stockholders
		  pursuant to the terms and conditions of the Call Agreement and (ii) commence
		  the Tender Offer upon the terms and conditions set forth in Article III. Upon
		  exercise of the Call Right, CIG shall (x) together with the Paxson
		  Stockholders, deliver a joint written notice to the Escrow Agent pursuant to
		  Section 4(a) of the Escrow Agreement authorizing the Escrow Agent to disburse
		  the amount of $3,863,765.50 to the Paxson Stockholders or their designees in
		  the manner indicated in such joint notice and (y) pay Mr. Goodman $2,250,000 by
		  wire transfer of immediately available funds to such account or accounts
		  specified in writing by him prior to the Commencement Date. 

		 

		(d) Effective
		  as of the date hereof, the Call Right Transfer Agreement is hereby terminated
		  and shall have no further force or effect.

		 

		SECTION
		  2.03 Delivery
		  of the Documents. On the
		  Commencement Date, each party hereto shall deliver to the other parties hereto,
		  the following duly executed Transaction Agreements to which it is a
		  party:

		 

		
		  	 	(i)	
				  Series B
					 Convertible Subordinated Debt Indenture,
 

 

		 

		
		  	 	(ii)	
				  NBCU
					 Option I, 
 

 

		 

		
		  	 	(iii)	
				  NBCU
					 Option II, 
 

 

		 

		
		  	 	(iv)	
				  Registration
					 Rights Agreement for New Securities, 
 

 

		 

		
		  
			 18

			  

			 

			 
			 

			 
			  
 
 

		
		  	 	(v)	
				  New
					 Stockholders’ Agreement, 
 

 

		 

		
		  	 	(vi)	
				  Assignment
					 Agreement, 
 

 

		 

		
		  	 	
				  (vii)

				  	
				  Put/Call
					 Agreement, 
 

 

		 

		
		  	 	
				  (viii)

				  	
				  the
					 Warrant, and
 

 

		 

		
		  	 	
				  (ix)

				  	
				  Registration
					 Rights Agreement for Series B Convertible Subordinated Debt.
 

 

		 

		SECTION
		  2.04 Filing
		  of New Preferred Stock. On or
		  prior to the Commencement Date, the Company shall file with the Secretary of
		  State of the State of Delaware the New Preferred Stock Certificates of
		  Designation (other than the Series C Convertible Preferred Certificate of
		  Designation which
		  will be filed prior to the Call Closing), which
		  shall become effective and be in full force and effect as of the Commencement
		  Date.

		 

		SECTION
		  2.05 Exchange
		  of NBCU Series B Preferred and Transfer of Series F Non-Convertible
		  Preferred.
		  (a) On the
		  Commencement Date, NBC Palm Beach I shall surrender and deliver to the Company
		  one or more certificates representing $210,000,000 aggregate stated liquidation
		  preference of NBCU Series B Preferred in exchange for $210,000,000 aggregate
		  stated liquidation preference of Series F Non-Convertible Preferred.
		  Immediately following receipt of the certificate or certificates representing
		  $210,000,000 aggregate stated liquidation preference of NBCU Series B Preferred
		  surrendered by NBC Palm Beach I, the Company shall cancel such certificate or
		  certificates and issue to NBC Palm Beach I a certificate representing
		  $210,000,000 aggregate stated liquidation preference of Series F
		  Non-Convertible Preferred.

		 

		(b) On the
		  Commencement Date, immediately following the receipt of the certificate
		  representing $210,000,000 aggregate stated liquidation preference of Series F
		  Non-Convertible Preferred as described in Section 2.05(a), NBC Palm Beach I
		  shall deliver to CIG such certificate duly endorsed in blank or accompanied by
		  a stock power duly executed in blank, with all required stock transfer tax
		  stamps affixed. 

		 

		SECTION
		  2.06 Additional
		  Investment by CIG. (a) On
		  the Commencement Date, the Company shall issue and sell to CIG, and CIG shall
		  purchase from the Company, (subject to receipt by CIG of an opinion of counsel
		  to the Company in form and substance reasonably acceptable to the Company), a
		  note or notes representing an aggregate principal amount of $100,000,000 of the
		  Series B Convertible Subordinated Debt for an aggregate purchase price of
		  $100,000,000, which amount shall be paid by CIG to the Company in cash by wire
		  transfer of immediately available funds to an account or accounts specified in
		  writing by the Company.

		 

		(b) On the
		  date of the Exchange Offer Closing or the Exchange Offer Expiration, the
		  Company shall issue and sell to CIG, and CIG shall purchase from the Company,
		  (subject to receipt by CIG of an opinion of counsel to the Company in form and
		  substance reasonably acceptable to the Company), a note or notes representing
		  an aggregate principal amount of up to $15,000,000, or such lesser amount as
		  may be permitted under the Company’s 

		
		  
			  

			 19

			  

			 

			 
			 

			 
			  
 
 

		Senior
		  Debt of the Series B Convertible Subordinated Debt (the “Principal
		  Amount”)
		  for an aggregate purchase price equal to the Principal Amount which amount
		  shall be paid by CIG to the Company in cash by wire transfer of immediately
		  available funds to an account or accounts specified in writing by the Company;
		  provided, that
		  the Principal Amount shall not exceed the amount of expenses incurred by the
		  Company in connection with the Transaction as evidenced by invoices provided by
		  the Company to CIG.

		 

		SECTION
		  2.07 Selection
		  of Investment Banks. The
		  Company shall, within 10 days after the Commencement Date, provide CIG and NBCU
		  with a list of three internationally recognized investment banks, other than
		  the banks set forth in Sections 6.16 and 8.05. 

		 

		ARTICLE
		  III

		THE
		  TENDER OFFER

		 

		SECTION
		  3.01 The
		  Tender Offer.
		  (a) CIG
		  shall (i) commence (within the meaning of Rule 14d-2 under the Exchange Act)
		  the Tender Offer on the Commencement Date and (ii) cause the Tender Offer to
		  remain open until the twentieth Business Day after such commencement of the
		  Tender Offer or, as set forth in this Section 3.01(a), such other later date as
		  CIG, the NBCU Entities and the Company may agree (the “Tender
		  Offer Initial Expiration Date”
		  and together with any extension permitted hereunder, the “Tender
		  Offer Expiration Date”).
		  CIG shall be obligated to accept for payment and pay for shares of Class A
		  Common Stock validly tendered pursuant to the Tender Offer, subject only to the
		  satisfaction or waiver of each of the conditions set forth in Annex A (the
		  “Tender
		  Offer Conditions”).
		  CIG shall have the right to amend or make changes to the terms of the Tender
		  Offer; provided,
		  however, that, without the prior written consent of the Company, the NBCU
		  Entities and the Paxson Stockholders, CIG shall not do any of the following:
		  (A) decrease the Offer Price or change the form of consideration to be paid in
		  the Tender Offer, (B) impose any conditions to the Tender Offer other than the
		  Tender Offer Conditions or (C) otherwise amend the Tender Offer in a manner
		  that would materially and adversely affect the holders of shares of Class A
		  Common Stock. Notwithstanding anything in this Agreement to the contrary, CIG
		  shall have the right to extend the Tender Offer beyond the Tender Offer Initial
		  Expiration Date for: (1) any period required by any rule, regulation,
		  interpretation or position of the SEC or the staff thereof applicable to the
		  Tender Offer or (2) any period required by applicable Law, and upon the
		  Company’s request, CIG shall extend the Tender Offer beyond the Tender
		  Offer Initial Expiration Date for one period of up to 30 days for the purpose
		  of satisfying (x) the requirements under any rule, regulation, interpretation
		  or position of the SEC or the staff thereof applicable to the Tender Offer or
		  (y) the waiting period requirements applicable to the Tender Offer under the
		  HSR Act. CIG may extend the Tender Offer beyond the date on which shares of
		  Class A Common Stock are first accepted for payment as a “subsequent
		  offering period” (as such term is defined in Rule 14d-1(g)(8) under the
		  Exchange Act in accordance with Rule 14d-11 of the Exchange Act (a
		  “Subsequent
		  Period”);
		  provided, that
		  upon the request of the Company, CIG shall extend the Tender Offer for one such
		  Subsequent Period; provided,
		  further, that
		  no Subsequent Period shall be less than three Business Days nor more than 20
		  Business Days and that the total number of Subsequent Periods shall not exceed
		  one. To the extent CIG amends or makes changes to the terms and conditions of
		  the Tender Offer pursuant to this Section 3.01(a), the Company and the NBCU
		  Entities shall cooperate with CIG in making any filings or 

		
		  
			  

			 20

			  

			 

			 
			 

			 
			  
 
 

		amendments
		  required by the DGCL, the Exchange Act, the Securities Act or any other
		  applicable Law, or as otherwise may be necessary to effect such amendment or
		  change. 

		 

		(b) As
		  promptly as reasonably practicable on the date the Tender Offer is commenced,
		  (A) CIG shall file with the SEC a Tender Offer Statement on Schedule TO
		  (together with all amendments thereto, the “Tender
		  Offer Schedule TO”)
		  and (B) the Company shall file a Solicitation/Recommendation Statement on
		  Schedule 14D-9 (the “Schedule
		  14D-9”)
		  with respect to the Tender Offer, each of which will comply in all material
		  respects with the provisions of all applicable federal and state securities
		  laws, and will contain (including as an exhibit) or incorporate by reference an
		  offer to purchase relating to the Tender Offer and forms of the related letter
		  of transmittal (which documents, together with the Tender Offer Schedule TO and
		  any supplements or amendments thereto, are referred to collectively as the
		  “Tender
		  Offer Documents”).
		  The related letter of transmittal shall provide that, among other matters, in
		  order for shares of Class A Common Stock to be validly tendered, each holder of
		  shares of Class A Common Stock who tenders in the Tender Offer shall represent
		  and warrant to CIG that (x) such holder has full power and authority to tender,
		  sell, assign and transfer shares of Class A Common Stock in the Tender Offer,
		  (y) such holder is not prohibited or restricted from tendering shares of Class
		  A Common Stock in the Tender Offer by the terms of such shares or any Contract
		  and (z) when such shares are accepted for payment by CIG, CIG shall acquire
		  good, marketable and unencumbered title thereto, free and clear of all Liens.
		  

		 

		(c) The
		  Schedule 14D-9 shall contain the recommendation of the Board described in
		  Section 3.02(a) which recommendation shall not be withdrawn or amended without
		  the prior written consent of CIG and NBCU; provided,
		  however, that
		  the Company’s recommendation may be withdrawn or modified by the Board
		  without the prior written consent of CIG and NBCU to the extent that the Board
		  determines in the good faith exercise of its reasonable business judgment,
		  after receiving the advice of outside counsel, that such recommendation would
		  no longer be consistent with its fiduciary duties to the Company’s
		  stockholders under applicable Law. On the date filed with the SEC and on the
		  date first disseminated to the Company’s stockholders, the Schedule 14D-9
		  shall not contain any untrue statement of a material fact or omit to state any
		  material fact required to be stated therein or necessary in order to make the
		  statements therein, in light of the circumstances under which they were made,
		  not misleading, except that no representation is made by the Company with
		  respect to written information supplied by CIG or the NBCU Entities
		  specifically for inclusion in the Schedule 14D-9. On the date filed with the
		  SEC and on the date first disseminated to the Company’s stockholders, the
		  Tender Offer Documents shall not contain any untrue statement of a material
		  fact or omit to state any material fact required to be stated therein or
		  necessary in order to make the statements therein, in light of the
		  circumstances under which they were made, not misleading, except that no
		  representation shall be made by CIG with respect to written information
		  supplied by the Company or the NBCU Entities specifically for inclusion in the
		  Tender Offer Documents, and no representation shall be made by the Company with
		  respect to written information supplied by CIG or the NBCU Entities
		  specifically for inclusion in the Tender Offer Documents. CIG and the Company
		  shall take all steps necessary to cause the Tender Offer Documents to be filed
		  with the SEC and to be disseminated to the Company’s stockholders, in each
		  case as and to the extent required by applicable federal securities laws. Each
		  of CIG, the NBCU Entities and the Company shall 

		
		  
			  

			 21

			  

			 

			 
			 

			 
			  
 
 

		promptly
		  correct or supplement any information provided by it for use in the Tender
		  Offer Documents if and to the extent that it shall have become false and
		  misleading in any material respect, and CIG and the Company shall take all
		  steps necessary to cause the Tender Offer Documents as so corrected to be filed
		  with the SEC and to be disseminated to the Company’s stockholders, in each
		  case as and to the extent required by applicable federal securities laws. The
		  Company, the NBCU Entities and their respective counsel shall be given a
		  reasonable opportunity to review the initial Tender Offer Documents before they
		  are filed with the SEC. CIG, the NBCU Entities and their respective counsel
		  shall be given a reasonable opportunity to review the initial Schedule 14D-9
		  before it is filed with the SEC. In addition, CIG, on the one hand, and the
		  Company, on the other hand, agree to provide the other, the NBCU Entities and
		  their respective counsel with any comments or other communications that either
		  party or their counsel may receive from time to time from the SEC or its staff
		  with respect to the Schedule 14D-9 or the Tender Offer Documents promptly after
		  the receipt of such comments or other communications. The Company, the NBCU
		  Entities and their respective counsel shall be given a reasonable opportunity
		  to review and comment on any response of CIG to comments or other
		  communications from the SEC or any amended or revised Tender Offer Documents
		  before it is filed with the SEC. CIG, the NBCU Entities and their respective
		  counsel shall be given a reasonable opportunity to review any response of the
		  Company to comments or other communications from the SEC or any amended or
		  revised Schedule 14D-9 before it is filed with the SEC. 

		 

		(d) Subject
		  to the terms of this Agreement, promptly after the expiration of the
		  “initial offering period” (as such term is defined in Rule
		  14d-1(g)(4) under the Exchange Act) and, if applicable, promptly in accordance
		  with Rule 14d-11 under the Exchange Act, during the Subsequent Period, CIG
		  shall accept for payment and pay for, in accordance with the terms of the
		  Tender Offer, all of the shares of Class A Common Stock validly tendered
		  pursuant to the Tender Offer and not validly withdrawn.

		 

		(e) If the
		  payment of the Offer Price is to be made to a Person other than the Person in
		  whose name the surrendered certificate formerly evidencing shares of Class A
		  Common Stock is registered on the stock transfer books of the Company, it shall
		  be a condition of payment that the certificate so surrendered shall be endorsed
		  properly or otherwise be in proper form for transfer and that the Person
		  requesting such payment shall have paid all transfer and other taxes required
		  by reason of the payment of the Offer Price to a Person other than the
		  registered holder of the certificate surrendered, or shall have established to
		  the satisfaction of CIG that such taxes either have been paid or are not
		  applicable.

		 

		SECTION
		  3.02 Company
		  Action.
		  (a) The
		  Company represents that the Board has (i) determined that the Tender Offer is
		  fair to, and in the best interests of, the holders of shares of Class A Common
		  Stock, (ii) authorized and approved this Agreement, the other Transaction
		  Agreements and the transactions contemplated hereby and thereby (such
		  authorization and approval having been made in accordance with the DGCL,
		  including, without limitation, Section 203 thereof) and (iii) resolved to
		  recommend, subject to Section 3.01(c), that the holders of shares of Class A
		  Common Stock accept the Tender Offer and tender their shares pursuant to the
		  Tender Offer. The Company hereby consents to the inclusion in the Tender Offer
		  Documents of the recommendation of the Board described in this Section 3.02(a),
		  and the Company shall not 

		
		  
			  

			 22

			  

			 

			 
			 

			 
			  
 
 

		withdraw
		  or modify such recommendation in any manner adverse to CIG, except as provided
		  in Section 3.01(c).

		 

		(b) In
		  connection with the Tender Offer, no later than three (3) Business Days prior
		  to the anticipated commencement of the Tender Offer, the Company shall furnish
		  CIG with (A) mailing labels, security position listings of shares of Class A
		  Common Stock held in stock depositories and any available listing or computer
		  file containing the names and addresses of the record holders of shares of
		  Class A Common Stock, each as of the most recent practicable date, and (B) such
		  additional information, including updated lists of stockholders, mailing labels
		  and lists of securities positions and such other information and assistance as
		  CIG or its agents may reasonably request in connection with communicating to
		  the record and beneficial holders of shares of Class A Common Stock with
		  respect to the Tender Offer. Subject to the requirements of applicable Law, and
		  except for such steps as are necessary to disseminate the Tender Offer
		  Documents and any other documents necessary to consummate the Tender Offer, CIG
		  shall, and shall cause its agents to, hold in confidence the information
		  contained in any such labels, listings and files, shall use such information
		  only in connection with the Tender Offer and, if the Tender Offer shall be
		  terminated, shall, upon request, promptly deliver to the Company all copies of
		  such information then in its possession or under its control.

		 

		ARTICLE
		  IV

		THE
		  REVERSE STOCK SPLIT

		 

		SECTION
		  4.01 The
		  Reverse Stock Split.
		  (a) Subject
		  to the conditions set forth in Section 11.01, promptly following the Call
		  Closing, and subject to receipt of the requisite stockholder approval, the
		  Company shall combine its outstanding shares of Common Stock into a lesser
		  number of shares (the “Reverse
		  Stock Split”)
		  and shall file with the Secretary of State of the State of Delaware (the time
		  of such filing, the “Effective
		  Time”)
		  an amended and restated Certificate of Incorporation of the Company (the
		  “Restated
		  Certificate of Incorporation”),
		  in the form attached hereto as Exhibit S, whereby, without any further action
		  on the part of the Company, CIG or any stockholder of the Company:
		  

		 

		(i) each
		  share of Class A Common Stock issued and outstanding immediately prior to the
		  Effective Time shall be converted into and become such fraction (the
		  “Reverse
		  Stock Split Ratio”)
		  of a fully paid and nonassessable share of Class A Common Stock as shall be
		  determined by the Company, CIG and the NBCU Entities, such that all holders of
		  Class A Common Stock other than CIG would be eligible to receive, in respect of
		  all shares held by each such holder, less than a whole share of Class A Common
		  Stock upon effectuation of the Reverse Stock Split; provided, that
		  if CIG does not own the greatest number of shares of Class A Common Stock
		  immediately prior to the Reverse Stock Split, the Reverse Stock Split Ratio
		  shall be such that all holders of Class A Common Stock would be entitled to
		  receive, in respect of all shares held by each such holder, less than a whole
		  share of Class A Common Stock upon effectuation of the Reverse Stock Split;
		  

		 

		(ii) each
		  share of Class A Common Stock held as treasury stock or held or owned by the
		  Company or any Subsidiary immediately prior to the Effective Time shall be
		  cancelled; and

		 
		  
			 23

			  

			 

			 
			 

			 
			  
 
 

		(iii) each
		  share of Class B Common Stock issued and outstanding immediately prior to the
		  Effective Time shall be converted into and become a fractional number of fully
		  paid and nonassessable shares of Class B Common Stock at the Reverse Stock
		  Split Ratio.

		 

		(b) No
		  fractional shares of Class A Common Stock shall be issued in connection with
		  the Reverse Stock Split, and no certificates or scrip for any such fractional
		  shares shall be issued. Any holder of record of Class A Common Stock who would
		  otherwise be entitled to receive less than a whole share of Class A Common
		  Stock (after aggregating all fractional shares of Class A Common Stock issuable
		  to such holder) shall, in lieu of such fraction of a share and upon surrender
		  of such holder’s certificate representing such fractional shares of Class
		  A Common Stock (the “Certificate”)
		  as set forth in Section 4.03, be paid in cash the dollar amount (rounded to the
		  nearest whole cent), without interest, determined by multiplying the number of
		  shares represented by such Certificate prior to the Reverse Stock Split by the
		  Offer Price. Immediately prior to the Reverse Stock Split, CIG shall make a
		  capital contribution to the Company in the amount necessary to make any
		  payments required to be made to security holders of the Company pursuant to
		  this Article IV.

		 

		(c) Fractional
		  shares of Class B Common Stock as a result of the Reverse Stock Split shall
		  remain outstanding, and certificates or scrip for such fractional shares of
		  Class B Common Stock shall be issued.

		 

		SECTION
		  4.02 Company
		  Stock Options.
		  (a)
		  Effective as of immediately following the Effective Time, the Company shall
		  take all necessary actions to adjust the Company Stock Awards outstanding as of
		  the Effective Time in accordance with the terms of the Company Stock Plans so
		  as to give effect to the Reverse Stock Split. 

		 

		(b) In the
		  event that, following the adjustment to the Company Stock Options (each such
		  Company Stock Option, as so adjusted, an “Adjusted
		  Company Stock Option”)
		  made pursuant to Section 4.02(a), the number of shares of Common Stock subject
		  to any Adjusted Company Stock Option is less than one, then, except as
		  otherwise agreed by the Company and any holder of any Adjusted Company Stock
		  Option, the Company shall cause such Adjusted Company Stock Option to be
		  cancelled immediately following the Reverse Stock Split, and, in consideration
		  of such cancellation, the holder of such Adjusted Company Stock Option shall be
		  entitled to receive a cash payment (less applicable tax withholdings) equal to,
		  for each share of Common Stock subject to such Company Stock Option immediately
		  prior to the Reverse Stock Split, the Offer Price minus the per share exercise
		  price of such Company Stock Option immediately prior to the Reverse Stock
		  Split; provided, that
		  in the case of any Company Stock Options issued on or following November 7,
		  2005 to any person who is a full-time employee of the Company as of the date
		  hereof, any Adjusted Company Stock Options with respect to such Company Stock
		  Options shall remain outstanding and holders of such Adjusted Company Stock
		  Options shall not be entitled to receive any cash payments. The Company shall
		  take all steps necessary and appropriate to give effect to this Section
		  4.02(b), including using reasonable best efforts to obtain any necessary
		  consents to the cancellation of the Adjusted Company Stock
		  Options.

		 

		(c) In the
		  event that, following the adjustment to outstanding restricted stock or
		  restricted stock units (each, as so adjusted, an “Adjusted
		  Company Restricted Stock”)
		  made 

		
		  
			  

			 24

			  

			 

			 
			 

			 
			  

			 pursuant
				to Section 4.02(a), the number of shares of Common Stock subject to any
				Adjusted Company Restricted Stock is less than one, then, except as otherwise
				agreed by the Company and any holder of any Adjusted Company Restricted Stock,
				the Company shall cause such Adjusted Company Restricted Stock to be cancelled
				immediately following the Reverse Stock Split, and, in consideration of such
				cancellation, the holder of such Adjusted Company Restricted Stock shall be
				entitled to receive a cash payment (less applicable tax withholdings) equal to,
				for each share of Common Stock subject to such restricted stock or restricted
				stock units immediately prior to the Reverse Stock Split, the Offer Price less
				any applicable exercise or purchase price; provided, that
				in the case of any restricted stock or restricted stock units issued on or
				following November 7, 2005 to any person who is a full-time employee of the
				Company as of the date hereof, any Adjusted Company Restricted Stock with
				respect to such restricted stock or restricted stock units shall remain
				outstanding and holders of such Adjusted Company Restricted Stock shall not be
				entitled to receive any cash payments. The Company shall take all steps
				necessary and appropriate to give effect to this Section 4.02(c), including by
				obtaining any necessary consents to the cancellation of the Adjusted Company
				Restricted Stock. 
 
 

		 

		SECTION
		  4.03 Surrender
		  of Shares.
		  (a) Prior
		  to the Effective Time, the Company shall designate a bank or trust company to
		  act as agent (the “Paying
		  Agent”)
		  for the holders of fractional shares of Class A Common Stock to receive funds
		  pursuant to Section 4.01(b). Such funds shall be invested by the Paying Agent
		  as directed by the Company.

		 

		(b) Promptly
		  after the Effective Time, the Company shall cause to be mailed to each Person
		  who following the Effective Time shall be entitled to receive funds pursuant to
		  Section 4.01(b) a form of letter of transmittal (which shall specify that
		  delivery shall be effected, and risk of loss and title to the Certificates
		  evidencing shares that were converted into fractional shares in the Reverse
		  Stock Split shall pass, only upon proper delivery of the Certificates to the
		  Paying Agent) and instructions for use in effecting the surrender of the
		  Certificates pursuant to such letter of transmittal. Upon surrender to the
		  Paying Agent of a Certificate, together with such letter of transmittal, duly
		  completed and validly executed in accordance with the instructions thereto, and
		  such other documents as may be required pursuant to such instructions, the
		  holder of such Certificate shall be entitled to receive in exchange therefor
		  the Offer Price for each share formerly evidenced by such Certificate, and such
		  Certificate shall then be canceled. No interest shall accrue or be paid on the
		  Offer Price payable upon the surrender of any Certificate for the benefit of
		  the holder of such Certificate. If the payment equal to the Offer Price is to
		  be made to a Person other than the Person in whose name the surrendered
		  Certificate formerly evidencing shares is registered on the stock transfer
		  books of the Company, it shall be a condition of payment that the Certificate
		  so surrendered shall be endorsed properly or otherwise be in proper form for
		  transfer and that the Person requesting such payment shall have paid all
		  transfer and other taxes required by reason of the payment of the Offer Price
		  to a Person other than the registered holder of the Certificate surrendered, or
		  shall have established to the satisfaction of the Company that such taxes
		  either have been paid or are not applicable. If any holder of shares of Class A
		  Common Stock that were converted into fractional shares in the Reverse Stock
		  Split is unable to surrender such holder’s Certificates because such
		  Certificates have been lost, mutilated or destroyed, such holder may deliver in
		  lieu thereof an affidavit and indemnity bond in form and substance and with
		  surety reasonably satisfactory to the Company. Each of the Company and the
		  Paying Agent shall 

		
		  
			  

			 25

			  

			 

			 
			 

			 
			  
 
 

		be
		  entitled to deduct and withhold from any amounts otherwise payable pursuant to
		  this Agreement in respect of fractional shares of Class A Common Stock such
		  amount as it is required to deduct and withhold with respect to the making of
		  such payment under any Law. To the extent that amounts are so withheld, such
		  withheld amounts shall be treated for purposes of this Agreement as having been
		  paid to the holder of such fractional shares of Class A Common Stock in respect
		  of which such deduction and withholding was made.

		 

		(c) At any
		  time following the twelfth month after the Effective Time, the Company shall be
		  entitled to require the Paying Agent to deliver to it any funds which had been
		  made available to the Paying Agent and not disbursed to holders of fractional
		  shares of Class A Common Stock (including, without limitation, all interest and
		  other income received by the Paying Agent in respect of all funds made
		  available to it), and, thereafter, such holders shall be entitled to look to
		  the Company (subject to abandoned property, escheat and other similar laws)
		  only as general creditors thereof with respect to any Offer Price that may be
		  payable upon due surrender of the Certificates held by them. Notwithstanding
		  the foregoing, neither the Company nor the Paying Agent shall be liable to any
		  holder of a fractional share of Class A Common Stock for any Offer Price
		  delivered in respect of such share to a public official pursuant to any
		  abandoned property, escheat or other similar law.

		 

		(d) From and
		  after the Effective Time, holders of shares of Class A Common Stock that were
		  converted into fractional shares in the Reverse Stock Split shall cease to have
		  any rights with respect to such fractional shares except the right to receive
		  an amount equal to the Offer Price multiplied by the number of shares of Class
		  A Common Stock held by such holder prior to the Effective Time or as provided
		  by applicable Law.

		 

		ARTICLE
		  V

		THE
		  EXCHANGE OFFER

		 

		SECTION
		  5.01 The
		  Exchange Offer.
		  (a) As soon
		  as reasonably practicable following the Commencement Date, the Company shall
		  commence (within the meaning of Rule 13e-4(a)(4) under the Exchange Act) the
		  Exchange Offer to exchange, out of funds legally available therefor, (i) for
		  each outstanding share of 141⁄4% Preferred validly tendered in the
		  Exchange Offer and not validly withdrawn (x) $7,000 principal amount of Series
		  A Convertible Subordinated Debt and (y) $1,000 initial liquidation preference
		  of Series A-1 Convertible Preferred, and (ii) for each outstanding share of
		  93⁄4% Preferred validly tendered in the Exchange Offer and not validly
		  withdrawn (A) $4,000 principal amount of Series A Convertible Subordinated Debt
		  and (B) $1,000 initial liquidation preference of Series A-1 Convertible
		  Preferred; provided, that
		  if, at the Exchange Offer Closing, the number of shares of 141⁄4%
		  Preferred or 93⁄4% Preferred validly tendered in the Exchange Offer and
		  not validly withdrawn represent 50% or less of the total outstanding shares of
		  such class (a “Minority
		  Exchange”),
		  the Company shall exchange, out of funds legally available therefor, (i) for
		  each outstanding share of 141⁄4% Preferred that has been accepted for
		  exchange (x) $7,500 principal amount of Series A Convertible Subordinated Debt
		  and (y) $500 initial liquidation preference of Series B Convertible Preferred,
		  and (ii) for each outstanding share of 93⁄4% Preferred that has been
		  accepted for exchange (A) $4,500 principal amount of Series A Convertible
		  Subordinated Debt and (B) $500 initial liquidation preference of Series B
		  Convertible Preferred. In order for shares of Senior 

		
		  
			  

			 26

			  

			 

			 
			 

			 
			  
 
Preferred
		  Stock to be validly tendered, each holder of Senior Preferred Stock who tenders
		  in the Exchange Offer shall tender all but not less than all of the Senior
		  Preferred Stock such holder owns on the Commencement Date.

		
		   

		  (b) The
		  Company shall cause the Exchange Offer to remain open until the twentieth
		  Business Day after such commencement of the Exchange Offer or, as set forth in
		  this Section 5.01(b), such other later date as CIG and NBCU may mutually agree
		  (the “Exchange
		  Offer Initial Expiration Date”).
		  The Company shall be obligated to accept for exchange shares of Senior
		  Preferred Stock validly tendered pursuant to the Exchange Offer, subject only
		  to the non-occurrence or waiver of each of the conditions set forth in Annex B
		  (the “Exchange
		  Offer Conditions”).
		  The Company shall not amend or make changes to the terms of the Exchange Offer,
		  including the Exchange Offer Conditions, without the prior written consent of
		  both CIG and NBCU. Notwithstanding anything in this Agreement to the contrary,
		  the Company shall have the right to extend the Exchange Offer Initial
		  Expiration Date for (i) any period required by any rule, regulation,
		  interpretation or position of the SEC or the staff thereof applicable to the
		  Exchange Offer, (ii) any period required to obtain required stockholder
		  approval of the Proposed Amendments, or (iii) any period required by applicable
		  Law. On the Exchange Offer Initial Expiration Date, CIG and the Company shall,
		  in their reasonable judgment, jointly determine whether the Exchange Offer
		  Conditions exist and whether any such Exchange Offer Conditions shall be
		  waived. Notwithstanding the foregoing, (A) in the event the Company, in its
		  reasonable judgment, determines that one or more Exchange Offer Conditions
		  exist and the Company reasonably determines not to waive any such Exchange
		  Offer Condition and CIG, in its reasonable judgment, determines that each such
		  Exchange Offer Condition does not exist or reasonably determines to waive any
		  such Exchange Offer Condition, the Contingent Exchange pursuant to Section
		  5.04(b) shall occur, (B) in
		  the event CIG, in its reasonable judgment, determines that one or more Exchange
		  Offer Conditions exist and CIG reasonably determines not to waive any such
		  Exchange Offer Condition and the Company, in its reasonable judgment,
		  determines that each such Exchange Offer Condition does not exist or reasonably
		  determines to waive any such Exchange Offer Condition, the Exchange Offer shall
		  expire and no shares of Senior Preferred Stock shall be accepted for exchange
		  and the Contingent Exchange pursuant to Section 5.04(b) shall not
		  occur and (C)
		  in the event an
		  Exchange Offer Condition set forth in clauses (b) or (c) of Annex B exists that
		  cannot be waived and that prevents the Exchange Offer Closing from occurring,
		  the Exchange Offer shall expire and no shares of Senior Preferred Stock shall
		  be accepted for exchange and the Contingent Exchange pursuant to Section
		  5.04(b) shall not occur. 

		 

		(c) To the
		  extent the Company amends or makes changes to the terms and conditions of the
		  Exchange Offer pursuant to Section 5.01(b), CIG and the NBCU Entities shall
		  cooperate with the Company in making any filings or amendments required by the
		  DGCL, the Exchange Act, the Securities Act or any other applicable Law, or as
		  otherwise may be necessary to effect such amendment or change. 

		 

		(d) As
		  promptly as reasonably practicable on the date the Exchange Offer is commenced,
		  the Company shall file with the SEC a Tender Offer Statement on Schedule TO
		  (together with all amendments thereto, the “Exchange
		  Offer Schedule TO”)
		  with respect to the Exchange Offer, which will comply in all material respects
		  with the provisions of all applicable 

		
		  
			  

			 27

			  

			 

			 
			 

			 
			 

				federal
				  and state securities laws, and will contain (including as an exhibit) or
				  incorporate by reference an offer to exchange relating to the Exchange Offer,
				  the consent solicitation statement described in Section 5.02 and forms of the
				  related letter of transmittal (which documents, together with the Exchange
				  Offer Schedule TO and any supplements or amendments thereto, are referred to
				  collectively as the “Exchange
				  Offer Documents”).
				  The related letter of transmittal shall provide that, among other matters, in
				  order for shares of Senior Preferred Stock to be validly tendered, each holder
				  of Senior Preferred Stock who tenders in the Exchange Offer shall represent and
				  warrant to the Company that (x) such holder has full power and authority to
				  tender, sell, assign and transfer shares of Senior Preferred Stock in the
				  Exchange Offer, (y) such holder has tendered all but not less than all of the
				  shares of Senior Preferred Stock held by such holder on the Commencement Date
				  and (z) when such shares are accepted for exchange by the Company, the Company
				  shall acquire good, marketable and unencumbered title thereto, free and clear
				  of all Liens. The Exchange Offer Documents, on the date filed with the SEC and
				  on the date first disseminated to the holders of Senior Preferred Stock, shall
				  not contain any untrue statement of a material fact or omit to state any
				  material fact required to be stated therein or necessary in order to make the
				  statements therein, in light of the circumstances under which they were made,
				  not misleading. The Company shall take all steps necessary to cause the
				  Exchange Offer Documents to be filed with the SEC and to be disseminated to the
				  holders of Senior Preferred Stock, in each case as and to the extent required
				  by applicable federal securities laws. The Company shall promptly correct or
				  supplement any information in the Exchange Offer Documents if and to the extent
				  that it shall have become false and misleading in any material respect, and the
				  Company shall take all steps necessary to cause the Exchange Offer Documents as
				  so corrected to be filed with the SEC and to be disseminated to the holders of
				  Senior Preferred Stock, in each case as and to the extent required by
				  applicable federal securities laws. CIG, the NBCU Entities and their respective
				  counsel shall be given a reasonable opportunity to review and comment on the
				  initial Exchange Offer Documents before they are filed with the SEC. In
				  addition, the Company shall provide CIG, the NBCU Entities and their respective
				  counsel with any comments or other communications that it or its counsel may
				  receive from time to time from the SEC or its staff with respect to the
				  Exchange Offer Documents promptly after the receipt of such comments or other
				  communications. CIG, the NBCU Entities and their respective counsel shall be
				  given a reasonable opportunity to review and comment on any response of the
				  Company to comments or other communications from the SEC or any amended or
				  revised Exchange Offer Documents before it is filed with the SEC.

				
 
 

		 

		(e) Subject
		  to the terms of this Agreement, promptly after the expiration of the Exchange
		  Offer, the Company shall accept for exchange, in accordance with the terms of
		  the Exchange Offer, all of the shares of Senior Preferred Stock validly
		  tendered pursuant to the Exchange Offer and not validly withdrawn.

		 

		(f) If the
		  exchange is to be made to a Person other than the Person in whose name the
		  surrendered certificate formerly evidencing shares of Senior Preferred Stock is
		  registered on the stock transfer books of the Company, it shall be a condition
		  of exchange that the certificate so surrendered shall be endorsed properly or
		  otherwise be in proper form for transfer and that the Person requesting such
		  exchange shall have paid all transfer and other taxes required by reason of the
		  exchange to a Person other than the registered holder of the certificate
		  surrendered, or shall 

		 

		
		  
			 28

			  

			 

			 
			 

			 
			  
 

		  have
			 established to the satisfaction of the Company that such taxes either have been
			 paid or are not applicable.

		   
 

		SECTION
		  5.02 Consent
		  Solicitation. The
		  Exchange Offer Documents shall provide that (A) holders of Senior Preferred
		  Stock who validly tender in the Exchange Offer shall also execute a written
		  consent to an amendment to the Company’s Certificate of Incorporation in
		  the form attached hereto as Exhibit T (the “Proposed
		  Amendments”)
		  and (B) the Proposed Amendments with respect to each series of Senior Preferred
		  Stock shall become effective upon the filing with the Secretary of State of the
		  State of Delaware of a certificate of amendment of the Company’s
		  Certificate of Incorporation which shall be filed promptly following (i)
		  acceptance by the Company for exchange of shares of Senior Preferred Stock
		  tendered pursuant to the Exchange Offer that represent a majority of the shares
		  of such series of Senior Preferred Stock outstanding on the Commencement Date
		  and (ii) receipt by the Company of the approval by the requisite vote of
		  holders of Common Stock of the Proposed Amendments. 

		 

		SECTION
		  5.03 Exchange
		  by CIG. CIG
		  shall, and shall cause its controlled Affiliate to, (i) validly tender in the
		  Exchange Offer and not withdraw all of the shares of 141⁄4% Preferred and
		  93⁄4% Preferred it holds and (ii) consent to the Proposed Amendments in
		  the manner provided in the Exchange Offer Documents. Subject to Section
		  5.01(b), the Company shall accept for exchange all such shares of Senior
		  Preferred Stock tendered by CIG in the Exchange Offer. 

		 

		SECTION
		  5.04 Contingent
		  Exchange. (a)
		  If, at the Exchange Offer Closing, (i) the Company has accepted for exchange
		  less than 90% of the outstanding shares of each series of Senior Preferred
		  Stock owned by holders other than CIG, (A) NBC Palm Beach I shall be entitled
		  to surrender and deliver to the Company, promptly following the Exchange Offer
		  Closing, one or more certificates representing up to $375,000,000 aggregate
		  stated liquidation preference of NBCU Series B Preferred in exchange for an
		  equal principal amount of Series B Convertible Subordinated Debt, and (ii) CIG
		  shall be entitled to surrender and deliver to the Company, promptly following
		  the Exchange Offer Closing, one or more certificates representing up to
		  $95,584,689 aggregate stated liquidation preference of Series C Preferred Stock
		  or Series A-2 Preferred Stock, as applicable, received pursuant to Section
		  10.11 in exchange for an equal principal amount of Series B Convertible
		  Subordinated Debt, with such amounts, in each case, determined in accordance
		  with the methodology described on Schedule 5.04. 

		 

		(b) Notwithstanding
		  Section 5.04(a) but subject to Section 5.01(b), in the event the Exchange Offer
		  Expiration occurs, promptly following the Exchange Offer Expiration, (i) CIG
		  shall be entitled to surrender and deliver to the Company 9,386.46875 shares of
		  141⁄4% Preferred and 262.33603 shares of 93⁄4% Preferred in exchange
		  for $76,403,430 aggregate principal amount of Series B Convertible Subordinated
		  Debt, (ii) NBC Palm Beach I shall be entitled to surrender and deliver to the
		  Company one or more certificates representing $375,000,000 aggregate stated
		  liquidation preference of NBCU Series B Preferred in exchange for $375,000,000
		  aggregate principal amount of Series B Convertible Subordinated Debt and (iii)
		  CIG shall be entitled to surrender and deliver to the Company one or more
		  certificates representing $95,584,689 aggregate stated liquidation preference
		  of Series C Preferred Stock or Series A-2 Preferred Stock, as applicable,
		  received pursuant to Section 10.11 in exchange for an equal principal amount of
		  Series 

		
		  
			  

			 29

			  

			 

			 
			 

			 
			  
 

		  B
			 Convertible Subordinated Debt (the actions as described in Section 5.04(a) and
			 this Section 5.04(b), as the case may be, the “Contingent
			 Exchange”).

		   
 

		(c) (i)
		  Immediately following receipt of the certificate or certificates, if any,
		  representing the aggregate stated liquidation preference of NBCU Series B
		  Preferred surrendered by NBC Palm Beach I in the Contingent Exchange, the
		  Company shall cancel such certificate and issue to NBC Palm Beach I, out of
		  funds legally available therefor, a note or notes representing an aggregate
		  principal amount of Series B Convertible Subordinated Debt determined in
		  accordance with Sections 5.04(a) or (b), as applicable, (ii) if applicable,
		  immediately following receipt of the certificate or certificates representing
		  the aggregate stated liquidation preference of Series C Preferred Stock or
		  Series A-2 Preferred Stock as applicable, surrendered by CIG in the Contingent
		  Exchange pursuant to Section 5.04(a), the Company shall cancel such certificate
		  and issue to CIG, out of funds legally available therefor, a note or notes
		  representing an aggregate principal amount of Series B Convertible Subordinated
		  Debt determined in accordance with Section 5.04(a), and (iii) if applicable,
		  immediately following receipt of the certificate or certificates representing
		  9,386.46875 shares of 141⁄4% Preferred, 262.33603 shares of 93⁄4%
		  Preferred and $95,584,689 in aggregate stated liquidation preference of Series
		  C Preferred Stock or Series A-2 Preferred Stock, as applicable, surrendered by
		  CIG in the Contingent Exchange pursuant to Section 5.04(b), the Company shall
		  cancel such certificate and issue to CIG, out of funds legally available
		  therefor, a note or notes representing $171,988,119 aggregate principal amount
		  of Series B Convertible Subordinated Debt in accordance with Section
		  5.04(b).

		 

		SECTION
		  5.05 Company
		  Approval. The
		  Company hereby represents that the Board has determined that it is in the best
		  interests of the Company to authorize and approve the Exchange Offer, the
		  Contingent Exchange and the Proposed Amendments. 

		 

		ARTICLE
		  VI

		REPRESENTATIONS
		  AND WARRANTIES OF THE COMPANY

		 

		As an
		  inducement to CIG and the NBCU Entities to enter into this Agreement, except as
		  set forth in the Company Disclosure Letter or as disclosed in any report,
		  schedule, form, statement or other document filed with, or furnished to, the
		  SEC by the Company and publicly available prior to the date of this Agreement,
		  the Company hereby represents and warrants to CIG and the NBCU Entities as of
		  the date hereof that:

		 

		SECTION
		  6.01 Organization
		  and Qualification. (a)
		  Each of the Company and its Subsidiaries is duly organized, validly existing
		  and in good standing under the Laws of the jurisdiction of its organization and
		  has all necessary power and authority to own, lease, use and operate its
		  properties and assets and to carry on its business as presently conducted and
		  is duly licensed or qualified to do business and is in good standing in each
		  jurisdiction in which the properties owned or leased by it or the operation of
		  its assets or properties or conduct of its business makes such licensing or
		  qualification necessary, except to the extent that the failure to be so
		  organized, licensed, qualified or in good standing, or to have such power or
		  authority, would not adversely affect the ability of the Company to carry out
		  its obligations under, and to consummate the transactions contemplated by, each
		  of the Transaction Agreements to which it is a party. The Company has made
		  available to CIG and NBCU complete and correct copies of the Company’s
		  

		 
		  
		  
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		  and its
			 Subsidiaries’ certificates of incorporation and bylaws or comparable
			 governing documents, each as amended to the date hereof, and each as so made
			 available is in effect on the date hereof.

		   
 

		SECTION
		  6.02 Capitalization.
		  (a) The
		  authorized capital stock of the Company consists of (A)(1) 505,000,000 shares
		  of Class A Common Stock, of which, as of May 1, 2007, 65,377,185 shares were
		  issued and outstanding, (2) 35,000,000 shares of Class B Common Stock, of which
		  8,311,639 shares are issued and outstanding and (3) 317,000,000 shares of Class
		  C Common Stock, of which no shares are issued and outstanding, and (B)
		  1,000,000 shares of preferred stock, of which (1) 72,000 shares have been
		  designated as 141⁄4% Preferred, of which 56,931.4905 shares are issued and
		  outstanding, (2) 17,500 shares have been designated as 93⁄4% Preferred, of
		  which 16,695.9798 shares are issued and outstanding and (3) 60,607 shares have
		  been designated as NBCU Series B Preferred, all of which are issued and
		  outstanding. As of May 1, 2007, no shares of capital stock were held in
		  treasury, and no shares of capital stock were reserved for issuance except for
		  (i) 27,237,042 shares
		  of Class A Common Stock reserved in respect of Company Stock Options and other
		  rights (including restricted stock and restricted stock units) (the
		  “Company
		  Stock Awards”)
		  outstanding as of such date granted pursuant to the Company Stock Plans, (ii)
		  10,434,988 shares of Class A Common Stock reserved in respect of the conversion
		  of 93⁄4% Preferred, (iii) 8,311,639 shares of Class A Common Stock
		  reserved in respect of the conversion of Class B Common Stock and (iv)
		  303,035,000 shares of Class A and Class C Common Stock reserved in respect of
		  the conversion of NBCU Series B Preferred. All of the issued and outstanding
		  shares of the Company’s capital stock have been duly and validly
		  authorized and issued and are fully paid and nonassessable and not subject to
		  preemptive or other outstanding rights. The Company has made available to CIG
		  and the NBCU Entities accurate and complete copies of all Company Stock Option
		  Plans pursuant to which the Company has granted the Company Stock Awards that
		  are currently outstanding and the form of all stock award agreements evidencing
		  such Company Stock Awards. Since January 1, 2007, the Company has not issued
		  any shares of capital stock of the Company or granted or entered into any
		  calls, options, warrants, convertible securities or other rights, agreements,
		  arrangements or commitments of any character relating to the capital stock of
		  the Company or obligating the Company or any of its Subsidiaries to issue or
		  sell any capital stock of the Company, or any other interest in, the Company or
		  any of its Subsidiaries, other than pursuant to one or more of the Transaction
		  Agreements or pursuant to the exercise of options to acquire shares of Class A
		  Common Stock outstanding on January 1, 2007 in an amount not in excess of the
		  amount set forth in this Section 6.02(a).

		 

		(b) None of
		  the Subsidiaries of the Company owns any shares of Common Stock or Existing
		  Preferred Stock. Section 6.02(b) of the Company Disclosure Letter sets forth a
		  list, as of the date hereof, of the Subsidiaries and Persons (other than the
		  Subsidiaries) in which the Company or a Subsidiary owns a 5% or greater, but
		  less than 100%, equity interest (each, a “Company
		  Joint Venture”).
		  Each of the outstanding shares of capital stock or other equity securities of
		  each of the Subsidiaries is duly authorized, validly issued, fully paid and
		  nonassessable and, except for directors’ qualifying shares and where such
		  failure to have such ownership would not reasonably be expected to have a
		  Material Adverse Effect, owned by the Company or by a direct or indirect
		  wholly-owned Subsidiary, free and clear of any Lien, other than Permitted
		  Liens. The ownership interest in each Subsidiary and in each Company Joint
		  Venture is 

		 
		  
		  
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		  owned by
			 the Company or by a direct or indirect wholly-owned Subsidiary, free and clear
			 of any Lien, other than any Permitted Liens. Neither the Company nor any of its
			 Subsidiaries has entered into any commitment, arrangement or agreement, or is
			 otherwise obligated, to contribute capital, loan money or otherwise provide
			 funds to or make additional investments in any other Person.

		   
 

		(c) Upon any
		  issuance of any shares of Common Stock in accordance with the terms of the
		  Company Benefit Plans, such shares will be duly authorized, validly issued,
		  fully paid and nonassessable. The Company does not have outstanding any bonds,
		  debentures, notes or other obligations the holders of which have the right to
		  vote (or which are convertible into or exercisable for securities having the
		  right to vote) with the stockholders of the Company on any matter.
		  

		 

		(d) Except
		  for the Stockholder Agreement and the Registration Rights Agreement, there are
		  no shareholder agreements, voting trusts or other agreements or understandings
		  to which the Company or any of its Subsidiaries is a party or by which the
		  Company is bound relating to the voting or registration of any equity
		  securities of the Company or any of its Subsidiaries. 

		 

		(e) The
		  Board, at a meeting duly called and held, and following the unanimous
		  recommendation of a special committee of the Board, has (A) with all directors
		  voting, adopted resolutions approving the Transaction as a strategic plan or
		  financing plan for purposes of Section 3.3(a) of the Stockholder Agreement,
		  approving and declaring advisable and recommending that the stockholders of the
		  Company approve the Proposed Amendments, the Restated Certificate of
		  Incorporation, and the Reverse Stock Split and approving, declaring the
		  advisability of and recommending that the stockholders of the Company approve
		  an amendment to the Certificate of Incorporation (the “Certificate
		  Amendment”),
		  in the form attached hereto as Exhibit W, to create Class D Common Stock and
		  provide for 1,000,000,000 authorized shares of Class D Common Stock, and (ii)
		  increase the number of authorized shares of Common Stock, Class A Common Stock
		  and Class C Common Stock to 3,035,000,000, 1,000,000,000 and 1,000,000,000,
		  respectively, of which the Board has determined to reserve for issuance,
		  subject to the approval of the Certificate Amendment by the stockholders of the
		  Company entitled to vote and the filing of the Certificate Amendment with the
		  Secretary of State of the State of Delaware, 600,000,000 shares of Class A
		  Common Stock, 600,000,000 shares Class C Common Stock and 700,000,000 shares
		  Class D Common Stock upon conversion of the Convertible Securities (the
		  “Conversion
		  Shares”),
		  and 100,000,000 shares of Class A Common Stock upon exercise of the Warrant,
		  and (B) received the opinion of its financial advisor to the effect that, as of
		  the date of such opinion, the Offer Price to be received by the holders of the
		  shares of Class A Common Stock in the Tender Offer is fair from a financial
		  point of view to such holders. When issued, all shares of the New Preferred
		  Stock, all Conversion Shares issued upon the conversion of the Convertible
		  Securities in accordance with the terms thereof, and all shares of Common Stock
		  issued in accordance with the terms of the NBCU Option II and the Warrant will
		  be duly and validly authorized and issued, fully paid and nonassessable and not
		  subject to preemptive rights, and the owner of such shares will have good title
		  thereto, free and clear of all Liens (other than any Lien created by or on
		  behalf of such owner).

		 

		(f) Other
		  than (A) the shares referred to in Section 6.02(a), (B) the requirement to
		  issue the Conversion Shares pursuant to the documents governing the terms of
		  the Convertible 

		
		  
			  

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		Securities
		  and (C) the issuance of the New Preferred Stock, the Convertible Subordinated
		  Debt, the NBCU Option II and the Warrant as contemplated by the Transaction
		  Agreements, (1) no equity securities of the Company or any of its Subsidiaries
		  are or may become required to be issued by reason of any options, warrants,
		  rights to subscribe for, conversion rights, stock appreciation rights,
		  performance units, redemption rights, repurchase rights, calls, preemptive
		  rights, commitments or other rights of any character whatsoever, (2) there are
		  outstanding no securities or rights convertible into or exchangeable for shares
		  of any capital stock of the Company or any of its Subsidiaries and (3) there
		  are no contracts, commitments, understandings or arrangements by which the
		  Company or any of its Subsidiaries is or will be bound to issue or sell
		  additional shares of its capital stock or any securities or rights convertible
		  into or exchangeable or exercisable for shares of its capital stock or options,
		  warrants or rights to purchase or acquire any additional shares of its capital
		  stock. Except as required by the terms of the Existing Preferred Stock and the
		  2005 Agreements, the Company is not subject to any obligation (contingent or
		  otherwise) to repurchase, redeem or otherwise acquire or retire any of its
		  capital stock. 

		 

		(g) The
		  consummation of the transactions contemplated by the Transaction Agreements
		  will not trigger the anti-dilution provisions or other price adjustment
		  mechanisms of any outstanding subscriptions, options, warrants, calls,
		  contracts, preemptive rights, demands, commitments, conversion rights or other
		  agreements or arrangements of any character or nature whatsoever under which
		  the Company is or may be obligated to issue or acquire its capital stock.
		  

		 

		(h) None of
		  the Senior Preferred Stock or the NBCU Series B Preferred are required to be
		  registered pursuant to Section 12 of the Securities Act.

		 

		SECTION
		  6.03 Authority
		  Relative to the Transaction Agreements. (a)
		  The Company has all necessary corporate power and authority to execute and
		  deliver each of the Transaction Agreements to which it is a party, to perform
		  its obligations thereunder and to consummate the transactions contemplated
		  thereby. Except as set forth on Section 6.03(a) of the Company Disclosure
		  Letter, the execution and delivery by the Company of each of the Transaction
		  Agreements to which it is a party, the performance by the Company of its
		  obligations thereunder and the consummation by the Company of the transactions
		  contemplated thereby have been duly authorized by all requisite action on the
		  part of the Company and approved by the Board, and other than required
		  stockholder approval, no other corporate proceedings on the part of the Company
		  are necessary to authorize any of the Transaction Agreements to which it is a
		  party or to consummate the transactions contemplated thereby. Each of the
		  Transaction Agreements to which the Company is a party has been or, upon
		  execution, shall have been duly executed and delivered by it, and (assuming due
		  authorization, execution and delivery by the other parties) each of the
		  Transaction Agreements to which it is a party constitutes or, upon execution,
		  shall constitute legal, valid and binding obligations of the Company,
		  enforceable against the Company in accordance with its terms. The Board has
		  approved each of the Transaction Agreements to which the Company is a party and
		  the transactions contemplated thereby and such approvals are sufficient so that
		  the restrictions on business combinations set forth in Section 203(b) of the
		  DGCL shall not apply to the Reverse Stock Split or the Tender Offer. To the
		  Knowledge of the Company, no other state takeover Law is applicable to any of
		  the transactions contemplated by any of the Transaction
		  Agreements.

		 
		  
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		(b) Pursuant
		  to the DGCL and the Company’s Certificate of Incorporation, the approval
		  of the Certificate Amendment, the Restated Certificate of Incorporation and the
		  Reverse Stock Split requires the affirmative votes of the holders of a majority
		  of the then outstanding shares of Common Stock and to the extent shares of
		  93⁄4% Preferred are then entitled to vote, 93⁄4% Preferred (on an as
		  converted basis), voting together as a single class. 

		 

		SECTION
		  6.04 No
		  Conflict; Required Filings and Consents.
		  (a) The
		  execution and delivery by the Company of each of the Transaction Agreements to
		  which it is a party, the performance by the Company of its obligations
		  thereunder and the consummation by the Company of the transactions contemplated
		  thereby do not and will not (i) assuming that the required stockholder approval
		  of any amendment to the Certificate of Incorporation of the Company as
		  contemplated by the Transaction, including the Certificate Amendment, has been
		  obtained, conflict with or violate the Certificate of Incorporation or By-laws
		  of the Company or the comparable governing documents of any of its
		  Subsidiaries, (ii) assuming that all consents, approvals and other
		  authorizations described in Section 6.04(b) have been obtained and that all
		  filings and other actions described in Section 6.04(b) have been made or taken,
		  conflict with or violate any Law applicable to the Company or any Subsidiary or
		  by which any property or asset of the Company or any Subsidiary is bound or
		  affected, or (iii) except as described in Section 2.01(a), result in any breach
		  of or constitute a default (or an event which, with notice or lapse of time or
		  both, would become a default) under, or give to others any right of
		  termination, amendment, acceleration or cancellation of, or result in the
		  creation of a Lien on any property or asset of the Company or any Subsidiary
		  pursuant to any Contract to which the Company or any Subsidiary is a party or
		  by which the Company or a Subsidiary or any property or asset of the Company or
		  any Subsidiary is bound or affected, except, (x) with respect to clause (iii),
		  as would not materially and adversely affect the ability of the Company to
		  carry out its obligations under, and to consummate the transactions
		  contemplated by, each of the Transaction Agreements to which the Company is a
		  party and would not, and (y) with respect to clauses (ii) and (iii),
		  individually or in the aggregate, have a Material Adverse Effect.

		 

		(b) The
		  execution and delivery by the Company of each of the Transaction Agreements to
		  which it is a party, the performance by the Company of its obligations
		  thereunder and the consummation by the Company of the transactions contemplated
		  thereby do not and will not require any consent, approval, authorization or
		  other order of, action by, filing with, registration or notification to, any
		  Governmental Authority, except for (i) applicable requirements, if any, of the
		  Exchange Act, Securities Act, or state securities or “blue sky” laws
		  (“Blue
		  Sky Laws”),
		  (ii) the pre-merger notification and waiting period requirements of the HSR
		  Act, (iii) the FCC Application, (iv) the FCC Approval, (v) the filing and
		  recordation of the Proposed Amendments, any amendment to the Certificate of
		  Incorporation of the Company as contemplated by the Transaction, including the
		  Certificate Amendment, and each of the New Preferred Stock Certificates of
		  Designation with the Secretary of State of the State of Delaware pursuant to
		  the DGCL, (vi) where failure to obtain such consent, approval, authorization or
		  action, or to make such filing or notification, would not prevent or materially
		  delay the consummation by the Company of the transactions contemplated by each
		  of the Transaction Agreements to which it is a party and (vii) as may be
		  necessary as a result of any facts or circumstances relating solely to CIG or
		  the NBCU Entities or any of their respective Affiliates.

		 
		  
			  

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		SECTION
		  6.05 Permits;
		  Compliance.
		  (a) Each of
		  the Company and the Subsidiaries is in possession of all franchises, grants,
		  authorizations, licenses, permits, easements, variances, exceptions, consents,
		  certificates, approvals and orders of any Governmental Authority, in each case
		  applicable to the Company and its Subsidiaries, including all authorizations
		  under the Communications Act, necessary for each of the Company or the
		  Subsidiaries to own, lease and operate its properties, including the Company
		  Stations, or to carry on its business as it is now being conducted (the
		  “Permits”),
		  except where the failure to have, or the suspension or cancellation of, any of
		  the Permits would not, individually or in the aggregate, prevent or materially
		  delay consummation of any of the transactions contemplated by the Transaction
		  Agreements or otherwise prevent or materially delay the Company from performing
		  its obligations under the Transaction Agreements to which it is a party and
		  would not, individually or in the aggregate, have a Material Adverse Effect. To
		  the Knowledge of the Company, no suspension or cancellation of any of the
		  Permits is pending or threatened that would reasonably be expected to have a
		  Material Adverse Effect. 

		 

		(b) Each of
		  the Company and the Subsidiaries is in compliance with (i) any Law applicable
		  to the Company or any Subsidiary or by which any property or asset of the
		  Company or any Subsidiary is bound or affected, or (ii) any Contract or Permit
		  to which the Company or any Subsidiary is a party or by which the Company or
		  any Subsidiary or any property or asset of the Company or any Subsidiary is
		  bound, except for any such conflicts, defaults, breaches or violations that
		  would not, individually or in the aggregate, prevent or materially delay
		  consummation of any of the transactions contemplated by the Transaction
		  Agreements or otherwise prevent or materially delay the Company from performing
		  its obligations under the Transaction Agreements to which it is a party and
		  would not, individually or in the aggregate, have a Material Adverse Effect.
		  

		 

		(c) Except
		  as would not, individually or in the aggregate, have a Material Adverse Effect,
		  (i) each Company Station, including physical facilities, electrical and
		  mechanical systems, and transmitting and studio equipment, is operated in
		  compliance with the Communications Act and the specifications of the FCC
		  Licenses; (ii) the antenna structures owned or used by each Company Station are
		  in compliance with the Communications Act and the requirements of the Federal
		  Aviation Administration; (iii) the location and staffing of each Company
		  Station’s main studio comply with the Communications Act; (iv) all reports
		  and other filings required by the FCC with respect to the FCC Licenses and each
		  Company Station (including, without limitation, all required children’s
		  television and equal employment opportunity reports) have been filed in
		  material compliance with the FCC rules and regulations; and (v) all FCC
		  regulatory fees have been timely paid.

		 

		(d) Section
		  6.05(d) of the Company Disclosure Letter sets forth a complete and accurate
		  list of the FCC Licenses and the authorized holder and the expiration date of
		  the term (including any renewals, extensions or modifications thereof) of each
		  of the FCC Licenses. The FCC Licenses are, except as described in Section
		  6.05(d) of the Company Disclosure Letter, in full force and effect and have not
		  been revoked, suspended, canceled, rescinded or terminated and their respective
		  terms are not subject to any conditions other than those applicable to
		  broadcast licenses generally or as otherwise disclosed on the face of the FCC
		  Licenses. Except as described in 

		 

		35

		

		
		

		
		 

		Section
		  6.05(d) of the Company Disclosure Letter, there is no Action pending or, to the
		  Knowledge of the Company, threatened against the Company or any Subsidiary or
		  affecting the FCC Licenses or requesting revocation, suspension, cancellation
		  or non-renewal of any of the FCC Licenses by or before the FCC, except for the
		  FCC rulemaking proceedings generally affecting the television broadcast
		  industry. Except as set forth in Section 6.05(d) of the Company Disclosure
		  Letter, there are no unsatisfied, outstanding or pending, or to the Knowledge
		  of the Company, threatened, by or before the FCC, orders to show cause, notices
		  of violation, notices of apparent liability, notices of forfeiture or
		  complaints issued against the Company or any of the Company Stations. To the
		  Knowledge of the Company, there is no reason to believe that the FCC Licenses
		  will not be renewed in the ordinary course. The FCC Licenses listed on Section
		  6.05(d) of the Company Disclosure Letter include all of the principal station
		  licenses issued by the FCC that are used in or required for the operation of
		  the Company Stations under the Communications Act. Except for pending
		  applications for renewal of licenses for certain of the Company Stations, as of
		  the date of this Agreement there are no proceedings, complaints, notices of
		  forfeiture, claims or investigations pending, or to the Knowledge of the
		  Company, threatened, that would materially impair the ability of Mr. Paxson or
		  PMC to transfer control of the Call Shares to CIG or which would materially
		  impede Mr. Paxson’s or PMC’s ability to prosecute the FCC
		  Application.

		 

		(e) The
		  Company Stations have been assigned channels by the FCC for the provision of
		  digital television (“DTV”)
		  service. The channel assignments have not been vacated, reversed, stayed, set
		  aside, annulled or suspended, nor are they subject to any pending appeal,
		  request for stay, or petition for rehearing, reconsideration or review by any
		  person or by the FCC on its own motion, and the time for filing any such
		  appeal, request, petition or similar document for the reconsideration or review
		  by the FCC on its own motion has expired. To the Knowledge of the Company,
		  there are no pending or anticipated petitions for rulemaking or notices of
		  proposed rulemaking to reallocate the DTV allotment of any of the Company
		  Stations, or to reallocate the DTV allotment of any other station in a manner
		  that could affect the DTV operations of any of the Company Stations, nor were
		  any requests to such effect filed with the FCC in its consideration of a final
		  DTV table of allotments. All of the Company Stations are operating DTV
		  facilities at full licensed power, or as set forth on Section 6.05 of the
		  Company Disclosure Letter, have been authorized by the FCC, or have applied for
		  authorization from the FCC, to defer full power DTV operation. 

		 

		SECTION
		  6.06  SEC
		  Filings; Financial Statements. (a) The
		  Company has filed or furnished, as the case may be, on a timely basis, all
		  forms, reports and documents required to be filed by it with the SEC since
		  January 1, 2005, including (i) its Annual Reports on Form 10-K for the fiscal
		  years ended December 31, 2005 and 2006, respectively, (ii) all proxy statements
		  relating to the Company’s meetings of stockholders (whether annual or
		  special) held since January 1, 2005 and (iii) all other forms, certifications,
		  reports and registration statements filed by the Company with the SEC since
		  January 1, 2005 (the forms, certifications, reports, statements and other
		  documents referred to in clauses (i), (ii) and (iii) above, and those filed
		  with the SEC subsequent to the date of this Agreement, and as amended, being,
		  collectively, the “SEC
		  Reports”).
		  The SEC Reports, including any financial statements or schedules included
		  therein, (i) were prepared in accordance with the requirements of either the
		  Securities Act or the Exchange Act, as the case may be, and (ii) did not, at
		  the time they were filed, or, if amended, as of the date of such amendment,
		  

		
		   

		  36

		  

		  
		  

		  
		   
 

		contain
		  any untrue statement of a material fact or omit to state a material fact
		  required to be stated therein or necessary in order to make the statements made
		  therein, in the light of the circumstances under which they were made, not
		  misleading. No Subsidiary is required to file any form, report or other
		  document with the SEC.

		 

		(b) Each of
		  the consolidated financial statements (including, in each case, any notes and
		  schedules thereto) contained in or incorporated by reference into the SEC
		  Reports was prepared in accordance with GAAP applied on a consistent basis
		  throughout the periods indicated (except as may be indicated in the notes
		  thereto) and each fairly presents, in all material respects, or, in the case of
		  the SEC Reports filed after the date of this Agreement, will fairly present in
		  all material respects the consolidated financial position, results of
		  operations and cash flows of the Company and its consolidated Subsidiaries as
		  at the respective dates thereof and for the respective periods indicated
		  therein (subject, in the case of unaudited statements, to notes and normal
		  year-end adjustments that will not be material in amount or effect), except as
		  otherwise noted therein.

		 

		(c) Except
		  as and to the extent set forth on the consolidated balance sheet of the Company
		  and the consolidated Subsidiaries as of December 31, 2006, including the notes
		  thereto (the “2006
		  Balance Sheet”),
		  neither the Company nor any Subsidiary has any liability or obligation of any
		  nature (whether accrued, absolute, contingent or otherwise), except for
		  liabilities and obligations incurred in the ordinary course of business
		  consistent with past practice since January 1, 2007, liabilities or obligations
		  incurred in connection with the Transaction and described in Section 6.06(c) of
		  the Company Disclosure Letter, or liabilities or obligations which would not,
		  individually or in the aggregate, prevent or materially delay consummation of
		  any of the transactions contemplated by the Transaction Agreements or otherwise
		  prevent or materially delay the Company from performing its obligations under
		  the Transaction Agreements to which it is a party and would not, individually
		  or in the aggregate, have a Material Adverse Effect.

		 

		(d) The
		  Company has heretofore furnished to CIG and the NBCU Entities complete and
		  correct copies of all amendments and modifications that have not been filed by
		  the Company with the SEC to all agreements, documents and other instruments
		  that previously had been filed by the Company with the SEC and are currently in
		  effect.

		 

		(e) The
		  Company has made available to CIG and the NBCU Entities all comment letters
		  received by the Company from the SEC or the staff thereof since January 1, 2005
		  and all responses to such comment letters filed by or on behalf of the Company.
		  As of the date of this Agreement, there are no outstanding or unresolved
		  comments received from the SEC staff with respect to the SEC
		  Reports.

		 

		(f) To the
		  Company’s knowledge, except as disclosed in the SEC Reports, each director
		  and executive officer of the Company has filed with the SEC on a timely basis
		  all statements required by Section 16(a) of the Exchange Act and the rules and
		  regulations thereunder since January 1, 2005. 

		 

		(g) The
		  Company maintains disclosure controls and procedures as required by Rule 13a-15
		  or Rule 15d-15 under the Exchange Act and such controls and procedures are
		  

		
		   

		  37

		  

		  
		  

		  
		   
 

		effective
		  to ensure that all material information concerning the Company and the
		  Subsidiaries is made known on a timely basis to the individuals responsible for
		  the preparation of the Company’s SEC filings and other public disclosure
		  documents. The Company has made available to CIG and the NBCU Entities complete
		  and correct copies of, all written descriptions of, and all policies, manuals
		  and other documents promulgating, such disclosure controls and procedures. As
		  used in this Section 6.06, the term “file” shall be broadly construed
		  to include any manner in which a document or information is furnished, supplied
		  or otherwise made available to the SEC. Documents filed with the SEC by the
		  Company and publicly available via the SEC’s EDGAR system shall be
		  considered to have been made available by the Company to CIG and the NBCU
		  Entities. The Company has disclosed, based on its most recent evaluation prior
		  to the date of this Agreement, to the Company’s outside auditors and the
		  audit committee of the Board (i) any significant deficiencies and material
		  weaknesses in the design or operation of internal controls over financial
		  reporting (as defined in Rule 13a-15(f) under the Exchange Act) that are
		  reasonably likely to adversely affect the Company’s ability to record,
		  process, summarize and report financial information and (ii) any fraud, known
		  to the Company, whether or not material, that involves management or other
		  employees who have a significant role in the Company’s internal controls
		  over financial reporting.

		 

		(h) The
		  Company maintains and will continue to maintain a standard system of accounting
		  established and administered in accordance with GAAP. The Company and its
		  Subsidiaries maintain a system of internal accounting controls sufficient to
		  provide reasonable assurance that (i) transactions are executed in accordance
		  with management’s general or specific authorizations, (ii) transactions
		  are recorded as necessary to permit preparation of financial statements in
		  conformity with GAAP and to maintain asset accountability, (iii) access to
		  assets is permitted only in accordance with management’s general or
		  specific authorization, and (iv) the recorded accountability for assets is
		  compared with the existing assets at reasonable intervals and appropriate
		  action is taken with respect to any differences. The Company has made available
		  to CIG and the NBCU Entities complete and correct copies of, all written
		  descriptions of, and all policies, manuals and other documents promulgating,
		  such internal accounting controls.

		 

		(i) Since
		  January 1, 2005, neither the Company nor any Subsidiary nor, to the
		  Company’s knowledge, any director, officer, employee, auditor, accountant
		  or representative of the Company or any Subsidiary, has received or otherwise
		  had or obtained knowledge of any complaint, allegation, assertion or claim,
		  whether written or oral, regarding the accounting or auditing practices,
		  procedures, methodologies or methods of the Company or any Subsidiary or their
		  respective internal accounting controls, including any such complaint,
		  allegation, assertion or claim that the Company or any Subsidiary has engaged
		  in questionable accounting or auditing practices. Since January 1, 2005, there
		  have been no internal investigations regarding internal accounting controls,
		  accounting or revenue recognition discussed with, reviewed by or initiated at
		  the direction of the chief executive officer, chief financial officer, general
		  counsel, the Board or any committee thereof. 

		 

		(j) To the
		  Knowledge of the Company, no employee of the Company or any Subsidiary has
		  provided or is providing information to any law enforcement agency regarding
		  the commission or possible commission of any crime or the violation or possible
		  violation of any 

		
		   

		  38

		  

		  
		  

		  
		   
 

		applicable
		  Law. Neither the Company nor any Subsidiary nor to the Knowledge of the
		  Company, any officer, employee, contractor, subcontractor or agent of the
		  Company or any such Subsidiary has discharged, demoted, suspended, threatened,
		  harassed or in any other manner discriminated against an employee of the
		  Company or any Subsidiary in the terms and conditions of employment because of
		  any act of such employee described in 18 U.S.C. §1514A(a).

		 

		(k) The
		  Company is in compliance in all material respects with the applicable listing
		  and corporate governance rules and regulations of the American Stock
		  Exchange.

		 

		SECTION
		  6.07 Absence
		  of Certain Changes or Events.
		  (a) Since
		  December 31, 2006, except as expressly contemplated by the Transaction
		  Agreements to which the Company is a party, (i) the Company and its
		  Subsidiaries have conducted their respective businesses only in the ordinary
		  course and in a manner consistent with past practice, (ii) there has not been
		  any change in the business, assets, liabilities, results of operations or
		  financial condition of the Company and its Subsidiaries that, individually or
		  in the aggregate, has had or would be reasonably expected to have a Material
		  Adverse Effect, and (iii) none of the Company or any Subsidiary has taken any
		  action not in the ordinary course of business that, if taken after the date
		  hereof, would constitute a breach of any of the covenants set forth in Section
		  9.01.

		 

		(b) Since
		  January 1, 2006 the Company has not taken any of the following actions with
		  respect to any of its present or former directors or officers, except as has
		  been approved by the compensation committee of the Board as an employment
		  compensation, severance or other employee benefit arrangement in accordance
		  with the safe harbor contained in Rule 14d-10 of the Exchange Act: (i) an
		  increase in compensation or benefits in any form, (ii) any grant of the right
		  to receive any severance or termination compensation or benefit, (iii) any
		  entry into an employment, consulting, indemnification, termination, change of
		  control, non-competition or severance agreement or (iv) an amendment to or
		  adoption of a Company Stock Plan (the matters described in foregoing clauses
		  (i), (ii), (iii) and (iv), collectively, “Compensation
		  Actions”).
		  To the extent that any Compensation Action was approved after the date of the
		  first discussion of a potential tender offer between the Company or the Board,
		  on the one hand, and CIG, CLP or the NBCU Entities, on the other hand, the
		  compensation committee of the Board was, at the time of each such approval,
		  aware of such potential tender offer. 

		 

		SECTION
		  6.08 Absence
		  of Litigation. There
		  is no Action pending or, to the Knowledge of the Company, threatened against
		  the Company or any Subsidiary before any Governmental Authority that (a)
		  individually or in the aggregate, has had or reasonably would be expected to
		  have a Material Adverse Effect or (b) seeks to materially delay or prevent the
		  consummation of the transactions contemplated by the Transaction Agreements to
		  which the Company is a party or otherwise prevent or materially delay the
		  Company from performing its obligations thereunder. Neither the Company nor any
		  Subsidiary nor any property or asset of the Company or any Subsidiary is
		  subject to any continuing order of, consent decree, settlement agreement or
		  similar written agreement with, or, to the Knowledge of the Company, continuing
		  investigation by, any Governmental Authority, or any Governmental Order that,
		  individually or in the aggregate, has had or reasonably would be expected to
		  have a Material Adverse Effect or to prevent or materially delay consummation
		  of any of the transactions contemplated by the 

		
		   

		  39

		  

		  
		  

		  
		   
 

		Transaction
		  Agreements to which the Company is a party or otherwise prevent or materially
		  delay the Company from performing its obligations thereunder.

		 

		SECTION
		  6.09 Compensation
		  and Benefit Plans; ERISA.
		  (a) The
		  Company has made available to CIG and NBCU correct and complete copies of each
		  Company Benefit Plan and amendments thereto. No entity is treated as a single
		  employer with the Company under Sections 414(b), (c), (m) or (o) of the Code,
		  other than the Company and its Subsidiaries.

		 

		(b) With
		  respect to each Company Benefit Plan, if applicable, the Company has made
		  available to CIG and NBCU correct and complete copies of (i) all plan texts and
		  agreements and related trust agreements (or other funding vehicles); (ii) the
		  most recent summary plan descriptions and material employee communications
		  concerning the extent of the benefits provided under a Company Benefit Plan;
		  (iii) the most recent annual report (including all schedules); (iv) the most
		  recent annual audited financial statements and opinions; (v) if the plan is
		  intended to qualify under Section 401(a) of the Code, the most recent
		  determination letter received from the Internal Revenue Service (the
		  “IRS”);
		  and (vi) all material communications with any domestic Governmental Authority
		  given or received since January 1, 2005. There is no present intention that any
		  Company Benefit Plan be materially amended, suspended or terminated at any time
		  within the twelve months immediately following the date of this
		  Agreement.

		 

		(c) [Intentionally
		  omitted].

		 

		(d) With
		  respect to each Company Benefit Plan that is subject to Title IV or Section 302
		  of ERISA or Section 412 or 4971 of the Code: (i) there does not exist any
		  accumulated funding deficiency within the meaning of Section 412 of the Code or
		  Section 302 of ERISA, whether or not waived; (ii) no reportable event within
		  the meaning of Section 4043(c) of ERISA for which the 30-day notice requirement
		  has not been waived has occurred, and the consummation of the transactions
		  contemplated by this Agreement will not result in the occurrence of any such
		  reportable event; (iii) no liability (other than for premiums to the Pension
		  Benefit Guaranty Corporation (the “PBGC”))
		  under Title IV of ERISA has been or is expected to be incurred by the Company
		  or any of its Subsidiaries; and (iv) the PBGC has not instituted proceedings to
		  terminate any such plan or made any inquiry which would reasonably be expected
		  to lead to termination of any such plan, and, to the Knowledge of the Company,
		  no condition exists that presents a material risk that such proceedings will be
		  instituted or which would constitute grounds under Section 4042 of ERISA for
		  the termination of, or the appointment of a trustee to administer, any such
		  plan. Neither the Company nor any of its Subsidiaries has, at any time during
		  the last six years, contributed to or been obligated to contribute to any
		  Multiemployer Plan other than a plan listed on Section 6.09(a) of the Company
		  Disclosure Letter. Neither the Company nor any of its Subsidiaries would be
		  reasonably expected to have any liability to a Multiemployer Plan as a result
		  of a complete or partial withdrawal from such Multiemployer Plan (as those
		  terms are defined in Part I of Subtitle E of Title IV of ERISA) that has not
		  been satisfied in full.

		 

		(e) Each
		  Company Benefit Plan which is intended to qualify under Section 401(a) of the
		  Code has been issued a favorable determination letter by the IRS with respect
		  to such qualification, its related trust has been determined to be exempt from
		  taxation under Section 501(a) of the Code and no event has occurred since the
		  date of such qualification or exemption that would 

		
		   

		  40

		  

		  
		  

		  
		   
 

		reasonably
		  be expected to result in the loss of such qualification or exemption. Each
		  Company Benefit Plan has been established and administered in material
		  compliance with its terms and with the applicable provisions of ERISA, the Code
		  and other applicable Laws. With respect to the Company Benefit Plans, no event
		  has occurred and no condition exists that would subject the Company by reason
		  of its being treated as a single employer with any entity under Sections
		  414(b), (c), (m) or (o) of the Code to any material (i) Tax, penalty, fine,
		  (ii) Lien (other than a Permitted Lien) or (iii) other liability imposed by
		  ERISA, the Code or other applicable Laws.

		 

		(f) There
		  are no Company Benefit Plans under which welfare benefits are provided to past
		  or present employees of the Company and its Subsidiaries beyond their
		  retirement or other termination of service, other than coverage mandated by the
		  Consolidated Omnibus Budget Reconciliation Act of 1985, Section 4980B of the
		  Code, Title I of ERISA or any similar state group health plan continuation
		  Laws.

		 

		(g) Except
		  as contemplated by the 2005 Agreements, neither the execution and delivery of
		  this Agreement nor the consummation of the transactions contemplated hereby
		  will (either alone or in combination with another event) (i) result in any
		  payment becoming due, or increase the amount of any compensation or benefits
		  due, from the Company or any Subsidiary to any current or former employee of
		  the Company and its Subsidiaries or with respect to any Company Benefit Plan;
		  (ii) increase any benefits otherwise payable under any Company Benefit Plan;
		  (iii) result in the acceleration of the time of payment or vesting of any such
		  compensation or benefits; (iv) result in a non-exempt “prohibited
		  transaction” within the meaning of Section 406 of ERISA or section 4975 of
		  the Code; (v) limit or restrict the right of the Company to merge, amend or
		  terminate any of the Company Benefit Plans; or (vi) result in the payment by
		  the Company or any Subsidiary of any amount that would, individually or in
		  combination with any other such payment, reasonably be expected to constitute
		  an “excess parachute payment,” as defined in Section 280G(b)(1) of
		  the Code in excess of $5,000,000.

		 

		(h) With
		  respect to any Company Benefit Plan or any current or former employee of any of
		  the Company or any of its Subsidiaries, (i) no Actions (including any
		  administrative investigation, audit or other proceeding by the Department of
		  Labor or the IRS but other than routine claims for benefits in the ordinary
		  course) are pending or, to the Knowledge of the Company, threatened, and (ii)
		  to the Knowledge of the Company, no events or conditions have occurred or exist
		  that would reasonably be expected to give rise to any such
		  Actions.

		 

		(i) Except
		  as would not, individually or in the aggregate, reasonably be expected to have
		  a Material Adverse Effect, all Company Benefit Plans subject to the Laws of any
		  jurisdiction outside of the United States (i) have been maintained in
		  accordance with all applicable requirements, (ii) if they are intended to
		  qualify for special Tax treatment, meet all requirements for such treatment,
		  and (iii) if they are intended to be funded and/or book-reserved, are fully
		  funded and/or book reserved, as appropriate, based upon reasonable actuarial
		  assumptions. Each Company Benefit Plan that requires registration with a
		  Governmental Authority has been properly registered, except where any failure
		  to register, either individually or in the aggregate, would not reasonably be
		  expected to have a Material Adverse Effect. 

		
		   

		  41

		  

		  
		  

		  
		   
 

		(j) Each
		  Company Benefit Plan that is a “nonqualified deferred compensation
		  plan” (as defined in Section 409A(d)(1) of the Code) of the Company
		  (including Company Benefit Plans pursuant to which “stock rights” (as
		  defined in Treas. Reg. §1409A-1(e)) have been granted) has been operated
		  since January 1, 2005 either pursuant to a grandfathering exemption from
		  Section 409A of the Code or in good faith compliance with Section 409A of the
		  Code, the proposed regulations, the final regulations and other guidance issued
		  thereunder.

		 

		SECTION
		  6.10 Labor
		  Matters. (a) (i) As
		  of the date of this Agreement, except as set forth in Section 6.10 of the
		  Company Disclosure Letter, and (ii) as of any date subsequent to the date of
		  this Agreement except as would not, individually or in the aggregate,
		  reasonably be expected to have a Material Adverse Effect: (x) none of the
		  employees of the Company or its Subsidiaries is represented by a union and, to
		  the knowledge of the Company, no union organizing efforts have been conducted
		  or threatened since January 1, 2005 or are being conducted or threatened, (y)
		  neither the Company nor any of its Subsidiaries is a party to or is negotiating
		  any collective bargaining agreement or other labor Contract, and (z) there is
		  no pending and, to the Knowledge of the Company, there is no threatened
		  material strike, picket, work stoppage, work slowdown or other organized labor
		  dispute affecting the Company or any of its Subsidiaries.

		 

		(b) The
		  Company and each of its Subsidiaries are in compliance in all material respects
		  with all applicable Laws relating to the employment of labor, including all
		  applicable Laws relating to wages, hours, collective bargaining, employment
		  discrimination, civil rights, safety and health, workers’ compensation,
		  pay equity, classification of employees, and the collection and payment of
		  withholding or social security Taxes. No material unfair labor practice charge
		  or complaint is pending or, to the Knowledge of the Company, threatened.
		  Neither the Company nor any of its Subsidiaries has incurred any material
		  liability or material obligation under the Worker Adjustment and Retraining
		  Notification Act (“WARN”)
		  or any similar state or local Law which remains unsatisfied, and neither the
		  Company nor any of its Subsidiaries has planned or announced any “plant
		  closing” or “mass layoff” as contemplated by WARN affecting any
		  site of employment or facility of the Company or any of its
		  Subsidiaries.

		 

		SECTION
		  6.11 Taxes.
		  (a) All Tax
		  Returns that are filed or required to be filed by or with respect to the
		  Company have been duly and timely filed and all such Tax Returns are complete
		  and correct in all material respects. All Taxes of the Company that are due and
		  payable have been paid in full, whether or not shown to be due on a Tax Return.
		  The Company has withheld and paid all Taxes required to have been withheld and
		  paid in connection with any amounts paid or owing to any employee, independent
		  contractor, creditor, stockholder or other third party.

		 

		(b) There is
		  no litigation outstanding concerning any Tax liability of the Company pending
		  or threatened in writing with respect to any Taxes due from or with respect to
		  the Company. There are no Liens on any of the assets of the Company that arose
		  in connection with any failure (or alleged failure) to pay Taxes other than any
		  Liens for Taxes that are not yet due and payable. There are no currently
		  outstanding or pending waivers or agreed or pending extensions of any statute
		  of limitations in respect of Taxes of the Company. No claim has ever been made
		  in writing by any Governmental Authority in a jurisdiction where the Company
		  does not file Tax Returns that the Company is or may be subject to taxation by
		  that jurisdiction.

		
		   

		  42

		  

		  
		  

		  
		   
 

		(c) The
		  Company does not have any liability for the Taxes of any Person under Treasury
		  Regulation Section 1.1502-6 (or any similar provision of state, local, or
		  non-U.S. national law) as a transferee or successor, by contract or otherwise.
		  The Company is not a party to or bound by any Tax allocation, sharing or
		  similar agreement. The Company has never been a member of an affiliated group
		  of corporations within the meaning of Section 1504 of the Code (or any similar
		  provision of state, local, or non-U.S. national law which provides for
		  consolidation, group relief, or other surrender of Tax items between affiliated
		  entities in the preparation and filing of their respective Tax Returns).
		  

		 

		(d) The
		  Company is not nor has it been subject to (i) a disclosure obligation with
		  respect to any Person under Section 6111 of the Code and the regulations
		  promulgated thereunder, (ii) a list maintenance obligation with respect to any
		  Person under Section 6112 of the Code and the Treasury Regulations promulgated
		  thereunder, or (iii) a disclosure obligation as a “reportable
		  transaction” under Section 6011 of the Code and the Treasury Regulations
		  promulgated thereunder.

		 

		SECTION
		  6.12 Insurance. The
		  Company and its Subsidiaries have made available to CIG and NBCU correct and
		  complete copies of their respective D&O Insurance Policies. Such D&O
		  Insurance Policies are in full force and effect and, to the Knowledge of the
		  Company, neither the Company nor any Subsidiary is in material default with
		  respect to any of its obligations under any such D&O Insurance Policy.
		  Neither the Company nor any of its Subsidiaries has received any notice of
		  cancellation or termination with respect to any such D&O Insurance
		  Policy.

		 

		SECTION
		  6.13 Company
		  Material Contracts. The
		  Company has filed or furnished to the SEC, or provided to CIG and NBCU prior to
		  the date hereof, true and complete copies of all Company Material Contracts.
		  All Company Material Contracts are valid and in full force and effect and
		  enforceable in accordance with their respective terms, with respect to the
		  Company or its Subsidiaries, as applicable, and, to the knowledge of the
		  Company, with respect to the other parties thereto, except to the extent that
		  (i) they have previously expired or otherwise terminated in accordance with
		  their terms or (ii) the failure to be in full force and effect would not,
		  individually or in the aggregate, have a Material Adverse Effect. Neither the
		  Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any
		  counterparty to any Company Material Contract, has violated any provision of,
		  or committed or failed to perform any act which, with or without notice, lapse
		  of time or both, would constitute a default under the provisions of any Company
		  Material Contract, except in each case for those violations or defaults which
		  are not continuing or, individually or in the aggregate, would not have a
		  Material Adverse Effect. No Company Material Contract has been amended or
		  modified prior to the date of this Agreement (other than immaterial amendments
		  or modifications), except for amendments or modifications which have been filed
		  or furnished as an exhibit to a subsequently filed or furnished SEC Report, or
		  provided to CIG and NBCU prior to the date hereof. The consummation of the
		  Transaction will not result in any Company Material Contract failing to
		  continue in full force and effect or result in any material penalty or other
		  material adverse consequence under a Company Material Contract.

		 

		SECTION
		  6.14 Property. All
		  properties and assets of the Company and its Subsidiaries, real and personal,
		  that are material to the conduct of their businesses, taken as a 

		
		  
			  

			 43

			 

			 
			 

			 
			  
 
 

		whole,
		  as of the date of this Agreement are, except for changes in the ordinary course
		  of business since the date of the most recent consolidated balance sheet
		  included in the SEC Reports as filed with the SEC prior to the date hereof,
		  reflected, in all material respects in accordance with GAAP, and to the extent
		  required thereby, on the most recent consolidated balance sheet of the Company
		  included in the SEC Reports as filed with the SEC. Each of the Company and its
		  Subsidiaries has legal title to, or a leasehold interest, license or easement
		  in, its real and personal property reflected on such balance sheet or acquired
		  by it since the date of such balance sheet, free and clear of all Liens, other
		  than Permitted Liens or Liens which have not had and would not, individually or
		  in the aggregate, have a Material Adverse Effect. 

		 

		SECTION
		  6.15 Intellectual
		  Property. (a) Section
		  6.15(a) of the Company Disclosure Letter sets forth (i) a list of all
		  copyrights and trademarks owned by the Company which have been registered, or
		  for which applications for registration have been filed and are pending
		  anywhere in the world; and (ii) each material programming license under which
		  the Company licenses program rights from any third party.

		 

		(b) Section
		  6.15(b) of the Company Disclosure Letter contains a true and complete list of
		  material licenses or other agreements with third parties pursuant to which the
		  Company has obtained rights to use computer software, except for licenses or
		  other agreements with respect to commercially available, off the shelf
		  software. All such Company Intellectual Property is used by the Company in all
		  material respects in accordance with the terms of such licenses or other
		  agreements, and the Company is not in breach of or default under any such
		  agreement in any material respect and, to the knowledge of the Company, no
		  other party to such agreement is in breach of or default under such agreement
		  in any material respect.

		 

		(c) The
		  Company owns all right, title, and interest in and to, the Company Intellectual
		  Property that is owned by the Company, free and clear of all Liens (other than
		  Permitted Liens), and is the owner of record of any registered or applied for
		  Company Intellectual Property that is owned by the Company.

		 

		(d) The
		  Company owns or has a valid right to use all material Company Intellectual
		  Property used in the business as presently conducted and as presently
		  contemplated to be conducted. 

		 

		(e) The
		  operation of the business as presently conducted, and as presently contemplated
		  to be conducted, does not infringe, misappropriate, or otherwise violate or
		  conflict with the intellectual property of any third party in any material
		  respect, and the Company has not received notice of any claims or threatened
		  claims alleging any of the foregoing, including any offer to license or any
		  claim that Company must license or refrain from using Company Intellectual
		  Property of a third party, and is not aware of any facts that would support
		  such a claim. 

		 

		(f) To the
		  Knowledge of the Company, no third party has infringed, misappropriated or
		  otherwise violated or come into conflict with the Company’s rights in any
		  Company Intellectual Property owned by the Company. No action, suit,
		  proceeding, hearing, investigation, charge, complaint, claim or demand has been
		  made, is pending, or, to the 

		
		  
			  

			 44

			 

			 
			 

			 
			  
 
 

		Knowledge
		  of Company, is threatened which challenges the legality, validity,
		  enforceability, use or ownership of any Company Intellectual Property owned by
		  Company. 

		 

		(g) Neither
		  the execution and delivery of this Agreement nor the consummation of the
		  transactions contemplated hereby shall impair or alter any of the
		  Company’s rights in any Company Intellectual Property in any material
		  respect.

		 

		SECTION
		  6.16 Brokers. No
		  broker, finder or investment banker (other than UBS Investment Bank and Lazard)
		  is entitled to any brokerage, finder’s or other fee or commission in
		  connection with the Transaction based upon arrangements made by or on behalf of
		  the Company. The Company has heretofore furnished to CIG and the NBCU Entity a
		  complete and correct copy of all agreements between the Company and UBS
		  Investment Bank and Lazard pursuant to which such firm would be entitled to any
		  payment relating to the Transaction. 

		 

		ARTICLE
		  VII

		REPRESENTATIONS
		  AND WARRANTIES OF CIG

		 

		As an
		  inducement to the Company and the NBCU Entities to enter into this Agreement,
		  CIG hereby represents and warrants to the Company and the NBCU Entities as of
		  the date hereof that:

		 

		SECTION
		  7.01 Corporate
		  Organization. CIG is
		  duly organized, validly existing and in good standing under the Laws of the
		  jurisdiction of its organization and has all necessary power and authority to
		  own, lease, use and operate its properties and assets and to carry on its
		  business as presently conducted and is duly licensed or qualified to do
		  business and is in good standing in each jurisdiction in which the properties
		  owned or leased by it or the operation of its assets or properties or conduct
		  of its business makes such licensing or qualification necessary, except to the
		  extent that the failure to be so organized, licensed, qualified or in good
		  standing, or to have such power or authority, would not adversely affect the
		  ability of CIG to carry out its obligations under, and to consummate the
		  transactions contemplated by, each of the Transaction Agreements to which it is
		  a party. 

		 

		SECTION
		  7.02 Authority
		  Relative to Transaction Agreements. CIG
		  has all necessary limited liability company power and authority to execute and
		  deliver each of the Transaction Agreements to which it is a party, to perform
		  its obligations thereunder and to consummate the transactions contemplated
		  thereby. The execution and delivery by CIG of each of the Transaction
		  Agreements to which it is a party, the performance by CIG of its obligations
		  thereunder and the consummation by CIG of the transactions contemplated thereby
		  have been duly authorized by all requisite action on the part of CIG and its
		  members. Each of the Transaction Agreements to which it is a party has been or,
		  upon execution, shall have been duly executed and delivered by CIG, and
		  (assuming due authorization, execution and delivery by the other parties)
		  constitutes or, upon execution, shall constitute legal, valid and binding
		  obligations of CIG, enforceable against CIG in accordance with its terms.
		  

		 

		SECTION
		  7.03 No
		  Conflict; Required Filings and Consents.
		  (a) The
		  execution and delivery by CIG of each of the Transaction Agreements to which it
		  is a party, the performance 

		 

		
		  
			 45

			 

			 
			 

			 
			  
 
 

		by CIG
		  of its obligations thereunder and the consummation by CIG of the transactions
		  contemplated thereby do not and will not (i) conflict with or violate the
		  organizational documents of CIG, (ii) assuming that all consents, approvals and
		  other authorizations described in Section 7.03(b) have been obtained and that
		  all filings and other actions described in Section 7.03(b) have been made or
		  taken, conflict with or violate any Law applicable to CIG or by which any
		  property or asset of CIG is bound or affected, or (iii) result in any breach of
		  or constitute a default (or an event which, with notice or lapse of time or
		  both, would become a default) under, or give to others any right of
		  termination, amendment, acceleration or cancellation of, or result in the
		  creation of a Lien on any property or asset of CIG pursuant to, any Contract to
		  which CIG is a party or by which CIG or any property or asset of CIG is bound
		  or affected, except, with respect to clause (iii), as would not materially and
		  adversely affect the ability of CIG to carry out its obligations under, and to
		  consummate the transactions contemplated by, each of the Transaction Agreements
		  to which CIG is a party.

		 

		(b) The
		  execution and delivery by CIG of each of the Transaction Agreements to which it
		  is a party, the performance by CIG of its obligations thereunder and the
		  consummation by CIG of the transactions contemplated thereby do not and will
		  not require any consent, approval, authorization or permit of, or filing with,
		  registration or notification to, any Governmental Authority, except for (i)
		  applicable requirements, if any, of the Exchange Act, Securities Act or Blue
		  Sky Laws, (ii) the pre-merger notification and waiting period requirements of
		  the HSR Act, (iii) the FCC Application, (iv) the FCC Approval, (v) where
		  failure to obtain such consent, approval, authorization or action, or to make
		  such filing or notification, would not prevent or materially delay the
		  consummation by CIG of the transactions contemplated by each of the Transaction
		  Agreements to which it is a party and (vi) as may be necessary as a result of
		  any facts or circumstances relating solely to the Company or the NBCU Entities
		  or any of their respective Affiliates.

		 

		SECTION
		  7.04 Ownership
		  of Company Securities. As of
		  the date hereof, (a) CIG and its controlled Affiliates own (i) 2,724,207 shares
		  of Class A Common Stock, (ii) 9,386.46875 shares of 141⁄4% Preferred,
		  (iii) 262.33603 shares of 93⁄4% Preferred and (iv) $6,000,000 in principal
		  amount of Floating Rate Second Priority Senior Secured Notes due 2013 and (b)
		  CIG has long economic exposure to 3,398,337 shares of Class A Common Stock
		  through derivative contracts entered into with unaffiliated financial
		  institutions. Except as set forth in this Section 7.04 or as contemplated by
		  the Transaction Agreements, neither CIG nor any of its controlled Affiliates
		  owns any securities of the Company or has any Contract or relationships (legal
		  or otherwise) with any Person with respect to any securities of the Company.
		  

		 

		SECTION
		  7.05 FCC
		  Compliance. CIG is
		  legally and financially qualified as a transferee of control of the FCC
		  Licenses under the Communications Act and the published policies and orders of
		  the FCC. There are no facts or circumstances pertaining to CIG which, under the
		  Communications Act, would reasonably be expected to (x) result in the
		  FCC’s refusal to grant the FCC Approval, or (y) materially delay obtaining
		  the FCC Approval. No waiver of, or exemption from, any provision of the
		  Communications Act with respect to CIG would reasonably be expected to be
		  necessary to obtain the FCC Approval (other than waivers for continued
		  satellite status of any Company Station). 

		
		  
			  

			 46

			 

			 
			 

			 
			  
 
 

		SECTION
		  7.06 Financing. CIG has
		  provided the Company and the NBCU Entities with a copy of a commitment letter
		  (the “Equity
		  Commitment Letter”)
		  which evidences that CIG shall have, subject to the satisfaction of the
		  conditions contained therein, funds sufficient to consummate all the
		  transactions contemplated to be performed by CIG by the Transaction Agreements
		  to which CIG is a party. The Equity Commitment Letter is in full force and
		  effect and has not been amended and shall remain in full force and effect and
		  shall not be amended prior to the later of the Termination Date or the
		  Effective Time without the prior written consent of the Company and NBCU.
		  

		 

		SECTION
		  7.07 Brokers. No
		  broker, finder or investment banker is entitled to any brokerage, finder’s
		  or other fee or commission in connection with the Transaction based upon
		  arrangements made by or on behalf of CLP or CIG.

		 

		ARTICLE
		  VIII

		REPRESENTATIONS
		  AND WARRANTIES OF NBCU ENTITIES

		 

		As an
		  inducement to the Company and CIG to enter into this Agreement, each of the
		  NBCU Entities, jointly and severally, hereby represents and warrants to the
		  Company and CIG as of the date hereof that:

		 

		SECTION
		  8.01 Corporate
		  Organization. Each
		  of the NBCU Entities is a legal entity duly organized, validly existing and in
		  good standing under the Laws of the jurisdiction of its organization and has
		  all necessary power and authority to own, lease, use and operate its properties
		  and assets and to carry on its business as presently conducted and is duly
		  licensed or qualified to do business and is in good standing in each
		  jurisdiction in which the properties owned or leased by it or the operation of
		  its assets or properties or conduct of its business makes such licensing or
		  qualification necessary, except to the extent that the failure to be so
		  organized, licensed, qualified or in good standing, or to have such power or
		  authority, would not adversely affect the ability of any of the NBCU Entities
		  to carry out its obligations under, and to consummate the transactions
		  contemplated by, each of the Transaction Agreements to which it is a
		  party.

		 

		SECTION
		  8.02 Authority
		  Relative to Transaction Agreements. Each
		  of the NBCU Entities has all necessary corporate power and authority to execute
		  and deliver each of the Transaction Agreements to which it is a party, to
		  perform its obligations thereunder and to consummate the transactions
		  contemplated thereby. The execution and delivery by each of the NBCU Entities
		  of each of the Transaction Agreements to which it is a party, the performance
		  by each of the NBCU Entities of its obligations thereunder and the consummation
		  by each of the NBCU Entities of the transactions contemplated thereby have been
		  duly authorized by all requisite action on the part of each of the NBCU
		  Entities and its stockholders. Each of the Transaction Agreements to which it
		  is a party has been or, upon execution, shall have been duly executed and
		  delivered by each of the NBCU Entities, and (assuming due authorization,
		  execution and delivery by the other parties) constitutes or, upon execution,
		  shall constitute legal, valid and binding obligations of each of the NBCU
		  Entities, enforceable against each of the NBCU Entities in accordance with its
		  terms. Each of the Call Agreement, the Escrow Agreement and the Noncompete
		  Agreements is in full force and effect and constitutes the legally valid and
		  binding obligation of the NBCU Entity that is a party to such agreement and, to
		  the knowledge of the 

		
		  
			  

			 47

			 

			 
			 

			 
			  
 
 

		NBCU
		  Entities, each of the other parties thereto. Except as disclosed in (i) the
		  Current Report on Form 8-K filed by the Company with the SEC on November 7,
		  2005 or (ii) Amendment No. 2 to the Schedule 13D/A filed by NBCU with the SEC
		  on November 9, 2005 (together, the “2005
		  SEC Filings”),
		  there are no Contracts which relate to any of the Call Agreement, the Escrow
		  Agreement or the Noncompete Agreements. True copies of each of the Call
		  Agreement, the Escrow Agreement and the Noncompete Agreements, as amended to
		  date, have been filed with the SEC in the 2005 SEC Filings or provided to CIG
		  by NBCU.

		 

		SECTION
		  8.03 No
		  Conflict; Required Filings and Consents.
		  (a) The
		  execution and delivery by each of the NBCU Entities of each of the Transaction
		  Agreements to which it is a party, the performance by each of the NBCU Entities
		  of its obligations thereunder and the consummation by each of the NBCU Entities
		  of the transactions contemplated thereby do not and will not (i) conflict with
		  or violate the certificate of incorporation or bylaws of such NBCU Entity, (ii)
		  assuming that all consents, approvals and other authorizations described in
		  Section 8.03(b) have been obtained and that all filings and other actions
		  described in Section 8.03(b) have been made or taken, conflict with or violate
		  any Law applicable to such NBCU Entity or by which any property or asset of
		  such NBCU Entity is bound or affected, or (iii) result in any breach of or
		  constitute a default (or an event which, with notice or lapse of time or both,
		  would become a default) under, or give to others any right of termination,
		  amendment, acceleration or cancellation of, or result in the creation of a Lien
		  on any property or asset of such NBCU Entity pursuant to, any Contract to which
		  such NBCU Entity is a party or by which such NBCU Entity or any property or
		  asset of such NBCU Entity is bound or affected, except, with respect to clause
		  (iii), as would not materially and adversely affect the ability of such NBCU
		  Entity to carry out its obligations under, and to consummate the transactions
		  contemplated by, each of the Transaction Agreements to which such NBCU Entity
		  is a party. The assignment of each of the Call Agreement, the Escrow Agreement
		  and the Noncompete Agreements by the NBCU Entities to CIG as set forth in
		  Section 2.02(a) does not require the consent of any Person.

		 

		(b) The
		  execution and delivery by each of the NBCU Entities of each of the Transaction
		  Agreements to which it is a party, the performance by such NBCU Entity of its
		  obligations thereunder and the consummation by such NBCU Entity of the
		  transactions contemplated thereby do not and will not require any consent,
		  approval, authorization or permit of, or filing with or notification to, any
		  Governmental Authority, except for (i) applicable requirements, if any, of the
		  Exchange Act, Securities Act or Blue Sky Laws, (ii) where failure to obtain
		  such consent, approval, authorization or action, or to make such filing or
		  notification, would not prevent or materially delay the consummation by such
		  NBCU Entity of the transactions contemplated by each of the Transaction
		  Agreements to which it is a party, (iii) the FCC Application, (iv) the FCC
		  Approval, and (v) as may be necessary as a result of any facts or circumstances
		  relating solely to the Company or CIG or any of their respective
		  Affiliates.

		 

		SECTION
		  8.04 Ownership
		  of Company Securities. As of
		  the date hereof, (a) NBC Palm Beach I owns 60,607 shares of NBCU Series B
		  Preferred, convertible into 303,035,000 shares of Class A Common Stock, and (b)
		  NBC Palm Beach II owns the Call Right to purchase the Call Shares. Except as
		  set forth in this Section 8.04 or contemplated by the Transaction Agreements or
		  the 2005 Agreements, none of the NBCU Entities owns any securities of the
		  

		
		  
			  

			 48

			 

			 
			 

			 
			  

			 
				Company
				  or has any Contract or relationships (legal or otherwise) with any Person with
				  respect to any securities of the Company.
 

			  
 
 

		SECTION
		  8.05 Brokers. No
		  broker, finder or investment banker (other than Goldman, Sachs & Co.) is
		  entitled to any brokerage, finder’s or other fee or commission in
		  connection with the Transaction based upon arrangements made by or on behalf of
		  the NBCU Entities.

		 

		ARTICLE
		  IX

		CONDUCT
		  OF BUSINESS PENDING THE CALL
		  CLOSING

		 

		SECTION
		  9.01 Conduct
		  of Business by the Company Pending the Call Closing.
		  Between the date hereof and the Call Closing, the Company shall, and shall
		  cause each Subsidiary to, (i) conduct its business only in the ordinary course
		  and in a manner consistent with past practice, (ii) use its reasonable best
		  efforts to preserve substantially intact the business organization of the
		  Company and its Subsidiaries, to keep available the services of the current
		  officers, employees and consultants of the Company and its Subsidiaries and to
		  preserve the current relationships and goodwill of the Company and its
		  Subsidiaries with customers, suppliers, employees and other Persons with which
		  the Company or any Subsidiary has significant business relations and (iii)
		  refrain from taking any action that would reasonably be expected to delay or
		  impede FCC Approval, would reasonably be expected to result in any FCC action
		  affecting the FCC Licenses, or result in revocation, suspension, cancellation
		  or non-renewal of any of the FCC Licenses, or result in any forfeiture or other
		  financial obligation to the FCC, whether imposed by forfeiture order or
		  voluntary agreement; provided,
		  however, that
		  in the event that any such forfeiture or financial obligation is imposed prior
		  to the Call Closing, the Company shall undertake to pay any amounts due. By way
		  of amplification and not limitation, except (A) as contemplated by the
		  Transaction Agreements, or (B) as is required by applicable Law, the Company
		  shall not, and shall not permit any Subsidiary to, between the date hereof and
		  the Effective Time, directly or indirectly, do, or propose to do, any of the
		  following without the prior written consent of CIG and the NBCU Entities (which
		  consent shall not be unreasonably withheld or delayed and shall be deemed to
		  have been provided unless such party shall have delivered written notice to the
		  contrary within 15 days of receipt of a request for consent from the Company
		  pursuant to this Section 9.01): 

		 

		(a) amend
		  its Certificate of Incorporation or By-laws or equivalent organizational
		  documents;

		 

		(b) issue,
		  sell, pledge, transfer, dispose of, grant or encumber, or authorize the
		  issuance, sale, pledge, transfer, disposition, grant or encumbrance of, (i) any
		  shares of any class of capital stock of the Company or any Subsidiary, or
		  securities convertible or exchangeable into or exercisable for any shares of
		  such capital stock, or any options, warrants or other rights of any kind to
		  acquire any shares of such capital stock, or any other ownership interest
		  (including, without limitation, any phantom interest), of the Company or any
		  Subsidiary (except for the issuance of shares of Class A Common Stock issuable
		  (A) pursuant to the Company Stock Plans outstanding on the date hereof
		  (subject, however, to the limitations set forth in Section 9.01(b) of the
		  Company Disclosure Letter) or (B) upon conversion of the Existing Preferred
		  Stock or (ii) enter into any Contract with respect to the voting of its capital
		  stock;

		
		  
			  

			 49

			 

			 
			 

			 
			  
 
 

		(c) declare,
		  set aside, make or pay any dividend or other distribution, payable in cash,
		  stock, property or otherwise, with respect to any of its capital stock, except
		  as may be payable pursuant to the terms of the Existing Preferred Stock;
		  

		 

		(d) reclassify,
		  combine, split, subdivide or redeem, or purchase or otherwise acquire, directly
		  or indirectly, any of its capital stock or securities convertible or
		  exchangeable into or exercisable for any shares of its capital
		  stock;

		 

		(e) (i)
		  acquire (including by merger, consolidation, or acquisition of stock or other
		  equity interests or assets or any other business combination) any Person or any
		  assets other than in the ordinary course of business for a purchase price in
		  excess of $1,000,000; (ii) make any loans, advances or capital contributions or
		  investments (other than investments in marketable securities) in any Person
		  (other than any direct or indirect wholly owned Subsidiary); or (iii) except
		  with respect to capital expenditures provided for in the Company’s capital
		  expenditure plan, a copy of which has previously been provided to CIG and the
		  NBCU Entities, authorize or make any single capital expenditure which is in
		  excess of $1,000,000 or capital expenditures which are, in the aggregate, in
		  excess of $3,000,000 for the Company and the Subsidiaries taken as a whole; or
		  (iv) enter into or amend any Contract with respect to any matter set forth in
		  this Section 9.01(e); 

		 

		(f) repurchase,
		  redeem, defease, cancel, prepay, forgive, issue, sell, incur or otherwise
		  acquire any indebtedness for borrowed money or any debt securities or rights to
		  acquire debt securities of the Company or any Subsidiary, or assume, guarantee
		  or otherwise become responsible for such indebtedness of another Person, except
		  for indebtedness for borrowed money incurred or repaid in the ordinary course
		  of business consistent with past practice under the Senior Debt;

		 

		(g) amend or
		  modify in any material respect the terms of, or refinance, any indebtedness for
		  borrowed money, guarantee of indebtedness for borrowed money or debt securities
		  of the Company or any Subsidiary;

		 

		(h) merge or
		  consolidate the Company or any Subsidiary with any Person;

		 

		(i) transfer,
		  lease, license, sell, place a Lien upon or otherwise dispose of any of its
		  properties or assets (including capital stock of any Subsidiary) with a fair
		  market value in excess of $2,000,000 individually, or $5,000,000 in the
		  aggregate, except for transfers, leases, licenses, sales, Liens (other than
		  Permitted Liens) or other dispositions (i) in the ordinary course of business
		  and consistent with past practice or (ii) required under any Contract to which
		  the Company or any of its Subsidiaries is a party as of the date of this
		  Agreement.

		 

		(j) adopt a
		  plan of complete or partial liquidation, dissolution, restructuring,
		  recapitalization or other reorganization of the Company or any material
		  Subsidiary;

		 

		(k) (i)
		  increase the compensation (including, without limitation, severance
		  compensation) or benefits payable or to become payable to, or make any payment
		  not otherwise due to, any of its past or present directors, officers, employees
		  or other service providers, except for increases in the ordinary course of
		  business and consistent with past practice in salaries, wages, 

		
		  
			  

			 50

			 

			 
			 

			 
			  
 
 

		bonuses,
		  incentives or benefits of employees of the Company or any Subsidiary who are
		  not directors or officers of the Company, (ii) except pursuant to existing
		  contract obligations establish, adopt, enter into, amend or take any action to
		  accelerate rights under any Company Benefit Plans or any plan, agreement,
		  program, policy, trust, fund or other arrangement that would be a Company
		  Benefit Plan if it were in existence as of the date of this Agreement other
		  than agreements entered into in the ordinary course of business and consistent
		  with past practice with new hires who will not be officers of the Company,
		  (iii) contribute any funds to a “rabbi trust” or similar grantor
		  trust, (iv) change any actuarial assumptions currently being utilized with
		  respect to Company Benefit Plans, or (v) grant any equity or equity-based
		  awards to directors, officers or employees, except in each case to the extent
		  required by applicable Laws or by existing Company Benefit Plans set forth in
		  Section 6.09 of the Company Disclosure Letter;

		 

		(l) make any
		  changes other than as required by GAAP or applicable Law, with respect to
		  accounting methods, policies or procedures;

		 

		(m) pay,
		  discharge or satisfy any claim, liability or obligation (absolute, accrued,
		  asserted or unasserted, contingent or otherwise), other than the payment,
		  discharge or satisfaction, in the ordinary course of business and consistent
		  with past practice, of liabilities reflected or reserved against in the 2006
		  Balance Sheet or subsequently incurred in the ordinary course of business and
		  consistent with past practice;

		 

		(n) enter
		  into, renew, extend, amend, modify or terminate any Company Material Contract,
		  or renew, extend, amend, waive, modify or terminate any material rights of the
		  Company or any Subsidiary thereunder, other than in the ordinary course of
		  business and consistent with past practice;

		 

		(o) enter
		  into any Contract relating to the digital spectrum of all or any of the Company
		  Stations, except for any agreement which (i) has a term of not more than 14
		  months, (ii) is terminable on not more than 14 months notice without payment of
		  any material penalty or any other material adverse consequence suffered by the
		  Company or (C) is approved by a majority of the Board;

		 

		(p) enter
		  into any new joint sales, joint services, time brokerage, or local marketing
		  Contract (other than Contracts that may be terminated at no cost to the Company
		  or any Subsidiary upon six months’ notice) involving 15% or more of the
		  weekly time inventory or programming hours of a Company Station, but only if
		  after entering into such Contract, Company Stations representing 20% or more of
		  the Company’s National Coverage would be subject to such
		  Contracts;

		 

		(q) other
		  than with respect to any low power television stations that do not expand the
		  coverage and cable carriage of any Company Station, sell, lease, assign or
		  otherwise dispose of (x) more than 50% of the stock of any Subsidiary of the
		  Company that owns the primary operating assets of, or a FCC license of, a
		  Company Station or (y) the primary operating assets of, or any FCC license of,
		  a Company Station, in each case, if such Company Station is located in any of
		  the 50 largest DMAs as of the date of such disposition;

		
		  
			  

			 51

			 

			 
			 

			 
			  
 
 

		(r) commence,
		  waive, release or settle any pending or threatened Action (i) involving
		  payments by or to the Company or any of its Subsidiaries in excess of
		  $1,000,000 or (ii) entailing the incurrence of (A) any obligation or liability
		  of the Company in excess of such amount, including costs or revenue reductions,
		  (B) obligations that would impose any material restrictions on the business or
		  operations of the Company or its Subsidiaries, or (iii) that is brought by any
		  current, former or purported holder of any capital stock or debt securities of
		  the Company or any Subsidiary relating to the transactions contemplated by any
		  of the Transaction Agreements; 

		 

		(s) fail to
		  make in a timely manner any filings with the SEC required under the Securities
		  Act or the Exchange Act; or

		 

		(t) announce
		  an intention, enter into any formal or informal agreement or otherwise make a
		  commitment, to do any of the foregoing.

		 

		ARTICLE
		  X

		ADDITIONAL
		  AGREEMENTS

		 

		SECTION
		  10.01 Stockholders’
		  Meetings.
		  (a) The
		  Company, acting through the Board, shall, in accordance with applicable Law and
		  the Company’s Certificate of Incorporation and By-laws, duly call, give
		  notice of, convene and hold an annual or special meeting of its stockholders no
		  later than June 30, 2007 (the “Initial
		  Stockholders’ Meeting”)
		  to vote on, among other matters, (i) the Certificate Amendment, (ii) the
		  Proposed Amendments, (iii) the issuance of the Conversion Shares, if and to the
		  extent required to satisfy conditions to the listing thereof under applicable
		  rules of the American Stock Exchange, (iv) if and to the extent required under
		  applicable rules of the American Stock Exchange, (A) the issuance of 26,688,361
		  shares of Class B Common Stock pursuant to the terms and conditions of the NBCU
		  Option II, and (B) the issuance of 100,000,000 shares of Class A Common Stock
		  upon exercise of the Warrant by CIG, and (v) any other matters, if any,
		  required by applicable Law to approve and adopt the Transaction Agreements to
		  which the Company is a party and to consummate the transactions contemplated
		  thereby. CIG hereby irrevocably agrees that it shall vote (or cause to be
		  voted) all of the Voting Stock that it or its subsidiaries has the power to
		  vote on the record date for the Initial Stockholders’ Meeting, in favor of
		  each of the proposals described in this Section 10.01(a) at the Initial
		  Stockholders’ Meeting. The Company shall (A) include in the Proxy
		  Statement, and not subsequently withdraw or modify in any manner adverse to CIG
		  or the NBCU Entities, the declaration of the Board that the proposals described
		  in this Section 10.01(a) are advisable and (B) use its reasonable best efforts
		  to obtain the approval of such proposals; provided,
		  however, that
		  such declaration may be withdrawn or modified by the Board without the prior
		  written consent of CIG and the NBCU Entities to the extent that the Board
		  determines in the good faith exercise of its reasonable business judgment,
		  after receiving the advice of outside counsel, that such declaration would no
		  longer be consistent with its fiduciary duties to the Company’s
		  stockholders under applicable Law, in which event notwithstanding such
		  withdrawal or modification of such declaration, the Company’s obligation
		  to duly call, give notice of, convene and hold the Initial Stockholders’
		  Meeting pursuant to this Section 10.01(a) shall not be affected.
		  Notwithstanding the foregoing, if the Paxson Stockholders sign one or more
		  consents in writing approving each of the matters set forth in clauses (i)
		  through (vi) of this Section 10.01(a), and duly deliver such written consent or
		  consents to the Company in the manner provided in the Certificate of
		  Incorporation of 

		
		  
			  

			 52

			 

			 
			 

			 
			  
 
 

		the
		  Company prior to May 14, 2007, the Company shall no longer be obligated to duly
		  call, give notice of, convene or hold the Initial Stockholders’ Meeting.
		  

		 

		(b) The
		  Company, acting through the Board, shall, in accordance with applicable Law and
		  the Company’s Certificate of Incorporation and By-laws, (i) duly call,
		  give notice of, convene and hold an annual or special meeting of its
		  stockholders as promptly as practicable following the Call Closing for the
		  purpose of considering and taking action on the Restated Certificate of
		  Incorporation necessary to effect the Reverse Stock Split (the
		  “Stockholders’
		  Meeting”)
		  and (ii) (A) include in the Proxy Statement, and not subsequently withdraw or
		  modify in any manner adverse to CIG, the declaration of the Board that the
		  Restated Certificate of Incorporation is advisable and (B) use its best efforts
		  to obtain approval of the Restated Certificate of Incorporation; provided,
		  however, that
		  such declaration may be withdrawn or modified by the Board without the prior
		  written consent of CIG and the NBCU Entities to the extent that the Board
		  determines in the good faith exercise of its reasonable business judgment,
		  after receiving the advice of outside counsel, that such declaration would no
		  longer be consistent with its fiduciary duties to the Company’s
		  stockholders under applicable Law, in which event notwithstanding such
		  withdrawal or modification of such declaration, the Company’s obligation
		  to duly call, give notice of, convene and hold the Stockholders’ Meeting
		  pursuant to this Section 10.01(b) shall not be affected. At the
		  Stockholders’ Meeting, CIG shall vote (or cause to be voted) all shares of
		  Class A Common Stock that it or its subsidiaries has the power to vote on the
		  record date for the Stockholders’ Meeting, in favor of the Restated
		  Certificate of Incorporation necessary to effect the Reverse Stock Split.
		  

		 

		SECTION
		  10.02 Proxy
		  Statement. (i) In
		  the case of the Stockholders’ Meeting, promptly following the Call
		  Closing, and (ii) in the case of the Initial Stockholders’ Meeting, as
		  promptly as practicable following the Commencement Date, the Company shall file
		  a Proxy Statement with the SEC under the Exchange Act, and shall use its
		  reasonable best efforts to have such Proxy Statement cleared by the SEC as
		  promptly as practicable. CIG, the NBCU Entities and the Company shall cooperate
		  with each other in the preparation of each such Proxy Statement, and the
		  Company shall notify CIG and the NBCU Entities of the receipt of any comments
		  of the SEC with respect to each such Proxy Statement and of any requests by the
		  SEC for any amendment or supplement thereto or for additional information and
		  shall promptly provide to CIG and the NBCU Entities copies of all
		  correspondence between the Company or any representative of the Company and the
		  SEC with respect thereto. The Company shall give CIG, the NBCU Entities and
		  their respective counsel a reasonable opportunity to review and comment on each
		  Proxy Statement, including all amendments and supplements thereto, prior to
		  such documents being filed with the SEC or disseminated to the holders of
		  shares of Voting Stock, and shall give CIG, the NBCU Entities and their
		  respective counsel a reasonable opportunity to review and comment on all
		  responses to requests for additional information and replies to comments prior
		  to their being filed with, or sent to, the SEC. Each of the Company, CIG and
		  the NBCU Entities agrees to use its reasonable best efforts, after consultation
		  with each other, to respond promptly to all such comments of and requests by
		  the SEC and to cause each Proxy Statement and all required amendments and
		  supplements thereto to be mailed to the holders of shares of Voting Stock at
		  the earliest practicable time. The proxy statement to be sent to the
		  stockholders of the Company in connection with the Initial Stockholders’
		  Meeting and, if necessary, the Stockholders’ Meeting, or 

		
		  
			  

			 53

			 

			 
			 

			 
			  
 
 

		the
		  information statement to be sent to such stockholders, as appropriate (such
		  proxy statement or information statement, as amended or supplemented, being
		  referred to herein as the “Proxy
		  Statement”),
		  shall not, on the date the Proxy Statement (or any amendment or supplement
		  thereto) is filed with the SEC, on the date first mailed to stockholders of the
		  Company, at the time of the Initial Stockholders’ Meeting and, if
		  necessary, at the time of the Stockholders’ Meeting, and at the Effective
		  Time, contain any statement which, at the time and in light of the
		  circumstances under which it was made, is false or misleading with respect to
		  any material fact, or which omits to state any material fact necessary in order
		  to make the statements therein not false or misleading or necessary to correct
		  any statement in any earlier communication with respect to the solicitation of
		  proxies for the Initial Stockholders’ Meeting or, if necessary, the
		  Stockholders’ Meeting which shall have become false or misleading.
		  Notwithstanding the foregoing, the Company makes no representation or warranty
		  with respect to any information supplied by CIG, the NBCU Entities or their
		  respective representatives for inclusion in such Proxy Statement. Such Proxy
		  Statement shall comply in all material respects as to form with the
		  requirements of the Exchange Act.

		 

		SECTION
		  10.03 Company
		  Board Representation; Section 14(f).
		  (u) From
		  and after the closing of the Tender Offer but prior to the Call Closing, CIG
		  shall have the right to designate two directors. In addition to the foregoing,
		  in the event any member of the Board other than any member appointed by the
		  holders of 14 1⁄4 Preferred or the 9 3⁄4 Preferred ceases for any
		  reason to serve as a director of the Company, CIG shall have the right to
		  designate a director to fill any such vacancy. Subject to any restrictions
		  imposed by applicable Law, the Company shall take all actions necessary to
		  cause CIG’s designees to be elected or appointed as directors of the
		  Company, including increasing the size of the Board or securing the
		  resignations of incumbent directors, or both.

		 

		(b) Promptly
		  following the Call Closing, and from time to time thereafter, the composition
		  of the Board and the election of members designated or nominated by CIG or the
		  NBCU Entities to the Board shall be governed by Section 3.1 of the New
		  Stockholders’ Agreement, as may be amended from time to time.
		  

		 

		(c) The
		  Company shall promptly take all actions, if any, required pursuant to Section
		  14(f) of the Exchange Act and Rule 14f-1 promulgated thereunder to fulfill its
		  obligations under this Section 10.03, and shall include in the Schedule 14D-9
		  such information with respect to the Company and its officers and directors as
		  is required under Section 14(f) and Rule 14f-1 to fulfill such obligations. CIG
		  shall supply to the Company, and be solely responsible for, any information
		  with respect to it and its nominees, officers, directors and affiliates
		  required by such Section 14(f) and Rule 14f-1. 

		 

		(d) Following
		  the election or appointment of designees of CIG pursuant to this Section 10.03,
		  prior to the Call Closing, (i) any amendment of the Transaction Agreements to
		  which the Company is a party or the Certificate of Incorporation or By-laws of
		  the Company, (ii) any termination by the Company of the Transaction Agreements
		  to which the Company is a party, (iii) any extension by the Company of the time
		  for the performance of any of the obligations or other acts of CIG or the NBCU
		  Entities, (iv) any recommendation to the Company’s stockholders or any
		  modification or withdrawal of any such recommendation in connection with the
		  Transaction or (v) any waiver of any of the Company’s rights under the
		  Transaction Agreements to 

		
		  
			  

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		which
		  the Company is a party, shall require the concurrence of a majority of the
		  directors of the Company then in office who neither were designated by CIG nor
		  are employees of the Company or any Subsidiary.

		 

		SECTION
		  10.04 Access
		  to Information; Confidentiality.
		  (a) From
		  the date hereof until the Effective Time, the Company shall, and shall cause
		  the Subsidiaries and the officers, directors, employees, auditors and agents of
		  the Company and the Subsidiaries to, afford the officers, employees and agents
		  of CIG and the NBCU Entities access, during normal business hours and upon
		  reasonable notice by CIG or the NBCU Entities, to the officers, employees,
		  agents, properties, offices, plants and other facilities, books and records of
		  the Company and each Subsidiary, and shall furnish CIG and the NBCU Entities
		  with such financial, operating and other data and information as CIG or the
		  NBCU Entities, through its officers, employees or agents, may reasonably
		  request.

		 

		(b) All
		  information obtained by CIG and its Affiliates and the NBCU Entities pursuant
		  to this Section 10.04 shall be kept confidential in accordance with (i) the
		  Confidentiality Agreement, dated February 15, 2007, between CLP and the Company
		  and (ii) the Confidentiality Agreements, dated May 12, 1999 and June 30, 2004,
		  between NBCU and the Company (collectively, the “Confidentiality
		  Agreements”).
		  

		 

		(c) No
		  investigation pursuant to this Section 10.04 shall affect any representation or
		  warranty in this Agreement of any party hereto, any condition to the
		  obligations of any parties hereto, or any condition to the Tender Offer and the
		  Exchange Offer set forth on Annex A and Annex B, respectively.

		 

		SECTION
		  10.05 No
		  Solicitation of Transactions.
		  (a) The
		  Company agrees that neither it nor any Subsidiary nor any of the directors,
		  officers or employees of it or any Subsidiary will, and that it will cause its
		  and its Subsidiaries’ agents, advisors and other representatives
		  (including, without limitation, any investment banker, attorney or accountant
		  retained by it or any Subsidiary) not to, directly or indirectly, (i) solicit,
		  initiate or encourage (including by way of furnishing nonpublic information),
		  or take any other action to facilitate, any inquiries or the making of any
		  proposal or offer (including, without limitation, any proposal or offer to its
		  stockholders) that constitutes, or may reasonably be expected to lead to, any
		  Competing Transaction, (ii) enter into or maintain or continue discussions or
		  negotiations with any Person in furtherance of such inquiries or to obtain a
		  proposal or offer for a Competing Transaction, (iii) agree to, approve or
		  endorse any Competing Transaction or enter into any letter of intent or other
		  Contract relating to any Competing Transaction or (iv) authorize or permit any
		  of the officers, directors or employees of the Company or any of its
		  Subsidiaries, or any investment banker, financial advisor, attorney, accountant
		  or other representative retained by the Company or any of its Subsidiaries, to
		  take any such action. The Company shall notify CIG and the NBCU Entities as
		  promptly as practicable (and in any event within one (1) Business Day after the
		  Company attains knowledge thereof), orally and in writing, if any proposal or
		  offer, or any inquiry or contact with any Person with respect thereto,
		  regarding a Competing Transaction is made, specifying the material terms and
		  conditions thereof and the identity of the party making such proposal or offer
		  or inquiry or contact (including material amendments or proposed material
		  amendments). The Company shall, and shall direct or cause its and its
		  Subsidiaries’ directors, officers, employees, 

		
		  
			  

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		agents,
		  advisors and other representatives (including, without limitation, any
		  investment banker, attorney or accountant retained by it or any Subsidiary) to,
		  immediately cease and cause to be terminated any discussions or negotiations
		  with any Person that may have been conducted heretofore with respect to a
		  Competing Transaction. The Company shall not release any Person from, or waive
		  any provision of, any confidentiality or standstill agreement to which it is a
		  party and the Company also agrees to promptly request each Person that has
		  heretofore executed a confidentiality agreement in connection with its
		  consideration of acquiring (whether by merger, acquisition of stock or assets
		  or otherwise) the Company or any Subsidiary, if any, to return (or if permitted
		  by the applicable confidentiality agreement, destroy) all confidential
		  information heretofore furnished to such Person by or on behalf of the Company
		  or any Subsidiary. 

		 

		(b) Notwithstanding
		  anything to the contrary in this Section 10.05, prior to the Exchange Offer
		  Closing or the Exchange Offer Expiration, as applicable, the Board may furnish
		  information to, and enter into discussions with, a Person who has made an
		  unsolicited, written, bona fide proposal or offer regarding a Competing
		  Transaction, and the Board has (i) determined, in its good faith judgment
		  (after consultation with its financial advisor), that such proposal or offer
		  constitutes or is reasonably likely to constitute a Superior Proposal, (ii)
		  determined, in its good faith judgment after consultation with outside legal
		  counsel (who may be the Company’s regularly engaged outside legal
		  counsel), that, in light of such Superior Proposal, the furnishing of such
		  information or entering into discussions is required to comply with its
		  fiduciary obligations to the Company and its stockholders under applicable Law,
		  (iii) provided written notice to CIG and the NBCU Entities of its intent to
		  furnish information or enter into discussions with such Person and (iv)
		  obtained from such Person an executed confidentiality agreement (it being
		  understood that such confidentiality agreement and any related agreements shall
		  not include any provision calling for any exclusive right to negotiate with
		  such party or having the effect of prohibiting the Company from satisfying its
		  obligations under the Transaction Agreements to which it is a
		  party).

		 

		(c) Except
		  as otherwise provided in this Agreement, neither the Board nor any committee
		  thereof shall withdraw or modify, or propose to withdraw or modify, in a manner
		  adverse to CIG and the NBCU Entities, the approval or recommendation by the
		  Board or any such committee of the Transaction Agreements to which the Company
		  is a party and the Transaction, including the Tender Offer and the Reverse
		  Stock Split, or approve or recommend, or cause or permit the Company to enter
		  into any letter of intent, agreement or obligation with respect to, any
		  Competing Transaction.

		 

		(d) The
		  parties acknowledge and agree that nothing contained herein shall affect or in
		  any way interfere with the Company’s Obligation to comply with Rule 14d-9
		  under the Exchange Act.

		 

		SECTION
		  10.06 Directors’
		  and Officers’ Indemnification and Insurance.
		  (a) The
		  Company agrees that all rights to indemnification and exculpation from
		  liabilities for acts or omissions occurring at or prior to the Effective Time
		  (and rights for advancement of expenses) now existing in favor of the current
		  or former directors or officers of the Company (the “Indemnified
		  D&Os”)
		  as provided in its Certificate of Incorporation or By-laws and any
		  indemnification or other agreements of the Company as in effect on the date of
		  this Agreement shall continue in full force and effect in accordance with their
		  terms subsequent to the Effective 

		
		  
			  

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		Time.
		  Further, the Certificate of Incorporation and By-laws of the Company after the
		  Effective Time shall contain provisions no less favorable with respect to
		  indemnification, advancement of expenses and exculpation of former or present
		  directors and officers than are presently set forth in the Certificate of
		  Incorporation and By-laws of the Company, which provisions shall not be
		  amended, repealed or otherwise modified for a period of six years from the
		  Effective Time in any manner that would adversely affect the rights thereunder
		  of any such individuals, except as amendments may be required by the DGCL
		  during such period.

		 

		(b) The
		  Company shall, at its option, either (A) purchase a tail policy of
		  directors’ and officers’ liability insurance which shall be in effect
		  for a period of six years from the Effective Time, if available, and shall
		  contain substantially the same coverage and amount as, and contain terms and
		  conditions no less advantageous, in the aggregate, than the coverage provided
		  in the D&O Insurance Policies or (B) use its reasonable best efforts to
		  maintain in effect for six years from the Effective Time, if available, the
		  D&O Insurance Policies (provided that the Surviving Corporation may
		  substitute therefor policies of at least the same coverage containing terms and
		  conditions that are not materially less favorable), in either case with respect
		  to matters occurring prior to the Effective Time; provided,
		  however, that
		  in no event shall the Company be required to expend pursuant to this Section
		  10.06(b) more than $2,500,000 as a
		  premium for the tail policy or an amount per year equal to 300% of current
		  annual premiums paid by the Company for such insurance (which premiums the
		  Company represents and warrants to be $940,000 in the aggregate), as the case
		  may be. 

		 

		(c) In the
		  event the Company or any of its successors or assigns (i) consolidates with or
		  merges into any other Person and shall not be the continuing or surviving
		  corporation or entity of such consolidation or merger or (ii) transfers all or
		  substantially all of its properties and assets to any Person, then, and in each
		  such case, proper provision shall be made so that the successors and assigns of
		  the Company or at CIG’s option, CIG, shall assume the obligations set
		  forth in this Section 10.06.

		 

		(d) This
		  Section 10.06 shall continue in effect subsequent to the Effective Time, is
		  intended to benefit the Company and each Indemnified D&O, shall be binding
		  on all successors and assigns of the Company, and shall be enforceable by the
		  Indemnified D&O. The provisions of this Section 10.06 are intended to be
		  for the benefit of, and will be enforceable by, each Indemnified D&O, his
		  or her heirs, and his or her representatives and are in addition to, and not in
		  substitution for, any other rights to indemnification or contribution that any
		  such Person may have by contract or otherwise.

		 

		SECTION
		  10.07 Notification
		  of Certain Matters. Each
		  party hereto shall give prompt notice to the other parties of (a) the
		  occurrence or non-occurrence of any event, the occurrence or non-occurrence of
		  which reasonably could be expected to cause any representation or warranty
		  contained in the Transaction Agreements to which it is a party to be untrue or
		  inaccurate in any material respect, (b) any failure of the Company, CIG or the
		  NBCU Entities, as the case may be, to comply with or satisfy in any material
		  respect any covenant or agreement to be complied with or satisfied by it
		  thereunder, (c) any other material development relating to the business,
		  prospects, financial condition or results of operations of the Company and the
		  Subsidiaries and (d) any notice received by, and any communication made to, the
		  FCC, and the 

		
		  
			  

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		general
		  status of any FCC filing with respect to the exercise of the Call Right by CIG
		  and the Transaction; provided, however, that the delivery of any notice
		  pursuant to this Section 10.07 shall not limit or otherwise affect the remedies
		  available hereunder to the party receiving such notice. 

		 

		SECTION
		  10.08 Further
		  Action; Reasonable Best Efforts. (a)
		  Upon the terms and subject to the conditions of this Agreement, each of the
		  parties hereto shall use its reasonable best efforts to (i) make promptly its
		  respective filings, and thereafter make any other required submissions, under
		  applicable Law with respect to the Transaction, (ii) promptly file or cause
		  their respective affiliates to promptly file one or more applications with the
		  FCC seeking the FCC Approval, (iii) diligently prosecute the FCC Application,
		  including responding to any requests from the FCC or its staff, (iv) take, or
		  cause to be taken, all appropriate action, and do, or cause to be done, all
		  things necessary, proper or advisable under applicable Law to consummate and
		  make effective the Transaction, including, without limitation, using its
		  reasonable best efforts to obtain all Permits, consents, approvals,
		  authorizations, qualifications and orders of Governmental Authorities and
		  parties to contracts with the Company and the Subsidiaries as are necessary for
		  the consummation of the Transaction and to fulfill the conditions set forth in
		  Article XI and the conditions to the Tender Offer and the Exchange Offer set
		  forth on Annex A and Annex B, respectively, (v) consummate and make effective,
		  in the most expeditious manner practicable, the Transaction, (vi) execute and
		  deliver any additional instruments or other documents necessary to consummate
		  the Transaction and to fully carry out the terms of each of the Transaction
		  Agreements to which it is a party, (vii) contest and resist any Action, whether
		  judicial or administrative, and to have vacated, lifted, reversed or overturned
		  any Governmental Order (whether temporary, preliminary or permanent) that is in
		  effect and that restricts, prevents or prohibits consummation of the
		  Transaction, including, without limitation, by vigorously pursuing all
		  available avenues of administrative and judicial appeal and (viii) assist and
		  cooperate with each other in connection with the foregoing.

		 

		(b) Each of
		  the parties agrees not to, and shall not permit any of its respective
		  affiliates to, take any action in connection with or related to the Transaction
		  that would reasonably be expected to prevent or materially delay or impede
		  receipt of the FCC Approval.

		 

		(c) In order
		  to avoid disruption or delay in the processing of the FCC applications, CIG and
		  the Company agree to request, as part of such applications, that the FCC apply
		  its policy permitting license assignments and transfers in transactions
		  involving multiple markets to proceed, notwithstanding the pendency of one or
		  more license renewal applications. CIG agrees to make such representations and
		  undertakings as may be necessary or appropriate to invoke such policy,
		  including undertakings to assume the position of applicant with respect to any
		  pending license renewal applications, and to assume the risks relating to such
		  renewal applications.

		 

		SECTION
		  10.09 Public
		  Announcements. The
		  parties hereto shall consult with each other before issuing any press release
		  or otherwise making any public statements with respect to the Transaction
		  Agreements or the Transaction and shall not issue any such press release or
		  make any such public statement prior to such consultation, except as may be
		  required by Law or the rules of any applicable stock exchange, and except where
		  the Board determines, after consultation with its outside counsel, that the
		  failure to make any such press release or public 

		
		  
			  

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		statement
		  would be inconsistent with its fiduciary duties under applicable Law. The
		  initial press release to be issued announcing the execution of this Agreement
		  and the Transaction shall be in the form reasonably agreed to by all the
		  parties hereto. 

		 

		SECTION
		  10.10 Exchange
		  of NBCU Series B Preferred.
		  Promptly following the Exchange Offer Closing or immediately prior to the
		  Contingent Exchange, as applicable, NBC Palm Beach I shall surrender and
		  deliver to the Company one or more certificates representing all remaining NBCU
		  Series B Preferred it holds (after giving effect to Sections 2.05 and 5.04)
		  plus any accrued but unpaid dividends thereon in exchange for (i) $31,070,000
		  aggregate stated liquidation preference of Series E-1 Convertible Preferred,
		  (ii) the NBCU Option II and (iii) Series D Convertible Preferred with an
		  aggregate stated liquidation preference equal to $21,070,000 less than the
		  total aggregate stated liquidation preference of NBCU Series B Preferred
		  surrendered by NBC Palm Beach I pursuant to this Section 10.10. Immediately
		  following receipt of the certificates representing the respective aggregate
		  stated liquidation preference of NBCU Series B Preferred surrendered by NBC
		  Palm Beach I pursuant to this Section 10.10, the Company shall cancel such
		  certificates and issue to NBC Palm Beach I certificates representing such
		  aggregate stated liquidation preference of Series E-1 Convertible Preferred and
		  Series D Convertible Preferred, respectively, as shall be determined pursuant
		  to the preceding sentence.

		 

		SECTION
		  10.11 Exchange
		  of Series F Non-Convertible Preferred.
		  Promptly following the Exchange Offer Closing or immediately prior to the
		  Contingent Exchange, as applicable, CIG shall surrender and deliver to the
		  Company (a) one or more certificates representing $95,584,689 aggregate stated
		  liquidation preference of Series F Non-Convertible Preferred in exchange for
		  $95,584,689 aggregate stated liquidation preference of (i) Series A-2 Preferred
		  Stock, or (ii) in the case of a Minority Exchange, Series C Preferred Stock and
		  (b) one or more certificates representing $114,961,259 aggregate stated
		  liquidation preference of Series F Non-Convertible Preferred in exchange for
		  $200,000,000 aggregate stated liquidation preference of Series E-2 Convertible
		  Preferred. Immediately following receipt of such certificates representing an
		  aggregate stated liquidation preference of $210,000,000 of Series F
		  Non-Convertible Preferred Stock surrendered by CIG, the Company shall cancel
		  such certificates and issue to CIG certificates representing $95,584,689
		  aggregate stated liquidation preference of Series C Convertible Preferred and
		  $200,000,000 aggregate stated liquidation preference of Series E-2 Convertible
		  Preferred, respectively.

		 

		SECTION
		  10.12 Transfer
		  of Series B Convertible Subordinated Debt. If
		  applicable, promptly following the Exchange Offer Closing or the occurrence of
		  the Contingent Exchange, as applicable, NBC Palm Beach I shall transfer to CIG
		  a note or notes representing up to $10,000,000 in principal amount of the
		  Series B Convertible Subordinated Debt it receives in the Contingent Exchange,
		  with such amount determined in accordance with the methodology described on
		  Schedule 10.12. 

		 

		SECTION
		  10.13 Exchange
		  of Series A-2 Preferred Stock or Series C Preferred Stock Following the Call
		  Closing.
		  Promptly following the Call Closing, CIG shall be entitled to surrender and
		  deliver to the Company one or more certificates representing the Series A-2
		  Preferred Stock or Series C Preferred Stock, as the case may be, that CIG
		  received pursuant to Section 10.11, in exchange for Series C Convertible
		  Preferred with an equal aggregate stated 

		
		  
			  

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		liquidation
		  preference. Immediately following receipt of the certificate or certificates
		  representing the Series A-2 Preferred Stock or Series C Preferred Stock, as the
		  case may be, surrendered by CIG, the Company shall cancel such certificate and
		  issue to CIG one or more certificates representing Series C Convertible
		  Preferred with an aggregate stated liquidation preference in the amount set
		  forth in the preceding sentence. 

		 

		SECTION
		  10.14 Exchange
		  of Series A-2 Preferred Stock or Series C Preferred Stock in Absence of Call
		  Closing. (a) In
		  the event the Call Closing does not occur on or prior to the Call Deadline (as
		  defined in the Call Agreement) or the FCC Approval is denied, NBC Palm Beach I
		  shall deliver to CIG one or more notes representing an aggregate principal
		  amount of Series B Convertible Subordinated Debt held by NBC Palm Beach I after
		  giving effect to Section 10.12, if any, in exchange for one or more
		  certificates representing an equal aggregate stated liquidation preference of
		  the Series A-2 Preferred Stock or Series C Preferred Stock, as the case may be,
		  that CIG received pursuant to Section 5.04(a). 

		 

		(b) To the
		  extent CIG holds any Series A-2 Preferred Stock or Series C Preferred Stock, as
		  the case may be, after giving effect to Section 10.14(a), CIG shall be entitled
		  to surrender and deliver to the Company one or more certificates representing
		  (i) all remaining Series A-2 Preferred Stock it holds in exchange for an equal
		  aggregate stated liquidated preference of Series A-3 Convertible Preferred and
		  (ii) all remaining Series C Preferred Stock it holds in exchange for an equal
		  aggregate stated liquidation preferred of Series C Convertible Preferred.
		  Immediately following receipt of the certificates representing the aggregate
		  stated liquidation preference of Series A-2 Preferred Stock or Series C
		  Preferred Stock, as the case may be, surrendered by CIG, the Company shall
		  cancel such certificates and issue to CIG certificates representing such
		  aggregate stated liquidation preference of Series A-3 Convertible Preferred or
		  Series C Convertible Preferred, as the case may be, as shall be determined
		  pursuant to the preceding sentence.

		 

		(c) To the
		  extent NBC Palm Beach I holds any Series A-2 Preferred Stock or Series C
		  Preferred Stock, as the case may be, as a result of Section 10.14(a), NBC Palm
		  Beach I shall be entitled to surrender and deliver to the Company one or more
		  certificates representing (i) all remaining Series A-2 Preferred Stock it holds
		  in exchange for an equal aggregate stated liquidation preference of Series A-3
		  Convertible Preferred and (ii) all remaining Series C Preferred Stock it holds
		  in exchange for an equal aggregate stated liquidation preferred of Series C
		  Convertible Preferred. Immediately following receipt of the certificates
		  representing the aggregate stated liquidation preference of Series A-2
		  Preferred Stock or Series C Preferred Stock, as the case may be, surrendered by
		  NBC Palm Beach I, the Company shall cancel such certificates and issue to NBC
		  Palm Beach I certificates representing an aggregate stated liquidation
		  preference of Series A-3 Convertible Preferred or Series C Convertible
		  Preferred, as the case may be, as shall be determined in accordance with the
		  preceding sentence. 

		 

		SECTION
		  10.15 Termination
		  of Certain Existing Agreements.
		  (a) The
		  Company and the NBCU Entities shall take all actions necessary, appropriate and
		  advisable, and shall assist and cooperate with each other, to terminate the
		  Stockholder Agreement, the Investment Agreement, the Registration Rights
		  Agreement and the Paxson Management and Proxy Agreement, dated November 7,
		  2005, among the Company, PMC, Mr. Paxson and certain of the 

		
		  
			  

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		Company’s
		  Subsidiaries, effective as of the Call Closing, including executing and
		  delivering any instruments or documents necessary for such termination.
		  

		 

		(b) Each of
		  the NBCU Entities hereby waives all of its rights, powers and remedies
		  available at law or in equity or otherwise arising out of any breach, violation
		  or non-performance by the Company (A) prior to the date hereof of (i) Section
		  2.2(a) of the Stockholder Agreement as a result of the failure of the Company
		  to use its reasonable best efforts to cause the Board to consist of nine
		  members and (ii) Section 3.8(a) of the Stockholder Agreement as a result of the
		  failure to grant Company Stock Awards for not less than 24 million shares of
		  Class A Common Stock to selected senior executives of the Company prior to May
		  6, 2007 and (B) of the Stockholder Agreement or the Investment Agreement
		  following the date hereof as a result of the execution and delivery of the
		  Transaction Agreements to which the Company is a party and the performance by
		  the Company of its obligations thereunder.

		 

		SECTION
		  10.16 Delisting. To the
		  extent permitted by applicable Law, based on the number of shares outstanding
		  and the number of record holders of Class A Common Stock, the Company shall
		  take any and all actions necessary to delist shares of Class A Common Stock
		  from the American Stock Exchange and deregister the shares of Class A Common
		  Stock with the SEC following the closing of the Tender Offer or any Subsequent
		  Expiration Date of the Tender Offer.

		 

		SECTION
		  10.17 Stockholder
		  Litigation. The
		  Company shall keep CIG and the NBCU Entities informed, on a current basis, of
		  the status of any stockholder litigation against the Company or its directors
		  or officers related to the Transaction and the status of any discussions or
		  negotiations with respect to the settlement of any such litigation. Following
		  the date hereof but prior to the closing of the Tender Offer, the Company may
		  control the settlement of such litigation, but no such settlement shall be
		  agreed to by the Company without the consent of CIG and the NBCU Entities, such
		  consent not to be unreasonably withheld with respect to any such settlement not
		  involving a payment by the Company. Following the closing of the Tender Offer
		  and prior to the Call Closing CIG and the NBCU Entities shall, upon written
		  notice to the Company, be entitled to: (a) participate with the Company
		  regarding the defense of any such stockholder litigation, except to the extent
		  the Company reasonably determines that such participation by CIG and the NBCU
		  Entities would result in the waiver of the attorney-client, work product or
		  other applicable privilege and (b) jointly control (with the Company) any
		  settlement by the Company of such litigation. Notwithstanding the foregoing,
		  CIG and the NBCU Entities shall not unreasonably withhold, condition or delay
		  consent to any settlement involving a release of the Company and payment by the
		  Company of an amount not exceeding the deductible under any insurance policy
		  covering claims asserted in such litigation. 

		 

		SECTION
		  10.18 CIG
		  Option to Purchase NBCU Series B Preferred. (a) If the
		  closing of the Tender Offer has occurred and for any reason other than as a
		  result of the breach by CIG, or if CIG causes the Company’s breach, by the
		  Company, of any of its obligations in connection with the Exchange Offer,
		  neither the Exchange Offer Closing nor the Contingent Exchange occurs, (1) CIG
		  shall deliver to NBCU a certificate representing $210,000,000 aggregate stated
		  liquidation preference of Series F Non-Convertible Preferred, duly endorsed in
		  blank or accompanied by a stock power duly executed in black, with all required
		  stock transfer tax stamps affixed, and (2) NBCU shall grant CIG an option to
		  purchase a number of shares of NBCU 

		
		  
			  

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		Series B
		  Preferred with an aggregate stated liquidation preference equal to the product
		  of (a) a fraction (i) the numerator of which is (x) the Offer Price, multiplied
		  by (y) the total number of shares of Class A Common Stock tendered and accepted
		  in the Tender Offer, and (ii) the denominator of which is the number of shares
		  of Class A Common Stock outstanding on the Commencement Date, less the sum of
		  (A) the Ineligible Shares, plus (B) 6,122,544 shares, multiplied by the Offer
		  Price, multiplied by (b) $150,000,000. The exercise price of such option will
		  be equal to (a) the aggregate number of shares of Class A Common Stock acquired
		  by CIG in the Tender Offer multiplied by (b) the Offer Price. CIG shall be
		  permitted to pay such exercise price in either cash or shares of Class A Common
		  Stock, at CIG’s discretion. In the event CIG chooses to pay such exercise
		  price in shares of Class A Common Stock, NBCU may, at its discretion, elect to
		  receive an equal number of shares of Class C Common Stock instead of Class A
		  Common Stock. In the event NBCU elects to receive Class C Common Stock, CIG
		  shall surrender and deliver to the Company a certificate or certificates
		  representing the number of shares of Class A Common Stock being used to pay
		  such exercise price as determined in accordance with this Section 10.18 in
		  exchange for an equal number of shares of Class C Common Stock and immediately
		  following receipt of the certificates representing such shares of Class A
		  Common Stock surrendered by CIG, the Company shall cancel such certificates and
		  issue to CIG certificates representing an equal number of shares of Class C
		  Common Stock. 

		 

		(b) Upon
		  receipt of the certificate representing $210,000,000 aggregate stated
		  liquidation preference of Series F Non-Convertible Preferred delivered by CIG
		  pursuant to Section 10.18(a), NBCU shall surrender and deliver to the Company
		  such certificate. Immediately following receipt of such certificate delivered
		  by NBCU, the Company shall cancel such certificate and issue to NBC Palm Beach
		  I a certificate representing $210,000,000 aggregate stated liquidation
		  preference of NBCU Series B Preferred in rescission thereof.

		 

		SECTION
		  10.19 Employment
		  of Certain Company Employees. For a
		  period of five (5) years following the date hereof, the NBCU Entities and their
		  Affiliates shall not, directly or indirectly, (i) induce or attempt to induce
		  Mr. Burgess to leave the employment of the Company or in any way intentionally
		  interfere with the relationship between the Company and Mr. Burgess or (ii) to
		  the extent such restriction does not violate applicable Law, engage (as an
		  employee, consultant or otherwise) Mr. Burgess for any purposes; provided, that
		  clause (ii) of this Section 10.19 shall not apply to any engagement by the NBCU
		  Entities or their Affiliates of Mr. Burgess that was not a result of any
		  inducement or attempted inducement of Mr. Burgess by any of the NBCU Entities
		  or their Affiliates to leave the employment of the Company or any interference
		  with the relationship between the Company and Mr. Burgess and if such
		  engagement occurs no earlier than twelve (12) months after the date Mr. Burgess
		  is no longer employed by the Company.

		 

		SECTION
		  10.20 Approval
		  of Compensation Actions. Prior
		  to the closing of the Tender Offer, the compensation committee of the Board
		  shall take all such actions as may be required to approve, as employment
		  compensation, severance or other employee benefit arrangement, any and all
		  Compensation Actions taken after the date hereof and prior to the closing of
		  the Tender Offer that have not already been so approved so as to cause such
		  compensation, severance or employee benefit arrangements to fall within the
		  safe harbor contained in Rule 14d-10 of the Exchange Act.

		
		  
			  

			 62

			 

			 
			 

			 
			  
 
 

		SECTION
		  10.21 Indemnity
		  for Prior Breach of Call Agreement, Escrow Agreement and Noncompete
		  Agreements. The
		  NBCU Entities shall jointly and severally indemnify and hold harmless CIG and
		  its Affiliates from and against any and all Losses which are incurred or
		  suffered by CIG or any of its Affiliates by reason of, or relating to, any
		  liabilities, obligations or commitments relating to or arising out of any
		  breach of the Call Agreement, the Escrow Agreement or the Noncompete Agreements
		  by an NBCU Entity prior to the Commencement Date. For purposes of this Section
		  10.21, the Losses shall not include any special, reliance or punitive damages,
		  lost profit or diminution in value.

		 

		SECTION
		  10.22 Indemnity
		  for Compensation Actions. The
		  Company shall indemnify and hold harmless CIG and its Affiliates from and
		  against any and all Losses which are incurred or suffered by CIG or any of its
		  Affiliates by reason of, or relating to, breach or non-performance of Section
		  6.07(b) or Section 10.20 by the Company.

		 

		SECTION
		  10.23 Conduct
		  of the Exchange Offer. The
		  Company shall cause the Exchange Offer and the Contingent Exchange to be
		  conducted in a manner so as to qualify as exempt from the registration
		  requirements of the Securities Act, pursuant to and in accordance with Section
		  3(a)(9) of the Securities Act, and the Blue Sky Laws.

		 

		SECTION
		  10.24 CUSIP
		  Numbers. The
		  Company shall use its reasonable best efforts to obtain CUSIP numbers for all
		  securities issued to CIG by the Company in connection with the
		  Transaction.

		 

		SECTION
		  10.25 PMC
		  Agreement. CIG
		  and the NBCU Entities acknowledge that the PMC Management and Proxy Agreement,
		  dated as of November 7, 2005, by and among the Company, Paxson Management
		  Corporation, a Nevada corporation, Mr. Paxson and certain direct and indirect
		  wholly-owned subsidiaries of the Company listed on the signature pages thereto,
		  shall remain in effect subject to termination as provided therein.

		 

		ARTICLE
		  XI

		CONDITIONS
		  PRECEDENT

		 

		SECTION
		  11.01 Conditions
		  to the Reverse Stock Split. The
		  obligations of the Company to effect the Reverse Stock Split shall be subject
		  to the satisfaction of the following conditions at or prior to the Effective
		  Time; provided,
		  however, that
		  the determination of whether any such conditions have been satisfied shall be
		  made by CIG in its reasonable judgment:

		 

		(a)  FCC
		  Approval. The
		  FCC Approval shall have been received;

		 

		(b) Approval
		  by Holders of Voting Stock. The
		  Reverse Stock Split and the Restated Certificate of Incorporation effecting the
		  Reverse Stock Split shall have been approved and adopted by the requisite vote
		  of the holders of the Voting Stock;

		 

		(c) No
		  Law. No
		  Governmental Authority shall have enacted, issued, promulgated, enforced or
		  entered any Law (whether temporary, preliminary or permanent) which is then in
		  effect and has the effect of making the Reverse Stock Split illegal;
		  

		
		  
			  

			 63

			 

			 
			 

			 
			  
 
 

		(d) Tender
		  Offer. CIG
		  shall have purchased all shares of Class A Common Stock validly tendered and
		  not withdrawn pursuant to the Tender Offer and the Tender Offer shall have been
		  completed; and

		 

		(e) Call
		  Closing. The
		  Call Closing shall have occurred. 

		 

		SECTION
		  11.02 Frustration
		  of Closing Conditions. None
		  of the Company, CIG or the NBCU Entities may rely on the failure of any
		  condition set forth in this Article XI to be satisfied if such failure was
		  caused by (a) such party’s failure to use its reasonable best efforts to
		  satisfy such condition or (b) such party’s intentional, knowing or willful
		  breach, violation or non-performance of such condition. 

		 

		ARTICLE
		  XII

		TERMINATION,
		  AMENDMENT AND WAIVER

		 

		SECTION
		  12.01 Termination
		  Prior to the Commencement Date. This
		  Agreement may be terminated and the transactions contemplated hereby may be
		  abandoned at any time prior to the Commencement Date by any party,
		  notwithstanding any requisite approval and adoption of this Agreement by the
		  stockholders of the Company:

		 

		(a) By
		  mutual written consent of the parties hereto; or 

		 

		(b) By any
		  party hereto, if any Governmental Authority shall have enacted, issued,
		  promulgated, enforced or entered any injunction, order, decree or ruling
		  (whether temporary, preliminary or permanent) that has become final and
		  nonappealable and has the effect of making consummation of the Transaction
		  illegal or otherwise preventing or prohibiting consummation of the
		  Transaction.

		 

		SECTION
		  12.02 Termination
		  After the Commencement Date. This
		  Agreement may be terminated and the transactions contemplated hereby may be
		  abandoned if the Call Closing shall not have occurred on or before the 18-month
		  anniversary of the date hereof (the “Termination
		  Date”);
		  provided,
		  however, that CIG and NBCU together shall have the right to extend the
		  Termination Date for one additional six-month period if, on the Termination
		  Date, all of the conditions to the Reverse Stock Split in Section 11.01, other
		  than the conditions in Sections 11.01(a) and (e), and to the Exchange Offer in
		  Annex B have been satisfied or waived (if waivable) or shall be then capable of
		  being satisfied.

		 

		SECTION
		  12.03 Effect
		  of Termination. (a) In
		  the event of the termination of this Agreement pursuant to Section 12.01, this
		  Agreement shall forthwith become void and of no further effect, and there shall
		  be no liability on the part of any party hereto (or any of its Affiliates,
		  directors, officers, employees, stockholders, representatives or agents),
		  except (i) Sections 10.04(b) and (c), this Article XII and Article XIII and
		  (ii) that nothing herein shall relieve any party from liability for any
		  knowing, willful or intentional breach of this Agreement by such party prior to
		  the date of such termination. 

		
		  
			  

			 64

			 

			 
			 

			 
			  
 
 

		(b) In the
		  event of the termination of this Agreement pursuant to Section 12.02, this
		  Agreement shall forthwith become void and of no further effect, and there shall
		  be no liability on the part of any party hereto (or any of its Affiliates,
		  directors, officers, employees, stockholders, representatives or agents),
		  except (i) Section 9.1, which shall terminate upon the date CIG is able to
		  appoint the majority members of the Board, (ii) Sections 5.04, 10.03(a),
		  10.04(b) and (c), 10.10, 10.11, 10.12, 10.13, 10.14, 10.18, 10.22, this Article
		  XII and Article XIII and (iii) that nothing herein shall relieve any party from
		  liability for any knowing, willful or intentional breach of this Agreement by
		  such party prior to the date of such termination.

		 

		SECTION
		  12.04 Fees
		  and Expenses. Each
		  party hereto shall pay its own costs and expenses (including legal, accounting
		  and broker fees and expenses) incurred in connection
		  with or relating to this Agreement, the other Transaction Agreements and the
		  transactions contemplated hereby and thereby; provided,
		  however, that
		  if the closing of the Tender Offer shall occur, the Company shall pay and
		  reimburse the costs and expenses (excluding legal and accounting costs and
		  expenses) incurred by CIG in connection with the Tender Offer.

		 

		SECTION
		  12.05 Amendment.
		  Subject to Section 10.03(c), this Agreement may be amended by the parties
		  hereto at any time prior to the Effective Time; provided, however, that, there
		  shall be no amendment that by Law requires further approval by the
		  Company’s stockholders without such approval having been obtained. This
		  Agreement may not be amended except by an instrument in writing signed by each
		  of the parties hereto.

		 

		SECTION
		  12.06 Waiver. At any
		  time prior to the Effective Time, any party hereto may (a) extend the time for
		  the performance of any obligation or other act of any other party hereto, (b)
		  waive any inaccuracy in the representations and warranties of any other party
		  contained herein or in any document delivered pursuant hereto and (c) subject
		  to Section 12.05, waive compliance with any agreement of any other party or any
		  condition to its own obligations contained herein. Any such extension or waiver
		  shall be valid if set forth in an instrument in writing signed by the party or
		  parties to be bound thereby. The failure of any party hereto to assert any of
		  its rights under this Agreement or otherwise shall not constitute a waiver of
		  such rights. 

		 

		ARTICLE
		  XIII

		GENERAL
		  PROVISIONS

		 

		SECTION
		  13.01 Notices. All
		  notices, requests, claims, demands and other communications hereunder shall be
		  in writing and shall be given (and shall be deemed to have been duly given upon
		  receipt) by delivery in person, by overnight courier, by facsimile or by
		  registered or certified mail (postage prepaid, return receipt requested) to the
		  respective parties at the following addresses (or at such other address for a
		  party as shall be specified in a notice given in accordance with this Section
		  13.01):

		
		  
			  

			 65

			 

			 
			 

			 
			  
 
 

		If to
		  the NBCU Entities:

		 

		NBC
		  Universal, Inc. 

		30
		  Rockefeller Plaza 

		New
		  York, New York 10112 

		Attention:
		  General Counsel 

		Tel:
		  212-664-7024 

		Fax:
		  212-664-4733

		 

		With a
		  copy to:

		 

		Shearman
		  & Sterling LLP 

		599
		  Lexington Avenue 

		New
		  York, New York 10022 

		Attention:
		  John A. Marzulli, Jr. 

		Tel:
		  212-848-8590 

		Fax:
		  646-848-8590

		 

		If to
		  CIG:

		 

		CIG
		  Media LLC

		131 S.
		  Dearborn Street, 32nd
		  Floor

		Chicago,
		  Illinois 60603

		Attention:
		  Matthew B. Hinerfeld 

		Tel:
		  312-395-3167 

		Fax:
		  312-267-7628

		 

		with a
		  copy to:

		 

		Fried,
		  Frank, Harris, Shriver & Jacobson LLP 

		One New
		  York Plaza

		New
		  York, NY 10004

		Attention:
		  Robert Schwenkel

		Steven
		  Steinman

		Tel:
		  212-859-8000

		Fax:
		  212-859-4000

		
		  
			  

			 66

			 

			 
			 

			 
			  
 
 

		with a
		  copy to:

		 

		Wilmer
		  Hale

		1875
		  Pennsylvania Avenue, N.W.

		Washington,
		  D.C. 20006

		Attention:
		  Lynn Charytan

		Samir
		  Jain

		Jack
		  Goodman

		Tel:
		  202-663-6000

		Fax:
		  202-663-6363

		 

		If to
		  the Company:

		 

		ION
		  Media Networks, Inc. 

		601
		  Clearwater Park Road 

		West
		  Palm Beach, FL 33401-6233 

		Attention:
		  General Counsel 

		Tel:
		  561-659-4122 

		Fax:
		  561-655-9424

		 

		With a
		  copy to:

		 

		Holland
		  & Knight LLP

		222
		  Lakeview Avenue, Suite 1000 

		West
		  Palm Beach, Florida 33401 

		Attention:
		  David L. Perry 

		Tel:
		  561-650-8314 

		Fax:
		  561-650-8399

		 

		and

		 

		Dow,
		  Lohnes & Albertson, PLLC 

		1200 New
		  Hampshire Avenue, N.W., Suite 800 

		Washington,
		  DC 20036

		Attention:
		  John R. Feore, Jr. 

		Tel:
		  202-776-2000 

		Fax:
		  202-776-2222

		 

		SECTION
		  13.02 Severability. If any
		  term or other provision of this Agreement is invalid, illegal or incapable of
		  being enforced by Law or public policy, all other conditions and provisions of
		  this Agreement shall nevertheless remain in full force and effect so long as
		  the economic or legal substance of the Transaction is not affected in any
		  manner materially adverse to any party. Upon such determination that any term
		  or other provision is invalid, illegal or incapable of being enforced, the
		  parties hereto shall negotiate in good faith to modify this Agreement so as to
		  effect the original intent of the parties as closely as possible in a mutually
		  acceptable manner in 

		
		  
			  

			 67

			 

			 
			 

			 
			  
 
 

		order
		  that the Transaction be consummated as originally contemplated to the fullest
		  extent possible.

		 

		SECTION
		  13.03 Entire
		  Agreement; Assignment. The
		  Transaction Agreements and the Exhibits, Annexes and Schedules thereto contain
		  the entire agreement among the parties thereto with respect to the subject
		  matter thereof, and supersede all previous agreements, negotiations,
		  discussions, writings, understandings, commitments and conversations with
		  respect to such subject matter, and there are no agreements or understandings
		  among the parties with
		  respect to such subject matter other
		  than those set forth or referred to therein. This Agreement shall not be
		  assigned by any party hereto without the express prior written consent of all
		  other parties hereto, except that each of CIG and the NBCU Entities may assign
		  all or any of its rights and obligations hereunder to its respective
		  Affiliates, provided that no such assignment shall relieve the assigning party
		  of its obligations hereunder.

		 

		SECTION
		  13.04 Parties
		  in Interest. This
		  Agreement shall be binding upon and inure solely to the benefit of each party
		  hereto, and nothing in this Agreement, express or implied, is intended to or
		  shall confer upon any other Person any right, benefit or remedy of any nature
		  whatsoever under or by reason of this Agreement, other than Section 10.06
		  (which is intended to be for the benefit of the Persons covered thereby and may
		  be enforced by such Persons).

		 

		SECTION
		  13.05 Specific
		  Performance. The
		  parties hereto agree that irreparable damage would occur in the event any
		  provision of this Agreement were not performed in accordance with the terms
		  hereof and that the parties shall be entitled to specific performance of the
		  terms hereof, in addition to any other remedy at law or equity.

		 

		SECTION
		  13.06 Governing
		  Law. This
		  Agreement shall be governed by, and construed in accordance with, the laws of
		  the State of New York applicable to contracts executed in and to be performed
		  in that State (other than those provisions set forth herein that are required
		  to be governed by the DGCL). All actions and proceedings arising out of or
		  relating to this Agreement shall be heard and determined exclusively in any New
		  York state or federal court sitting in the Borough of Manhattan of The City of
		  New York. The parties hereto hereby (a) submit to the exclusive jurisdiction of
		  any state or federal court sitting in the Borough of Manhattan of The City of
		  New York for the purpose of any Action arising out of or relating to this
		  Agreement brought by any party hereto, and (b) irrevocably waive, and agree not
		  to assert by way of motion, defense, or otherwise, in any such Action, any
		  claim that it is not subject personally to the jurisdiction of the above-named
		  courts, that its property is exempt or immune from attachment or execution,
		  that the Action is brought in an inconvenient forum, that the venue of the
		  Action is improper, or that this Agreement or the Transaction may not be
		  enforced in or by any of the above-named courts.

		 

		SECTION
		  13.07 Counterparts. This
		  Agreement may be executed and delivered (including by facsimile transmission)
		  in one or more counterparts, and by the different parties hereto in separate
		  counterparts, each of which when executed shall be deemed to be an original but
		  all of which taken together shall constitute one and the same
		  agreement.

		
		  
			  

			 68

			 

			 
			 

			 
			  
 
 

		SECTION
		  13.08 Waiver
		  of Jury Trial. Each
		  of the parties hereto hereby waives to the fullest extent permitted by
		  applicable law any right it may have to a trial by jury with respect to any
		  litigation directly or indirectly arising out of, under or in connection with
		  this Agreement or the Transaction. Each of the parties hereto (a) certifies
		  that no representative, agent or attorney of any other party has represented,
		  expressly or otherwise, that such other party would not, in the event of
		  litigation, seek to enforce that foregoing waiver and (b) acknowledges that it
		  and the other parties hereto have been induced to enter into this Agreement and
		  the Transaction, as applicable, by, among other things, the mutual waivers and
		  certifications in this Section 13.08.

		
		  
			  

			 69

			 

			 
			 

			 
			  
 
 

		IN
		  WITNESS WHEREOF, the Company, the NBCU Entities and CIG have caused this
		  Agreement to be executed as of the date first written above by their respective
		  officers thereunto duly authorized.

		
		  	 	 	 
	 	
				  ION
					 MEDIA NETWORKS, INC.
 
	 
 	 
 	 
 
	 	By:  	  /s/ Richard Garcia
	  	
				  

				  
	 	
				  Name:
					 Richard Garcia

				  
					 Title:
						Chief Financial Officer
 
 

 

		 

		
		  	 	 	 
	 	
				  
					 NBC
						UNIVERSAL, INC. 
 
 
	 
 	 
 	 
 
	 	By:  	 /s/ Lynn A. Calpeter
	 	
				  

				  
	 	
				  Name:
					 Lynn A. Calpeter 

				  
					 Title:
						Executive Vice President and Chief Financial Officer
 
 

 

		

		
		  	 	 	 
	 	
				  
					 
						NBC PALM
						  BEACH INVESTMENT I, INC.
 
 
 
	 
 	 
 	 
 
	 	By:  	 /s/ Lynn A. Calpeter
	 	
				  

				  
	 	
				  Name:
					 Lynn A. Calpeter 

				  
					 Title:
						Vice President and Treasurer
 
 

		
		  	 	 	 
	 	
				  
					 
						
						  NBC PALM
							 BEACH INVESTMENT II, INC.
 
 
 
 
	 
 	 
 	 
 
	 	By:  	 /s/ Lynn A. Calpeter
	 	
				  

				  
	 	
				  Name:
					 Lynn A. Calpeter 

				  
					 Title:
						Vice President and Treasurer
 
 

 

		 

		
		  	 	 	 
	 	
				  
					 
						
						  
							 CIG
								MEDIA LLC
 
 
 
 
 
	 
 	 
 	 
 
	 	By:  	 /s/ Matthew Hinerfeld
	 	
				  

				  
	 	
				  Name:
					 Matthew Hinerfeld 

				  
					 Title:
						Managing Director and Deputy General Counsel
 
 

 

		
		  
			  

			 

			 
			 

			 
			  
 
 
 

	 
		ANNEX
		  A

		 

		Conditions
		  to the Tender Offer

		 

		Notwithstanding
		  any other provision of this Agreement or the Tender Offer Documents, CIG shall
		  not be required to accept for payment any shares of Class A Common stock
		  tendered pursuant to the Tender Offer, if (i) the waiting period applicable to
		  the Transaction under the HSR Act has not expired or been terminated, in which
		  case CIG may extend the Tender Offer, or (ii) there shall be any Law
		  restraining, enjoining or otherwise prohibiting or preventing the consummation
		  of the Tender Offer, in which case CIG may extend or terminate the Tender
		  Offer.

		 

		The
		  foregoing conditions are for the sole benefit of CIG and its Affiliates and may
		  be asserted by CIG regardless of the circumstances giving rise to any such
		  condition and may be waived by CIG, in whole or in part, at any time and from
		  time to time prior to the Commencement Date, in its sole discretion;
		  provided, that
		  CIG may not assert the foregoing conditions if the occurrence of any such
		  condition is caused by CIG’s breach, violation or non-performance of the
		  Transaction Agreements to which it is a party. The failure by CIG at any time
		  to exercise any of the foregoing rights shall not be deemed a waiver of any
		  such right; the waiver of any such right with respect to particular facts and
		  other circumstances shall not be deemed a waiver with respect to any other
		  facts and circumstances; and each such right shall be deemed an ongoing right
		  that may be asserted at any time and from time to time.

		 

		A-1

	  

	 

	 
	 

	 
	 

	 ANNEX
		B

	  

	 Conditions
		to the Exchange Offer

	  

	 Notwithstanding
		any other provision of the Exchange Offer, except as provided by Section
		5.01(b) hereto, the Company shall not accept for exchange shares of Senior
		Preferred Stock tendered pursuant to the Exchange Offer, if at any time on or
		after the date hereof and prior to the expiration of the Exchange Offer, any of
		the following conditions shall exist:

	  

	 (a) there
		shall have been instituted or be pending any Action (i) challenging or seeking
		to make illegal, materially delay, or otherwise, directly or indirectly,
		restrain or prohibit the making of the Exchange Offer, the acceptance for
		exchange of shares of Senior Preferred Stock by the Company, or the
		consummation of the Transaction; (ii) seeking to prohibit or limit materially
		the ownership or operation by the Company or any Subsidiaries of all or any of
		the business or assets of the Company or any Subsidiaries that is material to
		either the Company and the Subsidiaries, in either case, taken as a whole, or
		to compel the Company or any Subsidiaries, as a result of the Transaction, to
		dispose of or to hold separate all or any portion of the business or assets of
		the Company or any Subsidiaries that is material to the Company and the
		Subsidiaries, in each case, taken as a whole, or (iii) which would have a
		Material Adverse Effect;

	  

	 (b) any
		Governmental Authority shall have issued a Governmental Order or taken any
		other action permanently restraining, enjoining or otherwise prohibiting or
		materially delaying or preventing the Transaction and such order, decree,
		injunction, ruling or other action shall have become final and
		nonappealable;

	  

	 (c) there
		shall have been any Law enacted, promulgated, amended, issued or deemed
		applicable to (A) the Company or any Subsidiaries or (B) the Transaction that
		results, directly or indirectly, in any of the consequences referred to in
		clauses (i) through (iii) of paragraph (a) above;

	  

	 (d) any
		Material Adverse Effect shall have occurred and be continuing;

	  

	 (e) the
		closing of the Tender Offer shall not have occurred; 

	  

	 (f) this
		Agreement shall have been terminated in accordance with its terms;
		

	  

	 (g) the
		Company, CIG and the NBCU Entities shall have agreed that the Company shall
		terminate the Exchange Offer or postpone the acceptance for exchange of shares
		of Senior Preferred Stock thereunder;

	  

	 (h) the
		representations and warranties of the Company set forth in this Agreement shall
		not be true and correct to the extent such failure to be true and correct would
		reasonably be expected, individually or in the aggregate, to have a Material
		Adverse Effect; or 

	  

	 (i) the
		Company shall have breached any of its covenants or agreements contained in
		this Agreement in any material respect. 

	 
		 

		B-1

		 

		 

		  
		  

		   
 

	 [Schedule
		5.04 to the Master Transaction Agreement]

	 SCHEDULE
		5.04

	  

	 Contingent
		Exchange Methodology

	  

	 The
		amounts in Section 5.04(a) shall be calculated as follows:

	 

	 
			
				1.

					
				Overall
				  Exchange Success Percent shall
				  be equal to (a) (x) the Total Tendering 141⁄4% Preferred, plus (y) the
				  Total Tendering 93⁄4% Preferred, divided by (b) $639,786,655.
				  
 

 

	 

	 
			
				2.

					
				Actual
				  Subordinated Debt Basket Available shall
				  be equal to (a) (x) one, minus (y) the Overall Exchange Success Percent,
				  multiplied by (b) $470,584,689. 
 

 

	 

	 
			
				3.

					
				Amount
				  of Series B Convertible Subordinated Debt to be Issued to CIG Pursuant to
				  Section 5.04(a) shall
				  be equal to (a) the Actual Subordinated Debt Basket Available, multiplied by
				  (b) (x) $95,584,689, divided by (y) $470,584,689. 
 

 

	 

	 
			
				4.

					
				Amount
				  of Series B Convertible Subordinated Debt to be Issued to NBCU Pursuant to
				  Section 5.04(a) shall
				  be equal to (a) the Actual Subordinated Debt Basket Available, multiplied by
				  (b) (x) $375,000,000, divided by (y) $470,584,689. 
 

 

	 

	 For
		purposes of this Schedule 5.04 and Schedule 10.12, the following terms shall
		have the meanings set forth below: 

	 

	 “Total
		Tendering 141⁄4% Preferred”
		shall be equal to the total
		stated liquidation preference of all
		of the 141⁄4% Preferred Stock owned by holders other than CIG that is
		tendered in the Exchange Offer. 

	 

	 “Total
		Tendering 141⁄4% Preferred Percent”
		shall be equal to the Total Tendering 141⁄4% Preferred, divided by
		$475,450,218. 

	 

	 “Total
		Tendering 93⁄4% Preferred”
		shall be equal to the total stated liquidation preference of all of the
		93⁄4% Preferred Stock owned by holders other than CIG that is tendered in
		the Exchange Offer.

	 

	 “Total
		Tendering 93⁄4% Preferred Percent”
		shall be equal to the Total Tendering 93⁄4% Preferred, divided by
		$164,336,438.

	  

	 
		 

		  
		  

		   
 

	 SCHEDULE
		10.12

	 

	 Transfer
		of Series B Convertible Subordinated Debt

	  

	 The
		amount in Section 10.12 shall be calculated as follows:

	  

	 Actual
		Subordinated Debt Transfer from NBCU to CIG shall
		be equal to (a) $10,000,000, multiplied by (b) a fraction, (x) the numerator of
		which is (i) 90%, less (ii) the Overall Exchange Success Percent, and (y) the
		denominator of which is 90%, provided,
		however, that
		if the Actual Subordinated Debt Basket Available is equal to $0, then the
		Actual Subordinated Debt Transfer from NBCU to CIG shall be $0. 

	  

	 For
		purposes of this Schedule 10.12, all capitalized terms used but not otherwise
		defined in this Schedule 10.12 shall have the meanings given to them in
		Schedule 5.04.

	  

	 

	 
	 

	 
	 EXHIBIT
		A to the Master Transaction Agreement

	  

	 Series
		A Convertible Subordinated Debt Indenture Term Sheet

	  

 
	 Exhibit
		A to the
Master Transaction Agreement

	  

	 Series
		A Convertible Subordinated Debt Indenture Term Sheet

	  

	 The
		Series A Convertible Subordinated Debt Indenture will reflect the following
		terms:

	  

	 
			
				Issuer

					
				The
				  Company.
 
	 	 
	
				Initial
				  Holders
 	
				Former
				  holders of 141⁄4% Preferred and 93⁄4% Preferred (including
				  CIG).
 
	 	 
	
				Ranking

					
				Junior
				  to the Senior Debt and pari passu with the Series B Convertible Subordinated
				  Debt.
 
	 	 
	
				Maturity

					
				July
				  2013.
 
	 	 
	
				Interest

					
				11%
				  annual simple interest coupon, payable quarterly in arrears, in cash, which
				  amounts shall accrue to the extent not paid in cash.
 
	 	 
	
				Call
				  
 	
				Series A
				  Convertible Subordinated Debt shall not be callable prior to
				  maturity.
 
	 	 
	
				Optional
				  Conversion 
 	
				Series A
				  Convertible Subordinated Debt shall be convertible at any time, at the
				  holder’s option, into shares of Class D Common Stock at a conversion price
				  of $0.90 per share of Class D Common Stock, increasing at a rate per annum of
				  11% from the issuance of Series A Convertible Subordinated Debt through the
				  date of conversion (the “Series
				  A Convertible Subordinated Debt Conversion Price”).

				
	 	 
	
				Mandatory
				  Conversion
 	
				At any
				  time following the first anniversary of the issuance date, Series A Convertible
				  Subordinated Debt shall be converted (the “Mandatory
				  Conversion of Series A Convertible Subordinated Debt”)
				  into shares of Class D Common Stock, at the Series A Convertible Subordinated
				  Debt Conversion Price, upon the earlier of: (i)
				  in the event shares of Class A Common Stock or Class D Common Stock are traded
				  on a national stock exchange, the trading price for fifteen (15) consecutive
				  trading days of Class A Common Stock or Class D Common Stock on such exchange
				  is equal to or greater than, (A) in the event the Mandatory Conversion of
				  Series A Convertible Subordinated Debt occurs after the first anniversary but
				  prior to the second anniversary of the issuance date, 102% of the Series A
				  Convertible Subordinated Debt Conversion Price, (B) in the event the Mandatory
				  Conversion of Series A Convertible Subordinated Debt occurs after the second
				  anniversary but prior to the third anniversary of the issuance date, 101% of
				  the Series A Convertible Subordinated Debt Conversion Price, or (C) in the
				  event the Mandatory Conversion of Series A Convertible Subordinated Debt occurs
				  after the third anniversary of the issuance date, the Series A Convertible
				  Subordinated Debt Conversion Price (the price as described in (A), (B) and (C),
				  as the case may be, the “Series
				  A Convertible Subordinated Debt Mandatory Conversion Trigger
				  Price”),
				  and (ii)
				  the issuance by the Company of Common Stock at an issue price per share equal
				  to or greater than the Series A Convertible Subordinated Debt Mandatory
				  Conversion Trigger Price with an aggregate consideration of no
				  less
 

 

	  

	 

	 
	 

	 
	  

	 
			 	than
				$75,000,000 in such issuance;
				provided, that
				if such issuance is made to CIG, NBCU or their respective Affiliates, the
				designated investment bank shall have provided an opinion
				in
				customary form to the
				Company to the
				effect that
				the issue price per share of Common Stock is at or
				higher than
				the fair market value of a share of Common Stock.
	 	 
	
				Adjustment
				  to Conversion Price
 	
				The
				  conversion prices shall be subject to customary adjustments for stock splits,
				  dividends, recapitalizations, below market issues and similar
				  events.
 
	 	 
	
				Transferability

					
				Series A
				  Convertible Subordinated Debt shall be freely transferable, subject to
				  applicable securities laws.
 
	 	 
	
				Other
				  Terms
 	
				The
				  indenture shall contain customary covenants and events of default provisions to
				  be negotiated by the parties and shall be consistent with the indentures for
				  the Series B Convertible Subordinated Debt.
 

 

	 

	 

	 
	 

	 
	 

	 EXHIBIT
		B to the Master Transaction Agreement

	  

	 
		Series B Convertible Subordinated Debt Indenture 

	  

	 

	 
	 

	 
		Exhibit
		B 
to the Master Transaction Agreement
	 

	 
		Series B Convertible Subordinated Debt Indenture 

	 	 
	 
	 
	
			 
				 ION MEDIA
				NETWORKS, INC. 
			 

		  
	 
	
			 
				11% Series B
				Mandatorily Convertible Senior Subordinated Notes due 2013
			 

		  
	 
	 
	 
	
			 
				INDENTURE
			 

		  
	 
	 
	 
	
			 
				Dated as of May
				4, 2007
			 

		  
	 
	 
	 
	
			 
				The Bank of New
				York Trust Company, N.A., as Trustee
			 

		  

	 
		
	 

	 

	 
	 

	 

	 		
	
			 
				TABLE OF
				CONTENTS
			 

		  
	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	

	ARTICLE 1 DEFINITIONS AND INCORPORATION BY
			 REFERENCE	1
	 	         Section
			 1.01.	 	Definitions.	1
	 	         Section
			 1.02.	 	Other Definitions.	18
	 	         Section
			 1.03.	 	Trust Indenture Act
			 Provisions.	18
	 	         Section
			 1.04.	 	Rules of Construction.	19
	ARTICLE 2 THE SECURITIES	19
	 	         Section
			 2.01.	 	Form and Dating.	19
	 	         Section
			 2.02.	 	Execution and
			 Authentication.	21
	 	         Section
			 2.03.	 	Registrar, Paying Agent and Conversion
			 Agent.	22
	 	         Section
			 2.04.	 	Paying Agent to Hold Money in
			 Trust.	22
	 	         Section
			 2.05.	 	Lists of Holders of
			 Securities.	23
	 	         Section
			 2.06.	 	Transfer and Exchange.	23
	 	         Section
			 2.07.	 	Replacement Securities.	24
	 	         Section
			 2.08.	 	Outstanding Securities.	24
	 	         Section
			 2.09.	 	Treasury Securities.	25
	 	         Section
			 2.10.	 	Temporary Securities.	25
	 	         Section
			 2.11.	 	Cancellation.	25
	 	         Section
			 2.12.	 	Legend; Additional Transfer and Exchange
			 Requirements.	26
	 	         Section
			 2.13.	 	CUSIP Numbers.	29
	ARTICLE 3 REPURCHASE	29
	 	         Section
			 3.01.	 	Purchase of Securities in Open
			 Market.	29
	ARTICLE 4 CONVERSION	29
	 	         Section
			 4.01.	 	Conversion and Conversion
			 Rate.	29
	 	         Section
			 4.02.	 	Conversion Procedure.	31
	 	         Section
			 4.03.	 	Fractional Shares.	32
	 	         Section
			 4.04.	 	Taxes on Conversion.	32
	 	         Section
			 4.05.	 	Company to Provide Stock.	32
	 	         Section
			 4.06.	 	Adjustment of Conversion
			 Rate.	33
	 	         Section
			 4.07.	 	No Adjustment.	37
	 	         Section
			 4.08.	 	Notice of Adjustment.	38

	 
		i
	 

	 

	 
	 

	 

	 	 	         Section
			 4.09.	 	Notice of Certain
			 Transactions.	38
	 	         Section
			 4.10.	 	[reserved].	38
	 	         Section
			 4.11.	 	Withholding.	38
	 	         Section
			 4.12.	 	Trustee’s Disclaimer.	38
	ARTICLE 5
			 COVENANTS	39
	 	         Section
			 5.01.	 	Payment of Securities.	39
	 	         Section
			 5.02.	 	SEC and Other Reports.	39
	 	         Section
			 5.03.	 	Compliance Certificates.	40
	 	         Section
			 5.04.	 	Further Instruments and
			 Acts.	40
	 	         Section
			 5.05.	 	Maintenance of Corporate
			 Existence.	40
	 	         Section
			 5.06.	 	Rule 144A Information
			 Requirement.	40
	 	         Section
			 5.07.	 	Stay, Extension and Usury
			 Laws.	40
	 	         Section
			 5.08.	 	Payment of Additional
			 Interest.	41
	 	         Section
			 5.09.	 	Maintenance of Office or
			 Agency.	41
	 	         Section
			 5.10.	 	Limitation on Layered
			 Debt.	41
	 	         Section
			 5.11.	 	Limitation on Debt.	41
	ARTICLE 6 CONSOLIDATION; MERGER;
			 CONVEYANCE; TRANSFER OR LEASE	42
	 	         Section
			 6.01.	 	Company May Consolidate, Etc., Only on
			 Certain Terms.	42
	 	         Section
			 6.02.	 	Successor Substituted.	43
	ARTICLE 7 DEFAULT AND
			 REMEDIES	43
	 	         Section
			 7.01.	 	Events of Default.	43
	 	         Section
			 7.02.	 	Acceleration.	45
	 	         Section
			 7.03.	 	Other Remedies.	46
	 	         Section
			 7.04.	 	Waiver of Defaults and Events of
			 Default.	46
	 	         Section
			 7.05.	 	Control by Majority.	46
	 	         Section
			 7.06.	 	Limitations on Suits.	47
	 	         Section
			 7.07.	 	Rights of Holders to Receive Payment and
			 to Convert.	47
	 	         Section
			 7.08.	 	Collection Suit by
			 Trustee.	47
	 	         Section
			 7.09.	 	Trustee May File Proofs of
			 Claim.	48
	 	         Section
			 7.10.	 	Priorities.	48
	 	         Section
			 7.11.	 	Undertaking for Costs.	48
	ARTICLE 8
			 TRUSTEE	49
	 	         Section
			 8.01.	 	Obligations of Trustee.	49

	 
		ii
	 

	 

	 
	 

	 

	 	 	         Section
			 8.02.	 	Rights of
			 Trustee.	50
	 	         Section
			 8.03.	 	Individual Rights of
			 Trustee.	51
	 	         Section
			 8.04.	 	Trustee’s
			 Disclaimer.	51
	 	         Section
			 8.05.	 	Notice of Default or Events
			 of Default.	52
	 	         Section
			 8.06.	 	Reports by Trustee to
			 Holders.	52
	 	         Section
			 8.07.	 	Compensation and
			 Indemnity.	52
	 	         Section
			 8.08.	 	Replacement of
			 Trustee.	53
	 	         Section
			 8.09.	 	Successor Trustee by
			 Merger, Etc.	54
	 	         Section
			 8.10.	 	Eligibility;
			 Disqualification.	54
	 	         Section
			 8.11.	 	Preferential Collection of
			 Claims Against Company.	54
	ARTICLE 9 SATISFACTION AND
			 DISCHARGE OF INDENTURE	54
	 	         Section
			 9.01.	 	Satisfaction and Discharge
			 of Indenture.	54
	 	         Section
			 9.02.	 	Application of Trust
			 Money.	55
	 	         Section
			 9.03.	 	Repayment to
			 Company.	56
	 	         Section
			 9.04.	 	Reinstatement	56
	ARTICLE 10 AMENDMENTS;
			 SUPPLEMENTS AND WAIVERS	56
	 	         Section
			 10.01.	 	Without Consent of
			 Holders.	56
	 	         Section
			 10.02.	 	With Consent of
			 Holders.	58
	 	         Section
			 10.03.	 	Compliance with Trust
			 Indenture Act.	59
	 	         Section
			 10.04.	 	Revocation and Effect of
			 Consents.	59
	 	         Section
			 10.05.	 	Notation on or Exchange of
			 Securities.	59
	 	         Section
			 10.06.	 	Trustee to Sign Amendments,
			 Etc.	59
	 	         Section
			 10.07.	 	Effect of Supplemental
			 Indentures.	60
	ARTICLE 11
			 REDEMPTION	60
	 	         Section
			 11.01.	 	Redemption	60
	ARTICLE 12 SUBORDINATION OF
			 SECURITIES	60
	 	         Section
			 12.01.	 	Securities Subordinate to
			 Senior Debt.	60
	 	         Section
			 12.02.	 	Payment over Proceeds upon
			 Dissolution, etc.	60
	 	         Section
			 12.03.	 	Suspension of Payment when
			 Designated Senior Debt in Default.	62
	 	         Section
			 12.04.	 	Trustee’s relation to
			 Senior Debt.	63
	 	         Section
			 12.05.	 	Subrogation to Rights of
			 Holder of Senior Debt.	63
	 	         Section
			 12.06.	 	Provisions Solely to Define
			 Relative Rights.	64
	 	         Section
			 12.07.	 	Trustee to Effectuate
			 Subordination.	64

	 
		iii
	 

	 

	 
	 

	 

	 	 	         Section
			 12.08.	 	No Waiver of Subordination
			 Provisions.	64
	 	         Section
			 12.09.	 	Notice to
			 Trustee.	65
	 	         Section
			 12.10.	 	Reliance on Judicial Order
			 or Certificate of Liquidating Agent.	66
	 	         Section
			 12.11.	 	Rights of Trustee as a
			 Holder of Senior Debt; Preservation of Trustee’s Rights.	66
	 	         Section
			 12.12.	 	Article Applicable to
			 Paying Agents.	66
	 	         Section
			 12.13.	 	No Suspension of
			 Remedies.	66
	ARTICLE 13
			 MISCELLANEOUS	67
	 	         Section
			 13.01.	 	Trust Indenture Act
			 Controls.	67
	 	         Section
			 13.02.	 	Notices. 	67
	 	         Section
			 13.03.	 	Communications by Holders
			 with Other Holder.	68
	 	         Section
			 13.04.	 	Certificate and Opinion as
			 to Conditions Precedent.	68
	 	         Section
			 13.05.	 	Record Date for Vote or
			 Consent of Holders of Securities.	69
	 	         Section
			 13.06.	 	Rules by Trustee, Paying
			 Agent, Registrar and Conversion Agent.	70
	 	         Section
			 13.07.	 	Legal
			 Holidays.	70
	 	         Section
			 13.08.	 	Governing
			 Law.	70
	 	         Section
			 13.09.	 	No Adverse Interpretation
			 of Other Agreements.	70
	 	         Section
			 13.10.	 	No Recourse Against
			 Others.	70
	 	         Section
			 13.11.	 	No Security Interest
			 Created.	70
	 	         Section
			 13.12.	 	Successors.	71
	 	         Section
			 13.13.	 	Multiple
			 Counterparts.	71
	 	         Section
			 13.14.	 	Separability.	71
	 	         Section
			 13.15.	 	Table of Contents,
			 Headings, Etc.	71
	 	         Section
			 13.16.	 	Waiver of Jury
			 Trial.	71
	 	         Section
			 13.17.	 	Force
			 Majeure.	71
	Exhibit	 	 	A-1

	 
		iv
	 

	 

	 
	 

	 

	 	CROSS REFERENCE TABLE* 
	 

	 	TIA 
 SECTION
			 	 	 	 	INDENTURE 

			    SECTION 
	
	 	 	 	

	Section 	 	310 	 	12.01 
	 	 	310(a)(1) 	 	8.10 
	 	 	(a)(2) 	 	8.10 
	 	 	(a) (3) 	 	N.A.** 
	 	 	(a) (4) 	 	N.A. 
	 	 	(a) (5) 	 	8.10 
	 	 	(b) 	 	8.08, 8.10 
	 	 	(c) 	 	N.A. 
	Section	 	
			 311 	 	12.01 
	 	 	311 (a) 	 	8.11 
	 	 	(b) 	 	8.11 
	 	 	(c) 	 	N.A. 
	Section	 	
			 312 	 	12.01 
	 	 	312(a) 	 	2.05 
	 	 	(b) 	 	12.03 
	 	 	(c) 	 	12.03 
	Section	 	
			 313 	 	12.01 
	 	 	313(a) 	 	8.06(a) 
	 	 	(b)(1) 	 	N.A. 
	 	 	(b)(2) 	 	8.06(a) 
	 	 	(c) 	 	8.06(a) 
	 	 	(d) 	 	8.06(b) 
	Section 	 	314 	 	12.01 
	 	 	314(a) 	 	5.02(a); 5.03 
	 	 	(b) 	 	N.A. 
	 	 	(c)(1) 	 	2.02; 9.01; 12.04 
	 	 	(c)(2) 	 	9.01; 12.04 
	 	 	(c)(3) 	 	N.A. 
	 	 	(d) 	 	N.A. 
	 	 	(e) 	 	12.04 
	 	 	(f) 	 	N.A. 
	Section	 	
			 315 	 	12.01 
	 	 	315(a) 	 	8.01(b) 
	 	 	(b) 	 	8.05 
	 	 	(c) 	 	8.01(a) 
	 	 	(d) 	 	8.01(c) 
	 	 	(d)(2) 	 	8.01(c) 
	 	 	(d)(3) 	 	8.01(c) 
	 	 	(e) 	 	7.11 
	Section	 	
			 316 	 	12.01 
	 	 	316 (a) 	 	7.05; 10.02(b) 
	 	 	(b) 	 	7.07 
	 	 	(c) 	 	12.05(a) 

	 
		
	 

	 

	 
	 

	 

	 	TIA 
 SECTION
			 	 	 	 	INDENTURE 

			    SECTION 
	
	 	 	 	

	Section	 	
			 317 	 	12.01 
	 	 	
			 317(a)(1) 	 	7.08 
	 	 	
			 317(a)(2) 	 	7.09 
	 	 	
			 317(b) 	 	2.04 
	Section	 	
			 318 	 	12.01 

	 	 	 
	 *
			 	
			 
				This
				Cross-Reference Table shall not, for any purpose, be deemed a part of this
				Indenture.
			 

		  
	 	 
	 **
			 	 N.A. means Not
			 Applicable. 
	 	 

	 
		
	 

	 

	 
	 

	 

	 
		                THIS INDENTURE dated as of May 4,
		2007 is between ION Media Networks, Inc., a corporation duly organized under
		the laws of the State of Delaware (the “Company”), and The Bank of
		New York Trust Company, N.A., a national banking association, as Trustee (the
		“Trustee”).
	 

	 
		                In consideration of the purchase
		of the Securities (as defined herein) by the Holders thereof, both parties
		agree as follows for the benefit of the other and for the equal and ratable
		benefit of the Holders of the Securities.
	 

	 
		ARTICLE 1
DEFINITIONS AND INCORPORATION BY REFERENCE
	 

	 
		                Section 1.01.
		         Definitions.
	 

	 
		                “93⁄4% Preferred”
		means the 93⁄4% Series A Convertible Preferred Stock, par value $0.001 per
		share, of the Company, with a liquidation preference of $10,000 per share, as
		it may be modified or amended from time to time.
	 

	 
		                “141⁄4% Preferred”
		means the 131⁄4% Cumulative Junior Exchangeable Preferred Stock, par value
		$0.001 per share (currently accruing dividends at the rate of 141⁄4%), of
		the Company, with a liquidation preference of $10,000 per share, as it may be
		modified or amended from time to time.
	 

	 
		                “Acquired Debt” means
		Debt of a Person (including any Subsidiary) assumed in connection with the
		acquisition of assets from such Person.
	 

	 
		                “Additional Interest”
		has the meaning specified in the Registration Rights Agreement. All references
		herein to interest accrued or payable as of any date shall include any
		Additional Interest accrued or payable as of such date as provided in the
		Registration Rights Agreement.
	 

	 
		                “Affiliate” means, with
		respect to any specified person, any other person directly or indirectly
		controlling or controlled by or under direct or indirect common control with
		such specified person. For the purposes of this definition, “control”
		when used with respect to any person means the power to direct the management
		and policies of such person, directly or indirectly, whether through the
		ownership of voting securities, by contract or otherwise; and the terms
		“controlling” and “controlled” have meanings correlative to
		the foregoing.
	 

	 
		                “Agent” means any
		Registrar, Paying Agent or Conversion Agent.
	 

	 
		                “Applicable Conversion
		Period” means, with respect to a conversion of Securities, the 10
		consecutive Trading Day period commencing on the third Trading Day following
		the date the Securities are tendered for conversion.
	 

	 
		                “Applicable Conversion
		Rate” means, as of any Trading Day, the Conversion Rate in effect on such
		date after giving effect to any change in the Conversion Price and any
		adjustment provided for under Section 4.06.
	 

	 
		
	 

	 

	 
	 

	 

	 
		                “Applicable Procedures”
		means, with respect to any transfer or exchange of beneficial ownership
		interests in a Global Security, the rules and procedures of the Depositary, to
		the extent applicable to such transfer or exchange.
	 

	 
		                “Attributable Debt” in
		respect of a Sale and Leaseback Transaction means, at any date of
		determination, 
	 

	 
		                (a)           if
		such Sale and Leaseback Transaction is a Capital Lease Obligation, the amount
		of Debt represented thereby according to the definition of “Capital Lease
		Obligations” and 
	 

	 
		                (b)           in
		all other instances, the present value (discounted at the interest rate borne
		by the Securities at such time, compounded annually) of the total obligations
		of the lessee for rental payments during the remaining term of the lease
		included in such Sale and Leaseback Transaction (including any period for which
		such lease has been extended).
	 

	 
		                “Average Life” means,
		as of any date of determination, with respect to any Debt or Preferred Stock,
		the quotient obtained by dividing 
	 

	 
		                (a)           the
		sum of the product of the numbers of years (rounded to the nearest one-twelfth
		of one year) from the date of determination to the dates of each successive
		scheduled principal payment of such Debt or redemption or similar payment with
		respect to such Preferred Stock multiplied by the amount of such payment by
		
	 

	 
		                (b)           the
		sum of all such payments.
	 

	 
		                “Average Price” means,
		with respect to a conversion of Securities, an amount equal to the average of
		the Closing Sale Prices of Conversion Shares for each Trading Day in the
		Applicable Conversion Period.
	 

	 
		                “Beneficial Ownership”
		means the definition such term is given in accordance with Rule 13d-3
		promulgated by the SEC under the Exchange Act.
	 

	 
		                “Board of Directors”
		means either the board of directors of the Company or any committee of the
		Board of Directors authorized to act for it with respect to this
		Indenture.
	 

	 
		                “Business Day” means
		any day, other than a Saturday, Sunday or any other day on which banking
		institutions in The City of New York are authorized or obligated by law or
		executive order to close.
	 

	 
		                “Capital Stock” of any
		Person means any and all shares, interests, rights to purchase, warrants,
		options, participations or other equivalents of or interests in (however
		designated) equity of such Person.
	 

	 
		                “Capital Lease
		Obligations” means any obligation under a lease that is required to be
		capitalized for financial reporting purposes in accordance with GAAP; and the
		amount of Debt represented by such obligation shall be the capitalized amount
		of such obligations determined in accordance with GAAP; and the Stated Maturity
		thereof shall be the date of the last payment of 
	 

	 
		2
	 

	 

	 
	 

	 

	 
		rent or any other
		amount due under such lease prior to the first date upon which such lease may
		be terminated by the lessee without payment of a penalty. 
	 

	 
		                “Cash” or
		“cash” means such coin or currency of the United States as at any
		time of payment is legal tender for the payment of public and private
		debts.
	 

	 
		                “Cash Equivalents”
		means (i) marketable direct obligations issued by, or unconditionally
		guaranteed by, the United States Government or issued by any agency thereof and
		backed by the full faith and credit of the United States, in each case maturing
		within one year from the date of acquisition thereof; (ii) marketable direct
		obligations issued by any state of the United States of America or any
		political subdivision of any such state or any public instrumentality thereof
		maturing within one year from the date of acquisition thereof and, at the time
		of acquisition, having one of the two highest ratings obtainable from either
		S&P or Moody’s; (iii) commercial paper maturing no more than one year
		from the date of creation thereof and, at the time of acquisition, having a
		rating of at least A-1 from S&P or at least P-1 from Moody’s; (iv)
		certificates of deposit or bankers’ acceptances maturing within one year
		from the date of acquisition thereof issued by any commercial bank organized
		under the laws of the United States of America or any state thereof or the
		District of Columbia or any U.S. branch of a foreign bank having at the date of
		acquisition thereof combined capital and surplus of not less than $250,000,000;
		(v) repurchase obligations with a term of not more than seven days for
		underlying securities of the types described in clause (i) above entered into
		with any bank meeting the qualifications specified in clause (iv) above; and
		(vi) investments in money market funds which invest substantially all their
		assets in securities of the types described in clauses (i) through (v)
		above.
	 

	 
		                “Certificated Security”
		means a Security that is in substantially the form attached as Exhibit A but
		that does not include the information or the schedule called for by footnote 1
		thereof.
	 

	 
		                “CIG” means CIG Media
		LLC, a Delaware limited liability company. 
	 

	 
		                “Class A Common Stock”
		means the Class A Common Stock, par value $.001 per share, of the
		Company.
	 

	 
		                “Class C Common Stock”
		means the Class C Non-Voting Common Stock, par value $0.001 per share, of the
		Company.
	 

	 
		                “Class D Common Stock”
		means the Class D Non-Voting Common Stock, par value $0.001 per share, of the
		Company.
	 

	 
		                “Closing Sale Price” on
		any date means, with respect to the Conversion Shares, the last sale price for
		the Conversion Shares, regular way, or, in case no such sale takes place on
		such date, the average of the closing bid and asked prices, regular way, for
		the Conversion Shares in either case as reported in the principal consolidated
		transaction reporting system with respect to the principal national securities
		exchange on which the Conversion Shares are listed or admitted to trading or,
		if the Conversion Shares are not listed or admitted to trading on any national
		securities exchange, the last quoted price, or, if not so quoted, the average
		of the high bid and low asked prices in the over-the-counter market, as
		reported by the principal automated quotation 
	 

	 
		3
	 

	 

	 
	 

	 

	 
		system that may then
		be in use or, if the Conversion Shares are not quoted by any such organization,
		the average of the closing bid and asked prices as furnished by a professional
		market maker making a market in the Conversion Shares selected by the Board of
		Directors or, in the event that no trading price is available for the
		Conversion Shares, the fair market value of the Conversion Shares, as
		determined in good faith by the Board of Directors.
	 

	 
		                “Common Stock” of any
		Person means any and all shares, interests or other participations in, and
		other equivalents (however designated and whether voting or non-voting) of,
		such Person’s common stock, whether outstanding on the Issue Date or
		issued after the Issue Date, and includes, without limitation, all series and
		classes of such common stock.
	 

	 
		                “Consolidated EBITDA”
		means, for any Person, for any period, an amount equal to (a) the sum of
		Consolidated Net Income for such period, plus, to the extent deducted from the
		revenues of such Person in determining Consolidated Net Income, (i) the
		provision for taxes for such period based on income or profits and any
		provision for taxes utilized in computing a loss in Consolidated Net Income
		above, plus (ii) Consolidated Interest Expense, net of interest income earned
		on cash or cash equivalents for such period (including, for this purpose,
		dividends on preferred stock only to the extent that such dividends were
		deducted in determining Consolidated Net Income), plus (iii) depreciation for
		such period on a consolidated basis, plus (iv) amortization of intangibles and
		broadcast program licenses for such period on a consolidated basis, minus (b)
		scheduled payments relating to broadcast program license liabilities, except
		that with respect to the Company each of the foregoing items shall be
		determined on a consolidated basis with respect to the Company and its
		Subsidiaries only; provided, however, that, for purposes of calculating
		Consolidated EBITDA during any fiscal quarter, cash income from a particular
		Investment of such Person shall be included only if cash income has been
		received by such Person as a result of the operation of the business in which
		such Investment has been made in the ordinary course without giving effect to
		any extraordinary, unusual and non-recurring gains.
	 

	 
		                “Consolidated Interest
		Expense” means, with respect to any Person, for any period, the aggregate
		amount of interest which, in conformity with GAAP, would be set forth opposite
		the caption “interest expense” or any like caption on an income
		statement for such Person and its Subsidiaries on a consolidated basis,
		including, but not limited to, imputed interest included in Capitalized Lease
		Obligations, all commissions, discounts and other fees and charges owed with
		respect to letters of credit and bankers’ acceptance financing, the net
		costs associated with hedging obligations, amortization of other financing fees
		and expenses, the interest portion of any deferred payment obligation,
		amortization of discount or premium, if any, and all other non-cash interest
		expense (other than interest amortized to cost of sales) plus, without
		duplication, all net capitalized interest for such period and all interest
		incurred or paid under any guarantee of indebtedness (including a guarantee of
		principal, interest or any combination thereof) of any Person, and all time
		brokerage fees relating to financing of television stations which the Company
		has an agreement or option to acquire.
	 

	 
		                “Consolidated Net
		Income” means, with respect to any Person, for any period, the aggregate
		of the net income (or loss) of such Person and its Subsidiaries for such
		period, on a consolidated basis, determined in accordance with GAAP; provided,
		however, that (a) the net income of any Person (the “other Person”)
		in which the Person in question or any of its 
	 

	 
		4
	 

	 

	 
	 

	 

	 
		Subsidiaries has less
		than a 100% interest (which interest does not cause the net income of such
		other Person to be consolidated into the net income of the Person in question
		in accordance with GAAP) shall be included only to the extent of the amount of
		dividends or distributions paid to the Person in question or to the Subsidiary,
		(b) the net income of any Subsidiary of the Person in question that is subject
		to any restriction or limitation on the payment of dividends or the making of
		other distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity entitlements granted to employees of the
		Company and its Subsidiaries) increasing and decreasing Consolidated Net Income
		and not otherwise included in the definition of Consolidated EBITDA shall be
		excluded.
	 

	 
		                “Conversion Date”
		means, with respect to a Security, the date on which the Holder of the Security
		has complied with Section 4.02.
	 

	 
		                “Conversion Price” per
		Conversion Share as of any day means the sum of (x) the result obtained by
		dividing (i) $1,000 by (ii) the Applicable Conversion Rate, rounded to the
		nearest cent, which price shall be initially $0.75 per share of Conversion
		Shares, plus (y) an amount equal to 11% of the quotient yielded in clause (x)
		above from the Issue Date to and including the date of calculation calculated
		on a non-compound basis per annum on the basis of a 360-day year consisting of
		twelve 30-day months with periods less than 30 days being calculated on the
		basis of the actual days elapsed.
	 

	 
		                “Conversion Rate” means
		the rate at which the Conversion Shares shall be delivered upon conversion,
		which rate shall be initially 1333.3333 shares of Conversion Shares for each
		$1,000 principal amount of Securities, as adjusted from time to time pursuant
		to the provisions of this Indenture.
	 

	 
		                “Conversion Record
		Date” ” has the meaning provided in Section 4.01(b) hereof.
	 

	 
		                “Conversion Shares”
		means with respect to the Senior Subordinated Debt issued under this Indenture
		to (A) CIG (i) shares of Class A Common Stock or (ii) with respect to any
		Holder, if such Holder or the Company determines, after consultation with its
		outside legal counsel, that such Holder is prevented under applicable laws and
		regulations of the FCC from holding shares of Class A Common Stock issuable
		upon conversion of such Holder’s Securities, a number of shares of
		non-voting Common Stock of the Company (which (1) upon disposition by such
		Holder to any Person that the Company and such Holder mutually determine, after
		consultation with outside legal counsel, is not prevented under applicable laws
		and regulations of the FCC from holding shares of Class A Common Stock or (2)
		upon the mutual determination by the Company and such Holder that applicable
		laws and regulations of the FCC no longer prohibit such Holder from holding
		shares of Class A Common Stock, shall automatically be converted into shares of
		Class A Common Stock), into which the Securities are from time to time 
	 

	 
		5
	 

	 

	 
	 

	 

	 
		convertible, and (B)
		the NBCU Entities, at NBCU’s option, Class A Common Stock or Class C
		Common Stock. 
	 

	 
		                “Corporate Trust
		Office” means the office of the Trustee at which at any particular time
		the trust created by this Indenture shall be administered, which initially will
		be the office of The Bank of New York Trust Company, N.A. located at 10161
		Centurion Parkway, 2nd Floor Jacksonville, FL 32256,
		attention: Corporate Trust Administration.
	 

	 
		                “Currency Exchange
		Protection Agreement” means, in respect of a Person, any foreign exchange
		contract, currency swap agreement, currency option or other similar agreement
		or arrangement designed to protect such Person against fluctuations in currency
		exchange rates.
	 

	 
		                “Debt” means, with
		respect to any Person on any date of determination (without duplication):
		
	 

	 
		                (a)           the
		principal of and premium (if any) in respect of 
	 

	 	 	                (1)           debt
			 of such Person for money borrowed and 
		 
	 	                (2)           debt
			 evidenced by notes, debentures, bonds or other similar instruments for the
			 payment of which such Person is liable; 

	 
		                (b)           all
		Capital Lease Obligations of such Person and all Attributable Debt in respect
		of Sale and Leaseback Transactions entered into by such Person; 
	 

	 
		                (c)           all
		obligations of such Person representing the deferred and unpaid purchase price of
		Property, all conditional sale obligations of such Person and all obligations
		of such Person under any title retention agreement (but excluding trade
		accounts payable and other accrued liabilities arising in the ordinary course
		of business, including any obligations in respect of Film Contracts); 
	 

	 
		                (d)           all
		obligations of such Person for the reimbursement of any obligor on any letter
		of credit, banker’s acceptance or similar credit transaction (other than
		obligations with respect to letters of credit securing obligations (other than
		obligations described in (a) through (c) above) entered into in the ordinary
		course of business of such Person to the extent such letters of credit are not
		drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no
		later than the third Business Day following receipt by such Person of a demand
		for reimbursement following payment on the letter of credit); 
	 

	 
		                 (e)           the
		amount of all obligations of such Person with respect to the Repayment of any
		Disqualified Capital Stock or, with respect to any Subsidiary of such Person,
		any Preferred Stock (but excluding, in each case, any accrued dividends);
		
	 

	 
		                 (f)            all
		obligations of the type referred to in clauses (a) through (e) of other Persons
		and all dividends of other Persons for the payment of which, in either case,
		such Person is liable, directly or indirectly, as obligor, guarantor or
		otherwise, including by means of any guarantee; 
	 

	 
		6
	 

	 

	 
	 

	 

	 
		                (g)           all
		obligations of the type referred to in clauses (a) through (f) of other Persons
		secured by any Lien on any Property of such Person (whether or not such
		obligation is assumed by such Person), the amount of such obligation being
		deemed to be the lesser of the value of such Property and the amount of the
		obligation so secured; and 
	 

	 
		                (h)           to
		the extent not otherwise included in this definition, Hedging Obligations of
		such Person. 
	 

	 
		                The amount of Debt of any Person
		at any date shall be the outstanding principal balance, or the accreted value
		of such Debt in the case of Debt issued with original issue discount, at such
		date of all unconditional obligations as described above and the maximum
		liability upon the occurrence of the contingency giving rise to the obligation,
		of any contingent obligations at such date. Debt shall not include contingent
		obligations arising out of customary indemnification agreements or purchase
		price adjustments with respect to the sale of assets or securities. The amount
		of Debt represented by a Hedging Obligation shall be equal to:
	 

	 
		                “Default” means, when
		used with respect to the Securities, any event that is or, after notice or
		passage of time, or both, would be, an Event of Default.
	 

	 
		                “Designated Senior
		Debt” means:
	 

	 		(a)	any Senior Debt which, at the time of determination, has an aggregate
			 principal amount of at least $25,000,000 or accreted value in the case of Debt
			 issued at a discount) and is specifically designated in the instrument
			 evidencing such Senior Debt as “Designated Senior Debt”;
			 and
			 
		(b)	the Existing Senior Debt.

	 
		                “Disqualified Capital
		Stock” means, with respect to any Person, any Capital Stock that by its
		terms (or by the terms of any security into which it is convertible or for
		which it is exchangeable, in either case at the option of the holder thereof)
		or otherwise 
	 

	 
		                (a)           matures
		or is mandatorily redeemable pursuant to a sinking fund obligation or
		otherwise,
	 

	 
		                (b)           is
		or may become redeemable or repurchaseable at the option of the holder thereof,
		in whole or in part, or
	 

	 
		                (c)           is
		convertible or exchangeable at the option of the holder thereof for Debt or
		Disqualified Capital Stock, on or prior to, in the case of clause (a), (b) or
		(c), the [91st] day after the Final Maturity Date of the
		Securities.
	 

	 
		                “Designated Investment
		Bank” means an investment bank selected by the Purchasing Party from a
		list of three internationally recognized investment banks provided to the
		Purchasing Party by the Company pursuant to Section 2.07 of the Master
		Transaction Agreement.
	 

	 
		7
	 

	 

	 
	 

	 

	 
		                “Equity Interests”
		means Capital Stock and all warrants, options or other rights to acquire
		Capital Stock, but excluding any debt security that is convertible into, or
		exchangeable for, Capital Stock. 
	 

	 
		                “Exchange Act” means
		the Securities Exchange Act of 1934, as amended, and the rules and regulations
		promulgated thereunder, as in effect from time to time.
	 

	 
		                “Ex-dividend Date”
		means the first date upon which a sale of shares of the Conversion Shares does
		not automatically transfer the right to receive the relevant distribution from
		the seller of the Conversion Shares to its buyer.
	 

	 
		                “Existing Preferred
		Stock” means, collectively, 141⁄4% Preferred, 93⁄4% Preferred
		and NBCU Series B Preferred. 
	 

	 
		                “Existing Senior Debt”
		means, collectively, the Company’s (i) $325,000,000 aggregate principal
		amount of First Priority Term Loan due 2012, (ii) $400,000,000 aggregate
		principal amount of Floating Rate First Priority Senior Secured Notes due 2012
		and (iii) $405,000,000 aggregate principal amount of Floating Rate Second
		Priority Senior Secured Notes due 2013.
	 

	 
		                “Extraordinary Cash
		Dividend” means cash dividends with respect to the Conversion Shares the
		aggregate amount of which in any fiscal year exceeds 10% of Consolidated EBITDA
		of the Company and its subsidiaries for the fiscal year immediately preceding
		the payment of such dividend.
	 

	 
		                “Fair Market Value”
		means, with respect to any Property, the sale price for such Property that
		could be negotiated in an arm’s-length transaction, for cash, between a
		willing seller and a willing buyer, neither of whom is under undue pressure or
		compulsion to complete the transaction.
	 

	 
		                “Final Maturity Date”
		means July 31, 2013.
	 

	 
		                “GAAP” means generally
		accepted accounting principles in the United States of America as in effect
		from time to time, including those set forth in (1) the opinions and
		pronouncements of the Accounting Principles Board of the American Institute of
		Certified Public Accountants, (2) the statements and pronouncements of the
		Public Company Accounting Oversight Board and the Financial Accounting
		Standards Board, (3) such other statements by such other entity as approved by
		a significant segment of the accounting profession and (4) the rules and
		regulations of the SEC governing the inclusion of financial statements
		(including pro forma financial statements) in registration statements filed
		under the Securities Act and periodic reports required to be filed pursuant to
		Section 13 of the Exchange Act, including opinions and pronouncements in staff
		accounting bulletins and similar written statements from the accounting staff
		of the SEC.
	 

	 
		                “Global Security” means
		a Security in global form that is in substantially the form attached as Exhibit
		A and that includes the information and schedule called for in footnote 1
		thereof and which is deposited with the Depositary or its custodian and
		registered in the name of the Depositary or its nominee.
	 

	 
		8
	 

	 

	 
	 

	 

	 
		                “Holder” or
		“Holder of a Security” means the person in whose name a Security is
		registered on the Registrar’s books.
	 

	 
		                “Hedging Obligations”
		of any Person means any obligation of such Person pursuant to any Interest Rate
		Agreement, Currency Exchange Protection Agreement or any other similar
		agreement or arrangement.
	 

	 
		                “Indenture” means this
		Indenture as amended or supplemented from time to time pursuant to the terms of
		this Indenture, including the provisions of the TIA that are automatically
		deemed to be a part of this Indenture by operation of the TIA.
	 

	 
		                “Initial Purchasers”
		means CIG.
	 

	 
		                “Interest Payment Date”
		means January 31, April 30, July 31 and October 31 of each year.
	 

	 
		                “Interest Rate
		Agreement” means, for any Person, any interest rate swap agreement,
		interest rate cap agreement, interest rate collar agreement or other similar
		agreement designed to protect against fluctuations in interest rates.
	 

	 
		                “Issue Date” of any
		Security means the date on which the Security was originally issued or deemed
		issued as set forth on the face of the Security.
	 

	 
		                “Mandatory Conversion”
		shall have the meaning ascribed to it in Section 4.01(b)(i) hereof.
	 

	 
		                “Mandatory Conversion
		Event” means the later to occur of (a) May 4, 2008 or (b) the earlier to
		occur of: (i) the date on which the last sale price for the Conversion Shares,
		regular way, or, in case no such sale takes place on such date, the average of
		the closing bid and asked prices, regular way, for the Class A Common Stock or
		Class D Common Stock, in either case as reported in the principal consolidated
		transaction reporting system with respect to the principal national securities
		exchange on which the Class A Common Stock or Class D Common Stock is listed or
		admitted to trading, or, if the Conversion Shares are not listed or admitted to
		trading on any national securities exchange, the last quoted price, or, if not
		so quoted, the average of the high bid and low asked prices in the
		over-the-counter market, as reported by the principal automated quotation
		system that may then be in use, for the Class A Common Stock or Class D Common
		Stock for fifteen (15) consecutive trading days is equal to or greater than the
		product of (x) the Conversion Price as then in effect and (y) the Mandatory
		Conversion Factor; (ii) the issuance by the Company of the Conversion Shares at
		an issue price per share not less than the product of (x) the Conversion Price
		as then in effect for aggregate gross proceeds (before deduction of
		underwriting commissions and other expenses of sale) of not less than
		$75,000,000 and (y) the Mandatory Conversion Factor provided that if such
		issuance is made to a Purchasing Party, the Designated Investment Bank shall
		have provided an opinion in customary form to the Company to the effect that
		the issue price per share of Conversion Shares is at or higher than the fair
		market value of a Conversion Share. 
	 

	 
		                “Mandatory Conversion
		Factor” shall be (i) in the event the
		Mandatory Conversion Event occurs on or after the first anniversary but prior
		to the second anniversary of the Issue Date, 102%, (ii) 
	 

	 
		9
	 

	 

	 
	 

	 

	 
		in the event the Mandatory Conversion of the
		Securities occurs on or after the second anniversary but prior to the third
		anniversary of the Issue Date, 101%, or (iii) in the event the Mandatory
		Conversion of the Securities occurs on or after the third anniversary of the
		issuance date, 100%.
	 

	 
		                “Mandatory Conversion
		Notice” shall have the meaning ascribed to it in Section 4.01(b)(ii)
		hereof.
	 

	 
		                “Master Transaction
		Agreement” means that certain Master Transaction Agreement dated as of May
		3, 2007, by and among the Company, the NBCU Entities and CIG, as it may be
		amended from time to time.
	 

	 
		                “NBCU Entities” means
		NBC Universal, Inc., a Delaware corporation, NBC Palm Beach Investment I, Inc.,
		a California corporation, NBC Palm Beach Investment II, Inc., a California
		corporation.
	 

	 
		                “NBCU Series B
		Preferred” means the 11% Series B Convertible Exchangeable Preferred
		Stock, par value $0.001 per share, of the Company, with a liquidation
		preference of $10,000 per share, as it may be modified or amended from time to
		time.
	 

	 
		                “Non-Payment Event of
		Default” means any default (other than a Payment Default) the occurrence
		of which entitles one or more Persons to accelerate the maturity of any
		Designated Senior Debt.
	 

	 
		                “Officer” means the
		Chairman of the Board, the Chief Executive Officer, the President, any Vice
		President, the Chief Operating Officer, the Chief Financial Officer, the Chief
		Accounting Officer, the Controller, the Treasurer, an Assistant Treasurer, the
		Secretary or any Assistant Secretary of the Company.
	 

	 
		                “Officers’
		Certificate” means a certificate signed by the Chairman of the Board, the
		Chief Executive Officer, the President, any Vice President, the Chief Operating
		Officer, the Chief Financial Officer or the Chief Accounting Officer of the
		Company and by the Controller, the Treasurer, an Assistant Treasurer, the
		Secretary or any Assistant Secretary of the Company, and delivered to the
		Trustee.
	 

	 
		                “Opinion of Counsel”
		means a written opinion from legal counsel. The counsel may be an employee of
		or counsel to the Company.
	 

	 
		                “Outstanding” means
		Securities outstanding in accordance with Section 2.08.
	 

	 
		                “Payment Default” means
		any default, whether or not any requirement for the giving of notice, the lapse
		of time or both, or any other condition to such default becoming an event of
		default has occurred, in the payment of principal of (or premium, if any) or
		interest on or any other amount payable in connection with Designated Senior
		Debt.
	 

	 
		                “Permitted Junior
		Securities” means:
	 

	 		(a)	Equity Interests in the Company; or

	 
		10
	 

	 

	 
	 

	 

	 		(b)	Unsecured debt securities that are subordinated to all Senior Debt
			 (and any debt securities issued in exchange for Senior Debt) to substantially
			 the same extent as, or to a greater extent than, the Securities are
			 subordinated to the Senior Debt;
			 

	 	 	provided that the term “Permitted Junior Securities” shall
			 not include any securities distributed pursuant to a plan of reorganization if
			 the Senior Debt is treated as part of the same class as the Securities for
			 purposes of such plan of reorganization; provided further that to the extent
			 that any Senior Debt of the Company outstanding on the date of consummation of
			 such plan of reorganization is not paid in full in cash on such date, the
			 holders of any such Senior Debt not so paid in full cash shall have consented
			 to the terms of such plan of reorganization. 

	 
		                “Permitted Debt” means
		each of the following: 
	 

	 		(a)	Debt of the Company evidenced by the Securities; 
			 
		(b)	Existing Senior Debt;
			 
		(c)	Debt in respect of Capital Lease Obligations and Purchase Money Debt,
			 provided that: 

	 
		                (1)         the aggregate
		principal amount of such Debt does not exceed the Fair Market Value (on the
		date of the incurrence thereof) of the Property acquired, constructed or
		leased; and 
	 

	 
		                (2)         the aggregate
		principal amount of all Debt incurred and then outstanding pursuant to this
		clause (b) (together with all Refinancing Debt incurred and then outstanding in
		respect of Debt previously incurred pursuant to this clause (c)) does not
		exceed 5% of the Company’s consolidated total assets at the date of
		incurrence of Permitted Debt pursuant to this clause (c); 
	 

	 
		                (d)         Debt of the
		Company owing to and held by any Wholly Owned Subsidiary and Debt of a
		Subsidiary owing to and held by the Company or any Wholly Owned Subsidiary;
		provided that any subsequent issue or transfer of Capital Stock or other event
		that results in any such Wholly Owned Subsidiary ceasing to be a Wholly Owned
		Subsidiary or any subsequent transfer of any such Debt (except to the Company
		or a Wholly Owned Subsidiary) shall be deemed, in each case, to constitute the
		incurrence of such Debt by the issuer thereof; 
	 

	 
		                (e)         Debt under
		Interest Rate Agreements entered into by the Company or a Subsidiary for the
		purpose of limiting interest rate risk in the ordinary course of the financial
		management of the Company or such Subsidiary and not for speculative purposes;
		provided that the obligations under such agreements are directly related to
		payment obligations on Debt otherwise permitted by Section 5.11; 
	 

	 
		                (f)         Debt under
		Currency Exchange Protection Agreements entered into by the Company or a
		Subsidiary for the purpose of limiting currency exchange rate risks directly
		related to transactions entered into by the Company or such Subsidiary in the
		ordinary course of business and not for speculative purposes; 
	 

	 
		11
	 

	 

	 
	 

	 

	 
		                (g)         Debt in
		connection with one or more standby letters of credit or performance bonds
		issued by the Company or a Subsidiary in the ordinary course of business or
		pursuant to self-insurance obligations and not in connection with the borrowing
		of money or the obtaining of advances or credit; 
	 

	 
		                (h)         Attributable
		Debt with respect to Sale and Leaseback Transactions; provided that the
		aggregate principal amount outstanding at any one time (together with all
		Refinancing Debt incurred and then outstanding in respect of Debt previously
		incurred pursuant to this clause (h)) does not exceed $50,000,000; 
	 

	 
		                (i)         Debt
		outstanding on the Issue Date not otherwise described in clauses (a) through
		(i) above; 
	 

	 
		                (j)         Refinancing
		Debt incurred in respect of Debt incurred pursuant to clause (1) of Section
		5.11(a) or clause (a), (b), (c), (h), (i), (j), (l) or (m) of this definition;
		provided that Refinancing Debt cannot be used to refinance Disqualified Capital
		Stock pursuant to this clause (j) unless such Refinancing Debt consists solely
		of Disqualified Capital Stock that has a redemption date and requires the
		payment of current dividends in cash no earlier than, and does not provide the
		holder thereof remedies that are in the aggregate materially less favorable to
		the Company than, the Disqualified Capital Stock being refinanced; 
	 

	 
		                (k)         Debt of the
		Company or any Subsidiary under any Receivables Facility not to exceed
		$35,000,000 at any one time outstanding; 
	 

	 		(l)	Qualified Subordinated Debt; and
			 
		(m)	Debt not to exceed $100,000,000 at any time outstanding. 

	 
		                “Person” or
		“person” means any individual, Company, partnership, limited
		liability company, joint venture, association, joint-stock company, trust,
		unincorporated organization, government or any agency or political subdivision
		thereof or any syndicate or group that would be deemed to be a
		“person” under Section 13(d)(3) of the Exchange Act or any other
		entity.
	 

	 
		                “Preferred Stock” means
		any Capital Stock of a Person, however designated, which entitles the holder
		thereof to a preference with respect to the payment of dividends, or as to the
		distribution of assets upon any voluntary or involuntary liquidation or
		dissolution of such Person, over shares of any other class of Capital Stock
		issued by such Person. 
	 

	 
		                “PIK Notes” has the
		meaning given such term by the Second Priority Indenture.
	 

	 
		                “Principal” or
		“principal” of a debt security, including the Securities, means the
		principal of the debt security plus, when appropriate, the premium, if any, on
		the debt security.
	 

	 
		                “Property” means, with
		respect to any Person, any interest of such Person in any kind of property or
		asset, whether real, personal or mixed, or tangible or intangible, including
		Capital Stock in, and other securities of, any other Person. For purposes of
		any calculation required pursuant to this Indenture, the value of any Property
		shall be its Fair Market Value.
	 

	 
		12
	 

	 

	 
	 

	 

	 
		                “Purchase Money Debt”
		means Debt: 
	 

	 
		                (a)           consisting
		of the deferred purchase price of property, conditional sale obligations,
		obligations under any title retention agreement, other purchase money
		obligations and obligations in respect of industrial revenue bonds; and 

	 

	 
		                (b)           incurred
		to finance the acquisition, construction or lease by the Company or any
		Subsidiary of such Property, including additions and improvements thereto;
		
	 

	 
		                in each case including the
		reasonable fees and expenses incurred in connection therewith; provided,
		however, that such Debt is incurred within 180 days after the acquisition,
		construction or lease of such Property by the Company or such
		Subsidiary.
	 

	 
		                “Qualified Subordinated
		Debt” means Debt of the Company constituting the Senior Subordinated Debt
		or Subordinated Obligations of the type described in clause (i) of the
		definition of Subordinated Obligations if the following conditions are met:
		
	 

	 
		                 (1)           the
		Stated Maturity of such Debt is at least 91 days after the Final Maturity Date
		of the Securities; and 
	 

	 
		                 (2)           the
		aggregate principal amount (or if incurred with original issue discount, the
		aggregate accreted value at issuance) of all such Qualified Subordinated Debt
		of the Company (together with any Refinancing Debt in respect thereof) at any
		time outstanding shall not exceed $650,000,000 less the aggregate amount of the
		obligations under this Indenture then outstanding.
	 

	 
		                “Purchasing Party”
		means CIG, NBC Universal, Inc., a Delaware corporation and their respective
		Affiliates.
	 

	 
		                “Receivables Facility”
		means one or more receivables financing facilities, as amended from time to
		time, pursuant to which the Company or any of its Subsidiaries sells its
		accounts receivable to a Person that is not a Subsidiary. 
	 

	 
		                “Refinance” means, in
		respect of any Debt, to refinance, extend, renew, refund, repay, prepay,
		repurchase, redeem, defease or retire, or to issue other Debt in exchange or
		replacement for, such Debt. “Refinanced” and “Refinancing”
		shall have correlative meanings. 
	 

	 
		                “Refinancing Debt”
		means any Debt that Refinances any other Debt, including any successive
		Refinancings, so long as: 
	 

	 
		                (a)           such
		Debt is in an aggregate principal amount (or if incurred with original issue
		discount, an aggregate issue price) not in excess of the sum of 
	 

	 	 	                (1)           the
			 aggregate principal amount then outstanding (or if incurred with original issue
			 discount, the aggregate accreted value at the date of such Refinancing) of the
			 Debt being Refinanced and 
		 
	 	                (2)           an
			 amount necessary to pay any fees and expenses, including premiums and
			 defeasance costs, related to such Refinancing; 

	 
		13
	 

	 

	 
	 

	 

	 
		                (b)           the
		Average Life of such Debt is equal to or greater than the Average Life of the
		Debt being Refinanced; 
	 

	 
		                (c)           the
		Stated Maturity of such Debt is no earlier than the Stated Maturity of the Debt
		being Refinanced; and
	 

	 
		                (d)           with
		respect to Debt that is being Refinanced that is subordinate to the Securities,
		such Refinancing Debt shall be subordinate to the Securities at least to the
		same extent and in the same manner as the Debt being Refinanced.
	 

	 
		                “Registration Rights
		Agreement” means the Registration Rights Agreement, dated as of May 4,
		2007, between the Company and the Initial Purchasers, as amended from time to
		time in accordance with its terms.
	 

	 
		                “Regular Record Date”
		means, with respect to each Interest Payment Date, the January 15, April 15,
		July 15 and October 15 (whether or not a Business Day) as the case may be,
		immediately preceding such Interest Payment Date.
	 

	 
		                “Responsible Officer”
		means, when used with respect to the Trustee, any officer within the corporate
		trust services department of the Trustee with direct responsibility for the
		administration of this Indenture and also means, with respect to a particular
		corporate trust matter, any other officer to whom such matter is referred
		because of such person’s knowledge of and familiarity with the particular
		subject and who shall have direct responsibility for administration of this
		Indenture.
	 

	 
		                “Repay” means, in
		respect of any Debt, to repay, prepay, repurchase, redeem, legally defease or
		otherwise retire such Debt. “Repayment” and “Repaid” shall
		have correlative meanings. 
	 

	 
		                “Restricted Global
		Security” means a Global Security that is a Restricted Security.
	 

	 
		                “Restricted Security”
		means a Security required to bear the restricted legend set forth in the form
		of Security annexed as Exhibit A.
	 

	 
		                “Rule 144” means Rule
		144 under the Securities Act or any successor to such Rule.
	 

	 
		                “Rule 144A” means Rule
		144A under the Securities Act or any successor to such Rule.
	 

	 
		                “Sale and Leaseback
		Transaction” means any direct or indirect arrangement relating to Property
		now owned or hereafter acquired whereby the Company or any Subsidiary transfers
		such Property to another Person and the Company or any Subsidiary leases it
		from such Person.
	 

	 
		                “Second Priority Notes”
		means $405,000,000 aggregate principal amount of the Company’s Floating
		Rate Second Priority Senior Secured Notes due 2013 issued on the Issue Date
		under the Second Priority Notes Indenture. 
	 

	 
		                “Second Priority Notes
		Indenture” means the Indenture, dated as of December 30, 2005, by and
		among The Bank of New York trust Company, N.A., as trustee, the Company and the
		
	 

	 
		14
	 

	 

	 
	 

	 

	 
		Subsidiary Guarantors
		(as defined therein) pursuant to which the Second Priority Notes were
		issued.
	 

	 
		                “SEC” means the
		Securities and Exchange Commission.
	 

	 
		                “Securities” means (x)
		11% Series B Mandatorily Convertible Senior Subordinated Notes due 2013 in the
		initial aggregate principal amount of $100,000,000, or any of them, as amended
		or supplemented from time to time, that are issued under this Indenture on the
		date of this Indenture, and (y) any additional notes issued under this
		Indenture from time to time, in addition to the Initial Securities, on the same
		terms and conditions and with the same CUSIP number as the Initial Securities
		(the “Additional Securities” and, together with the Initial
		Securities, the “Securities” and each a “Security”). Any
		Additional Securities subsequently issued under this Indenture shall be of the
		same series as the Initial Securities and shall rank equally with the Initial
		Securities. The Initial Securities and any Additional Securities subsequently
		issued under this Indenture shall be treated as a single class for all purposes
		under this Indenture, including, without limitation, waivers, amendments,
		redemptions, repurchases, offers to purchase and conversions.
	 

	 
		                “Securities Act” means
		the Securities Act of 1933, as amended, and the rules and regulations
		promulgated thereunder, as in effect from time to time.
	 

	 
		                “Securities Custodian”
		means the Trustee, as custodian with respect to the Securities in global form,
		or any successor thereto.
	 

	 
		                “Senior Debt” of the
		Company means:
	 

	 
		                (a)           all
		obligations consisting of the principal, premium, if any, and accrued and
		unpaid interest (including interest accruing on or after the filing of any
		petition in bankruptcy or for reorganization relating to the Company at the
		rate specified in the agreement or instrument evidencing such debt, whether or
		not such interest is allowed in such proceeding) and any other Obligation in
		respect of
	 

	 		(i)	the Existing Senior Debt;
		 	 
		(ii)	Debt of the Company for borrowed money;
		 	 
		(iii)	Debt of the Company evidenced by notes, debentures, bonds or other
			 similar instruments permitted under this Indenture for the payment of which the
			 Company is responsible or liable;
			 
		(iv)	all Capital Lease Obligations of the Company and all Attributable Debt
			 in respect of Sale and Leaseback Transactions entered into by the Company;
			 and
			 
		(v)	all obligations of the Company (1) for the reimbursement of any
			 obligor on any letter of credit, bankers’ acceptance or similar credit
			 transaction, (2) under Interest Rate Agreements or (3) issued or assumed as the
			 deferred purchase price of Property and all conditional sale obligations of
			 

	 
		15
	 

	 

	 
	 

	 

	 	 	the Company and all obligations under any title retention agreement
			 permitted under this Indenture; 

	 
		                provided, however, that Senior
		Debt shall not include:
	 

	 		(i)	Debt of the Company that is by its terms subordinate or pari passu in
			 right of payment to the Securities, including any Senior Subordinated
			 Debt;
			 
		(ii)	any Debt incurred in violation of the provisions of this
			 Indenture;

	 		 

	 		(iii)	accounts payable or any other obligations of the Company to trade
			 creditors created or assumed by the Company in the ordinary course of business
			 in connection with the obtaining of materials or services;
			 
		(iv)	any liability for federal, state, local or other taxes owed or owing
			 by the Company;
			 
		(v)	any obligation of the Company to any Subsidiary; or
			 
		(vi)	any obligations with respect to any Capital Stock of the
			 Company.

	 
		                “Senior Subordinated
		Debt” of the Company means the Securities and the Series A Convertible
		Subordinated Debt and any other subordinated Debt of the Company that
		specifically provides that such Debt is to rank pari passu with the Securities
		and is not subordinated by its terms to any other subordinated Debt or other
		obligation of the Company which is not Senior Debt. 
	 

	 
		                “Series A Convertible
		Subordinated Debt” means 11% mandatorily convertible subordinated debt due
		2013 to be issued by the Company to holders of 141⁄4% Preferred and
		93⁄4% Preferred in the Exchange Offer under the Series A Convertible
		Subordinated Debt Indenture.
	 

	 
		                “Series A Convertible
		Subordinated Debt Indenture” means the indenture, substantially in the
		form of Exhibit A attached to the Master Transaction Agreement, among the
		Company, The Bank of New York Trust Company, N.A., as trustee, and subsidiary
		guarantors party thereto which govern Series A Convertible Subordinated Debt.
		
	 

	 
		                “Significant
		Subsidiary” means, in respect of any Person, as of any date of
		determination, a Subsidiary of such Person that would constitute a
		“significant subsidiary” as such term is defined under Rule 1-02(w)
		of Regulation S-X under the Securities Act as in effect on the date of this
		Indenture.
	 

	 
		                “Stated Maturity”
		means, with respect to any security, the date specified in such security as the
		fixed date on which the payment of principal of such security is due and
		payable, including pursuant to any mandatory redemption provision (but
		excluding any provision providing for the repurchase of such security at the
		option of the holder thereof upon the happening of any contingency beyond the
		control of the issuer unless such contingency has occurred).
	 

	 
		16
	 

	 

	 
	 

	 

	 
		                “Subordinated
		Obligation” means any Debt of the Company (whether outstanding on the
		Issue Date or thereafter incurred) that is subordinate or junior in right of
		payment to the Securities pursuant to a written agreement to that effect or
		otherwise pursuant to the terms of such Debt.
	 

	 
		                “Subsidiary” means, in
		respect of any Person, any corporation, association, partnership or other
		business entity of which more than 50% of the total voting power of shares of
		Capital Stock entitled (without regard to the occurrence of any contingency
		within the control of such Person to satisfy) to vote in the election of
		directors, managers, general partners or trustees thereof is at the time owned
		or controlled, directly or indirectly, by (i) such Person, (ii) such Person and
		one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of
		such Person.
	 

	 
		                “TIA” means the Trust
		Indenture Act of 1939, as amended, and the rules and regulations thereunder as
		in effect on the date of this Indenture, except to the extent that the Trust
		Indenture Act or any amendment thereto expressly provides for application of
		the Trust Indenture Act as in effect on another date.
	 

	 
		                “Trading Day” means a
		day during which trading in securities generally occurs on principal national
		securities exchange on which the Conversion Shares are listed or admitted to
		trading or, if the Conversion Shares are not then listed or admitted to trading
		on a national securities exchange, on the principal other United States
		national or regional securities exchange on which the Conversion Shares are
		then listed or, if the Conversion Shares are not then listed on a United States
		national or regional securities exchange, on the principal other market on
		which the Conversion Shares are then traded. A “Trading Day” only
		includes those days that have a scheduled closing time of 4:00 p.m. (New York
		City time) or the then standard closing time for regular trading on the
		relevant exchange or trading system.
	 

	 
		                “Transactions” has the
		meaning provided in Section 4.01(b)(iv) hereof.
	 

	 
		                “Trustee” means the
		party named as such in the first paragraph of this Indenture until a successor
		replaces it in accordance with the provisions of this Indenture, and thereafter
		means the successor.
	 

	 
		                “Vice President” when
		used with respect to the Company or the Trustee, means any vice president,
		whether or not designated by a number or a word or words added before or after
		the title “vice president.”
	 

	 
		                “Voting Stock” means
		shares of the capital stock and any other securities of the Company having the
		ordinary power to vote in the election of directors of the Company.
	 

	 
		                “Wholly Owned
		Subsidiary” means, at any time, a Subsidiary all of the Voting Stock of
		which (except directors’ qualifying shares) is at such time owned,
		directly or indirectly, by the Company or one or more Wholly Owned Subsidiaries
		of the Company. 
	 

	 
		17
	 

	 

	 
	 

	 

	 
		                Section 1.02.         
		Other Definitions.
	 

	 	 	Term	Defined in Section
	 	
	

	 	“Agent Members”	2.01
	 	“Bankruptcy Law”	7.01
	 	“Company Order”	2.02
	 	“Conversion Agent”	2.03
	 	“Conversion Date”	4.02
	 	“Depositary”	2.01
	 	“DTC”	2.01
	 	“Event of Default”	7.01
	 	“Legal Holiday”	11.07
	 	“Legend”	2.12
	 	“Notice of Default”	7.01
	 	“Paying Agent”	2.03
	 	“Primary Registrar”	2.03
	 	“QIB”	2.01
	 	“Receiver”	7.01
	 	“Registrar”	2.03
	 	“record date”	4.06
	 	“Spin-Off”	4.06(a)(3)
	 	“tender offer”	4.06
			

	 
		                Section 1.03.
		         Trust Indenture Act
		Provisions.
	 

	 
		                Whenever this Indenture refers to
		a provision of the TIA, that provision is incorporated by reference in and made
		a part of this Indenture. This Indenture shall also include those provisions of
		the TIA required to be included herein by the provisions of the Trust Indenture
		Reform Act of 1990. 
	 

	 
		                The following TIA terms used in
		this Indenture have the following meanings:
	 

	 
		                “indenture securities”
		means the Securities;
	 

	 
		                “indenture security
		holder” means a Holder of a Security;
	 

	 
		                “indenture to be
		qualified” means this Indenture;
	 

	 
		                “indenture trustee” or
		“institutional trustee” means the Trustee; and
	 

	 
		                “obligor” on the
		indenture securities means the Company or any other obligor on the
		Securities.
	 

	 
		                “principal amount”
		means the outstanding principal amount of the Securities
	 

	 
		                All other terms used in this
		Indenture that are defined in the TIA, defined by TIA reference to another
		statute or defined by any SEC rule and not otherwise defined herein have the
		meanings assigned to them therein.
	 

	 
		18
	 

	 

	 
	 

	 

	 
		              Section 1.04.
		         Rules of
		Construction.
	 

	 
		              Unless the context otherwise
		requires:
	 

	 	 	                (1)           a
			 term has the meaning assigned to it;
		 
	 	                (2)           an
			 accounting term not otherwise defined has the meaning assigned to it in
			 accordance with GAAP; 
		 
	 	                (3)           words
			 in the singular include the plural, and words in the plural include the
			 singular; 
		 
	 	                (4)           the
			 term “merger” includes a statutory share exchange and the term
			 “merged” has a correlative meaning; 
		 
	 	                (5)           the
			 masculine gender includes the feminine and the neuter;
		 
	 	                (6)           references
			 to agreements and other instruments include subsequent amendments thereto;
			 and 
		 
	 	                (7)           all
			 “Article”, “Exhibit” and “Section” references are
			 to Articles, Exhibits and Sections, respectively, of or to this Indenture
			 unless otherwise specified herein, and the terms “herein,”
			 “hereof” and other words of similar import refer to this Indenture as
			 a whole and not to any particular Article, Section or other
			 subdivision.

	 
		ARTICLE 2
THE SECURITIES
	 

	 
		                Section 2.01.          Form
		and Dating.
	 

	 
		                The Securities and the
		Trustee’s certificate of authentication shall be substantially in the
		respective forms set forth in Exhibit A, which Exhibit is incorporated in and
		made part of this Indenture. The Securities may have notations, legends or
		endorsements required by law, stock exchange or automated quotation system rule
		or regulation or usage. The Company shall provide any such notations, legends
		or endorsements to the Trustee in writing. Each Security shall be dated the
		date of its authentication.
	 

	 
		                (a)   Restricted Global Securities. All of the
		Securities are initially being offered and sold to qualified institutional
		buyers as defined in Rule 144A (collectively, “QIBS” or individually,
		each a “QIB”) in reliance on Rule 144A under the Securities Act and
		shall be issued initially in the form of one or more Restricted Global
		Securities, which shall be deposited on behalf of the purchasers of the
		securities represented thereby with the Securities Custodian, as custodian for
		the depositary, The Depository Trust Company (“DTC”, and such
		depositary, or any successor thereto, being hereinafter referred to as the
		“Depositary”), and registered in the name of its nominee, Cede &
		Co. (or any successor thereto), for the accounts of participants in the
		Depositary, duly executed by the Company and authenticated by the Trustee as
		hereinafter provided. The aggregate principal amount of the Restricted Global
		Securities may from time to 
	 

	 
		19
	 

	 

	 
	 

	 

	 
		time be increased or
		decreased by adjustments made on the records of the Securities Custodian as
		hereinafter provided, subject in each case to compliance with the Applicable
		Procedures. 
	 

	 
		                (b)   Global
		Securities In General. The Securities issued in global form shall be
		substantially in the form of Exhibit A attached hereto (including the Global
		Security Legend thereon and the “Schedule of Exchanges of Securities”
		attached thereto). The Securities issued in definitive form shall be
		substantially in the form of Exhibit A attached hereto (but without the Global
		Security Legend thereon and without the “Schedule of Exchanges of
		Securities” attached thereto). Each Global Security shall represent such
		of the outstanding Securities as shall be specified therein and each shall
		provide that it shall represent the aggregate amount of outstanding Securities
		from time to time endorsed thereon and that the aggregate amount of outstanding
		Securities represented thereby may from time to time be reduced or increased,
		as appropriate, to reflect replacements, exchanges, purchases, redemptions, or
		conversions of such Securities. Any adjustment of the aggregate principal
		amount of a Global Security to reflect the amount of any increase or decrease
		in the amount of outstanding Securities represented thereby shall be made by
		the Trustee in accordance with instructions given by the Holder thereof as
		required by Section 2.12 and shall be made on the records of the Trustee and
		the Depositary.
	 

	 
		                Members of, or participants in,
		the Depositary (“Agent Members”) shall have no rights under this
		Indenture with respect to any Global Security held on their behalf by the
		Depositary or under the Global Security, and the Depositary (including, for
		this purpose, its nominee) may be treated by the Company, the Trustee and any
		agent of the Company or the Trustee as the absolute owner and Holder of such
		Global Security for all purposes whatsoever. Notwithstanding the foregoing,
		nothing herein shall (1) prevent the Company, the Trustee or any agent of the
		Company or the Trustee from giving effect to any written certification, proxy
		or other authorization furnished by the Depositary or (2) impair, as between
		the Depositary and its Agent Members, the operation of customary practices
		governing the exercise of the rights of a Holder of any Security. 
	 

	 
		                (c)   Book
		Entry Provisions. The Company shall execute and the Trustee shall, in
		accordance with this Section 2.01(c), authenticate and deliver initially one or
		more Global Securities that (1) shall be registered in the name of the
		Depositary or its nominee, (2) shall be delivered by the Trustee to the
		Depositary or pursuant to the Depositary’s instructions and (3) shall bear
		legends substantially to the following effect:
	 

	 	 	“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
			 REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
			 REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
			 REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
			 BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY
			 PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
			 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY
			 TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
			 IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
			 

	 
		20
	 

	 

	 
	 

	 

	 	 	HEREIN.  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF
			 THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
			 DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
			 REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
			 ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND
			 UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM,
			 THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
			 NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
			 OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
			 TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
			 DEPOSITARY.”

	 
		                Section 2.02.
		         Execution and
		Authentication.
	 

	 
		                (a)   The
		aggregate principal amount of Securities which may be authenticated and
		delivered under this Indenture is unlimited. Initially, $100,000,000 aggregate
		principal amount of Initial Securities shall be authenticated and delivered
		under this Indenture.
	 

	 
		                (b)   An Officer
		shall sign the Securities for the Company by manual or facsimile signature.
		Typographic and other minor errors or defects in any such facsimile signature
		shall not affect the validity or enforceability of any Security that has been
		authenticated and delivered by the Trustee.
	 

	 
		                (c)   If an
		officer whose signature is on a Security no longer holds that office at the
		time the Trustee authenticates the Security, the Security shall be valid
		nevertheless. 
	 

	 
		                (d)   A Security
		shall not be valid until an authorized signatory of the Trustee by manual
		signature signs the certificate of authentication on the Security. The
		signature shall be conclusive evidence that the Security has been authenticated
		under this Indenture. 
	 

	 
		                (e)   The Trustee
		shall authenticate and make available for delivery Securities for original
		issue upon receipt of a written order or orders of the Company signed by an
		Officer of the Company (a “Company Order”). The Company Order shall
		specify the amount of Securities to be authenticated, shall provide that all
		such securities will be represented by a Restricted Global Security and the
		date on which each original issue of Securities is to be authenticated. 

	 

	 
		                 (f)    The
		Trustee shall act as the initial authenticating agent. Thereafter, the Trustee
		may appoint an authenticating agent reasonably acceptable to the Company to
		authenticate Securities. An authenticating agent may authenticate Securities
		whenever the Trustee may do so. Each reference in this Indenture to
		authentication by the Trustee includes authentication by such agent. An
		authenticating agent shall have the same rights as an Agent to deal with the
		Company or an Affiliate of the Company. 
	 

	 
		                 (g)   The
		Securities shall be issuable only in registered form without coupons and only
		in denominations of $1,000 principal amount and any integral multiple
		thereof.
	 

	 
		21
	 

	 

	 
	 

	 

	 
		                Section 2.03.
		         Registrar, Paying
		Agent and Conversion Agent.
	 

	 
		                (a)   The Company
		shall maintain one or more offices or agencies where Securities may be
		presented for registration of transfer or for exchange (each, a
		“Registrar”), one or more offices or agencies where Securities may be
		presented for payment (each, a “Paying Agent”), one or more offices
		or agencies where Securities may be presented for conversion (each, a
		“Conversion Agent”) and one or more offices or agencies where notices
		and demands to or upon the Company in respect of the Securities and this
		Indenture may be served. The Company will at all times maintain a Paying Agent,
		Conversion Agent, Registrar and an office or agency where notices and demands
		to or upon the Company in respect of the Securities and this Indenture may be
		served in the Borough of Manhattan, The City of New York. One of the Registrars
		(the “Primary Registrar”) shall keep a register of the Securities and
		of their transfer and exchange.
	 

	 
		                (b)   The Company
		shall enter into an appropriate agency agreement with any Agent not a party to
		this Indenture, provided that the Agent may be an Affiliate of the Trustee. The
		agreement shall implement the provisions of this Indenture that relate to such
		Agent. The Company shall notify the Trustee of the name and address of any
		Agent not a party to this Indenture. If the Company fails to maintain a
		Registrar, Paying Agent, Conversion Agent, or agent for service of notices and
		demands in any place required by this Indenture, or fails to give the foregoing
		notice, the Trustee shall act as such. The Company or any Affiliate of the
		Company may act as Paying Agent (except for the purposes of Section 5.01 and
		Article 9).
	 

	 
		                (c)   The Company
		hereby initially designates the Trustee as Paying Agent, Registrar, Securities
		Custodian and Conversion Agent, and initially designates the Corporate Trust
		Office of the Trustee as an office or agency where notices and demands to or
		upon the Company in respect of the Securities and this Indenture shall be
		served.
	 

	 
		                Section 2.04.
		         Paying Agent to Hold
		Money in Trust.
	 

	 
		                Prior to 10:00 a.m., New York
		City time, on each due date of the payment of principal of, or interest on, any
		Securities, the Company shall deposit with the Paying Agent a sum sufficient to
		pay such principal or interest so becoming due. Subject to Section 9.02, a
		Paying Agent shall hold in trust for the benefit of Holders of Securities or
		the Trustee all money held by the Paying Agent for the payment of principal of,
		or interest on, the Securities, and shall notify the Trustee of any failure by
		the Company (or any other obligor on the Securities) to make any such payment.
		If the Company or an Affiliate of the Company acts as Paying Agent, it shall,
		before 10:00 a.m., New York City time, on each due date of the principal of, or
		interest on, any Securities, segregate the money and hold it as a separate
		trust fund. The Company at any time may require a Paying Agent to pay all money
		held by it to the Trustee, and the Trustee may at any time during the
		continuance of any Default, upon written request to a Paying Agent, require
		such Paying Agent to pay forthwith to the Trustee all sums so held in trust by
		such Paying Agent. Upon doing so, the Paying Agent (other than the Company)
		shall have no further liability for the money. 
	 

	 
		22
	 

	 

	 
	 

	 

	 
		                Section 2.05.
		         Lists of Holders of
		Securities.
	 

	 
		                The Trustee shall preserve in as
		current a form as is reasonably practicable the most recent list available to
		it of the names and addresses of Holders of Securities. If the Trustee is not
		the Primary Registrar, the Company shall furnish to the Trustee on or before
		each Interest Payment Date and at such other times as the Trustee may request
		in writing, a list in such form and as of such date as the Trustee may
		reasonably require of the names and addresses of Holders of Securities.
	 

	 
		                Section 2.06.
		         Transfer and
		Exchange.
	 

	 
		                (a)   Subject to
		compliance with any applicable additional requirements contained in Section
		2.12, when a Security is presented to a Registrar with a request to register a
		transfer thereof or to exchange such Security for an equal principal amount of
		Securities of other authorized denominations, the Registrar shall register the
		transfer or make the exchange as requested; provided, however, that
		every Security presented or surrendered for registration of transfer or
		exchange shall be duly endorsed or accompanied by an assignment form and, if
		applicable, a transfer certificate each in the form included in Exhibit A, and
		completed in a manner satisfactory to the Registrar and duly executed by the
		Holder thereof or its attorney duly authorized in writing. To permit
		registration of transfers and exchanges, upon surrender of any Security for
		registration of transfer or exchange at an office or agency maintained pursuant
		to Section 2.03, the Company shall execute and the Trustee shall authenticate
		Securities of a like aggregate principal amount at the Registrar’s
		request. Any exchange or transfer shall be without charge, except that the
		Company or the Registrar may require payment of a sum sufficient to cover any
		tax or other governmental charge that may be imposed in relation thereto (other
		than any such taxes or other governmental charge payable upon exchange or
		transfer pursuant to Sections 2.10, 2.12(a), 4.02(e), or 4.04. 
	 

	 
		                (b)   [reserved]

	 

	 
		                (c)   All
		Securities issued upon any transfer or exchange of Securities shall be valid
		obligations of the Company, evidencing the same debt and entitled to the same
		benefits under this Indenture, as the Securities surrendered upon such transfer
		or exchange.
	 

	 
		                (d)   Any
		Registrar appointed pursuant to Section 2.03 shall provide to the Trustee such
		information as the Trustee may reasonably require in connection with the
		delivery by such Registrar of Securities upon transfer or exchange of
		Securities. 
	 

	 
		                (e)   Each Holder
		of a Security agrees to indemnify the Company and the Trustee against any
		liability that may result from the transfer, exchange or assignment of such
		Holder’s Security in violation of any provision of this Indenture and/or
		applicable United States federal or state securities law. 
	 

	 
		                (f)    The
		Trustee shall have no obligation or duty to monitor, determine or inquire as to
		compliance with any restrictions on transfer imposed under this Indenture or
		under applicable law with respect to any transfer of any interest in any
		Security (including any transfers between or among Agent Members or other
		beneficial owners of interests in any Global Security) other than to require
		delivery of such certificates and other documentation or evidence as are
		expressly 
	 

	 
		23
	 

	 

	 
	 

	 

	 
		required by, and to
		do so if and when expressly required by the terms of, this Indenture, and to
		examine the same to determine substantial compliance as to form with the
		express requirements hereof.
	 

	 
		                Section 2.07.         
		Replacement Securities.
	 

	 
		                (a)   If any
		mutilated Security is surrendered to the Company, a Registrar or the Trustee,
		and the Company, a Registrar and the Trustee receive evidence to their
		satisfaction of the destruction, loss or theft of any Security, and there is
		delivered to the Company, the applicable Registrar and the Trustee such
		security or indemnity as will be required by them to save each of them
		harmless, then, in the absence of notice to the Company, such Registrar or the
		Trustee that such Security has been acquired by a bona fide purchaser, the
		Company shall execute, and upon its written request the Trustee shall
		authenticate and deliver, in exchange for any such mutilated Security or in
		lieu of any such destroyed, lost or stolen Security, a new Security of like
		tenor and principal amount, bearing a number not contemporaneously
		outstanding.
	 

	 
		                (b)   If any such
		mutilated, destroyed, lost or stolen Security has become or is about to become
		due and payable, or is about to be purchased by the Company pursuant to Article
		3, or converted pursuant to Article 4, the Company in its discretion may,
		instead of issuing a new Security, pay, purchase or convert such Security, as
		the case may be. 
	 

	 
		                (c)   Upon the
		issuance of any new Securities under this Section 2.07, the Company may require
		the payment of a sum sufficient to cover any tax or other governmental charge
		that may be imposed in relation thereto as a result of any Securities, at the
		request of any Holder, being issued to a Person other than such Holder and any
		other reasonable expenses (including the reasonable fees and expenses of the
		Trustee or the Registrar) in connection therewith. 
	 

	 
		                (d)   Every new
		Security issued pursuant to this Section 2.07 in lieu of any mutilated,
		destroyed, lost or stolen Security shall constitute an original additional
		contractual obligation of the Company, whether or not the mutilated, destroyed,
		lost or stolen Security shall be at any time enforceable by anyone, and shall
		be entitled to all benefits of this Indenture equally and proportionately with
		any and all other Securities duly issued hereunder.
	 

	 
		                (e)   The
		provisions of this Section 2.07 are (to the extent lawful) exclusive and shall
		preclude (to the extent lawful) all other rights and remedies with respect to
		the replacement or payment of mutilated, destroyed, lost or stolen
		Securities.
	 

	 
		                Section 2.08.         
		Outstanding Securities.
	 

	 
		                (a)   Securities
		outstanding at any time are all Securities authenticated by the Trustee, except
		for those canceled by it, those purchased pursuant to Article 3, those
		converted pursuant to Article 4, those delivered to the Trustee for
		cancellation or surrendered for transfer or exchange and those described in
		this Section 2.08 as not outstanding. 
	 

	 
		                (b)   If a
		Security is replaced pursuant to Section 2.07, it ceases to be outstanding
		unless the Company receives proof satisfactory to it that the replaced Security
		is held by a bona fide purchaser. 
	 

	 
		24
	 

	 

	 
	 

	 

	 
		                (c)   If a Paying
		Agent (other than the Company or an Affiliate of the Company) holds in respect
		of the outstanding Securities on the Final Maturity Date money sufficient to
		pay the principal of (including premium, if any), accrued interest and
		Additional Interest, if any, on Securities (or portions thereof) payable on
		that date, then on and after the Final Maturity Date, as the case may be, such
		Securities (or portions thereof, as the case may be) shall cease to be
		outstanding and cash interest and Additional Interest, if any, on them shall
		cease to accrue.
	 

	 
		                (d)   Subject to
		the restrictions contained in Section 2.09, a Security does not cease to be
		outstanding because the Company or an Affiliate of the Company holds the
		Security.
	 

	 
		                Section 2.09.         
		Treasury Securities.
	 

	 
		                In determining whether the
		Holders of the required principal amount of Securities have concurred in any
		notice, direction, waiver or consent, securities owned by the Company or any
		other obligor on the Securities or by any Affiliate of the Company or of such
		other obligor shall be disregarded, except that, for purposes of determining
		whether the Trustee shall be protected in relying on any such notice,
		direction, waiver or consent, only Securities which a Responsible Officer of
		the Trustee with responsibility for this Indenture actually knows are so owned
		shall be so disregarded. Securities so owned which have been pledged in good
		faith shall not be disregarded if the pledgee establishes to the satisfaction
		of the Trustee the pledgee’s right so to act with respect to the
		Securities and that the pledgee is not the Company or any other obligor on the
		Securities or any Affiliate of the Company or of such other obligor.
	 

	 
		                Section 2.10.         
		Temporary Securities.
	 

	 
		                Until definitive Securities are
		ready for delivery, the Company may prepare and execute, and, upon receipt of a
		Company Order, the Trustee shall authenticate and deliver, temporary
		Securities. Temporary Securities shall be substantially in the form of
		definitive securities but may have variations that the Company with the consent
		of the Trustee considers appropriate for temporary Securities. Without
		unreasonable delay, the Company shall prepare and the Trustee shall
		authenticate and deliver definitive Securities in exchange for temporary
		Securities. 
	 

	 
		                Holders of temporary Securities
		shall be entitled to all of the benefits of this Indenture.
	 

	 
		                Section 2.11.         
		Cancellation.
	 

	 
		                The Company at any time may
		deliver Securities to the Trustee for cancellation. The Registrar, the Paying
		Agent and the Conversion Agent shall forward to the Trustee or its agent any
		Securities surrendered to them for transfer, exchange, purchase, payment or
		conversion. The Trustee and no one else shall cancel, in accordance with its
		standard procedures, all Securities surrendered for transfer, exchange,
		purchase, payment, conversion or cancellation and shall dispose of the
		cancelled Securities in accordance with its customary procedures or deliver the
		canceled Securities to the Company upon its request therefor. All Securities
		which are purchased or otherwise acquired by the Company or any of its
		Subsidiaries prior to the Final Maturity Date pursuant to Article 3 shall be
		delivered to the Trustee for cancellation, and the Company may not hold or
		resell such Securities or issue any new Securities to replace any such
		Securities or any Securities that any Holder has converted pursuant to Article
		4.
	 

	 
		25
	 

	 

	 
	 

	 

	 
		                Section 2.12.
		         Legend; Additional
		Transfer and Exchange Requirements.
	 

	 
		                (a)   If
		Securities are issued upon the transfer, exchange or replacement of Securities
		subject to restrictions on transfer and bearing the legends set forth on the
		forms of Securities attached as Exhibit A (collectively, the
		“Legend”), or if a request is made to remove the Legend on a
		Security, the Securities so issued shall bear the Legend, or the Legend shall
		not be removed, as the case may be, unless there is delivered to the Company
		and the Registrar such satisfactory evidence, which shall include an Opinion of
		Counsel if requested by the Company or such Registrar, as may be reasonably
		required by the Company and the Registrar, that neither the Legend nor the
		restrictions on transfer set forth therein are required to ensure that
		transfers thereof comply with the provisions of Rule 144A or Rule 144 under the
		Securities Act or that such Securities are not “restricted” within
		the meaning of Rule 144 under the Securities Act; provided that no such
		evidence need be supplied in connection with the sale of such Security pursuant
		to a registration statement that is effective at the time of such sale. Upon
		(1) provision of such satisfactory evidence if requested or (2) notification by
		the Company to the Trustee and Registrar of the sale of such Security pursuant
		to a registration statement that is effective at the time of such sale, the
		Trustee, at the written direction of the Company, shall authenticate and
		deliver a Security that does not bear the Legend. If the Legend is removed from
		the face of a Security and the Security is subsequently held by an Affiliate of
		the Company, the Legend shall be reinstated. 
	 

	 
		                (b)   A Global
		Security may not be transferred, in whole or in part, to any Person other than
		the Depositary or a nominee or any successor thereof, and no such transfer to
		any such other Person may be registered; provided that the foregoing
		shall not prohibit any transfer of a Security that is issued in exchange for a
		Global Security but is not itself a Global Security. No transfer of a Security
		to any Person shall be effective under this Indenture or the Securities unless
		and until such Security has been registered in the name of such Person.
		Notwithstanding any other provisions of this Indenture or the Securities,
		transfers of a Global Security, in whole or in part, shall be made only in
		accordance with this Section 2.12.
	 

	 
		                (c)   Subject to
		Section 2.12(b) and in compliance with Section 2.12(d), every Security shall be
		subject to the restrictions on transfer provided in the Legend. Whenever any
		Restricted Security other than a Restricted Global Security is presented or
		surrendered for registration of transfer or in exchange for a Security
		registered in a name other than that of the Holder, such Security must be
		accompanied by a certificate in substantially the form set forth in Exhibit A,
		dated the date of such surrender and signed by the Holder of such Security, as
		to compliance with such restrictions on transfer. The Registrar shall not be
		required to accept for such registration of transfer or exchange any Security
		not so accompanied by a properly completed certificate. 
	 

	 
		                (d)   The
		restrictions imposed by the Legend upon the transferability of any Security
		shall cease and terminate when such Security has been sold pursuant to an
		effective registration statement under the Securities Act or transferred in
		compliance with Rule 144 under the Securities Act (or any successor provision
		thereto) or, if earlier, upon the expiration of the holding period applicable
		to sales thereof under Rule 144(k) under the Securities Act (or any successor
		provision). Any Security as to which such restrictions on transfer shall have
		expired in accordance with their terms or shall have terminated may, upon a
		surrender of such Security for 
	 

	 
		26
	 

	 

	 
	 

	 

	 
		exchange to the
		Registrar in accordance with the provisions of this Section 2.12 (accompanied,
		in the event that such restrictions on transfer have terminated by reason of a
		transfer in compliance with Rule 144 or any successor provision, by, if
		requested by the Company or the Registrar, an Opinion of Counsel reasonably
		acceptable to the Company and the Registrar and addressed to the Company and
		the Registrar, to the effect that the transfer of such Security has been made
		in compliance with Rule 144 or such successor provision), be exchanged for a
		new Security, of like tenor and aggregate principal amount, which shall not
		bear the restrictive Legend. The Company shall inform the Trustee of the
		effective date of any registration statement registering the offer and sale of
		the Securities under the Securities Act. The Trustee shall not be liable for
		any action taken or omitted to be taken by it in good faith in accordance with
		the aforementioned Opinion of Counsel or registration statement.
	 

	 
		                As used in Sections 2.12(c) and
		(d), the term “transfer” encompasses any sale, pledge, transfer,
		hypothecation or other disposition of any Security.
	 

	 
		               (e)   The
		provisions below shall apply only to Global Securities:
	 

	 	 	                (1)           Each
			 Global Security authenticated under this Indenture shall be registered in the
			 name of the Depositary or a nominee thereof and delivered to such Depositary or
			 a nominee thereof or custodian therefor, and each such Global Security shall
			 constitute a single Security for purposes of this Indenture. 
		 
	 	                (2)           Notwithstanding
			 any other provisions of this Indenture or the Securities, a Global Security
			 shall not be exchanged in whole or in part for a Security registered, and no
			 transfer of a Global Security in whole or in part shall be registered in the
			 name of any Person other than the Depositary or one or more nominees thereof;
			 provided that a Global Security may be exchanged for securities registered in
			 the names of any person designated by the Depositary in the event that (A) the
			 Depositary has notified the Company that it is unwilling or unable to continue
			 as Depositary for such Global Security or such Depositary has ceased to be a
			 “clearing agency” registered under the Exchange Act, and a successor
			 Depositary is not appointed by the Company within 90 days after receiving such
			 notice or becoming aware that the Depositary has ceased to be a “clearing
			 agency,” or (B) an Event of Default has occurred and is continuing with
			 respect to the Securities. Any Global Security exchanged pursuant to subclause
			 (A) above shall be so exchanged in whole and not in part, and any Global
			 Security exchanged pursuant to subclause (B) above may be exchanged in whole or
			 from time to time in part as directed by the Depositary. Any Security issued in
			 exchange for a Global Security or any portion thereof shall be a Global
			 Security; provided further that any such Security so issued that is registered
			 in the name of a Person other than the Depositary or a nominee thereof shall
			 not be a Global Security.
		 
	 	                (3)           Securities
			 issued in exchange for a Global Security or any portion thereof shall be issued
			 in definitive, fully registered form, without interest coupons, shall have an
			 aggregate principal amount equal to that of such Global Security or portion
			 thereof to be so exchanged, shall be registered in such names and be in such
			 authorized denominations as the Depositary shall designate and shall bear the
			 applicable legends provided for herein. Any Global Security to be exchanged in
			 whole shall be surrendered by the 

	 
		27
	 

	 

	 
	 

	 

	 	 	Depositary to the Trustee, as Registrar. With regard to any Global
			 Security to be exchanged in part, either such Global Security shall be so
			 surrendered for exchange or, if the Trustee is acting as custodian for the
			 Depositary or its nominee with respect to such Global Security, the principal
			 amount thereof shall be reduced, by an amount equal to the portion thereof to
			 be so exchanged, by means of an appropriate adjustment made on the records of
			 the Trustee. Upon any such surrender or adjustment, the Trustee shall
			 authenticate and deliver the Security issuable on such exchange to or upon the
			 order of the Depositary or an authorized representative thereof. 
		 
	 	                (4)           Subject
			 to clause (6) of this Section 2.12(e), the registered Holder may grant proxies
			 and otherwise authorize any Person, including Agent Members and Persons that
			 may hold interests through Agent Members, to take any action which a Holder is
			 entitled to take under this Indenture or the Securities. 
		 
	 	                (5)           In
			 the event of the occurrence of any of the events specified in clause (2) of
			 this Section 2.12(e), the Company will promptly make available to the Trustee a
			 reasonable supply of Certificated Securities in definitive, fully registered
			 form, without interest coupons. 
		 
	 	                (6)           Neither
			 Agent Members nor any other Persons on whose behalf Agent Members may act shall
			 have any rights under this Indenture with respect to any Global Security
			 registered in the name of the Depositary or any nominee thereof, or under any
			 such Global Security, and the Depositary or such nominee, as the case may be,
			 may be treated by the Company, the Trustee and any agent of the Company or the
			 Trustee as the absolute owner and Holder of such Global Security for all
			 purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
			 prevent the Company, the Trustee or any agent of the Company or the Trustee
			 from giving effect to any written certification, proxy or other authorization
			 furnished by the Depositary or such nominee, as the case may be, or impair, as
			 between the Depositary, its Agent Members and any other Person on whose behalf
			 an Agent Member may act, the operation of customary practices of such Persons
			 governing the exercise of the rights of a Holder of any Security. 
		 
	 	                (7)           At
			 such time as all interests in a Global Security have been converted, canceled
			 or exchanged for Securities in certificated form, such Global Security shall,
			 upon receipt thereof, be cancelled by the Trustee in accordance with standing
			 procedures and instructions existing between the Depositary and the Securities
			 Custodian, subject to Section 2.11 of this Indenture. At any time prior to such
			 cancellation, if any interest in a Global Security is converted, canceled or
			 exchanged for Securities in certificated form, the principal amount of such
			 Global Security shall, in accordance with the standing procedures and
			 instructions existing between the Depositary and the Securities Custodian, be
			 appropriately reduced, and an endorsement shall be made on such Global
			 Security, by the Trustee or the Securities Custodian, at the direction of the
			 Trustee, to reflect such reduction. 

	 
		               (f)    Until
		the expiration of the holding period applicable to sales thereof under Rule
		144(k) under the Securities Act (or any successor provision thereto), any stock
		certificate representing Conversion Shares issued upon conversion of any
		Security shall bear the restrictive 
	 

	 
		28
	 

	 

	 
	 

	 

	 
		legend required to be
		included with a Restricted Security, unless such Conversion Shares have been
		sold pursuant to a registration statement that has been declared effective
		under the Securities Act (and which continues to be effective at the time of
		such transfer) or transferred in compliance with Rule 144 under the Securities
		Act (or any successor provision thereto), or such Conversion Shares have been
		issued upon conversion of Securities that have been transferred pursuant to a
		registration statement that has been declared effective under the Securities
		Act or pursuant to Rule 144 under the Securities Act (or any successor
		provision thereto), or unless otherwise agreed by the Company in writing with
		written notice thereof to the transfer agent.
	 

	 
		                Any such Conversion
		Shares as to which such restrictions on transfer shall have expired in
		accordance with their terms or as to which the conditions for removal of the
		restrictive legend set forth therein have been satisfied may, upon surrender of
		the certificates representing such Conversion Shares for exchange in accordance
		with the procedures of the transfer agent for the Conversion Shares, be
		exchanged for a new certificate or certificates for a like number of Conversion
		Shares, which shall not bear the restrictive legend required by this
		section.
	 

	 
		                Section 2.13.
		         CUSIP Numbers.
	 

	 
		                The Company in issuing the
		Securities may use one or more “CUSIP” numbers (if then generally in
		use), and, if so, the Trustee shall use “CUSIP” numbers in notices of
		purchase as a convenience to Holders; provided that any such notice may
		state that no representation is made as to the correctness of such numbers
		either as printed on the Securities or as contained in any notice of a purchase
		and that reliance may be placed only on the other identification numbers
		printed on the Securities, and any such purchase shall not be affected by any
		defect in or omission of such numbers. The Company will promptly notify the
		Trustee of any change in the “CUSIP” numbers.
	 

	 
		ARTICLE 3
REPURCHASE
	 

	 
		                Section 3.01.
		         Purchase of Securities
		in Open Market.
	 

	 
		                The Company may repurchase
		Securities in the open market, by tender at any price or by negotiated
		transactions. The Company shall surrender any Security purchased by the Company
		to the Trustee for cancellation. Any securities surrendered to the Trustee for
		cancellation may not be reissued or resold by the Company and will be canceled
		promptly in accordance with Section 2.11.
	 

	 
		ARTICLE 4
CONVERSION
	 

	 
		                Section 4.01.
		         Conversion and
		Conversion Rate.
	 

	 
		                (a)   Optional
		Conversion. Upon compliance with the provisions of this Article 4, at the
		option of the Holder thereof, any Security or portion thereof that is an
		integral multiple of $1,000 principal amount may be converted at the option of
		the Holder thereof, at any time and from time 
	 

	 
		29
	 

	 

	 
	 

	 

	 
		to time, into a
		number of Conversion Shares equal to (A) the principal amount of the Securities
		so converted plus accrued and unpaid interest thereon through the Conversion
		Date, divided by (B) the Conversion Price then in effect.
	 

	 
		                (b)   Mandatory
		Conversion.
	 

	 
		                                (i)            At any time following the first anniversary of
		the Issue Date, upon the occurrence of a Mandatory Conversion Event,
		unless previously converted at the option of the Holder in accordance with the
		provisions hereof, each outstanding Security or portion thereof that is an
		integral multiple of $1,000 principal amount shall, without notice to holders
		thereof, convert automatically (the “Mandatory Conversion”) into a
		number of Conversion Shares equal to (A)(x) the principal amount of the
		Securities so converted plus accrued and unpaid interest thereon through the
		Conversion Date multiplied by (y) the Mandatory Conversion Factor, divided by
		(B) the Conversion Price then in effect. 
	 

	 
		                                (ii)           Promptly
		following a Mandatory Conversion Event, written notice (the “Mandatory
		Conversion Notice”) shall be given by first class mail, postage prepaid,
		to each Holder who is a Holder on the date such notice is given at such
		Holder’s address as it appears on the list of Holders of Securities,
		provided that no failure to give such notice or any deficiency therein shall
		affect the validity of the procedures for the Mandatory Conversion as to the
		Holder or Holders to whom the Company has failed to give said notice or to whom
		such notice was effected. Each Holder shall surrender all Securities held by
		such Holder to the Company, duly endorsed (or otherwise in proper form for
		transfer, as determined by the Company) and the Company shall issue to such
		Holder that number of Conversion Shares to which such Holder is entitled, as
		calculated in accordance with this paragraph; provided, however, that if a
		Holder shall notify the Company within five (5) Business Days of receipt of the
		Mandatory Conversion Notice that it wishes to receive non-voting Common Stock
		in accordance with this paragraph, the Company shall issue such Holder that
		number of shares of non-voting Common Stock to which such Holder is entitled as
		calculated in accordance with this paragraph.
	 

	 
		                               (iii)           The
		Company shall cause, prior to, or as promptly as practicable following the
		occurrence of a Mandatory Conversion Event, the Conversion Shares issuable upon
		a Mandatory Conversion Event (or in the case of a Holder’s election to
		convert into non-voting Common Stock, upon conversion of such non-voting Common
		Stock) to be approved for listing on the principal securities exchange on which
		the Class A Common Stock and Class D Common Stock may at the time be listed for
		trading, subject to official notification of issuance, prior to the date of
		issuance thereof. Notwithstanding anything in this Indenture to the contrary,
		the Mandatory Conversion shall not become effective until such time as the
		conditions for listing the Class A Common Stock and Class D Common Stock
		issuable upon conversion of the Securities on the principal securities exchange
		on which the Class A Common Stock and Class D Common Stock may be listed for
		trading, if any and if applicable, have been satisfied.
	 

	 
		                               (iv)           Notwithstanding
		anything to the contrary contained in this Section 4.01(b), there shall be no
		adjustment to the Conversion Price in connection with any issuance of
		additional Securities pursuant to the transactions contemplated by the Master
		Transaction Agreement (the “Transactions”).
	 

	 
		30
	 

	 

	 
	 

	 

	 
		                (c)   Provisions
		of this Indenture that apply to conversion of all of a Security also apply to
		conversion of a portion of a Security. 
	 

	 
		                Section 4.02.
		         Conversion
		Procedure.
	 

	 
		                (a)   To convert a
		Security, a Holder must (1) complete and manually sign the conversion notice on
		the back of the Security and deliver such notice to a Conversion Agent, (2)
		surrender the Security to a Conversion Agent, (3) furnish appropriate
		endorsements and transfer documents if required by a Conversion Agent, (4) pay
		all transfer or similar taxes, if required pursuant to Section 4.04, and (5)
		pay an amount equal to the interest as required by Section 4.02(c). The date on
		which the Holder satisfies all of those requirements is the “Conversion
		Date.” Anything herein to the contrary notwithstanding, in the case
		of Global Securities, conversion notices may be delivered and such Securities
		may be surrendered for conversion in accordance with the Applicable Procedures
		as in effect from time to time.
	 

	 
		                (b)   The person
		in whose name the Conversion Shares are issuable upon conversion shall be
		deemed to be a Holder of record of such Conversion Shares on the later of the
		Conversion Date provided, however, that no surrender of a
		Security on any Conversion Date when the stock transfer books of the Company
		shall be closed shall be effective to constitute the person or persons entitled
		to receive the Conversion Shares upon conversion as the record Holder or
		Holders of such Conversion Shares on such date, but such surrender shall be
		effective to constitute the person or persons entitled to receive such
		Conversion Shares as the record Holder or Holders thereof for all purposes at
		the close of business on the next succeeding day on which such stock transfer
		books are open; provided further that such conversion shall be at the
		Conversion Rate in effect on the Conversion Date as if the stock transfer books
		of the Company had not been closed. Upon conversion of a Security, such person
		shall no longer be a Holder of such Security. Except as set forth in this
		Indenture, no payment or adjustment will be made for dividends or distributions
		declared or made on the Conversion Shares issued upon conversion of a Security
		prior to the issuance of such shares.
	 

	 
		                (c)   Holders of
		Securities surrendered for conversion (in whole or in part) during the period
		from the close of business on any Regular Record Date to the opening of
		business on the next succeeding Interest Payment Date will receive the
		quarterly interest payment payable on such Securities on the corresponding
		Interest Payment Date notwithstanding the conversion (such interest being
		payable on the corresponding Interest Payment Date to the Holder of the
		Security as of the close of business on the Regular Record Date). However, such
		Holders must deliver to the Conversion Agent an amount in cash equivalent to
		such interest payment in order to convert their Securities; provided,
		however, that no such payment shall be required to be made with respect to
		overdue interest (including Additional Interest), if any overdue interest
		exists at the time of conversion with respect to such Securities. Except as
		otherwise provided in this Section 4.02(c), no payment or adjustment will be
		made for accrued interest on a converted Security. 
	 

	 
		                (d)   Subject to
		Section 4.02(c), nothing in this Section shall affect the right of a Holder in
		whose name any Security is registered at the close of business on a Regular
		Record Date to receive the interest payable on such Security on the related
		Interest Payment Date in accordance with the terms of this Indenture, the
		Securities and the Registration Rights Agreement. If a 
	 

	 
		31
	 

	 

	 
	 

	 

	 
		Holder converts more
		than one Security at the same time, the amount of cash to be paid and the
		number of the Conversion Shares issuable upon the conversion, if any (and the
		amount of any cash in lieu of fractional shares pursuant to Section 4.03),
		shall be based on the aggregate principal amount of all Securities so
		converted. 
	 

	 
		                (e)   In the case
		of any Security which is converted in part only, upon such conversion the
		Company shall execute and the Trustee shall authenticate and deliver to the
		Holder thereof, without service charge, a new Security or Securities of
		authorized denominations in an aggregate principal amount equal to, and in
		exchange for, the unconverted portion of the principal amount of such Security.
		A Security may be converted in part, but only if the principal amount of such
		part is an integral multiple of $1,000 and the principal amount of such
		Security to remain outstanding after such conversion is equal to $1,000 or any
		integral multiple of $1,000 in excess thereof. 
	 

	 
		                Section 4.03.
		         Fractional
		Shares.
	 

	 
		                The Company will not issue
		fractional Conversion Shares upon conversion of Securities. If more than one
		Security shall be surrendered for conversion at one time by the same Holder,
		the number of full shares that shall be issuable upon conversion shall be
		computed on the basis of the aggregate principal amount of the Securities (or
		specified portions thereof to the extent permitted hereby) so surrendered. The
		Company will pay a cash adjustment based upon the Closing Sale Price as of the
		close of business on the first Business Day preceding the date of
		conversion.
	 

	 
		                Section 4.04.
		         Taxes on
		Conversion.
	 

	 
		                If a Holder converts a Security,
		the Company shall pay any documentary, stamp or similar issue or transfer tax
		due on the issue or delivery of Conversion Shares upon such conversion. The
		Company shall also pay any such tax with respect to cash received in lieu of
		fractional shares. The Holder shall pay any such tax which is due because the
		Holder requests the shares to be issued or delivered in a name other than the
		Holder’s name, in which case the Holder shall pay that tax prior to
		receipt of such Conversion Shares. The Conversion Agent may refuse to deliver
		the certificate representing the Conversion Shares being issued in a name other
		than the Holder’s name until the Conversion Agent receives a sum
		sufficient to pay any tax which will be due because the shares are to be issued
		in a name other than the Holder’s name. Nothing herein shall preclude any
		tax withholding required by law or regulation. 
	 

	 
		                Section 4.05.
		         Company to Provide
		Stock.
	 

	 
		                (a)   The Company
		shall, prior to issuance of any Securities hereunder, and from time to time as
		may be necessary, reserve, out of its authorized but unissued Conversion
		Shares, a sufficient number of Conversion Shares to permit the conversion of
		all Outstanding Securities into Conversion Shares. 
	 

	 
		                (b)   All shares
		of Conversion Shares delivered upon conversion of the Securities shall be newly
		issued shares, shall be duly authorized, validly issued, fully paid and
		nonassessable and shall be free from preemptive or similar rights of any
		securityholder of the Company. 
	 

	 
		32
	 

	 

	 
	 

	 

	 
		               (c)   The Company
		will endeavor promptly to comply with all federal and state securities laws
		regulating the offer and delivery of Conversion Shares upon conversion of
		Securities.
	 

	 
		               Section 4.06.
		         Adjustment of
		Conversion Rate.
	 

	 
		               (a)   The Company
		will adjust the Conversion Rate if the following events occur:
	 

	 	 	                (1)           If
			 the Company issues Conversion Shares as a dividend or distribution on the
			 Conversion Shares to all Holders of the Conversion Shares, or if the Company
			 effects a share split or share combination, the Conversion Rate will be
			 adjusted based on the following formula:
		 
	 	CR1 = CR0
			 x     OS1   

			                           OS0
		 
	 	where, 
		 

	 		CR0
			         =	the Conversion Rate in effect immediately prior to the Ex-Dividend
			 Date for such dividend or distribution, or in effect on the effective date of
			 such share split or share combination, as applicable; 
			 
		CR1         =
			 	the new Conversion Rate in effect immediately after the Ex-Dividend
			 Date for such dividend or distribution, or in effect on the effective date of
			 such share split or share combination, as applicable; 
			 
		OS0
			         =	the number of shares of the Conversion Shares outstanding immediately
			 prior to the Ex-Dividend Date for such dividend or distribution, or outstanding
			 on the effective date of such share split or share combination, as applicable;
			 and
			 
		OS1
			         =	the number of shares of the Conversion Shares outstanding immediately
			 after the Ex-Dividend Date for such dividend or distribution, or outstanding on
			 the effective date of such share split or share combination, as
			 applicable.
			 

	 	 	Any adjustment made pursuant to this clause (1) shall become effective
			 on the date that is immediately after (x) the date fixed for the determination
			 of shareholders entitled to receive such dividend or other distribution or (y)
			 the date on which such split or combination becomes effective, as applicable.
			 If any dividend or distribution described in this clause (1) is declared but
			 not so paid or made, the new Conversion Rate shall be readjusted to the
			 Conversion Rate that would then be in effect if the dividend or distribution
			 had not been declared.
		 
	 	                (2)           If
			 the Company issues to all holders of Conversion Shares any rights, warrants,
			 options or other securities entitling them for a period of not more than 45
			 days after the date of issuance thereof to subscribe for or purchase the
			 Conversion Shares, or issues to all holders of Conversion Shares securities
			 convertible into Conversion Shares for a period of not more than 45 days after
			 the date of issuance thereof, in either case at an exercise price per share of
			 the Conversion Shares or a conversion price per share of the Conversion Shares
			 less than the Closing Sale Price of the Conversion Shares on the 

	 
		33
	 

	 

	 
	 

	 

	 	 	Business Day immediately preceding the time of announcement of such
			 issuance, the Conversion Rate will be adjusted based on the following
			 formula:
		 
	 	CR1 = CR0
			 x    (OS0 + X)  

			                      
			    (OS0 + Y)
		 
	 	where, 
		 

	 		CR0
			          =	the Conversion Rate in effect immediately prior to the Ex-Dividend
			 Date for such distribution; 
		 	 
		CR1
			          =	the Conversion Rate in effect immediately after the Ex-Dividend Date
			 for such distribution; 
		 	 
		OS0
			          =	the number of shares of the Conversion Shares outstanding immediately
			 prior to the Ex-Dividend Date for the distribution; 
			 
		X             =
			 	the total number of shares of the Conversion Shares issuable
			 pursuant to such rights, warrants, options, other securities or convertible
			 securities; and 
			 
		Y             =	the number of shares of the Conversion Shares equal to the
			 quotient of (A) the aggregate price payable to exercise such rights, warrants,
			 options, other securities or convertible securities divided by (B) the average
			 of the Closing Sale Prices of the Conversion Shares for the 10 consecutive
			 Trading Days ending on the Business Day immediately preceding the date of
			 announcement for the issuance, the rights, warrants, options, other securities
			 or convertible securities.
			 

	 	 	For purposes of this paragraph (2), in determining whether any rights,
			 warrants, options, other securities or convertible securities entitle the
			 holders to subscribe for or purchase, or exercise a conversion right for,
			 Conversion Shares at less than the applicable Closing Sale Price of the
			 Conversion Shares, and in determining the aggregate exercise or conversion
			 price payable for such Conversion Shares, there shall be taken into account any
			 consideration received by the Company for such rights, warrants, options, other
			 securities or convertible securities and any amount payable on exercise or
			 conversion thereof, with the value of such consideration, if other than cash,
			 to be determined by the Board of Directors of the Company. If any right,
			 warrant, option, other security or convertible security described in this
			 clause (2) is not exercised or converted prior to the expiration of the
			 exercisability or convertibility thereof, the new Conversion Rate shall be
			 readjusted to the Conversion Rate that would then be in effect if such right,
			 warrant, option, other security or convertible security had not been so
			 issued.
		 
	 	               (3)           If
			 the Company distributes shares of its capital stock, evidences of indebtedness
			 or other assets or property to all holders of the Conversion Shares, excluding:
			 
		 

	 	 	                (A)          dividends,
			 distributions, rights, warrants, options, other securities or convertible
			 securities referred to in clause (1) or (2) above; 

	 
		34
	 

	 

	 
	 

	 

	 	 	                (B)           dividends
			 or distributions paid exclusively in cash; and
		 
	 	                (C)           Spin-Offs
			 described below in this clause (3),
		 

	 	 	then the Conversion Rate will be adjusted based on the following
			 formula: 
		 
	 	CR1 = CR0
			 x            SP0
			         

			                         (SP0
			 – FMV)
		 
	 	where, 
		 

	 		CR0         =	the Conversion Rate in effect immediately prior to the Ex-Dividend
			 Date for such distribution;
		 	 
		CR1         =	the new Conversion Rate in effect immediately after the Ex-Dividend
			 Date for such distribution; 
			 
		SP0         =	the average of the Closing Sale Prices of the Conversion Shares for
			 the 10 consecutive Trading Days prior to the Business Day immediately preceding
			 the earlier of the record date or the Ex-Dividend Date for such distribution;
			 and 
			 
		FMV       =	the fair market value (as determined in good faith by the
			 Company’s Board of Directors) of the shares of capital stock, evidences of
			 indebtedness, assets or property distributed with respect to each outstanding
			 share of Conversion Shares on the earlier of the record date or the Ex-Dividend
			 Date for such distribution.
			 

	 	 	An
			 adjustment to the Conversion Rate made pursuant to the immediately preceding
			 paragraph shall become effective on the day immediately after the date fixed
			 for the determination of holders of the Conversion Shares entitled to receive
			 such distribution.
		 
	 	                If
			 the Company distributes to all holders of the Conversion Shares, capital stock
			 of any class or series, or similar equity interest, of or relating to a
			 Subsidiary or other of the Company’s business units (a
			 “Spin-Off”), the Conversion Rate in effect immediately before the
			 close of business on the date fixed for determination of holders of the
			 Conversion Shares entitled to receive such distribution will be adjusted based
			 on the following formula:
		 
	 	CR1 = CR0 x   (FMV0
			 + MP0) 

			                               MP0
		 
	 	where, 
		 

	 		CR0         =	the Conversion Rate in effect immediately prior to the 10th Trading
			 Day immediately following and including the effective date of the Spin-Off;
			 

	 
		35
	 

	 

	 
	 

	 

	 		CR1         =	the new Conversion Rate immediately after the 10th Trading Day
			 immediately following, and including, the effective date of the Spin-Off;
			 
			 
		FMV0      =	the average of the Closing Sale Prices of the capital stock or similar
			 equity interest distributed to Holders of the Conversion Shares applicable
			 to one share of the Conversion Shares over the first 10 consecutive Trading
			 Days after the effective date of the Spin-Off; and 
			 
		MP0         =	the average of the Closing Sale Price of the Conversion
			 Shares over the first 10 consecutive Trading Days after the effective date
			 of the Spin-Off. 
			 

	 	 	An
			 adjustment to the Conversion Rate made pursuant to the immediately preceding
			 paragraph will occur on the 11th Trading Day from and including the
			 effective date of the Spin-Off. If any such dividend or distribution described
			 in this paragraph (3) is declared but not paid or made, the new Conversion Rate
			 shall be readjusted to be the Conversion Rate that would then be in effect if
			 such dividend or distribution had not been declared.
		 
	 	                (4)           If
			 the Company makes any Extraordinary Cash Dividend (without regard to when paid)
			 to all holders of Conversion Shares, the Conversion Rate will be adjusted based
			 on the following formula:

	 
		               CR1 =
		CR0
		x    SP0      
		

		                           SP0
		– C
	 

	 
		               where, 
	 

	 		CR0         =	the Conversion Rate in effect immediately prior to the Ex-Dividend
			 Date for such Extraordinary Cash Dividend; 
			 
		CR1         =	the new Conversion Rate immediately after the Ex-Dividend Date for
			 such Extraordinary Cash Dividend;
			 
		SP0         =	the average of the Closing Sale Prices of the Conversion Shares for
			 the 10 consecutive Trading Days prior to the Business Day immediately preceding
			 the earlier of the record date or the day prior to the Ex Dividend Date for
			 such Extraordinary Cash Dividend; and
			 
		C             =	the amount in cash per share that the Company distributes to Holders
			 of the Conversion Shares in respect of such Extraordinary Cash
			 Dividend.
			 

	 	 	An
			 adjustment to the Conversion Rate made pursuant to this paragraph (4) shall
			 become effective on the date immediately after the date fixed for the
			 determination of Holders of Conversion Shares entitled to receive such
			 Extraordinary Cash Dividend. If any Extraordinary Cash Dividend described in
			 this paragraph (4) is declared but not so paid or made, the new Conversion Rate
			 shall be readjusted to the Conversion Rate that would then be in effect if such
			 dividend or distribution had not been declared. 
		 
	 	                (5)          
			 [reserved]

	 
		36
	 

	 

	 
	 

	 

	 
		                (b)   In addition
		to the adjustments pursuant to Section 4.06(a), the Company may in its sole
		discretion increase the Conversion Rate as the Company’s Board of
		Directors deems advisable to avoid or diminish any income tax to Holders of the
		Conversion Shares resulting from any dividend or distribution of capital stock
		(or rights to acquire shares of Conversion Shares) or from any event treated as
		such for income tax purposes. The Company may also, from time to time, to the
		extent permitted by applicable law, increase the Conversion Rate by any amount
		for any period if the Company’s Board of Directors has determined that
		such increase would be in the Company’s best interests. If the
		Company’s Board of Directors makes such determination, it will be
		conclusive and the Company shall mail to Holders a notice of the increased
		Conversion Rate and the period during which it will be in effect at least 15
		days prior to the date the increased Conversion Rate takes effect in accordance
		with applicable law.
	 

	 
		                (c)   For purposes
		of this Section 4.06, “record date” shall mean, with respect to any
		dividend, distribution or other transaction or event in which the Holders of
		Conversion Shares have the right to receive any cash, securities or other
		property or in which the Conversion Shares (or other applicable security) is
		exchanged or converted into any combination of cash, securities or other
		property, the date fixed for determination of shareholders entitled to receive
		such cash, security or other property (whether or not such date is fixed by the
		Board of Directors or by statute, contract or otherwise). 
	 

	 
		                (d)   [reserved]

	 

	 
		                (e)   [reserved]

	 

	 
		                Section 4.07.
		         No Adjustment.
	 

	 
		                (a)   No
		adjustment in the Conversion Rate shall be required if Holders may participate
		in the transactions set forth in Section 4.06 above (to the same extent as if
		the Securities had been converted into Conversion Shares immediately prior to
		the time at which eligibility is determined for such transactions) without
		converting the Securities held by such Holders. 
	 

	 
		                (b)   The
		Conversion Rate will not be adjusted except as specifically set forth in
		Section 4.06. Without limiting the foregoing, the Conversion Rate will not be
		adjusted for:
	 

	 	 	                (1)           the
			 issuance of any Conversion Shares pursuant to any present or future plan
			 providing for the reinvestment of dividends or interest payable on the
			 Company’s securities and the investment of additional optional amounts in
			 shares of the Company’s common stock under any plan;
		 
	 	                (2)           the
			 issuance of any Conversion Shares or options or rights to purchase those shares
			 pursuant to any present or future employee, director, trustee or consultant
			 benefit plan, employee agreement or arrangement or program of the
			 Company;
		 
	 	                (3)           the
			 issuance of any Conversion Shares pursuant to any option, warrant, right, or
			 exercisable, exchangeable or convertible security outstanding as of the date
			 the Securities were first issued;
		 
	 	                (4)           a
			 change in the par value of the Conversion Shares; and

	 
		37
	 

	 

	 
	 

	 

	 	 	                (5)           accumulated
			 and unpaid dividends or distributions.

	 
		                (c)   No
		adjustment in the Conversion Rate shall be required unless such adjustment
		would require an increase or decrease of at least 1% in the Conversion Rate as
		last adjusted; provided, however, that any adjustments which would be required
		to be made but for this Section 4.07(c) shall be carried forward and taken into
		account in any subsequent adjustment. All required calculations under this
		Article 4 shall be made to the nearest cent or to the nearest one- thousandth
		of a share, as the case may be, with one half cent and 0.0005 of a share,
		respectively, being rounded upward.
	 

	 
		                Section 4.08.
		         Notice of
		Adjustment.
	 

	 
		                Whenever the Conversion Rate is
		required to be adjusted pursuant to this Indenture, the Company shall promptly
		mail to Holders a notice of the adjustment and file with the Trustee an
		Officers’ Certificate briefly stating the facts requiring the adjustment
		and the manner of computing it. Failure to mail such notice or any defect
		therein shall not affect the validity of any such adjustment. Unless and until
		the Trustee shall receive an Officers’ Certificate setting forth an
		adjustment of the Conversion Rate, the Trustee may assume without inquiry that
		the Conversion Rate has not been adjusted and that the last Conversion Rate of
		which it has knowledge remains in effect.
	 

	 
		                Section 4.09.
		         Notice of Certain
		Transactions.
	 

	 
		                In the event that there is a
		dissolution or liquidation of the Company, the Company shall mail to Holders
		and file with the Trustee a notice stating the proposed effective date. The
		Company shall mail such notice at least 10 days before such proposed effective
		date. Failure to mail such notice or any defect therein shall not affect the
		validity of any transaction referred to in this Section 4.09.
	 

	 
		                Section 4.10.
		         [reserved]
	 

	 
		                Section 4.11.
		         Withholding.
	 

	 
		                Upon surrender of a Security for
		conversion, the Holder shall deliver to the Company cash equal to the amount
		that the Company is required to deduct and withhold under applicable law in
		connection with such conversion; provided, however, that if the Holder
		does not deliver such cash, the Company may deduct and withhold from the
		consideration otherwise deliverable to such Holder the amount required to be
		deducted and withheld under applicable law.
	 

	 
		                Section 4.12.
		         Trustee’s
		Disclaimer.
	 

	 
		                The Trustee shall have no duty to
		determine when an adjustment under this Article 4 should be made, how it should
		be made or what such adjustment should be, but may accept as conclusive
		evidence of that fact or the correctness of any such adjustment, and shall be
		protected in relying upon, an Officers’ Certificate, including the
		Officers’ Certificate with respect thereto which the Company is obligated
		to file with the Trustee pursuant to Section 4.08. The Trustee makes no
		representation as to the validity or value of any securities or assets issued
		upon conversion of Securities.
	 

	 
		38
	 

	 

	 
	 

	 

	 
		ARTICLE 5
COVENANTS
	 

	 
		                Section 5.01.
		         Payment of
		Securities.
	 

	 
		                (a)   The Company
		shall promptly make all payments in respect of the Securities on the dates and
		in the manner provided in the Securities and this Indenture. A payment of
		principal or interest or Additional Interest, if any, shall be considered paid
		on the date it is due if the Paying Agent (other than the Company) holds by
		10:00 a.m., New York City time, on that date money, deposited by or on behalf
		of the Company sufficient to make the payment. Subject to Section 4.02, accrued
		and unpaid interest on any Security that is payable, and is punctually paid or
		duly provided for, on any Interest Payment Date shall be paid to the Person in
		whose name that Security is registered at the close of business on the Regular
		Record Date for such interest at the office or agency of the Company maintained
		for such purpose. Principal, interest and Additional Interest, if any, in each
		case if payable, shall be considered paid on the applicable date due if on such
		date the Trustee or the Paying Agent holds, in accordance with this Indenture,
		money sufficient to pay all such amounts then due. The Company shall, to the
		fullest extent permitted by law, pay interest in immediately available funds on
		overdue principal amount and interest at the annual rate borne by the
		Securities compounded semiannually, which interest shall accrue from the date
		such overdue amount was originally due to the date payment of such amount,
		including interest thereon, has been made or duly provided for. All such
		interest shall be payable on demand. 
	 

	 
		                (b)   Payment of
		the principal of and interest, if any, on the Securities shall be made at the
		office or agency of the Company maintained for that purpose in the Borough of
		Manhattan, The City of New York (which shall initially be at the address set
		forth in Section 2.03(c)) or at the Corporate Trust Office of the Trustee in
		such coin or currency of the United States of America as at the time of payment
		is legal tender for payment of public and private debts; provided, however,
		that at the option of the Company payment of interest may be made by check
		mailed to the address of the Person entitled thereto as such address appears in
		the Register; provided further that a Holder with an aggregate principal amount
		in excess of $2,000,000 will be paid by wire transfer in immediately available
		funds at the election of such Holder if such Holder has provided wire transfer
		instructions to the Trustee at least 10 Business Days prior to the payment
		date. Any wire transfer instructions received by the Trustee will remain in
		effect until revoked by the Holder.
	 

	 
		                Section 5.02.
		         SEC and Other
		Reports.
	 

	 
		                (a)   The Company
		shall deliver to the Trustee, upon request, within 15 days after the Company is
		required to file the same with the SEC or within 15 days of such Trustee
		request, copies of the annual reports and of the information, documents and
		other reports (or copies of such portions of any of the foregoing as the SEC
		may prescribe) which the Company is required to file with the SEC pursuant to
		Section 13 or 15(d) of the Exchange Act.
	 

	 
		                (b)   Delivery of
		such reports, information and documents to the Trustee is for informational
		purposes only and the Trustee’s receipt of such shall not constitute
		constructive notice of any information contained therein or determinable from
		information contained therein, 
	 

	 
		39
	 

	 

	 
	 

	 

	 
		including the
		Company’s compliance with any of its covenants hereunder (as to which the
		Trustee is entitled to rely exclusively on Officers’ Certificates).

	 

	 
		                Section 5.03.
		         Compliance
		Certificates.
	 

	 
		                The Company shall deliver to the
		Trustee, within 120 days after the end of each fiscal year of the Company
		(beginning with the fiscal year ending on December 31, 2007), an Officers’
		Certificate (signed by one of the Chairman of the Board, the Chief Executive
		Officer, the President, any Vice President, the Chief Operating Officer, the
		Chief Financial Officer or the Chief Accounting Officer of the Company) as to
		the signer’s knowledge after due inquiry of the Company’s compliance
		with all terms, conditions and covenants on its part contained in this
		Indenture and stating whether or not the signer knows of any Default or Event
		of Default. If such signer knows of such a Default or Event of Default, the
		Officers’ Certificate shall describe the Default or Event of Default and
		the efforts to remedy the same. For the purposes of this Section 5.03,
		compliance shall be determined without regard to any grace period or
		requirement of notice provided pursuant to the terms of this Indenture.
	 

	 
		                Section 5.04.
		         Further Instruments
		and Acts.
	 

	 
		                The Company will execute and
		deliver such further instruments and do such further acts as may be reasonably
		necessary or proper to carry out more effectively the purposes of this
		Indenture.
	 

	 
		                Section 5.05.
		         Maintenance of
		Corporate Existence.
	 

	 
		                Subject to Article 6, the Company
		will do or cause to be done all things necessary to preserve and keep in full
		force and effect its corporate existence.
	 

	 
		                Section 5.06.
		         Rule 144A Information
		Requirement.
	 

	 
		                If at any time the Company is not
		subject to the reporting requirements of the Exchange Act, the Company shall
		promptly furnish to the Holders, beneficial owners and prospective purchasers
		of the Securities or underlying Conversion Shares, upon their request, the
		information required to be delivered pursuant to Rule 144A(d)(4) of the
		Securities Act to facilitate the resale of those Securities or Conversion
		Shares pursuant to Rule 144A. 
	 

	 
		                Section 5.07.
		         Stay, Extension and
		Usury Laws.
	 

	 
		                The Company covenants (to the
		extent that it may lawfully do so) that it shall not at any time insist upon,
		plead, or in any manner whatsoever claim or take the benefit or advantage of,
		any stay, extension or usury law or other law which would prohibit or forgive
		the Company from paying all or any portion of the principal of or accrued but
		unpaid interest or Additional Interest, if any, on the Securities as
		contemplated herein, wherever enacted, now or at any time hereafter in force,
		or which may affect the covenants or the performance of this Indenture, and the
		Company (to the extent it may lawfully do so) hereby expressly waives all
		benefit or advantage of any such law and covenants that it will not, by resort
		to any such law, hinder, delay or impede the execution of any power herein
		granted to the Trustee, but will suffer and permit the execution of every such
		power as though no such law had been enacted.
	 

	 
		40
	 

	 

	 
	 

	 

	 
		                Section 5.08.
		         Payment of Additional
		Interest.
	 

	 
		                If Additional Interest is payable
		by the Company pursuant to the Registration Rights Agreement, the Company shall
		deliver to the Trustee an Officers’ Certificate to that effect stating (i)
		the amount of such Additional Interest that is payable, (ii) the reason why
		such Additional Interest is payable and (iii) the date on which such Additional
		Interest is payable. Unless and until a Responsible Officer of the Trustee
		receives such a certificate, the Trustee may assume without inquiry that no
		such Additional Interest is payable. If the Company has paid Additional
		Interest directly to the Persons entitled to such Additional Interest, the
		Company shall deliver to the Trustee a certificate setting forth the
		particulars of such payment.
	 

	 
		                Section 5.09.
		         Maintenance of Office
		or Agency.
	 

	 
		                The Company will maintain an
		office or agency of the Trustee, Registrar and Paying Agent where securities
		may be presented or surrendered for payment, where Securities may be
		surrendered for registration of transfer, purchase or redemption and where
		notices and demands to or upon the Company in respect of the Securities and
		this Indenture may be served. The Corporate Trust Office shall initially be one
		such office or agency for all of the aforesaid purposes. The Company shall give
		prompt written notice to the Trustee of the location, and of any change in the
		location, of any such office or agency (other than a change in the location of
		the office of the Trustee). If at any time the Company shall fail to maintain
		any such required office or agency or shall fail to furnish the Trustee with
		the address thereof, such presentations, surrenders, notices and demands may be
		made or served at the address of the Trustee set forth in Section 12.02.

	 

	 
		                The Company may also from time to
		time designate one or more other offices or agencies where the Securities may
		be presented or surrendered for any or all such purposes and may from time to
		time rescind such designations; provided, however, that no such designation or
		rescission shall in any manner relieve the Company of its obligation to
		maintain an office or agency.
	 

	 
		                Section 5.10.         
		Limitation on Layered Debt.
	 

	 
		                The Company shall not, and shall
		not permit any Subsidiary to, incur, directly or indirectly, any Debt that is
		subordinate or junior in right of payment to any Senior Debt unless such Debt
		is Senior Subordinated Debt or is expressly subordinated in right of payment to
		Senior Subordinated Debt. 
	 

	 
		                Section 5.11.
		         Limitation on
		Debt.
	 

	 
		                (a)           The
		Company shall not, and shall not permit any Subsidiary to, incur, directly or
		indirectly, any Debt other than Permitted Debt unless: 
	 

	 
		                (1)           after
		giving effect to the incurrence of such Debt and the application of the
		proceeds thereof, the ratio of total Debt to the Company’s Consolidated
		EBITDA (determined on a pro forma basis for the last four full fiscal quarters
		for which financial statements are available at the date of determination)
		would be less than 8.5 to 1.0; and provided further, however, that if the Debt
		which is the subject of a determination under this provision is Debt to be
		incurred in connection with the simultaneous acquisition of any Person,
		business, property or assets, then 
	 

	 
		41
	 

	 

	 
	 

	 

	 
		such ratio shall be
		determined by giving effect (on a pro forma basis, as if the transaction had
		occurred at the beginning of the four quarter period) to both the incurrence of
		the Acquired Debt or other Debt by the Company and the inclusion in the
		Company’s Consolidated EBITDA of the Consolidated EBITDA of the acquired
		Person, business, property or assets; and 
	 

	 
		                (2)           no
		Default or Event of Default would occur as a consequence of such incurrence or
		be continuing following such incurrence. 
	 

	 
		                (b)           Notwithstanding
		anything to the contrary contained in this Section 5.11, 
	 

	 
		                (i)            accrual
		of interest, accretion or amortization of original issue discount and the
		payment of interest or dividends in the form of additional Debt (including PIK
		Notes, if any, issued to satisfy the Company’s interest payment
		obligations under the Existing Senior Debt), will be deemed not to be an
		incurrence of Debt for purposes of this covenant; and
	 

	 
		                (ii)           for
		purposes of determining compliance with this Section 5.11, in the event that an
		item of Debt (including Acquired Debt) meets the criteria of more than one of
		the categories of Permitted Debt described in clauses (a) through (m) of such
		definition or is entitled to be incurred pursuant to clause (1) of Section
		5.11(a), the Company will, in its sole discretion, classify (or later
		reclassify in whole or in part, in its sole discretion) such item of Debt in
		any manner that complies with this covenant.
	 

	 
		ARTICLE 6
CONSOLIDATION; MERGER; CONVEYANCE; TRANSFER OR
		LEASE
	 

	 
		                Section 6.01.
		         Company May
		Consolidate, Etc., Only on Certain Terms.
	 

	 
		                The Company shall not, in any
		transaction or series of related transactions, consolidate with, or sell,
		lease, assign, transfer or otherwise convey all or substantially all of its
		assets to, or merge with or into, any other Person, unless:
	 

	 	 	                (1)           either
			 the Company shall be the continuing corporation, or the successor person, if
			 other than the corporation, formed by or resulting from any consolidation or
			 merger or which shall have received the transfer of all or substantially all of
			 its assets is a company organized and existing under the laws of the United
			 States of America, any state thereof or the District of Columbia and shall
			 expressly assume, by supplemental indenture executed by the successor
			 corporation and delivered to the Trustee, the due and punctual payment of the
			 principal of, and premium, if any, and interest, if any, on and all Additional
			 Interest, if any, payable in respect of all of the outstanding Securities
			 issued under this Indenture and the due and punctual performance and observance
			 of all of the other covenants and conditions contained in the Securities and
			 this Indenture to be performed or observed by the Company;
		 
	 	                (2)           immediately
			 after giving effect to the transaction, no Event of Default, and no event
			 which, after notice or the lapse of time or both, would become an Event of
			 Default, shall have occurred and be continuing; and

	 
		42
	 

	 

	 
	 

	 

	 	 	                (3)           the
			 Company shall have, at or prior to the effective date of such consolidation,
			 merger or transfer, delivered to the Trustee an Officers’ Certificate and
			 an Opinion of Counsel, each stating that such consolidation, merger or transfer
			 complies with this Article 6.01 and, if a supplemental indenture is required in
			 connection with such transaction, such supplemental indenture complies with
			 this Article, and that all conditions precedent herein provided for relating to
			 such transaction have been complied with.

	 
		                Section 6.02.
		         Successor
		Substituted.
	 

	 
		                Upon any consolidation of the
		Company with, or merger of the Company into, any other Person or any
		conveyance, transfer or lease substantially as an entity, of the properties and
		assets of the Company and its Subsidiaries, taken as a whole, in accordance
		with Section 6.01, the successor Person formed by such consolidation or into
		which the Company is merged or to which such conveyance, transfer or lease is
		made shall succeed to, and be substituted for, and may exercise every right and
		power of, the Company under this Indenture with the same effect as if such
		successor Person had been named as the Company herein, and thereafter, except
		in the case of a lease, and except for obligations the predecessor Person may
		have under a supplemental indenture, the predecessor Person shall be released
		from all obligations and covenants under this Indenture and the
		Securities.
	 

	 
		ARTICLE 7
DEFAULT AND REMEDIES
	 

	 
		                Section 7.01.
		         Events of
		Default.
	 

	 
		               (a)   The
		following events are “Events of Default”:
	 

	 	 	                (1)           a
			 default for 30 days in the payment of any interest on or any Additional
			 Interest payable in respect of the Securities; 
		 
	 	                (2)           a
			 default in the payment of any principal of or premium, if any, on, Securities,
			 whether on the Final Maturity Date or any earlier date of redemption or
			 repurchase or otherwise; 
		 
	 	                (3)           a
			 default in the performance, or breach, of any other covenant or warranty
			 contained in the Securities or this Indenture, continued for 60 days after
			 written notice as provided to the Company by the Trustee or 25% of the Holders;
			 provided, however, that if such default pertains to the failure to
			 deliver copies of annual reports and the information, documents and other
			 reports after the Company is required to file them with the SEC, such default
			 must have been continued for 90 days after written notice is provided to the
			 Company by the Trustee or the Holders of not less than 25% in principal amount
			 of the outstanding Securities; 
		 
	 	                (4)           a
			 default under any Debt by the Company or any Subsidiary that results in
			 acceleration of the maturity of such Debt, or failure to pay any such Debt at
			 maturity, in 

	 
		43
	 

	 

	 
	 

	 

	 	 	an
			 aggregate amount of Debt greater than $10,000,000 or its foreign currency
			 equivalent at the time; 
		 
	 	               (5)           one
			 or more final judgments, orders or decrees of any court or regulatory or
			 administrative agency for the payment of money in excess of $10,000,000, either
			 individually or in the aggregate (exclusive of any portion of any such payment
			 covered by insurance, if and to the extent the insurer has acknowledged in
			 writing its liability therefor), shall be rendered against the Company or any
			 Significant Subsidiary or any of their respective properties and shall not be
			 discharged or fully bonded and either (a) any creditor shall have commenced an
			 enforcement proceeding upon such judgment, order or decree or (b) there shall
			 have been a period of 60 consecutive days during which a stay of enforcement of
			 such judgment or order, by reason of an appeal or otherwise, shall not be in
			 effect;
		 
	 	               (6)           the
			 Company, or any Significant Subsidiary of the Company, pursuant to or within
			 the meaning of any Bankruptcy Law: 
		 

	 	 	                (A)          commences
			 as a debtor a voluntary case or proceeding; 
		 
	 	                (B)           consents
			 to the entry of an order for relief against it in an involuntary case or
			 proceeding or the commencement of any case against it; 
		 
	 	                (C)           consents
			 to the appointment of a Receiver of it or for all or substantially all of its
			 property; 
		 
	 	                (D)          makes a
			 general assignment for the benefit of its creditors; 
		 
	 	                (E)           files
			 a petition in bankruptcy or answer or consent seeking reorganization or relief;
			 or
		 
	 	                (F)           consents
			 to the filing of such a petition or the appointment of or taking possession by
			 a Receiver; and 
		 

	 	 	               (7)           a
			 court of competent jurisdiction enters an order or decree under any Bankruptcy
			 Law that:
		 

	 	 	                (G)           grants
			 relief against the Company or any Significant Subsidiary of the Company in an
			 involuntary case or proceeding or adjudicates the Company or any Significant
			 Subsidiary of the Company insolvent or bankrupt; 
		 
	 	                (H)          appoints
			 a Receiver of the Company or any Significant Subsidiary of the Company or for
			 all or substantially all of the property of the Company or any Significant
			 Subsidiary of the Company; or 
		 
	 	                (I)            orders
			 the winding up or liquidation of the Company or any Significant Subsidiary of
			 the Company;

	 
		44
	 

	 

	 
	 

	 

	 	 	and in each case the order or decree remains unstayed and in effect
			 for 60 consecutive days.

	 
		                The term “Bankruptcy
		Law” means Title 11 of the United States Code (or any successor thereto)
		or any similar federal or state law for the relief of debtors. The term
		“Receiver” means any receiver, trustee, assignee, liquidator,
		sequestrator or similar official under any Bankruptcy Law.
	 

	 
		                (b)   The Company
		will deliver to the Trustee, within five Business Days after becoming aware of
		the occurrence of a Default or Event of Default, written notice thereof.

	 

	 
		                Section 7.02.         
		Acceleration.
	 

	 
		                If an Event of Default (other
		than an Event of Default specified in clause (6) or (7) of Section 7.01(a))
		occurs and is continuing, the Trustee may, by notice to the Company, or the
		Holders of at least 25% in aggregate principal amount of the Securities then
		outstanding may, by notice to the Company and the Trustee, declare the
		principal amount and accrued and unpaid interest, if any, and accrued and
		unpaid Additional Interest, if any, through the date of declaration on all the
		Securities to be immediately due and payable. Upon such a declaration, such
		principal amount and such accrued and unpaid interest, if any, and such accrued
		and unpaid Additional Interest, if any, shall be due and payable immediately.
		If there are any amounts outstanding under any of the instruments constituting
		Senior Debt, such amounts shall become due and payable upon the first to occur
		of an acceleration under any of the instruments constituting Senior Debt or
		five Business Days after receipt by the Company and the Representative under
		any Senior Debt of notice of the acceleration of the instruments constituting
		Senior Debt unless all Events of Default specified in such Acceleration Notice
		have been cured or waived. If an Event of Default specified in Section
		7.01(a)(6) or (7) occurs in respect of the Company or any Significant
		Subsidiary and is continuing, the principal amount and accrued but unpaid
		interest, if any, and accrued and unpaid Additional Interest, if any, on all
		the Securities shall become and be immediately due and payable without any
		declaration or other act on the part of the Trustee or any Holders of
		Securities. At any time after such a declaration of acceleration with respect
		to the Securities has been made and before a judgment or decree for payment of
		the money due has been obtained by the Trustee as hereinafter in this Article
		provided, the Holders of not less than a majority in principal amount of the
		Securities, by written notice to the Company and the Trustee, may rescind and
		annul such declaration and its consequences if:
	 

	 	 	               (1)           the
			 Company has paid or deposited with the Trustee a sum sufficient to pay in the
			 currency in which the Securities are payable:
		 

	 	 	                (A)          all
			 overdue installments of interest on and any Additional Interest payable in
			 respect of all outstanding Securities,
		 
	 	                (B)           the
			 principal of (and premium, if any, on) any outstanding Securities which have
			 become due otherwise than by such declaration of acceleration and interest
			 thereon at the rate or rates borne by or provided for in the
			 Securities,

	 
		45
	 

	 

	 
	 

	 

	 	 	                (C)           to
			 the extent that payment of such interest is lawful, interest upon overdue
			 installments of interest and any Additional Interest at the rate or rates borne
			 by or provided for in the Securities, and
		 
	 	                (D)          all
			 sums paid or advanced by the Trustee hereunder and the reasonable compensation,
			 expenses, disbursements and advances of the Trustee, its agents and counsel;
			 and
		 

	 	 	               (2)            all
			 Events of Default with respect to the Securities, other than the nonpayment of
			 the principal of (or premium, if any) or interest on the Securities which have
			 become due solely by such declaration of acceleration, have been cured or
			 waived as provided in Section 7.04.

	 
		                Section 7.03.
		         Other Remedies.
	 

	 
		                (a)   If an Event
		of Default occurs and is continuing, the Trustee may, but shall not be
		obligated to, pursue any available remedy by proceeding at law or in equity to
		collect payment of the principal amount and accrued and unpaid interest, if
		any, and accrued and unpaid Additional Interest, if any, on the Securities or
		to enforce the performance of any provision of the Securities or this
		Indenture. 
	 

	 
		                (b)   The Trustee
		may maintain a proceeding even if it does not possess any of the Securities or
		does not produce any of them in the proceeding. A delay or omission by the
		Trustee or any Holder in exercising any right or remedy accruing upon an Event
		of Default shall not impair the right or remedy or constitute a waiver of or
		acquiescence in the Event of Default. No remedy is exclusive of any other
		remedy. All available remedies are cumulative to the extent permitted by
		applicable law.
	 

	 
		                Section 7.04.
		         Waiver of Defaults and
		Events of Default.
	 

	 
		                Subject to Sections 7.07 and
		10.02, the Holders of a majority in aggregate principal amount of the
		Securities then outstanding by notice to the Trustee may waive an existing
		Default or Event of Default and its consequences, except an uncured Default or
		Event of Default in the payment of the principal of, premium, if any, or any
		accrued but unpaid interest or Additional Interest, if any, on any Security, an
		uncured failure by the Company to convert any Securities into Conversion Shares
		and cash, as applicable, or any Default or Event of Default in respect of any
		provision of this Indenture or the Securities which, under Section 10.02,
		cannot be modified or amended without the consent of the Holder of each
		Security affected. When a Default or Event of Default is waived, it is cured
		and ceases to exist.
	 

	 
		                Section 7.05.         
		Control by Majority.
	 

	 
		                The Holders of a majority in
		aggregate principal amount of the Securities then outstanding may direct the
		time method and place of conducting any proceeding for any remedy available to
		the Trustee or exercising any trust or power conferred on it. However, the
		Trustee may refuse to follow any direction that conflicts with law or this
		Indenture, that the Trustee determines may be unduly prejudicial to the rights
		of another Holder or the Trustee, or that may involve the Trustee in personal
		liability unless the Trustee is offered security or indemnity 
	 

	 
		46
	 

	 

	 
	 

	 

	 
		satisfactory to it;
		provided, however, that the Trustee may take any other action deemed proper by
		the Trustee which is not inconsistent with such direction.
	 

	 
		                Section 7.06.
		         Limitations on
		Suits.
	 

	 
		                (a)   A Holder may
		not pursue any remedy with respect to this Indenture or the Securities (except
		actions for payment of overdue principal, premium, if any, or interest or for
		the conversion of the Securities pursuant to Article 4) unless:
	 

	 	 	                (1)           the
			 Holder gives to the Trustee written notice of a continuing Event of
			 Default;
		 
	 	                (2)           the
			 Holders of at least 25% in aggregate principal amount of the then outstanding
			 Securities make a written request to the Trustee to pursue the
			 remedy; 
		 
	 	                (3)           such
			 Holder or Holders offer to the Trustee security or indemnity satisfactory to it
			 against any loss, liability or expense;
		 
	 	                (4)           the
			 Trustee does not comply with the request within 60 days after receipt of the
			 request and the offer of security or indemnity; and 
		 
	 	                (5)           no
			 direction inconsistent with such written request has been given to the Trustee
			 during such 60-day period by the Holders of a majority in aggregate principal
			 amount of the Securities then outstanding. 

	 
		                (b)   No Holder of
		a Security shall have any right under any provision of this Indenture or the
		Securities to affect, disturb, or prejudice the rights of another Holder of a
		Security or to obtain a preference or priority over another Holder of a
		Security.
	 

	 
		                Section 7.07.
		         Rights of Holders to
		Receive Payment and to Convert.
	 

	 
		                Notwithstanding any other
		provision of this Indenture, the right of any Holder of a Security to receive
		payment of the principal, interest, if any, or Additional Interest, if any, in
		respect of the Securities held by such Holder, on or after the respective due
		dates expressed in the Securities and this Indenture, and to convert such
		Security in accordance with Article 4, and to bring suit for the enforcement of
		any such payment on or after such respective due dates or for the right to
		convert in accordance with Article 4, is absolute and unconditional and shall
		not be impaired or affected without the consent of the Holder.
	 

	 
		                Section 7.08.
		         Collection Suit by
		Trustee.
	 

	 
		                If an Event of Default described
		in clause (1) or (2) of Section 7.01(a) occurs and is continuing, the Trustee
		may recover judgment in its own name and as trustee of an express trust against
		the Company or another obligor on the Securities for the whole amount owing
		with respect to the Securities and such further amount as shall be sufficient
		to cover the costs and expenses of collection, including the reasonable
		compensation, expenses, disbursements and advances of the Trustee, its agents
		and counsel.
	 

	 
		47
	 

	 

	 
	 

	 

	 
		                Section 7.09.
		         Trustee May File
		Proofs of Claim.
	 

	 
		                The Trustee may file such proofs
		of claim and other papers or documents as may be necessary or advisable in
		order to have the claims of the Trustee (including any claim for the reasonable
		compensation, expenses, disbursements and advances of the Trustee, its agents
		and counsel) and the Holders allowed in any judicial proceedings relative to
		the Company (or any other obligor on the Securities), its creditors or its
		property and shall be entitled and empowered to collect and receive any money
		or other property payable or deliverable on any such claims and to distribute
		the same, and any Receiver in any such judicial proceeding is hereby authorized
		by each Holder to make such payments to the Trustee and, in the event that the
		Trustee shall consent to the making of such payments directly to the Holders,
		to pay to the Trustee any amount due to it for the reasonable compensation,
		expenses, disbursements and advances of the Trustee, its agents and counsel,
		and any other amounts due the Trustee under Section 8.07, and to the extent
		that such payment of the reasonable compensation, expenses, disbursements and
		advances in any such proceedings shall be denied for any reason, payment of the
		same shall be secured by a lien on, and shall be paid out of, any and all
		distributions, dividends, money, securities and other property which the
		Holders may be entitled to receive in such proceedings, whether in liquidation
		or under any plan of reorganization or arrangement or otherwise. Nothing herein
		contained shall be deemed to authorize the Trustee to authorize or consent to,
		or, on behalf of any Holder, to authorize, accept or adopt any plan of
		reorganization, arrangement, adjustment or composition affecting the Securities
		or the rights of any Holder thereof, or to authorize the Trustee to vote in
		respect of the claim of any Holder in any such proceeding.
	 

	 
		                Section 7.10.
		         Priorities.
	 

	 
		                (a)   If the
		Trustee collects any money pursuant to this Article 7, it shall pay out the
		money in the following order:
	 

	 	 	                (1)           First,
			 to the Trustee for amounts due under Section 8.07; 
		 
	 	                (2)           Second,
			 to Holders for amounts due and unpaid on the Securities for the principal,
			 interest, and Additional Interest, as applicable, ratably, without preference
			 or priority of any kind, according to such respective amounts due and payable
			 on the Holders’ Securities; and
		 
	 	                (3)           Third,
			 the balance, if any, to the Company. 

	 
		                (b)   The Trustee
		may fix a record date and payment date for any payment to Holders pursuant to
		this Section 7.10.
	 

	 
		                Section 7.11.
		         Undertaking for
		Costs.
	 

	 
		                In any suit for the enforcement
		of any right or remedy under this Indenture or in any suit against the Trustee
		for any action taken or omitted by it as Trustee, a court in its discretion may
		require the filing by any party litigant in the suit of an undertaking to pay
		the costs of the suit, and the court in its discretion may assess reasonable
		costs, including reasonable attorneys’ fees and expenses, against any
		party litigant in the suit, having due regard to the merits and good faith of
		the claims or defenses made by the party litigant. This Section 7.11 does not
		apply to a suit 
	 

	 
		48
	 

	 

	 
	 

	 

	 
		made by the Trustee,
		a suit by a Holder pursuant to Section 7.07, or a suit by Holders of more than
		25% in aggregate principal amount of the Securities then outstanding. This
		Section 7.11 shall be in lieu of Section 315(e) of the TIA and such Section
		315(e) is hereby expressly excluded from this Indenture, as permitted by the
		TIA.
	 

	 
		ARTICLE 8
TRUSTEE
	 

	 
		                Section 8.01.
		         Obligations of
		Trustee.
	 

	 
		                (a)   If an Event
		of Default of which a Responsible Officer of the Trustee shall have actual
		knowledge has occurred and is continuing, the Trustee shall exercise such of
		the rights and powers vested in it by this Indenture and use the same degree of
		care and skill in its exercise as a prudent person would exercise or use under
		the circumstances in the conduct of his or her own affairs. 
	 

	 
		                (b)   Except
		during the continuance of an Event of Default of which a Responsible Officer of
		the Trustee shall have actual knowledge:
	 

	 	 	                (1)           the
			 Trustee need perform only those duties as are specifically set forth in this
			 Indenture and no others and no implied covenants or obligations shall be read
			 into this Indenture against the Trustee; and 
		 
	 	                (2)           in
			 the absence of bad faith on its part, the Trustee may conclusively rely, as to
			 the truth of the statements and the correctness of the opinions expressed
			 therein, upon certificates or opinions furnished to the Trustee and conforming
			 to the requirements of this Indenture. The Trustee, however, shall examine any
			 certificates and opinions which by any provision hereof are specifically
			 required to be delivered to the Trustee to determine whether or not they
			 conform to the requirements of this Indenture, but need not confirm or
			 investigate the accuracy of mathematical calculations or other facts stated
			 therein. 

	 
		                This Section 8.01(b) shall be in
		lieu of Section 315(a) of the TIA and such Section 315(a) is hereby expressly
		excluded from this Indenture, as permitted by the TIA. 
	 

	 
		                (c)   The Trustee
		may not be relieved from liability for its own negligent action, its own
		negligent failure to act, or its own willful misconduct, except
		that: 
	 

	 	 	                (1)           this
			 paragraph does not limit the effect of Section 8.01(b); 
		 
	 	                (2)           the
			 Trustee shall not be liable for any error of judgment made in good faith by a
			 Responsible Officer, unless it is proved that the Trustee was negligent in
			 ascertaining the pertinent facts; and 
		 
	 	                (3)           the
			 Trustee shall not be liable with respect to any action it takes or omits to
			 take in good faith in accordance with a direction received by it pursuant to
			 Section 7.05. 

	 
		49
	 

	 

	 
	 

	 

	 
		                This Section 8.01(c) shall be in
		lieu of Sections 315(d)(1), 315(d)(2) and 315(d)(3) of the TIA and such
		Sections are hereby expressly excluded from this Indenture as permitted by the
		TIA. 
	 

	 
		                (d)   No provision
		of this Indenture shall require the Trustee to expend or risk its own funds or
		otherwise incur any financial liability in the performance of any of its duties
		hereunder or in the exercise of any of its rights or powers unless the Trustee
		shall have received security or indemnity satisfactory to it against potential
		costs and liabilities incurred by it relating thereto. 
	 

	 
		                (e)   Every
		provision of this Indenture that in any way relates to the Trustee is subject
		to subsections (a), (b), (c) and (d) of this Section 8.01. 
	 

	 
		                (f)    The
		Trustee shall not be liable for interest on any money received by it except as
		the Trustee may agree in writing with the Company. Money held in trust by the
		Trustee need not be segregated from other funds except to the extent required
		by law.
	 

	 
		                Section 8.02.
		         Rights of
		Trustee.
	 

	 
		                (a)   Subject to
		Section 8.01:
	 

	 	 	                (1)           The
			 Trustee may rely conclusively and shall be fully protected in acting or
			 refraining from acting upon on any document believed by it to be genuine and to
			 have been signed or presented by the proper person. The Trustee need not
			 investigate any fact or matter stated in the document. 
		 
	 	                (2)           Before
			 the Trustee acts or refrains from acting, it may require an Officers’
			 Certificate or an Opinion of Counsel, which shall conform to Section 13.04(b).
			 The Trustee shall not be liable for any action it takes or omits to take in
			 good faith in reliance on such Officers’ Certificate or Opinion of
			 Counsel. 
		 
	 	                (3)           The
			 Trustee may execute any of the trusts or powers hereunder or perform any duties
			 hereunder either directly or by or through agents, attorneys or custodians, and
			 the Trustee shall not be responsible for any misconduct or negligence on the
			 part of any such agent, attorney or custodian appointed by the Trustee with due
			 care. 
		 
	 	                (4)           The
			 Trustee shall not be liable for any action it takes or omits to take in good
			 faith which it believes to be authorized or within its rights or powers.
			 
		 
	 	                (5)           The
			 Trustee may consult with counsel of its selection, and the advice or opinion of
			 such counsel as to matters of law shall be full and complete authorization and
			 protection in respect of any such action taken, omitted or suffered by it
			 hereunder in good faith and in accordance with the advice or opinion of such
			 counsel. 
		 
	 	                (6)           The
			 Trustee shall be under no obligation to exercise any of the rights or powers
			 vested in it by this Indenture or to institute, conduct or defend any
			 litigation hereunder or in relation hereto at the request or direction of any
			 of the Holders pursuant to this Indenture, unless such Holders shall have
			 offered to the Trustee security or 

	 
		50
	 

	 

	 
	 

	 

	 	 	indemnity satisfactory to the Trustee against the costs, expenses and
			 liabilities which might be incurred by it in compliance with such request or
			 direction. 
		 
	 	                (7)           The
			 Trustee shall not be bound to make any investigation into the facts or matters
			 stated in any resolution, certificate, statement, instrument, opinion, report,
			 notice, request, direction, consent, order, bond, debenture, note, other
			 evidence of indebtedness or other paper or document, but the Trustee, in its
			 discretion, may make such further inquiry or investigation into such facts or
			 matters as it may see fit, and, if the Trustee shall determine to make such
			 further inquiry or investigation, it shall be entitled to examine the books,
			 records and premises of the Company, personally or by agent or attorney at the
			 sole cost of the Company, and shall incur no liability or additional liability
			 of any kind by reason of such inquiry or investigation. The reasonable expense
			 of every such examination shall be paid by the Company or, if paid by the
			 Trustee, shall be repaid by the Company upon demand from the Company’s own
			 funds. 
		 
	 	                (8)           The
			 Trustee shall not be deemed to have notice or knowledge of any Default, Event
			 of Default or unless a Responsible Officer of the Trustee has actual knowledge
			 thereof or unless written notice of any event which is in fact such a Default
			 is received by the Trustee at the Corporate Trust Office, and such notice
			 references the Securities and this Indenture. In the absence of receipt of such
			 notice or actual knowledge, the Trustee may conclusively assume that there is
			 no Default or Event of Default. 
		 
	 	                (9)           The
			 rights, privileges, protections, immunities and benefits given to the Trustee,
			 including, without limitation, its right to be indemnified, are extended to,
			 and shall be enforceable by, the Trustee in each of its capacities hereunder,
			 including, without limitation as Paying Agent, Registrar and Conversion Agent,
			 and to each agent, custodian and other Person employed to act hereunder.
			 
		 
	 	                (10)         The right of
			 the Trustee to perform any discretionary act enumerated in this Indenture shall
			 not be construed as a duty, and the Trustee shall not be answerable for other
			 than its own gross negligence or willful misconduct in the performance of such
			 act. 

	 
		                Section 8.03.
		         Individual Rights of
		Trustee.
	 

	 
		                The Trustee in its individual or
		any other capacity may become the owner or pledgee of Securities and may
		otherwise deal with the Company or an Affiliate of the Company with the same
		rights it would have if it were not Trustee. Any Agent may do the same with
		like rights. However, the Trustee is subject to Sections 8.10 and 8.11.
	 

	 
		                Section 8.04.
		         Trustee’s
		Disclaimer.
	 

	 
		                The Trustee makes no
		representation as to the validity or adequacy of this Indenture or the
		Securities and the Trustee assumes no responsibility for their correctness. It
		shall not be accountable for the Company’s use of the proceeds from the
		Securities and it shall not be responsible for any statement in the Securities
		other than its certificate of authentication. 
	 

	 
		51
	 

	 

	 
	 

	 

	 
		                Section 8.05.
		         Notice of Default or
		Events of Default.
	 

	 
		                If a Default or an Event of
		Default occurs and is continuing and if it is known to the Trustee, the Trustee
		shall mail to each Holder of a Security notice of all uncured Defaults or
		Events of Default known to it within 90 days after it occurs, unless that
		default shall have been cured or waived. However, the Trustee may withhold the
		notice if and for so long as a committee of its Responsible Officers in good
		faith determines that withholding notice is in the interests of Holders of
		Securities, except in the case of a Default or an Event of Default in payment
		of the principal of, or premium, if any, or interest on any Security when due
		or in the payment of any redemption or purchase obligation, or the
		Company’s failure to convert Securities when obligated to convert them.
		This Section 8.05 is in lieu of section 315(b) of the TIA and such provision is
		expressly excluded from this Indenture as permitted by the TIA.
	 

	 
		                Section 8.06.
		         Reports by Trustee to
		Holders.
	 

	 
		                (a)   If a report
		is required by TIA Section 313, within 60 days after each May 15, beginning
		with the May 15 following the date of this Indenture, the Trustee shall mail to
		each Holder of Securities a brief report dated as of such May 15 that complies
		with TIA Section 313(a). If required by TIA Section 313, the Trustee also shall
		comply with TIA Sections 313(b)(2) and (c). In the event that no events have
		occurred under the applicable sections of the TIA, the Trustee shall be under
		no duty or obligation to provide such reports.
	 

	 
		                (b)   A copy of
		each report at the time of its mailing to Holders of Securities shall be mailed
		to the Company and, to the extent required by the TIA, filed with the SEC, and
		each stock exchange, if any, on which the Securities are listed. The Company
		shall notify the Trustee whenever the Securities become listed on any stock
		exchange or listed or admitted to trading on any quotation system and any
		changes in the stock exchanges or quotation systems on which the Securities are
		listed or admitted to trading and of any delisting thereof. 
	 

	 
		                Section 8.07.
		         Compensation and
		Indemnity.
	 

	 
		                (a)   The Company
		shall pay to the Trustee from time to time such compensation (as agreed to from
		time to time by the Company and the Trustee in writing) for its services (which
		compensation shall not be limited by any provision of law in regard to the
		compensation of a trustee of an express trust). The Company shall reimburse the
		Trustee upon request for all reasonable disbursements, expenses and advances
		incurred or made by it. Such expenses may include the reasonable compensation,
		disbursements and expenses of the Trustee’s agents and counsel. 
	 

	 
		                (b)   The Company
		shall indemnify the Trustee or any predecessor Trustee (which for purposes of
		this Section 8.07 shall include its officers, directors, employees and agents)
		for, and hold it harmless against, any and all loss, claim, damage, liability
		or expense including taxes (other than franchise taxes and taxes based upon,
		measured by or determined by the income of the Trustee), incurred by it arising
		out of or in connection with the acceptance or administration of its duties
		under this Indenture or any action or failure to act as authorized or within
		the discretion or rights or powers conferred upon the Trustee hereunder
		including the reasonable costs and expenses of the Trustee and its counsel in
		defending (including reasonable legal fees 
	 

	 
		52
	 

	 

	 
	 

	 

	 
		and expenses) itself
		against any claim or liability in connection with the exercise or performance
		of any of its powers or duties hereunder. The Trustee shall notify the Company
		promptly of any claim asserted against the Trustee for which it may seek
		indemnity. The Company need not pay for any settlement effected without its
		prior written consent, which shall not be unreasonably withheld. Anything in
		this Indenture to the contrary notwithstanding, in no event shall the Trustee
		be liable for special, indirect or consequential loss or damage of any kind
		whatsoever (including but not limited to lost profits), even if the Trustee has
		been advised of the likelihood of such loss or damage and regardless of the
		form of action.
	 

	 
		                (c)   The Company
		need not reimburse the Trustee for any expense or indemnify it against any loss
		or liability incurred by it resulting from its gross negligence, willful
		misconduct or bad faith.
	 

	 
		                (d)   The Trustee
		shall have a senior claim to which the Securities are hereby made subordinate
		on all money or property held or collected by the Trustee. The obligations of
		the Company under this Section 8.07 shall survive the satisfaction and
		discharge of this Indenture or the resignation or removal of the
		Trustee.
	 

	 
		                (e)   When the
		Trustee incurs expenses or renders services after an Event of Default specified
		in clause (6) or (7) of Section 7.01(a) occurs, the expenses and the
		compensation for the services are intended to constitute expenses of
		administration under any Bankruptcy Law. The provisions of this Section shall
		survive the termination of this Indenture.
	 

	 
		                Section 8.08.         
		Replacement of Trustee.
	 

	 
		                (a)   The Trustee
		may resign by so notifying the Company. The Holders of a majority in aggregate
		principal amount of the Securities then outstanding may remove the Trustee by
		so notifying the Trustee and the Company and may, with the Company’s
		written consent, appoint a successor Trustee. The Company may remove the
		Trustee at any time, so long as no Default or Event of Default has occurred and
		is continuing, and appoint a Successor Trustee in accordance with this Section
		8.08. 
	 

	 
		                (b)   If the
		Trustee resigns or is removed or if a vacancy exists in the office of Trustee
		for any reason, the Company shall promptly appoint a successor Trustee. If the
		Company fails to promptly appoint a successor Trustee, the Trustee shall have
		the right to choose a qualified Trustee as successor, and the Company shall
		appoint such successor as Trustee. The resignation or removal of a Trustee
		shall not be effective until a successor Trustee shall have delivered the
		written acceptance of its appointment as described below. 
	 

	 
		                (c)   If a
		successor Trustee does not take office within 30 days after the retiring
		Trustee resigns or is removed, the retiring Trustee, the Company or the Holders
		of 10% in principal amount of the Securities then outstanding may petition any
		court of competent jurisdiction for the appointment of a successor Trustee at
		the expense of the Company. 
	 

	 
		                (d)   If the
		Trustee fails to comply with Section 8.10, any Holder who has been a bona fide
		holder of indenture securities for at least six months may, on behalf of
		himself and all others similarly situated, petition any court of competent
		jurisdiction for the removal of the Trustee and the appointment of a successor
		Trustee. 
	 

	 
		53
	 

	 

	 
	 

	 

	 
		                (e)   A successor
		Trustee shall deliver a written acceptance of its appointment to the retiring
		Trustee and to the Company. Immediately after that, the retiring Trustee shall
		transfer all property held by it as Trustee to the successor Trustee and be
		released from its obligations (exclusive of any liabilities that the retiring
		Trustee may have incurred while acting as Trustee) hereunder, the resignation
		or removal of the retiring Trustee shall become effective, and the successor
		Trustee shall have all the rights, powers and duties of the Trustee under this
		Indenture. A successor Trustee shall mail notice of its succession to each
		Holder. 
	 

	 
		                (f)    A
		retiring Trustee shall not be liable for the acts or omissions of any successor
		Trustee after its succession. 
	 

	 
		                (g)   Notwithstanding replacement of the Trustee
		pursuant to this Section 8.08, the Company’s obligations under Section
		8.07 shall continue for the benefit of the retiring Trustee.
	 

	 
		                Section 8.09.
		         Successor Trustee by
		Merger, Etc.
	 

	 
		                If the Trustee consolidates with,
		merges or converts into, or transfers all or substantially all of its corporate
		trust business (including the administration of this Indenture) to, another
		corporation, the resulting, surviving or transferee corporation, without any
		further act, shall be the successor Trustee; provided such transferee
		corporation shall qualify and be eligible under Section 8.10. Such successor
		Trustee shall promptly mail notice of its succession to the Company and each
		Holder. 
	 

	 
		                Section 8.10.
		         Eligibility;
		Disqualification.
	 

	 
		                The Trustee shall always satisfy
		the requirements of paragraphs (1), (2) and (5) of TIA Section 310(a). The
		Trustee (or its parent holding company) shall have a combined capital and
		surplus of at least $50,000,000 as set forth in its most recent published
		annual report of condition. If at any time the Trustee shall cease to satisfy
		any such requirements, it shall resign immediately in the manner and with the
		effect specified in this Article 8. The Trustee shall be subject to the
		provisions of TIA Section 310(b). Nothing herein shall prevent the Trustee from
		filing with the SEC the application referred to in the penultimate paragraph of
		TIA Section 310(b). 
	 

	 
		                Section 8.11.
		         Preferential
		Collection of Claims Against Company.
	 

	 
		                The Trustee shall comply with TIA
		Section 311(a), excluding any creditor relationship listed in TIA Section
		311(b). A Trustee who has resigned or been removed shall be subject to TIA
		Section 311(a) to the extent indicated therein.
	 

	 
		ARTICLE 9
SATISFACTION AND DISCHARGE OF INDENTURE
	 

	 
		                Section 9.01.
		         Satisfaction and
		Discharge of Indenture.
	 

	 
		                (a)   This
		Indenture shall cease to be of further force and effect (except as to any
		surviving rights of conversion, registration of transfer or exchange of
		Securities herein expressly provided 
	 

	 
		54
	 

	 

	 
	 

	 

	 
		for and except as
		further provided below), and the Trustee, on demand of and at the expense of
		the Company, shall execute proper instruments acknowledging satisfaction and
		discharge of this Indenture, when either: 
	 

	 	 	                (A)          all
			 Securities theretofore authenticated and delivered (other than (i) Securities
			 which have been destroyed, lost or stolen and which have been replaced or paid
			 as provided in Section 2.07 and (ii) Securities for whose payment money has
			 theretofore been deposited in trust and thereafter repaid to the Company as
			 provided in Section 9.03) have been delivered to the Trustee for cancellation;
			 or 
		 
	 	                (B)           all
			 such Securities not theretofore delivered to the Trustee for cancellation have
			 become due and payable, whether at the Final Maturity Date or upon conversion
			 or otherwise;

	 
		provided that
	 

	 	 	                (1)           the
			 Company has deposited with the Trustee, a Paying Agent (other than the Company
			 or any of its Affiliates) or a Conversion Agent, if applicable, immediately
			 available funds in trust and/or Conversion Shares, if applicable, for the
			 purpose of and in an amount sufficient to pay and discharge all indebtedness
			 and obligations related to such Securities not theretofore delivered to the
			 Trustee for cancellation, for principal and interest (including Additional
			 Interest, if any) to the date of such deposit (in the case of Securities which
			 have become due and payable) or Conversion Date, as the case may
			 be;
		 
	 	                (2)           the
			 Company has paid or caused to be paid all other sums payable hereunder by the
			 Company; and 
		 
	 	                (3)           the
			 Company has delivered to the Trustee an Officers’ Certificate and an
			 Opinion of Counsel, each stating that all conditions precedent herein relating
			 to the satisfaction and discharge of this Indenture have been complied
			 with.

	 
		                (b)   Notwithstanding the satisfaction and discharge of
		this Indenture, the obligations of the Company with respect to the conversion
		privilege and the Conversion Rate of the Securities pursuant to Article 4, the
		obligations of the Company to the Trustee under Section 8.07 and, if money
		shall have been deposited with the Trustee pursuant to clause (2) of Section
		9.01(a), the provisions of Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.12, 5.01
		and 12.05, Article 4, and this Article 9, shall survive until the Securities
		have been paid in full. 
	 

	 
		                Section 9.02.
		         Application of Trust
		Money.
	 

	 
		                Subject to the provisions of
		Section 9.03, the Trustee or a Paying Agent shall hold in trust, for the
		benefit of the Holders, all money deposited with it pursuant to Section 9.01
		and shall apply the deposited money in accordance with this Indenture and the
		Securities to the payment of the principal of and interest on the
		Securities.
	 

	 
		55
	 

	 

	 
	 

	 

	 
		                Section 9.03.
		         Repayment to
		Company.
	 

	 
		                (a)   The Trustee
		and each Paying Agent shall promptly pay to the Company upon request any excess
		money (1) deposited with them pursuant to Section 9.01 and (2) held by them at
		any time. 
	 

	 
		                (b)   The Trustee
		and each Paying Agent shall, subject to applicable abandonment property laws,
		pay to the Company upon request any money held by them for the payment of
		principal or interest that remains unclaimed for two years after a right to
		such money has matured; provided, however, that the Trustee or such Paying
		Agent, before being required to make any such payment, may at the expense of
		the Company cause to be mailed to each Holder entitled to such money notice
		that such money remains unclaimed and that after a date specified therein,
		which shall be at least 30 days from the date of such mailing, any unclaimed
		balance of such money then remaining will be repaid to the Company. After
		payment to the Company, Holders entitled to money must look to the Company for
		payment as general creditors unless an applicable abandoned property law
		designates another person. 
	 

	 
		                Section 9.04.
		         Reinstatement.
	 

	 
		                If the Trustee or any Paying
		Agent is unable to apply any money in accordance with Section 9.02 by reason of
		any legal proceeding or by reason of any order or judgment of any court or
		governmental authority enjoining, restraining or otherwise prohibiting such
		application, then the Company’s obligations under this Indenture and the
		Securities shall be revived and reinstated as though no deposit had occurred
		pursuant to Section 9.01 until such time as the Trustee or such Paying Agent is
		permitted to apply all such money in accordance with Section 9.02; provided,
		however, that if the Company has made any payment of the principal of or
		interest on any Securities because of the reinstatement of its obligations, the
		Company shall be subrogated to the rights of the Holders of such Securities to
		receive any such payment from the money held by the Trustee or such Paying
		Agent.
	 

	 
		ARTICLE 10
AMENDMENTS; SUPPLEMENTS AND WAIVERS
	 

	 
		                Section 10.01.
		       Without Consent of Holders.
	 

	 
		                Without the consent of any
		Holders of the Securities, the Company, when authorized by or pursuant to a
		resolution of the Board of Directors, and the Trustee may enter into an
		indenture to indentures supplemental hereto for any of the following
		purposes:
	 

	 	 	                (a)           to
			 evidence the succession or addition of another Person to the Company and the
			 assumption by any such successor of covenants of the Company under this
			 Indenture;
		 
	 	                (b)           to
			 add to the covenants of the Company for the benefit of the Holders or to
			 surrender any right or power conferred upon the Company in this
			 Indenture;

	 
		56
	 

	 

	 
	 

	 

	 	 	                (c)           to
			 add any additional Events of Default for the benefit of the Holders of all the
			 Securities;
		 
	 	                (d)           to
			 permit or facilitate the issuance of the Securities in uncertificated form,
			 provided that such action shall not adversely affect the Holders in any
			 material respect.
		 
	 	                (e)           to
			 secure the Securities;
		 
	 	                (f)            to
			 make any change to the provisions of Article 12 (Subordination of Securities)
			 that would limit or terminate the benefits available to any holder of Senior
			 Debt under such provisions; 
		 
	 	                (g)           to
			 evidence and provide for the acceptance of appointment by a successor Trustee
			 and to add to or change any of the provisions of this Indenture as is necessary
			 to provide for or facilitate the administration of the trusts under this
			 Indenture by more than one Trustee;
		 
	 	                (h)           to
			 provide for rights of Holders of the Securities if any reclassification or
			 change of Conversion Shares or any consolidation, merger or sale of all or
			 substantially all of the Company’s property or assets occurs;
		 
	 	                (i)            to
			 comply with the requirements of the SEC in order to effect or maintain the
			 qualification of this Indenture under the Trust Indenture Act, as contemplated
			 by this Indenture or otherwise;
		 
	 	                (j)            to
			 cure any ambiguity, defect or inconsistency in this Indenture provided that
			 such action shall not adversely affect the Holders in any material
			 respect;
		 
	 	                (k)           to
			 supplement any of the provisions of this Indenture to the extent necessary to
			 permit or facilitate satisfaction and discharge of the Securities under this
			 Indenture, provided that such action shall not adversely affect the interests
			 of the Holders in any material respect; or
		 
	 	                (l)            to
			 take any other action that will not adversely affect the Holders.

	 
		The Trustee is hereby
		authorized to join with the Company in the execution of any supplemental
		indenture authorized or permitted by the terms of this Indenture and to make
		any further appropriate agreements and stipulations which may be therein
		contained, but the Trustee shall not be obligated to enter into any such
		supplemental indenture which adversely affects its own rights, duties or
		immunities under this Indenture. No amendment may be made to the subordination
		provisions of this Indenture that adversely affects the rights of any holder of
		Designated Senior Debt then outstanding unless the holders of such Designated
		Senior Debt (or their Representative) consent to such change. The consent of
		the holders of the Securities is not necessary to approve the particular form
		of any proposed amendment. It is sufficient if such consent approves the
		substance of the proposed amendment
	 

	 
		57
	 

	 

	 
	 

	 

	 
		                Section 10.02.
		       With Consent of Holders.
	 

	 
		               (a) The Company and the Trustee
		may amend or supplement this Indenture or the Securities with the written
		consent of the Holders of at least a majority in aggregate principal amount of
		the Securities then outstanding and affected by such amendment or supplement
		(voting together as a single class). However, subject to Section 10.04, without
		the written consent of each Holder affected, an amendment, supplement or waiver
		may not:
	 

	 	 	                (i)            change
			 the stated maturity of the principal of, or any installment of principal of, or
			 interest (including Additional Interest, if any) on, the
			 Securities;
		 
	 	                (ii)           reduce
			 the principal amount of, the rate of interest (including Additional Interest,
			 if any) on the Securities, or change any of the Company’s obligations to
			 pay Additional Interest;
		 
	 	                (iii)          change
			 the timing or reduce the amount payable on the repurchase of the
			 Securities;
		 
	 	                (iv)          make
			 any change that impairs or adversely affects the rights of a Holder to convert
			 Securities in accordance herewith;
		 
	 	                (v)           change
			 the place of payment, or the coin or currency, for payment of principal of, or
			 interest (including Additional Interest, if any) on, the
			 Securities;
		 
	 	                (vi)          impair
			 the right to institute suit for the enforcement of any payment on or with
			 respect to Securities or the delivery of the Conversion Value as required by
			 this Indenture upon a conversion of Securities;
		 
	 	                (vii)         reduce the
			 above stated percentage in principal amount of Outstanding Securities necessary
			 to modify or amend this Indenture, to waive compliance with specified
			 provisions thereof or specified defaults and consequences thereunder or to
			 reduce the quorum or voting requirements set forth in this Indenture;
			 or
		 
	 	                (viii)        modify any of
			 the provisions of this Section 10.02 or Section 7.02, 7.04, 7.05 or 8.08(a) of
			 this Indenture, except to increase the required percentage to effect such
			 action or to provide that specified other provisions of this Indenture may not
			 be modified or waived without the consent of the Holders of each outstanding
			 Security affected thereby.

	 
		               (b)           Without
		limiting the provisions of Section 10.02(a) hereof, the Holders of a majority
		in principal amount of the Securities then outstanding may, on behalf of all
		the Holders of all Securities, (i) waive compliance by the Company with the
		restrictive provisions of this Indenture, and (ii) waive any past Default or
		Event of Default under this Indenture and its consequences, except an uncured
		failure to pay when due the principal amount, accrued and unpaid interest,
		accrued and unpaid Additional Interest, or in the obligation to deliver
		Conversion Shares or cash, if any and as applicable, or in respect of any
		provision which under this Indenture cannot be modified or amended without the
		consent of the Holder of each outstanding Security affected. 
	 

	 
		58
	 

	 

	 
	 

	 

	 
		                (c)           After
		an amendment, supplement or waiver under this Section 10.02 becomes effective,
		the Company shall promptly mail to the Holders affected thereby a notice
		briefly describing the amendment, supplement or waiver. Any failure of the
		Company to mail such notice, or any defect therein, shall not, however, in any
		way impair or affect the validity of any such amendment, supplement or
		waiver.
	 

	 
		                (d)          
		[reserved]
	 

	 
		                (e)
		          For purposes of
		this Indenture, Securities will be deemed Outstanding if they have been
		authenticated and delivered under this Indenture unless, among other things,
		the Securities have matured or been cancelled, converted or repurchased.

	 

	 
		                Section 10.03.
		       Compliance with Trust Indenture
		Act.
	 

	 
		                Every amendment to or supplement
		of this Indenture or the Securities shall comply with the TIA as in effect at
		the date of such amendment or supplement. 
	 

	 
		                Section 10.04.
		       Revocation and Effect of
		Consents.
	 

	 
		                (a)   Until an
		amendment, supplement or waiver becomes effective, a consent to it by a Holder
		is a continuing consent by the Holder and every subsequent Holder of a Security
		or portion of a Security that evidences the same debt as the consenting
		Holder’s Security, even if notation of the consent is not made on any
		Security. However, any such Holder or subsequent Holder may revoke the consent
		as to its Security or portion of a Security if the Trustee receives the notice
		of revocation before the date the amendment, supplement or waiver becomes
		effective.
	 

	 
		                (b)   After an
		amendment, supplement or waiver becomes effective, it shall bind every Holder
		of a Security. 
	 

	 
		                Section 10.05.
		       Notation on or Exchange of
		Securities.
	 

	 
		                If an amendment, supplement or
		waiver changes the terms of a Security, the Trustee may require the Holder of
		the Security to deliver it to the Trustee. The Trustee may place an appropriate
		notation on the Security about the changed terms and return it to the Holder.
		Alternatively, if the Company or the Trustee so determines, the Company in
		exchange for the Security shall issue and the Trustee shall authenticate a new
		Security that reflects the changed terms. 
	 

	 
		                Section 10.06.
		       Trustee to Sign Amendments,
		Etc.
	 

	 
		                The Trustee shall sign any
		amendment or supplemental indenture authorized pursuant to this Article 10 if
		the amendment or supplemental indenture does not adversely affect the rights,
		duties, liabilities or immunities of the Trustee. If it does, the Trustee may,
		in its sole discretion, but need not sign it. In signing or refusing to sign
		such amendment or supplemental indenture, the Trustee shall be provided with
		and, subject to Section 8.01, shall be fully protected in relying upon, an
		Officer’s Certificate and Opinion of Counsel stating that such amendment
		or supplemental indenture is authorized or permitted by this Indenture. The
		Company may not sign an amendment or supplement indenture until the Board of
		Directors approves it. 
	 

	 
		59
	 

	 

	 
	 

	 

	 
		                Section 10.07.
		       Effect of Supplemental
		Indentures.
	 

	 
		                Upon the execution of any
		supplemental indenture under this Article 10, this Indenture shall be modified
		in accordance therewith, and such supplemental indenture shall form a part of
		this Indenture for all purposes; and every Holder of Securities theretofore or
		thereafter authenticated and delivered hereunder shall be bound thereby.

	 

	 
		ARTICLE 11
REDEMPTION
	 

	 
		                Section 11.01.
		       Redemption.
	 

	 
		                The Company shall not have the
		right to redeem any Securities prior to the Final Maturity Date.
	 

	 
		ARTICLE 12
SUBORDINATION OF SECURITIES

	 

	 
		                Section 12.01.
		       Securities Subordinate to Senior
		Debt.
	 

	 
		                             The Company covenants and agrees,
		and each Holder of the Securities by its acceptance thereof, likewise covenants
		and agrees, that, to the extent and in the manner hereinafter set forth in this
		Article 12, the Debt represented by the Securities and the payment of the
		principal of, premium, if any, interest on, and Additional Interest, if any, on
		the Securities are hereby expressly made subordinate and subject in right of
		payment as provided in this Article 12 to the prior payment in full in cash or
		Cash Equivalents or, as acceptable to the holders of Senior Debt, in any other
		manner, of all Senior Debt.
	 

	 
		                             This Article 12 shall constitute
		a continuing offer to all Persons who, in reliance upon such provisions, become
		holders of or continue to hold Senior Debt; and such provisions are made for
		the benefit of the holders of Senior Debt; and such holders are made obligees
		hereunder and they or each of them may enforce such provisions.
	 

	 
		                Section 12.02.        Payment
		over Proceeds upon Dissolution, etc.
	 

	 
		                             In the event of (a) any
		insolvency or bankruptcy case or proceeding, or any receivership, liquidation,
		reorganization or other similar case or proceeding in connection therewith,
		relative to the Company or to its creditors, as such, or to its assets, whether
		voluntary or involuntary or (b) any liquidation, dissolution or other
		winding-up of the Company, whether voluntary or involuntary and whether or not
		involving insolvency or bankruptcy, or (c) any general assignment for the
		benefit of creditors or other marshalling of assets or liabilities of the
		Company (except in connection with the merger or consolidation of the Company
		or its liquidation or dissolution following the transfer of substantially all
		of its assets, upon the terms and conditions permitted as described under
		Section 6.01), then and in any such event:
	 

	 
		60
	 

	 

	 
	 

	 

	 	 	                (i)            the
			 holders of Senior Debt of the Company shall be entitled to receive payment in
			 full in cash or Cash Equivalents or, as acceptable to the holders of Senior
			 Debt, in any other manner, of all amounts due on or in respect of all Senior
			 Debt of the Company, or provision shall be made for such payment, before the
			 Holders of the Securities are entitled to receive or retain any payment or
			 distribution of any kind or character on account of principal of, premium, if
			 any, interest on, or Additional Interest, if any, on the Securities;
			 and
		 
	 	                (ii)           any
			 payment or distribution of assets of the Company of any kind or character,
			 whether in cash, Property or securities, by set-off or otherwise, to which the
			 Holders or the Trustee would be entitled but for the provisions of this Article
			 12 shall be paid by the liquidating trustee or agent or other Person making
			 such payment or distribution, whether a trustee in bankruptcy, a receiver or
			 liquidating trustee or otherwise, directly to the holders of Senior Debt or
			 their representative or representatives or to the trustee or trustees under any
			 indenture under which any instruments evidencing any of such Senior Debt may
			 have been issued, ratably according to the aggregate amounts remaining unpaid
			 on account of the Senior Debt held or represented by each, to the extent
			 necessary to make payment in full in cash, Cash Equivalents or, as acceptable
			 to holders of Senior Debt, in any other manner, of all Senior Debt remaining
			 unpaid, after giving effect to any concurrent payment or distribution, or
			 provision therefor, to the holders of such Senior Debt; and
		 
	 	                (iii)          in
			 the event that, notwithstanding the foregoing provisions of this Section 12.02,
			 the Trustee or the Holder of any Security shall have received any payment or
			 distribution of assets of the Company of any kind or character, whether in
			 cash, property or securities, including, without limitation, by way of set-off
			 or otherwise, in respect of principal of, premium, if any, interest on,
			 Additional Interest, if any, on or any other obligation owing in respect of,
			 the Securities before all Senior Debt of the Company is paid in full or payment
			 thereof provided for, then and in such event such payment or distribution shall
			 be held by the recipient in trust for the benefit of holders of Senior Debt and
			 shall be immediately paid over or delivered to the holders of Senior Debt or
			 their representative or representatives to the extent necessary to make payment
			 in full of all Senior Debt remaining unpaid, after giving effect to any
			 concurrent payment or distribution, or provision therefor, to or for the
			 holders of Senior Debt.

	 
		                             The consolidation of the Company
		with, or the merger of Company with or into, another Person or the liquidation
		or dissolution of the Company following the conveyance, transfer or lease of
		its properties and assets substantially as an entirety to another Person upon
		the terms and conditions set forth in Article 6 hereof shall not be deemed a
		dissolution, winding-up, liquidation, reorganization, assignment for the
		benefit of creditors or marshaling of assets and liabilities of the Company for
		the purposes of this Article 12 if the Person formed by such consolidation or
		the surviving entity of such merger or the person which acquires by conveyance,
		transfer or lease such properties and assets substantially as an entirety, as
		the case may be, shall, as a part of such consolidation, merger, conveyance,
		transfer or lease, comply with the conditions set forth in such Article 6
		hereof.
	 

	 
		61
	 

	 

	 
	 

	 

	 
		                Section 12.03.
		       Suspension of Payment when
		Designated Senior Debt in Default.
	 

	 
		                (a)   Unless
		Section 12.02 hereof shall be applicable, after the occurrence of a Payment
		Default, no payment or distribution of any assets or securities of the Company
		or any Subsidiary of any kind or character (including, without limitation,
		cash, property and any payment or distribution which may be payable or
		deliverable by reason of the payment of any other Debt of the Company being
		subordinated to the payment of the Securities by the Company) may be made by or
		on behalf of the Company or any Subsidiary, including, without limitation, by
		way of set-off or otherwise, for or on account of principal of, premium, if
		any, interest on, or Additional Interest, if any, on the Securities (except in
		the form of Permitted Junior Securities), or for or on account of the purchase,
		redemption or other acquisition of the Securities (except in the form of
		Permitted Junior Securities), and neither the Trustee nor any Holder or owner
		of any Securities shall take or receive from the Company or any Subsidiary,
		directly or indirectly in any manner, payment in respect of all or any portion
		of the Securities (except in the form of Permitted Junior Securities) following
		the delivery by the representative of the holders of Designated Senior Debt
		(the “Representative”) to the Trustee of written notice of the
		occurrence of a Payment Default, and in any such event, such prohibition shall
		continue until (A) such Payment Default has been cured or waived or has ceased
		to exist or (B) such Designated Senior Debt has been paid in full in cash;
		provided, however, that the Company may pay the Securities without regard to
		the foregoing if the Company and the Trustee receive written notice approving
		such payment from the Representative of such issue of Designated Senior Debt.
		At such time as the prohibition set forth in the preceding sentence shall no
		longer be in effect, subject to the provisions of the following paragraph (b),
		the Company shall resume making any and all required payments in respect of the
		Securities, including any missed payments.
	 

	 
		                (b)   Unless
		Section 12.02 hereof shall be applicable, upon the occurrence of a Non-Payment
		Event of Default on any Designated Senior Debt, no payment or distribution of
		any assets of the Company of any kind shall be made by the Company, including,
		without limitation, by way of set-off or otherwise, on account of any principal
		of, premium, if any, or interest on the Securities (except in the form of
		Permitted Junior Securities) or on account of the purchase or redemption or
		other acquisition of Securities (except in the form of Permitted Junior
		Securities) for a period (“Payment Blockage Period”) commencing on
		the date of receipt by the Trustee of written notice from the Representative of
		such Non-Payment Event of Default unless and until (subject to any blockage of
		payments that may then be in effect under the preceding paragraph (a)) the
		earliest of (w) more than 179 days shall have elapsed since the date of receipt
		of such written notice by the Trustee, (x) such Non-Payment Event of Default
		shall have been cured or waived or is otherwise no longer continuing, (y) such
		Designated Senior Debt shall have been paid in full in cash or Cash Equivalents
		or (z) such Payment Blockage Period shall have been terminated by written
		notice to the Company or the Trustee from the Representative initiating such
		Payment Blockage Period, or the holders of at least a majority in principal
		amount of such issue of Designated Senior Debt, after which, in the case of
		clause (w), (x), (y) or (z), the Company shall resume making any and all
		required payments in respect of the Securities, including any missed payments.
		Notwithstanding any other provisions of this Indenture, no Non-Payment Event of
		Default with respect to Designated Senior Debt which existed or was continuing
		on the date of the commencement of any Payment Blockage Period initiated by the
		Representative shall be, or be made, the basis for the commencement of a second
		Payment Blockage Period initiated by the Representative, whether or not within
		the Initial Blockage 
	 

	 
		62
	 

	 

	 
	 

	 

	 
		Period, unless such
		Non-Payment Event of Default shall have been cured or waived for a period of
		not less than 90 consecutive days. In no event shall a Payment Blockage Period
		extend beyond 179 days from the date of the receipt by the Trustee of the
		notice referred to in this Section 12.03(b) (the “Initial Blockage
		Period”). Any number of additional Payment Blockage Periods may be
		commenced during the Initial Blockage Period; provided, however, that no such
		additional Payment Blockage Period shall extend beyond the Initial Blockage
		Period. After the expiration of the Initial Blockage Period, no Payment
		Blockage Period may be commenced under this Section 12.03(b) until at least 180
		consecutive days have elapsed from the last day of the Initial Blockage
		Period.
	 

	 
		                (c)   In the event
		that, notwithstanding the foregoing, the Trustee or the Holder of any Security
		shall have received any payment prohibited by the foregoing provisions of this
		Section 12.03, then and in such event such payment shall be paid over and
		delivered forthwith to the Representative initiating the Payment Blockage
		Period, in trust for distribution to the holders of Senior Debt or, if no
		amounts are then due in respect of Senior Debt, promptly returned to the
		Company, or otherwise as a court of competent jurisdiction shall direct.

	 

	 
		                Section 12.04.
		       Trustee’s relation to Senior
		Debt.
	 

	 
		                             With respect to the holders of
		Senior Debt, the Trustee is to perform or to observe only such of its covenants
		and obligations as are specifically set forth in this Article 12, and no
		implied covenants or obligations with respect to the holders of Senior Debt
		shall be read into this Indenture against the Trustee. The Trustee shall not be
		deemed to owe any fiduciary duty to the holders of Senior Debt and the Trustee
		shall not be liable to any holder of Senior Debt if it shall mistakenly pay
		over or deliver to Holders, the Company or any other Person moneys or assets to
		which any holder of Senior Debt shall be entitled by virtue of this Article 12
		or otherwise.
	 

	 
		                Section 12.05.
		       Subrogation to Rights of Holder of
		Senior Debt.
	 

	 
		                             Upon the payment in full of all
		Senior Debt, the Holders of the Securities shall be subrogated to the rights of
		the holders of such Senior Debt to receive payments and distributions of cash,
		Property and securities applicable to Senior Debt until the principal of,
		premium, if any and interest on the Securities shall be paid in full. For
		purposes of such subrogation, no payments or distributions to the holders of
		Senior Debt of any cash, Property or securities to which the Holders of the
		Securities or the Trustee would be entitled except for the provisions of this
		Article 12, and no payments over pursuant to the provisions of this Article 12
		to the holders of Senior Debt by Holders of the Securities or the Trustee,
		shall, as among the Company, its creditors other than holders of Senior Debt
		and the Holders of the Securities, be deemed to be a payment or distribution by
		the Company to or on account of Senior Debt.
	 

	 
		                             If any payment or distribution to
		which the Holders would otherwise have been entitled but for the provisions of
		this Article 12 shall have been applied, pursuant to the provisions of this
		Article 12, to the payment of all amounts payable under the Senior Debt of the
		Company, then and in such case the Holders shall be entitled to receive from
		the holders of such Senior Debt at the time outstanding any payments or
		distributions received by such holders of such Senior Debt in excess of the
		amount sufficient to pay all amounts payable under or in respect of such Senior
		Debt in full in cash or Cash Equivalents.
	 

	 
		63
	 

	 

	 
	 

	 

	 
		                Section 12.06.
		       Provisions Solely to Define
		Relative Rights.
	 

	 
		                             The provisions of this Article 12
		are and are intended solely for the purpose of defining the relative rights of
		the Holders of the Securities on the one hand and the holders of Senior Debt on
		the other hand. Nothing contained in this Article 12 or elsewhere in this
		Indenture or in the Securities is intended to or shall (a) impair, as among the
		Company, its creditors other than holders of Senior Debt and the Holders of the
		Securities, the obligation of the Company, which is absolute and unconditional,
		to pay to the Holders of the Securities the principal of, premium, if any, and
		interest on or Additional Interest, if any, on the Securities as and when the
		same shall become due and payable in accordance with their terms; or (b) affect
		the relative rights against the Company of the Holders of the Securities and
		creditors of the Company other than the holders of Senior Debt; or (c) prevent
		the Trustee or the Holder of any Security from exercising all remedies
		otherwise permitted by applicable law upon a Default or an Event of Default
		under this Indenture, subject to the rights, if any, under this Article 12 of
		the holders of Senior Debt (1) in any case, proceeding, dissolution,
		liquidation or other winding-up, assignment for the benefit of creditors or
		other marshaling of assets and liabilities of the Company referred to in
		Section 12.02 hereof, to receive, pursuant to and in accordance with such
		Section, cash, Property and securities otherwise payable or deliverable to the
		Trustee or such Holder, or (2) under the conditions specified in Section 12.03,
		to prevent any payment prohibited by such Section or enforce their rights
		pursuant to Section 12.03(c) hereof. The failure to make a payment on account
		of principal of, premium, if any, or interest on or Additional Interest, if
		any, on the Securities by reason of any provision of this Article 12 shall not
		be construed as preventing the occurrence of a Default or an Event of Default
		hereunder.
	 

	 
		                Section 12.07.
		       Trustee to Effectuate
		Subordination.
	 

	 
		                             Each Holder of a Security by his
		acceptance thereof authorizes and directs the Trustee on his behalf to take
		such action as may be necessary or appropriate to effectuate the subordination
		provided in this Article and appoints the Trustee his attorney-in-fact for any
		and all such purposes, including, in the event of any dissolution, winding-up,
		liquidation or reorganization of the Company whether in bankruptcy, insolvency,
		receivership proceedings, or otherwise, the timely filing of a claim for the
		unpaid balance of the indebtedness of the Company owing to such Holder in the
		form required in such proceedings and the causing of such a claim to be
		approved. If the Trustee does not file such a claim prior to 30 days before the
		expiration of the time to file such a claim, the holders of Senior Debt, or any
		Representative, may file such a claim on behalf of Holders of the
		Securities.
	 

	 
		                Section 12.08.        No Waiver
		of Subordination Provisions.
	 

	 
		                (a)   No right of
		any present or future holder of any Senior Debt to enforce subordination as
		herein provided shall at any time in any way be prejudiced or impaired by any
		act or failure to act on the part of the Company or by any act or failure to
		act, in good faith, by any such holder, or by any non-compliance by the Company
		with the terms, provisions and covenants of this Indenture, regardless of any
		knowledge thereof any such holder may have or be otherwise charged with.

	 

	 
		64
	 

	 

	 
	 

	 

	 
		                (b)   Without
		limiting the generality of subsection (a) of this Section 12.08, the holders of
		Senior Debt may, at any time and from time to time, without the consent of or
		notice to the Trustee or the Holders of the Securities, without incurring
		responsibility to the Holders of the Securities and without impairing or
		releasing the subordination provided in this Article 12 or the obligations
		hereunder of the Holders of the Securities to the holders of Senior Debt, do
		any one or more of the following: (1) change the manner, place or terms of
		payment or extend the time of payment of, or renew or alter, Senior Debt or any
		instrument evidencing the same or any agreement under which Senior Debt is
		outstanding; (2) sell, exchange, release or otherwise deal with any property
		pledged, mortgaged or otherwise securing Senior Debt; (3) release any Person
		liable in any manner for the collection or payment of Senior Debt; and (4)
		exercise or refrain from exercising any rights against the Company and any
		other Person.
	 

	 
		                Section 12.09.
		       Notice to Trustee.
	 

	 
		                (a)   The Company
		shall give prompt written notice to the Trustee of any fact known to the
		Company which would prohibit the making of any payment to or by the Trustee at
		its Corporate Trust Office in respect of the Securites. Notwithstanding the
		provisions of this Article 12 or any other provision of this Indenture, the
		Trustee shall not be charged with knowledge of the existence of any facts which
		would prohibit the making of any payment to or by the Trustee in respect of the
		Securities, unless and until the Trustee shall have received written notice
		thereof from the Company or a holder of Senior Debt or from any trustee,
		fiduciary or agent therefor; and, prior to the receipt of any such written
		notice, the Trustee, subject to the provisions of this Section 12.09, shall be
		entitled in all respects to assume that no such facts exist; provided, however,
		that if the Trustee shall not have received the notice provided for in this
		Section 12.09 at least five Business Days prior to the date upon which by the
		terms hereof any money may become payable for any purpose under this Indenture
		(including, without limitation, the payment of the principal of, premium, if
		any, or interest on or Additional Interest, if any, on any Security), then,
		anything herein contained to the contrary notwithstanding but without limiting
		the rights and remedies of the holders of Senior Debt or any trustee, fiduciary
		or agent therefor, the Trustee shall have full power and authority to receive
		such money and to apply the same to the purpose for which such money was
		received and shall not be affected by any notice to the contrary which may be
		received by it within five Business Days prior to such date; nor shall the
		Trustee be charged with knowledge of the curing of any such default or the
		elimination of the act or condition preventing any such payment unless and
		until the Trustee shall have received an Officers’ Certificate to such
		effect.
	 

	 
		                (b)   Subject to
		the provisions of Section 8.01 hereof, the Trustee shall be entitled to rely on
		the delivery to it of a written notice to the Trustee and the Company by a
		Person representing itself to be a holder of Senior Debt (or a trustee,
		fiduciary or agent therefor) to establish that such notice has been given by a
		holder of Senior Debt (or a trustee, fiduciary or agent therefor); provided,
		however, that failure to give such notice to the Company shall not affect in
		any way the ability of the Trustee to rely on such notice. In the event that
		the Trustee determines in good faith that further evidence is required with
		respect to the right of any Person as a holder of Senior Debt to participate in
		any payment or distribution pursuant to this Article 12, the Trustee may
		request such Person to furnish evidence to the reasonable satisfaction of the
		Trustee as to the amount of Senior Debt held by such Person, the extent to
		which such Person is entitled to participate in such payment or distribution
		and any other facts pertinent to the rights of such 
	 

	 
		65
	 

	 

	 
	 

	 

	 
		Person under this
		Article 12, and if such evidence is not furnished, the Trustee may defer any
		payment to such Person pending judicial determination as to the right of such
		Person to receive such payment.
	 

	 
		                Section 12.10.        Reliance
		on Judicial Order or Certificate of Liquidating Agent.
	 

	 
		                             Upon any payment or distribution
		of assets of the Company referred to in this Article 12, the Trustee, subject
		to the provisions of Section 8.01 hereof, and the Holders shall be entitled to
		rely upon any order or decree entered by any court of competent jurisdiction in
		which such insolvency, bankruptcy, receivership, liquidation, reorganization,
		dissolution, winding-up or similar case or proceeding is pending, or a
		certificate of the trustee in bankruptcy, receiver, liquidating trustee,
		custodian, assignee for the benefit of creditors, agent or other Person making
		such payment or distribution, delivered to the Trustee or to the Holders, for
		the purpose of ascertaining the Persons entitled to participate in such payment
		or distribution, the holders of Senior Debt and other Debt of the Company, the
		amount thereof or payable thereon, the amount or amounts paid or distributed
		thereon and all other facts pertinent thereto or to this Article 12; provided
		that the foregoing shall apply only if such court has been fully apprised of
		the provisions of this Article 12.
	 

	 
		                Section 12.11.        Rights of
		Trustee as a Holder of Senior Debt; Preservation of Trustee’s
		Rights.
	 

	 
		                             The Trustee in its individual
		capacity shall be entitled to all the rights set forth in this Article 12 with
		respect to any Senior Debt which may at any time be held by it, to the same
		extent as any other holder of Senior Debt, and nothing in this Indenture shall
		deprive the Trustee of any of its rights as such holder. Nothing in this
		Article 12 shall apply to claims of, or payments to, the Trustee under or
		pursuant to Section 8.07 hereof.
	 

	 
		                Section 12.12.
		       Article Applicable to Paying
		Agents.
	 

	 
		                             In case at any time any Paying
		Agent other than the Trustee shall have been appointed by the Company and be
		then acting hereunder, the term “Trustee” as used in this Article 12
		shall in such case (unless the context otherwise requires) be construed as
		extending to and including such Paying Agent within its meaning as fully for
		all intents and purposes as if such Paying Agent were named in this Article 12
		in addition to or in place of the Trustee.
	 

	 
		                Section 12.13.
		       No Suspension of Remedies.
	 

	 
		                             Nothing contained in this Article
		12 shall limit the right of the Trustee or the Holders of the Securities to
		take any action to accelerate the maturity of the Securities pursuant to
		Article 7 or to pursue any rights or remedies hereunder or under applicable
		law, subject to the rights, if any, under this Article 12 of the holders, from
		time to time, of Senior Debt.
	 

	 
		66
	 

	 

	 
	 

	 

	 
		ARTICLE 13
MISCELLANEOUS
	 

	 
		                Section 13.01.        Trust
		Indenture Act Controls.
	 

	 
		                If any provision of this
		Indenture limits, qualifies or conflicts with the duties imposed by any of
		Sections 310 to 317, inclusive, of the TIA through operation of Section 318(c)
		thereof, such imposed duties shall control.
	 

	 
		                Section 13.02.
		       Notices.
	 

	 
		                Any demand, authorization notice,
		request, consent or communication shall be given in writing and delivered in
		person or mailed by first-class mail, postage prepaid, addressed as follows or
		transmitted by facsimile transmission (confirmed by delivery in person or mail
		by first-class mail, postage prepaid, or by guaranteed overnight courier) to
		the following facsimile numbers: 
	 

	 	 	If to the Company:
	 	 
	 	ION Media Networks, Inc.
601 Clearwater Park Road
West Palm
			 Beach, Florida 33401
Attention: Chief Financial and Officer General
			 Counsel
	 	 

	 	 	Copy to:
	 	 
	 	Fried, Frank, Harris, Shriver & Jacobson LLP
 One New York
			 Plaza
 New York, NY 10004
		 
	 	Attention: David Golay
 Fax:  212-859-4000
		 
	 	if
			 to the Trustee, to:
	 	 
	 	The Bank of New York Trust Company, N.A.
 10161 Centurion Parkway
			 2nd Floor
Jacksonville, Florida 32256
		 
	 	Attention: Corporate Trust
			 Administration
Fax: 904-645-1921

	 
		                Such notices or communications
		shall be effective when received.
	 

	 
		                The Company or the Trustee by
		notice to the other may designate additional or different addresses for
		subsequent notices or communications.
	 

	 
		67
	 

	 

	 
	 

	 

	 
		                Any notice or communication
		mailed to a Holder of a Security shall be mailed by first-class mail or
		delivered by an overnight delivery service to it at its address shown on the
		register kept by the Primary Registrar.
	 

	 
		                Failure to mail a notice or
		communication to a Holder of a Security or any defect in it shall not affect
		its sufficiency with respect to other Holders of Securities. If a notice or
		communication to a Holder of a Security is mailed in the manner provided above,
		it is duly given, whether or not the addressee receives it.
	 

	 
		                If the Company mails any notice
		to a Holder of a Security, it shall mail a copy to the Trustee and each
		Registrar, Paying Agent and Conversion Agent.
	 

	 
		                Section 13.03.
		       Communications by Holders with
		Other Holder.
	 

	 
		                Holders of Securities may
		communicate pursuant to TIA Section 312(b) with other Holders of Securities
		with respect to their rights under this Indenture or the Securities. The
		Company, the Trustee, the Registrar and any other person shall have the
		protection of TIA Section 312(c).
	 

	 
		                Section 13.04.
		       Certificate and Opinion as to
		Conditions Precedent.
	 

	 
		                Upon any request or application
		by the Company to the Trustee to take any action under this Indenture, the
		Company shall furnish to the Trustee:
	 

	 	 	                (1)           an
			 Officers’ Certificate stating that, in the opinion of the signers, all
			 conditions precedent (including any covenants, compliance with which
			 constitutes a condition precedent), if any, provided for in this Indenture
			 relating to the proposed action have been complied with; and 
		 
	 	                (2)           an
			 Opinion of Counsel stating that, in the opinion of such counsel, all such
			 conditions precedent (including any covenants, compliance with which
			 constitutes a condition precedent) have been complied with. 

	 
		                (b)   Each
		Officers’ Certificate and Opinion of Counsel with respect to compliance
		with a condition or covenant provided for in this Indenture shall
		include: 
	 

	 	 	                (1)           a
			 statement that the person making such certificate or opinion has read such
			 covenant or condition; 
		 
	 	                (2)           a
			 brief statement as to the nature and scope of the examination or investigation
			 upon which the statements or opinions contained in such certificate or opinion
			 are based; 
		 
	 	                (3)           a
			 statement that, in the opinion of such person, he or she has made such
			 examination or investigation as is necessary to enable him or her to express an
			 informed opinion as to whether or not such covenant or condition has been
			 complied with; and 

	 
		68
	 

	 

	 
	 

	 

	 	 	                (4)           a
			 statement as to whether or not, in the opinion of such person, such condition
			 or covenant has been complied with; provided, however, that with respect to
			 matters of fact an Opinion of Counsel may rely on an Officers’ Certificate
			 or certificates of public officials. 

	 
		                Section 13.05.        Record
		Date for Vote or Consent of Holders of Securities.
	 

	 
		                (a)   The Company
		(or, in the event deposits have been made pursuant to Section 9.01, the
		Trustee) may set a record date for purposes of determining the identity of
		Holders entitled to vote or consent to any action by vote or consent authorized
		or permitted under this Indenture, which record date shall not be more than 30
		days prior to the date of the commencement of solicitation of such action.
		Notwithstanding the provisions of Section 10.04, if a record date is fixed,
		those persons who were Holders of Securities at the close of business on such
		record date (or their duly designated proxies), and only those persons, shall
		be entitled to take such action by vote or consent or to revoke any vote or
		consent previously given, whether or not such persons continue to be Holders
		after such record date.
	 

	 
		                (b)   A meeting
		will be permitted to be called at any time by the Trustee, and also, upon
		request, by the Company or the Holders of at least 10% in principal amount of
		the Outstanding Securities, in any such case upon written notice given as
		provided in this Indenture. Except for any consent that must be given by the
		Holder of each Security affected by specified modifications and amendments of
		this Indenture, any resolution presented at a meeting or adjourned meeting duly
		reconvened at which a quorum is present will be permitted to be adopted by the
		affirmative vote of the Holders entitled to vote a majority in aggregate
		principal amount of the Outstanding Securities represented at that meeting;
		provided, however, that, except as referred to above, any resolution
		with respect to any request, demand, authorization, direction, notice, consent,
		waiver or other action that may be made, given or taken by the Holders of a
		specified percentage, which is less than a majority, in principal amount of the
		Outstanding Securities may be adopted at a meeting or adjourned meeting duly
		reconvened at which a quorum is present by the affirmative vote of the Holders
		of such specified percentage in principal amount of the Outstanding Securities.
		Any resolution passed or decision taken at any meeting of Holders of Securities
		duly held in accordance with this Indenture will be binding on all Holders of
		such Securities, whether or not present or represented at the meeting. The
		quorum at any meeting of Holders of the Securities called to adopt a
		resolution, and at any reconvened meeting, will be persons holding or
		representing a majority in principal amount of such Outstanding Securities;
		provided, however, that if any action is to be taken at such meeting
		with respect to a consent or waiver which may be given by the Holders of not
		less than a specified percentage in principal amount of the Outstanding
		Securities, the persons holding or representing such specified percentage in
		principal amount of such Outstanding Securities will constitute a
		quorum.
	 

	 
		                (c)   Notwithstanding the foregoing provisions, if any
		action is to be taken at a meeting of Holders of the Securities with respect to
		any request, demand, authorization, direction, notice, consent, waiver or other
		action that this Indenture expressly provides may be made, given or taken by
		the Holders of a specified percentage in principal amount of all Outstanding
		Securities affected thereby:
	 

	 
		69
	 

	 

	 
	 

	 

	 	 	                (1)           there
			 shall be no minimum quorum requirement for such meeting; and
		 
	 	                (2)           the
			 principal amount of such Outstanding Securities that vote in favor of such
			 request, demand, authorization, direction, notice, consent, waiver or other
			 action shall be taken into account in determining whether such request, demand,
			 authorization, direction, notice, consent, waiver or other action has been
			 made, given or taken under this Indenture.

	 
		                Section 13.06.        Rules by
		Trustee, Paying Agent, Registrar and Conversion Agent.
	 

	 
		                The Trustee may make reasonable
		rules (not inconsistent with the terms of this Indenture) for action by or at a
		meeting of Holders. Any Registrar, Paying Agent or Conversion Agent may make
		reasonable rules for its functions.
	 

	 
		                Section 13.07.
		       Legal Holidays.
	 

	 
		                A “Legal Holiday” is a
		Saturday, Sunday or a day on which state or federally chartered banking
		institutions in New York, New York are authorized or obligated to close. If a
		payment date is a Legal Holiday, payment shall be made on the next succeeding
		day that is not a Legal Holiday, and no interest shall accrue for the
		intervening period. If a Regular Record Date is a Legal Holiday, the record
		date shall not be affected. 
	 

	 
		                Section 13.08.        Governing
		Law.
	 

	 
		                This Indenture and the Securities
		shall be governed by, and construed in accordance with, the laws of the State
		of New York.
	 

	 
		                Section 13.09.
		       No Adverse Interpretation of Other
		Agreements.
	 

	 
		                This Indenture may not be used to
		interpret another indenture, loan or debt agreement of the Company or a
		Subsidiary of the Company. Any such indenture, loan or debt agreement may not
		be used to interpret this Indenture. 
	 

	 
		                Section 13.10.
		       No Recourse Against Others.
	 

	 
		                No director, officer, employee,
		incorporator or shareholder of the Company, as such, will have any liability
		for any obligations of the Company under the Securities, this Indenture, or for
		any claim based on, in respect of, or by reason of, such obligations or their
		creation. Each Holder of Securities by accepting a Security waives and releases
		all such liability. The waiver and release are part of the consideration for
		issuance of the Securities. The waiver may not be effective to waive
		liabilities under the federal securities laws. 
	 

	 
		                Section 13.11.
		       No Security Interest
		Created.
	 

	 
		                Nothing in this Indenture or in
		the Securities, express or implied, shall be construed to constitute a security
		interest under the Uniform Commercial Code or similar legislation, now in
		effect or hereafter enacted and made effective, in any jurisdiction. 
	 

	 
		70
	 

	 

	 
	 

	 

	 
		                Section 13.12.       
		Successors.
	 

	 
		                All agreements of the Company in
		this Indenture and the Securities shall bind its successor. All agreements of
		the Trustee in this Indenture shall bind its successor. 
	 

	 
		                Section 13.13.
		       Multiple Counterparts.
	 

	 
		                The parties may sign multiple
		counterparts of this Indenture. Each signed counterpart shall be deemed an
		original, but all of them together represent the same agreement. 
	 

	 
		                Section 13.14.       
		Separability.
	 

	 
		                If any provisions in this
		Indenture or in the Securities shall be invalid, illegal or unenforceable, the
		validity, legality and enforceability of the remaining provisions shall not in
		any way be affected or impaired thereby. 
	 

	 
		                Section 13.15.
		       Table of Contents, Headings,
		Etc.
	 

	 
		                The table of contents,
		cross-reference sheet and headings of the Articles and Sections of this
		Indenture have been inserted for convenience of reference only, are not to be
		considered a part hereof, and shall in no way modify or restrict any of the
		terms or provisions hereof. 
	 

	 
		                Section 13.16.
		       Waiver of Jury Trial.
	 

	 
		                EACH OF THE COMPANY AND THE
		TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
		APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
		ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
		CONTEMPLATED HEREBY.
	 

	 
		                Section 13.17.
		       Force Majeure.
	 

	 
		                In
		no event shall the Trustee be responsible or liable for any failure or delay in
		the performance of its obligations hereunder arising out of or caused by,
		directly or indirectly, forces beyond its control, including, without
		limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
		or military disturbances, nuclear or natural catastrophes or acts of God, and
		interruptions, loss or malfunctions of utilities, communications or computer
		(software and hardware) services; it being understood that the Trustee shall
		use reasonable efforts which are consistent with accepted practices in the
		banking industry to resume performance as soon as practicable under the
		circumstances.
	 

	 
		[SIGNATURE PAGES
		FOLLOWS]
	 

	 
		71
	 

	 

	 
	 

	 

	 
		                IN WITNESS WHEREOF, the parties
		have caused this Indenture to be duly executed as of the date and year first
		written above. 
	 

	 	 	ION MEDIA NETWORKS, INC.
		 
		By: /s/ Richard Garcia 
		 	Name: Richard Garcia 
		 	Title: Chief Financial Officer

	 
		72
	 

	 

	 
	 

	 

	 	 	THE BANK OF NEW YORK TRUST 
 COMPANY, N.A., as Trustee 
		 
		By: /s/ Geraldine
			 Creswell                                      
			 
		 	Name: Geraldine Creswell
		 	Title: Assistant Treasurer

	 
		73
	 

	 

	 
	 

	 

	 
		EXHIBIT A
	 

	 
		[FORM OF FACE OF
		SECURITY]
	 

	 
		                UNLESS THIS CERTIFICATE IS
		PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO
		THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
		ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
		OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
		TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH
		OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
		TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
		BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &
		CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
		MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
		OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR
		SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
		NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND,
		UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
		DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
		DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
		THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
		SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
		DEPOSITARY.1
	 

	 
		                THIS SECURITY AND THE CONVERSION
		SHARES ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER
		THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
		STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN
		THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER:
	 

	 	 	                (1)           AGREES
			 THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY OR ANY CONVERSION
			 SHARES ISSUABLE UPON CONVERSION OF THE SECURITY EXCEPT (A) TO ION MEDIA
			 NETWORKS, INC. (THE “COMPANY”) OR ANY OF ITS SUBSIDIARIES, (B) TO A
			 QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
			 ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
			 THE SECURITIES ACT (IF AVAILABLE), OR (D) PURSUANT TO A REGISTRATION STATEMENT
			 WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT AND WHICH CONTINUES
			 TO BE EFFECTIVE AT THE TIME OF RESALE OR TRANSFER; AND
		 
	_________________________
	1 	This paragraph should be included only if
			 the Security is a Global Security. 

	 
		A-1
	 

	 

	 
	 

	 

	 	 	                (2)           AGREES
			 THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED
			 PURSUANT TO CLAUSE 1(B) ABOVE A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
			 LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY, THE HOLDER MUST CHECK
			 THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF
			 THE TRANSFER AND SUBMIT THIS SECURITY TO THE TRUSTEE (OR ANY SUCCESSOR TRUSTEE,
			 AS APPLICABLE). IF THE PROPOSED TRANSFER IS PURSUANT TO CLAUSE 1(C) ABOVE, THE
			 HOLDER MUST, PRIOR TO THE TRANSFER, FURNISH TO THE TRUSTEE (OR ANY SUCCESSOR
			 TRUSTEE, AS APPLICABLE), ANY CERTIFICATIONS, LEGAL OPINIONS OR OTHER
			 INFORMATION AS THE COMPANY OR THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM
			 THAT THE TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A
			 TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
			 ACT.

	 
		A-2
	 

	 

	 
	 

	 

	 
		ION MEDIA NETWORKS,
		INC.
	 

	 
		.
11% Series B
		Mandatorily Convertible Senior Subordinated Notes due 2013
	 

	 	 	 
	No.
			 ___	CUSIP: ___________

	 
		                ION MEDIA NETWORKS, INC., a
		Delaware Corporation promises to pay to ______ or registered assigns, the
		principal amount of _____ dollars ($[    ]) on July 31,
		2013, as adjusted per the Schedule of Exchanges attached hereto. 
	 

	 
		                This Security shall bear interest
		as specified on the other side of this Security. This Security is convertible
		as specified on the other side of this Security.
	 

	 
		                Additional provisions of this
		Security are set forth on the other side of this Security. 
	 

	 
		Dated: 
		____________
	 

	 
		SIGNATURE PAGE
		FOLLOWS
	 

	 
		A-3
	 

	 

	 
	 

	 

	 
		                IN WITNESS WHEREOF, the Company
		has caused this instrument to be duly executed. 
	 

	 	 	ION MEDIA NETWORKS, INC.
		 
		By: 	___________________________________________ 
		 	Name: 
		 	Title:

	 
		Dated: 
		_____________
	 

	 
		Trustee’s
		Certificate of Authentication: This is one of the Securities referred to
		in the within-mentioned Indenture.
	 

	 
		THE BANK OF NEW YORK
		TRUST COMPANY, N.A.,
 as Trustee
	 

	 	By:	_____________________________________
	 	Authorized Signatory

	 
		A-4
	 

	 

	 
	 

	 

	 
		[FORM OF REVERSE SIDE
		OF SECURITY] 
	 

	 
		ION MEDIA NETWORKS,
		INC.
11% SERIES B MANDATORILY CONVERTIBLE SENIOR SUBORDINATED NOTES DUE 

		2013 
	 

	 
		                This Security is one of a duly
		authorized issue of notes, debentures, bonds, or other evidences of
		indebtedness of the Company (hereinafter called the “Securities”) of
		the series hereinafter specified, all issued or to be issued under and pursuant
		to an Indenture, dated as of May 4, 2007 between the Company and The Bank of
		New York Trust Company, N.A., as trustee, and reference is hereby made to the
		Indenture, and all modifications and amendments and indentures supplemental
		thereto relating to the Securities, for a description of the rights,
		limitations of rights, obligations, duties, and immunities thereunder of the
		Trustee, the Company and the Holders of the Securities and the terms upon which
		the Securities are authenticated and delivered. Terms used herein without
		definition and which are defined in the Indenture have the meanings assigned to
		them in the Indenture.
	 

	 
		1.
		           
		INTEREST
	 

	 
		                The Securities shall bear
		interest at the rate of 11% per annum from May 4, 2007 or from the most recent
		Interest Payment Date (as defined below) to which interest has been paid or
		duly provided for, as the case may be, payable quarterly in arrears on January
		31, April 30, July 31 and October 31 of each year (each, an “Interest
		Payment Date”), commencing on July 31, 2007, until the principal hereof is
		paid or duly made available for payment. Interest payable on each Interest
		Payment Date shall equal the amount of interest accrued for the period
		commencing on and including the immediately preceding Interest Payment Date in
		respect of which interest has been paid or duly provided for (or commencing on
		and including May 4, 2007, if no interest has been paid or duly provided
		for) and ending on and including the day preceding such Interest Payment Date.
		Interest will cease to accrue on a Security upon its maturity or conversion.
		Interest on the Securities will be computed on the basis of a 360-day year
		consisting of twelve 30-day months.
	 

	 
		The Company may, at
		its option, elect to pay interest on the Securities:
	 

	 	 	              (i)           
			 entirely in cash, or
		 

	 	 	(ii)           by
			 deferring the payment of all such interest to any subsequent Interest Payment
			 Date.

	 
		The Company must
		elect (A) the form of interest payment with respect to each Interest Payment
		Date and (B) whether the Company will pay in cash any previously deferred
		interest by delivering a notice to the Trustee 5 Business Days prior to the
		Regular Record Date for such Interest Payment Date. The Trustee shall promptly
		deliver a corresponding notice to the Holders. For the avoidance of doubt,
		interest that is deferred shall not be added to the principal of the Securities
		or earn interest.
	 

	 
		A-5
	 

	 

	 
	 

	 

	 
		2.
		            METHOD OF
		PAYMENT
	 

	 
		                Except as provided in the
		Indenture, the Company shall pay interest on the Securities to the Persons who
		are Holders of record of Securities at the close of business (whether or not a
		Business Day) on the January 15, April 15, July 15 and October 15 immediately
		preceding the applicable Interest Payment Date (each, a “Regular Record
		Date”). Holders must surrender Securities to a Paying Agent and comply
		with the other terms of the Indenture to collect the principal amount, plus, if
		applicable, accrued and unpaid interest (including Additional Interest, if any)
		payable as herein provided at maturity. The Company shall pay, in money of the
		United States that at the time of payment is legal tender for payment of public
		and private debts, all amounts due in cash with respect to the Securities on
		the dates and in the manner provided in this Security and the Indenture.

	 

	 
		3.
		            PAYING
		AGENT, CONVERSION AGENT AND SECURITY REGISTRAR
	 

	 
		                Initially, the Trustee shall act
		as Paying Agent, Conversion Agent and Security Registrar. The Company hereby
		initially designates the Corporate Trust Office of the Trustee in New York, New
		York as the office to be maintained by it where this Security may be presented
		for payment, registration of transfer or exchange, where notices or demands to
		or upon the Company in respect of this Security or the Indenture may be served
		and where the Securities may be surrendered for conversion in accordance with
		the provisions of paragraph 6 hereof and the Indenture. The Company may appoint
		and change any Paying Agent, Conversion Agent, Security Registrar or
		co-registrar or approve a change in the office through which any Paying Agent
		acts without notice, other than notice to the Trustee.
	 

	 
		4.
		           
		REDEMPTION BY THE COMPANY
	 

	 
		                The Company shall not have the
		right to redeem any Securities prior to the Final Maturity Date.
	 

	 
		5.
		           
		CONVERSION
	 

	 
		                The Securities shall be
		convertible into the consideration specified in the Indenture at such times,
		upon compliance with such conditions and upon the terms set forth in the
		Indenture. 
	 

	 
		                At any time following the first anniversary of
		the Issue Date, upon the occurrence of a Mandatory Conversion Event,
		unless previously converted at the option of the Holder in accordance with the
		provisions of Section 4.01(a) of the Indenture, each outstanding Security or
		portion thereof that is an integral multiple of $1,000 principal amount shall,
		without notice to Holders thereof, convert automatically (the “Mandatory
		Conversion”) into a number of Conversion Shares equal to (A)(x) the
		principal amount of the Securities so converted plus accrued and unpaid
		interest thereon through the Conversion Date multiplied by (y) the Mandatory
		Conversion Factor, divided by (B) the Conversion Price then in effect.
	 

	 
		                The initial Conversion Price
		shall be $0.75 per Conversion Share and shall increase from the Issue Date at
		the rate of 11% per annum. The Conversion Price and the initial Conversion Rate
		of 1333.3333 Conversion Shares per $1,000 principal amount of Securities are
		subject to adjustment in certain circumstances as specified in the Indenture.
		
	 

	 
		A-6
	 

	 

	 
	 

	 

	 
		                To convert this Security if this
		Security is in book-entry form, the Holder must convert by book-entry transfer
		to the Conversion Agent through the facilities of DTC and the conversion notice
		must comply with all applicable DTC procedures. To convert this Security if
		this Security is held in certificated form, the Holder must (a) complete and
		manually sign the irrevocable conversion notice set forth below (or complete
		and manually sign a facsimile of such notice) and deliver such notice to the
		Conversion Agent at the office maintained by the Conversion Agent for such
		purpose, (b) surrender such Security to the Conversion Agent, (c) furnish
		appropriate endorsements and transfer documents if required by the Conversion
		Agent and (d) pay any transfer or similar tax, if required. The date on which
		the Holder satisfies all such requirements shall be deemed to be the date on
		which this Security shall have been tendered for conversion.
	 

	 
		6.
		           
		RANKING
	 

	 
		                The Securities are senior
		subordinated obligations of the Company junior to the Senior Debt and pari
		passu with all Senior Subordinated Debt.
	 

	 
		7.
		           
		DENOMINATIONS; TRANSFER; EXCHANGE
	 

	 
		                This Security is issuable only in
		fully registered, book-entry form, in denominations of $1,000 and integral
		multiples thereof. This Security may be exchanged for a like aggregate
		principal amount of Securities of other authorized denominations at the office
		or agency of the Company in The City of New York, in the manner and subject to
		the limitations provided herein and in the Indenture, but without the payment
		of any charge except for any tax or other governmental charge imposed in
		connection therewith. Upon due presentment for registration of transfer of this
		Security at the office or agency of the Company in The City of New York, one or
		more new Securities of authorized denominations in an equal aggregate principal
		amount will be issued to the transferee in exchange therefor, and bearing such
		restrictive legends as may be required by the Indenture, but without payment of
		any charge except for any tax or other governmental charge imposed in
		connection therewith. 
	 

	 
		8.
		            PERSONS
		DEEMED OWNERS
	 

	 
		                The Holder of this Security may
		be treated as the owner of this Security for all purposes, and none of the
		Company or the Trustee nor any authorized agent of the Company or the Trustee
		shall be affected by any notice to the contrary, except as required by
		law.
	 

	 
		9.
		           
		ADDITIONAL RIGHTS OF HOLDERS
	 

	 
		                In addition to the rights
		provided to Holders of Securities under the Indenture, Holders shall have all
		the rights set forth in the Registration Rights Agreement, dated as of May 4,
		2007, among the Company and the Initial Purchasers named therein.
	 

	 
		10.
		          MODIFICATION AND
		AMENDMENT; WAIVER
	 

	 
		                The Indenture permits, with
		certain exceptions as therein provided, the amendment thereof and the
		modification of the rights and obligations of the Company and the rights of the
		Holders of the Securities under the Indenture at any time by the Company and
		the Trustee with the consent of the Holders of a majority in the aggregate
		principal amount of all Outstanding 
	 

	 
		A-7
	 

	 

	 
	 

	 

	 
		Securities affected
		thereby (voting together as a single class). The Indenture also provides that
		certain amendments or modifications may not be made without the consent of each
		Holder to be affected thereby. Furthermore, provisions in the Indenture permit
		the Holders of a majority in the aggregate principal amount of the Outstanding
		Securities, in certain instances, to waive, on behalf of all of the Holders of
		Securities, certain past defaults under the Indenture and their consequences.
		Any such waiver by the Holder of this Security shall be conclusive and binding
		upon such Holder and upon all future Holders of this Security and other
		Securities issued upon the registration of transfer hereof or in exchange
		hereof, or in lieu hereof, whether or not notation of such consent or waiver is
		made upon this Security.
	 

	 
		11.
		          DEFAULTS AND
		REMEDIES
	 

	 
		                The Indenture sets forth events
		that constitute an Event of Default under the Indenture. If an Event of Default
		shall occur and be continuing, there may be declared due and payable the
		principal amount (together with accrued and unpaid interest) on the Securities
		in the manner and with the effect provided in the Indenture. If certain
		bankruptcy or insolvency events occur and continue with respect to the Company
		or a Significant Subsidiary, the Securities shall automatically become due and
		payable in accordance with the terms of the Indenture.
	 

	 
		12.
		          CONSOLIDATION,
		MERGER, AND SALE OF ASSETS
	 

	 
		                In the event of a consolidation
		or merger of the Company or a sale, lease or conveyance of all or substantially
		all of the assets of the Company as described in Article 6 of the Indenture,
		the successor entity to the Company shall succeed to and be substituted for the
		Company and may exercise the rights and powers of the Company under the
		Indenture, and thereafter, except in the case of a lease, the Company shall be
		relieved of all obligations and covenants under the Indenture and the
		Securities.
	 

	 
		13.
		          TRUSTEE AND
		AGENT DEALINGS WITH THE COMPANY
	 

	 
		                The Trustee, Paying Agent,
		Conversion Agent and Registrar under the Indenture, each in its individual or
		any other capacity, may become the owner or pledgee of Securities and may
		otherwise deal with and collect obligations owed to it by the Company or its
		Affiliates and may otherwise deal with the Company or its Affiliates with the
		same rights it would have if it were not Trustee, Paying Agent, Conversion
		Agent or Registrar.
	 

	 
		14.
		          CALCULATIONS IN
		RESPECT OF THE SECURITIES
	 

	 
		                Except as otherwise specifically
		stated herein or in the Indenture, all calculations to be made in respect of
		the Securities shall be the obligation of the Company. These calculations
		include, but are not limited to, determinations of the Conversion Price and
		Conversion Rate applicable to the Securities. All calculations made by the
		Company or its agent as contemplated pursuant to the terms hereof and of the
		Indenture shall be made in good faith and, absent manifest error, shall be
		final and binding on the Company and the Holders. The Company shall provide a
		schedule of calculations to the Trustee, and the Trustee shall be entitled to
		rely upon the accuracy of the calculations by the Company without independent
		verification. The Trustee shall forward calculations made by the Company to any
		Holder of Securities upon request within 20 Business Days of the effective date
		of any adjustment.
	 

	 
		A-8
	 

	 

	 
	 

	 

	 
		15.
		          GOVERNING
		LAW
	 

	 
		                The Indenture and this Security
		shall be governed by and construed in accordance with the laws of the State of
		New York.
	 

	 
		A-9
	 

	 

	 
	 

	 

	 
		ASSIGNMENT
		FORM
	 

	 
		                To assign this Security, fill in
		the form below:
	 

	 
		                I or we assign and transfer this
		Security to 
	 

	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

	 
		and irrevocably
		appoint
	 

	 	 
	agent to
			 transfer this Security on the books of the Company. The agent may substitute
			 another to act for him or her.
	 

	 	 	Your Signature
	 	 
	Date:	 	 	 
	 	(Sign exactly as your name appears on the 
 other side of this
			 Security)

	 
		* Signature
		guaranteed by:
	 

	 
		By:
		                                                                
		
	 

	 	 	 	 
	*	The signature must be guaranteed by an institution which is a member
			 of one of the following recognized signature guaranty programs: (i) the
			 Securities Transfer Agent Medallion Program (STAMP); (ii) the New York Stock
			 Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
			 (SEMP); or (iv) such other guaranty program acceptable to the
			 Trustee.

	 
		A-10
	 

	 

	 
	 

	 

	 
		CONVERSION
		NOTICE
	 

	 
		                To convert this Security into
		Conversion Shares of the Company, check the box:
	 

	 
		                To convert only part of this
		Security, state the principal amount to be converted (must be $1,000 or a
		integral multiple of $1,000):  $ 
		                     .

	 

	 
		                If you want the stock certificate
		made out in another person’s name, fill in the form below:
	 

	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)
	 

	 	 	Your Signature
	 	 
	Date:	 	 	 
	 	(Sign exactly as your name appears on the 
 other side of this
			 Security)

	 
		* Signature
		guaranteed by:
	 

	 
		By:
		                                                               
		
	 

	 	 	 	 
	*	The signature must be guaranteed by an institution which is a member
			 of one of the following recognized signature guaranty programs: (i) the
			 Securities Transfer Agent Medallion Program (STAMP); (ii) the New York Stock
			 Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
			 (SEMP); or (iv) such other guaranty program acceptable to the
			 Trustee.

	 
		A-11
	 

	 

	 
	 

	 

	 
		SCHEDULE OF EXCHANGES
		OF SECURITIES(1)
	 

	 
		                The following exchanges,
		purchases or conversions of a part of this Global Security have been
		made:
	 

	 	Principal Amount of this

			 Global Security 
 Following Such Decrease 
 Date of Exchange (or

			 Increase)	 	Authorized Signatory of 

			 Securities Custodian	 	Amount of Decrease in 

			 Principal Amount of this 
 Global Security	 	Amount of Increase in 

			 Principal Amount of this 
 Global Security	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

	 	 	 	 
	1.	This schedule should be included only if the Security is a Global
			 Security.

	 
		A-12
	 

	 

	 
	 

	 

	 
		CERTIFICATE TO BE
		DELIVERED UPON EXCHANGE OR REGISTRATION
OF TRANSFER OF RESTRICTED
		SECURITIES
	 

	 
		Re:          11%
		Series B Mandatorily Convertible Senior Subordinated Notes due 2013 (the
		“Securities”) of ION Media Networks, Inc.
	 

	 
		This certificate
		relates to $
		             principal
		amount of Securities owned in (check applicable box)
	 

	 
		
		o  book-entry or o definitive form
		by                                            
		(the “Transferor”).
	 

	 
		                The Transferor has requested a
		Registrar or the Trustee to exchange or register the transfer of such
		Securities.
	 

	 
		In connection with
		such request and in respect of each such Security, the Transferor does hereby
		certify that the Transferor is familiar with transfer restrictions relating to
		the Securities as provided in Section 2.12 of the Indenture dated as of May 4,
		2007 between ION Media Networks, Inc. and The Bank of New York, as trustee (the
		“Indenture”), and the transfer of such Security is being made
		pursuant to an effective registration statement under the Securities Act of
		1933, as amended (the “Securities Act”) (check applicable box), or
		the transfer or exchange, as the case may be, of such Security does not require
		registration under the Securities Act because (check applicable box): 
	 

	 	               	Such Security is being transferred pursuant to an effective
			 registration statement under the Securities Act.
	 	 
	               	Such Security is being acquired for the Transferor’s own account,
			 without transfer.
		 
	                	Such Security is being transferred to the Company or a Subsidiary (as
			 defined in the Indenture) of the Company.
		 
	                	Such Security is being transferred to a person the Transferor
			 reasonably believes is a “qualified institutional buyer” (as defined
			 in Rule 144A or any successor provision thereto (“Rule 144A”) under
			 the Securities Act) that is purchasing for its own account or for the account
			 of a “qualified institutional buyer”, in each case to whom notice has
			 been given that the transfer is being made in reliance on such Rule 144A, and
			 in each case in reliance on Rule 144A.
		 
	                	Such Security is being transferred pursuant to and in compliance with
			 an exemption from the registration requirements under the Securities Act in
			 accordance with Rule 144 (or any successor thereto) (“Rule 144”)
			 under the Securities Act.
		 
	                	Such Security is being transferred to a non-U.S. Person in an offshore
			 transaction in compliance with Rule 904 of Regulation S under the Securities
			 Act (or any successor thereto).

	 
		A-13
	 

	 

	 
	 

	 

	 	                	Such Security is being transferred pursuant to and in compliance with
			 an exemption from the registration requirements of the Securities Act (other
			 than an exemption referred to above) and as a result of which such Security
			 will, upon such transfer, cease to be a “restricted security” within
			 the meaning of Rule 144 under the Securities Act.

	 
		A-14
	 

	 

	 
	 

	 

	 
		                The Transferor acknowledges and
		agrees that, if the transferee will hold any such Securities in the form of
		beneficial interests in a Global Security which is a “restricted
		security” within the meaning of Rule 144 under the Securities Act, then
		such transfer can only be made pursuant to (i) Rule 144A under the Securities
		Act and such transferee must be a “qualified institutional buyer” (as
		defined in Rule 144A) or (ii) Regulation S under the Securities Act.
	 

	 	Date:	 	 	 
	 	(Insert Name of Transferor)

	 
		A-15
	 

	 

  
	 

	 EXHIBIT
		C to the Master Transaction Agreement

	  

	 
		NBCU Option I

	  

	 
 
	 Exhibit
		C to the 

	 Master
		Transaction Agreement

	 

	 NBCU
		Call Option I Agreement

	  

	 CALL
		AGREEMENT

	  

	 CALL
		AGREEMENT, dated as of May 4, 2007 (this “Agreement”),
		by and among CIG Media LLC (“CM”),
		a Delaware limited liability company controlled by Citadel Limited Partnership,
		an Illinois limited partnership (“CLP”),
		and NBC PALM BEACH INVESTMENT II, INC., a California corporation (the
		“Investor”).

	  

	 WITNESSETH:

	  

	 WHEREAS,
		on May 3, 2007, ION Media Networks, Inc., a Delaware Corporation (the
		“Company”),
		NBC Universal, Inc., NBC Palm Beach Investment I, Inc., the Investor, and CM
		entered into the Master Transaction Agreement (the “Master
		Transaction Agreement”)
		which provides for a restructuring of the Company’s ownership and capital
		structure (the “Transaction”),
		including, among other things, the transfer of the call right (the
		“Original
		Call Right”)
		granted pursuant to the Original Call Agreement (as defined below) to CM; and
		

	  

	 WHEREAS,
		pursuant to Section 11.01 of the Master Transaction Agreement, the execution
		and delivery of this Agreement is a condition to the commencement of the
		transactions contemplated by the Master Transaction Agreement; and

	  

	 WHEREAS,
		following the exercise and closing of the Original Call Right, CM wishes to
		grant the Investor the right to purchase the Call Shares (as defined below),
		subject to the terms and conditions of this Agreement; and

	  

	 WHEREAS,
		on the Effective Date and after giving effect to the consummation of the
		transactions contemplated by the Original Call Agreement, CM shall be the
		record and beneficial owner of the Call Shares. 

	  

	 NOW,
		THEREFORE, in consideration of the mutual agreements herein contained and other
		good and valuable consideration, receipt of which is hereby acknowledged, the
		parties hereto agree as follows:

	  

	 ARTICLE
		I

	  

	 DEFINED
		TERMS

	  

	 Section
		1.1 Definitions.
		As used in this Agreement, the following terms shall have the meanings set
		forth below:

	  

	 “Action”
		means any claim, demand, action, suit, arbitration, proceeding or investigation
		by or before any Governmental Authority.

	  

	 “Affiliate”
		means, with respect to any Person, any other Person that controls, is
		controlled by, or is under common control with, such Person. As used in this
		definition, 

	  

	 

	 
	 

	 
	  

	 “control”
		(including its correlative meanings, “controlled by” and “under
		common control with”) means the possession, directly or indirectly, of
		power to direct or cause the direction of management or policies (whether
		through ownership of securities or partnership or other ownership interests, by
		contract or otherwise).

	  

	 “Business
		Day”
		means any day, other than a Saturday, Sunday or a day on which commercial banks
		in New York, New York are authorized or obligated by Law or executive order to
		close.

	  

	 “Call
		Closing”
		has the meaning assigned to it in Section 2.4.

	  

	 “Call
		Notice”
		has the meaning assigned to it in Section 2.3.

	  

	 “Call
		Period”
		means the five-year period commencing on the earlier of the Business Day
		following (i) the six-month anniversary of the Effective Date and (ii) the date
		on which the Class A Common Stock is deregistered with the Securities and
		Exchange Commission, provided that the Call Period shall be automatically
		extended for successive five-year periods commencing upon each successive five
		year anniversary of the Effective Date.

	  

	 “Call
		Price”
		has the meaning assigned to it in Section 2.2.

	  

	 “Call
		Right”
		has the meaning assigned to it in Section 2.2.

	  

	 “Call
		Shares”
		means the 8,311,639 shares of Class B Common Stock and 15,455,062 shares of
		Class A Common Stock owned by CM, and any shares of common stock of the Company
		or other securities that may be received by CM with respect to such Call Shares
		(x) as a result of a stock dividend or distribution on, stock split or reverse
		stock split of, or similar event with respect to Call Shares or (y) in a
		merger, consolidation, combination, reclassification, recapitalization or
		similar transaction involving the Company.

	  

	 “Class
		A Common Stock”
		means the Class A Common Stock, par value $0.001 per share, of the
		Company.

	  

	 “Class
		B Common Stock”
		means the Class B Common Stock, par value $0.001 per share, of the
		Company.

	  

	 “CLP”
		has the meaning assigned to it in the Preamble

	  

	 “CM”
		has the meaning assigned to it in the Preamble.

	  

	 “Common
		Stock”
		means the Class A Common stock and the Class B Common Stock.

	  

	 “Communications
		Act”
		means the Communications Act of 1934, as amended (including, without
		limitation, the Cable Communications Policy Act of 1984, the Cable Television
		Consumer Protection and Competition Act of 1992 and the 

	  

	 2

	  

	 

	 
	 

	 
	  

	 Telecommunications
		Act of 1996) and all rules and regulations of the FCC, in each case as from
		time to time in effect.

	  

	 “Company”
		has the meaning assigned to it in the Recitals.

	  

	 “Effective
		Date”
		means the date of the closing of the transactions contemplated by the Original
		Call Agreement.

	  

	 “Exercise
		Notice”
		has the meaning assigned to it in Section 2.3(b).

	  

	 “FCC”
		means the Federal Communications Commission and any successor governmental
		entity performing functions similar to those performed by the Federal
		Communications Commission on the date hereof.

	  

	 “FCC
		Application”
		means the application to be filed with the FCC, if such application is required
		to be filed under the Communications Act, in connection with the exercise of
		the Call Right by the Investor requesting that the FCC consent to the Transfer
		of the Call Shares pursuant to this Agreement.

	  

	 “Final
		Order”
		means an action or actions by the FCC that have not been reversed, stayed,
		enjoined, set aside, annulled, or suspended, and with respect to which no
		requests are pending for administrative or judicial review, reconsideration,
		appeal, or stay, and the time for filing any such requests and the time for the
		FCC to set aside the action on its own motion have expired.

	  

	 “Governmental
		Authority”
		means any federal, national, supranational, state, provincial, local, or other
		government, governmental, regulatory or administrative authority, agency or
		commission or any court, tribunal, or judicial or arbitral body.

	  

	 “Governmental
		Order”
		means any order, writ, judgment, injunction, decree, stipulation, determination
		or award issued or entered by or with any Governmental Authority.

	  

	 “HSR
		Act”
		means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and
		the rules and regulations promulgated thereunder.

	  

	 “Investor”
		has the meaning assigned to it in the Preamble.

	  

	 “Law”
		means any provision of any (i) federal, state, provincial, local, foreign or
		similar statute, law, ordinance, regulation, rule, code, administrative
		interpretation, regulation or other requirement of any Governmental Authority
		or (ii) Governmental Order. 

	  

	 “Lien”
		means any mortgage, pledge, hypothecation, assignment, encumbrance, lien
		(statutory or other) or security agreement of any kind or nature whatsoever
		(including, without limitation, any conditional sale or other title retention
		agreement or any financing lease having substantially the same effect as any of
		the foregoing).

	  

	 3

	  

	 

	 
	 

	 
	  

	 “Master
		Transaction Agreement”
		has the meaning assigned to it in the Recitals. 

	  

	 “NBCU”
		means NBC Universal, Inc., a Delaware corporation.

	  

	 “Original
		Call Agreement”
		means the Call Agreement, dated as of November 7, 2005, among Mr. Lowell W.
		Paxson, certain of his Affiliates and the Investor, as such agreement may be
		amended from time to time.

	  

	 “Original
		Call Right”
		has the meaning assigned to it in the Recitals.

	  

	 “Paxson
		Stockholders”
		has the meaning assigned to it in the Master Transaction
		Agreement.

	  

	 “Permitted
		Liens”
		means (i) mechanics’, carriers’, repairmen’s or other like Liens
		arising or incurred in the ordinary course of business, (ii) Liens arising
		under original purchase price conditioned sales contracts and equipment leases
		with third parties entered into in the ordinary course of business consistent
		with past practice, (iii) statutory Liens for Taxes not yet due and payable,
		(iv) Liens arising under federal or state securities laws and (v) Liens arising
		under the Stockholders’ Agreement.

	  

	 “Person”
		means an individual, corporation, unincorporated association, partnership,
		group (as defined in subsection 13(d)(3) of the Securities Exchange Act of
		1934, as amended, and the rules and regulations promulgated thereunder), trust,
		joint stock company, joint venture, business trust or unincorporated
		organization, limited liability company, any governmental entity or any other
		entity of whatever nature.

	  

	 “Put/Call
		Agreement”
		means the Put/Call Agreement, dated as of the date hereof, between NBCU and
		CM.

	  

	 “Restricted
		Period”
		means the period commencing on the Effective Date and ending on the later of
		the Business Day following the earlier of (i) the six-month anniversary of the
		Effective Date and (ii) the deregistration of the Class A Common Stock with the
		Securities and Exchange.

	  

	 “Restricted
		Transfer Period”
		has the meaning assigned to it in Section 2.5.

	  

	 “Series
		F Non-Convertible Preferred”
		means the 8% Series E Non-Convertible Preferred Stock, par value $.001 per
		share, of the Company, to be issued pursuant the Certificate of Designations of
		the Powers, Preferences and Relative, Participating, Optional and Other Special
		Rights of 8% Series E Non-Convertible Preferred Stock and Qualifications,
		Limitations and Restrictions Thereof, to be filed with the Secretary of State
		of the State of Delaware.

	  

	 “Stockholders’
		Agreement”
		means the Stockholders’ Agreement, dated as of May 4, 2007, among the
		Company, NBCU and CLP, as from time to time amended, modified or supplemented.
		

	  

	 4

	  

	 

	 
	 

	 
	  

	 “Subsidiary”
		means, with respect to the Company, a corporation, partnership, limited
		liability company, joint venture or other entity of which shares of stock or
		other ownership interests having ordinary voting power (other than stock or
		such other ownership interests having such power only by reason of the
		happening of a contingency) to elect a majority of the board of directors or
		other managers of such corporation, partnership or other entity are at the time
		owned, directly or indirectly, through one or more intermediaries (including,
		without limitation, other Subsidiaries), or both, by the Company.

	  

	 “Transaction”
		has the meaning assigned to it in the Recitals.

	  

	 “Transaction
		Agreements”
		has the meaning assigned to it in the Master Transaction
		Agreement.

	  

	 “Transfer”
		means, with respect to the Call Shares or the Call Right, any assignment,
		pledge, offer or other transfer or disposal of any interest in such shares or
		right.

	  

	 “2005
		Agreements”
		has the meaning assigned to it in the Master Transaction
		Agreement.

	  

	 ARTICLE
		II

	  

	 CALL
		RIGHT

	  

	 Section
		2.1 Effectiveness.
		The Call Right granted pursuant to Section 2.2(a) shall be effective as of the
		date of the closing of the acquisition of the Call Shares by CM pursuant to the
		Original Call Agreement. 

	  

	 Section
		2.2 Call
		Right.
		(a) CM
		hereby grants to the Investor, effective as of the Effective Date, an
		irrevocable right following the Restricted Period to purchase from CM during
		the Call Period all of the Call Shares on the terms and conditions set forth
		herein (the “Call
		Right”).
		The Call Right shall be granted as part of the mutual consideration set forth
		in the transactions described in the Master Transaction Agreement, including,
		without limitation, Sections 2.02 and 2.05 in the Master Transaction
		Agreement.

	  

	 (b) Following
		the Restricted Period, at any time during the Call Period, the Investor may
		exercise the Call Right, in whole but not in part, and subject to the terms and
		conditions set forth herein, purchase from CM the Call Shares for a purchase
		price (the “Call
		Price”)
		equal to the sum of (1) $0.40
		multiplied by all of the shares of Class B Common Stock owned by CM on the
		Effective Date which are Call Shares and are delivered at the Call Closing and
		(2) $0.40
		multiplied by all of the shares of Class A Common Stock owned by CM on the
		Effective Date which are Call Shares and are delivered at the Call Closing. The
		price per share of Class B Common Stock and Class A Common Stock specified in
		the previous sentence and the Call Price shall be equitably adjusted to reflect
		any conversions, reclassifications, 

	  

	 5

	  

	 

	 
	 

	 
	  

	 reorganizations,
		stock dividends, stock splits, reverse splits and similar events which occur
		with respect to the Common Stock after the date hereof and on or prior to the
		Call Closing.

	  

	 Section
		2.3 Exercise
		of Call Right; Call Notice.
		(a)
		Following the Restricted Period, exercise of the Call Right shall be
		accomplished by the Investor sending notice of such exercise (the
		“Call
		Notice”)
		to CM at the address provided for in Section 5.1 of this Agreement at any time
		during the Call Period. The Call Notice shall state the Call Price and the
		place at which the Call Closing will be conducted.

	  

	 (b) In the
		event the Investor determines to exercise the Call Right, the Investor shall
		deliver written notice to CM stating that the Investor intends to exercise the
		Call Right and requesting that CM cooperate (and that CM use its commercially
		reasonable best efforts to cause the Company and its Subsidiaries to cooperate)
		with the Investor to file any applications that may be required in connection
		with the exercise of the Call Right, including the FCC Application, if
		applicable, and under the HSR Act (the “Exercise
		Notice”).
		As promptly as practicable, but in no event later than 20 Business Days after
		the giving of the Exercise Notice, the parties shall (and CM shall use its
		commercially reasonable best efforts to cause the Company and its Subsidiaries
		to) make any filings required under the Communications Act and/or HSR Act.
		

	  

	 Section
		2.4 Call
		Closing.
		(a) The
		closing (the “Call
		Closing”)
		of the exercise of the Call Right and the purchase and sale of the Call Shares
		shall occur as promptly as practicable following, but in no event less than
		five Business Days following, the receipt of any required consent, approval,
		authorization or other order of, action by, or any required filing with or
		notification to, any Governmental Authority or any required third party consent
		referred to in Section 4.1(b) below, including, without limitation, (i) the
		expiration or termination of any waiting period (and any extension thereof)
		under the HSR Act applicable to the purchase of the Call Shares and
		(ii) approval by the FCC of the FCC Application, which approval shall have
		become a Final Order, subject to the last sentence of this Section 2.4(a). If
		the Call Closing shall not have occurred on or before the 18-month anniversary
		of the date of the Exercise Notice, then such Exercise Notice shall be of no
		further force and effect and neither CM nor the Investor shall be obligated to
		consummate the Call Closing with respect to such Exercise Notice; provided that
		following such date, this Agreement and the Call Right shall continue in full
		force and effect and the Investor shall retain all rights hereunder subject to
		the terms and conditions contained herein. The Call Closing shall occur at the
		place designated in the Call Notice. The requirement for a Final Order may be
		waived by the Investor in its sole discretion.

	  

	 (b) At the
		Call Closing, (i) CM shall deliver to the Investor certificates representing
		all of the Call Shares, duly endorsed in blank or accompanied by stock powers
		duly executed in blank, with all necessary stock transfer stamps affixed
		thereto free and clear of all Liens other than Permitted Liens, and (ii) the
		Investor shall pay the Call Price by wire transfer in immediately available
		funds to the account or accounts specified by CM. CM shall furnish necessary
		account information at least two Business Days prior to the Call Closing.
		

	  

	 Section
		2.5 Limitation
		on Transfer of the Call Shares by CM. From
		the Effective Date until the earlier of (i) the Call Closing or (ii) the
		expiration of the Call Period (the “Restricted
		Transfer Period”),
		except as provided in the Put/Call Agreement, CM shall not 

	  

	 6

	  

	 

	 
	 

	 
	  

	 Transfer
		any of the Call Shares; provided,
		however, that,
		subject to applicable Law, at any time during the Restricted Transfer Period CM
		may Transfer all (but not less than all) of the Call Shares in connection with
		the Transfer by CM and its Affiliates of all of the securities of the Company
		owned by CM and its Affiliates; provided,
		further,
		however, except
		as provided in the Put/Call Agreement, it shall be a condition of such Transfer
		that the transferee of the Call Shares agrees in writing to assume all of the
		obligations of CM under this Agreement and that the Call Shares continue to be
		subject to the Call Right in accordance with the terms and conditions of this
		Agreement.

	  

	 Section
		2.6 Conversion
		of Call Shares. During
		the Restricted Transfer Period, CM shall not convert any of the Call Shares
		into any other security of the Company.

	  

	 Section
		2.7 Legends. CM
		agrees to, and will request the Company to cause, the imprinting, for so long
		as appropriate, of substantially the following legends on certificates
		representing any of the Call Shares:

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A
		STOCKHOLDERS’ AGREEMENT, DATED AS OF MAY 4, 2007, AMONG ION MEDIA
		NETWORKS, INC., CIG MEDIA LLC AND NBC UNIVERSAL, INC.

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF THE PUT/CALL
		AGREEMENT DATED AS OF MAY 4, 2007 BETWEEN NBC UNIVERSAL, INC. AND CIG
		MEDIA LLC.

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A CALL
		AGREEMENT DATED AS OF MAY 4, 2007,
		BETWEEN CIG MEDIA LLC AND NBC PALM BEACH INVESTMENT II, INC.

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
		SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
		EXCEPT IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
		OF 1933 OR AN EXEMPTION THEREFROM AND, IN EACH CASE, IN COMPLIANCE WITH
		APPLICABLE STATE SECURITIES LAWS.

	  

	 Section
		2.8 Termination
		of the Call Right. The
		right of the Investor to purchase the Call Shares pursuant to this Agreement
		shall terminate upon the earliest to occur of the (i) expiration of the Call
		Period prior to the delivery of the Exercise Notice by the Investor to CM and
		(ii) written consent of the parties hereto.

	  

	 7

	  

	 

	 
	 

	 
	  

	 ARTICLE
		III

	  

	 REPRESENTATIONS
		AND WARRANTIES

	  

	 Section
		3.1 Representations
		and Warranties of CM. CM
		represents and warrants to the Investor as follows:

	  

	 (a) Existence;
		Compliance with Law. CM is
		duly organized, validly existing and in good standing under the Laws of the
		jurisdiction of its organization and has all necessary power and authority to
		enter into this Agreement, to carry out its obligations and to consummate the
		transactions contemplated hereby. CM is duly licensed or qualified to do
		business and is in good standing in each jurisdiction in which the properties
		owned or leased by it or the operation of its business makes such licensing or
		qualification necessary, except to the extent that the failure to be so
		licensed or qualified and in good standing would not adversely affect the
		ability of CM to carry out its obligations under, and to consummate the
		transactions contemplated by, this Agreement. The execution and delivery by CM
		of this Agreement, the performance by CM of its obligations hereunder and the
		consummation by CM of the transactions contemplated hereby have been duly
		authorized by all requisite action on the part of CM and its members. This
		Agreement has been duly executed and delivered by CM, and (assuming due
		authorization, execution and delivery by the other parties) this Agreement
		constitutes legal, valid and binding obligations of CM, enforceable against CM
		in accordance with its terms, subject to the effect of any applicable
		bankruptcy, insolvency (including all Laws relating to fraudulent transfers),
		reorganization, moratorium or similar Laws affecting creditors’ rights
		generally and subject to the effect of general principles of equity (regardless
		of whether considered in a proceeding at law or in equity).

	  

	 (b) Authorization;
		Enforceable Obligations.
		Assuming that all consents, approvals, authorizations and other actions
		described in Section 3.1(c) have been obtained or have occurred and any
		applicable waiting period has expired or been terminated, and except as may
		result from any facts or circumstances relating solely to the Investor, the
		execution, delivery and performance of this Agreement does not and will not
		(i) violate, conflict with or result in the breach of the limited
		liability company agreement (or similar organizational documents) of CM, (ii)
		conflict with or violate any Law or Governmental Order applicable to CM or
		(iii) conflict with, result in any breach of, constitute a default (or
		event which with the giving of notice or lapse of time, or both, would become a
		default) under, require any consent under, or give to others any rights of
		termination, acceleration or cancellation of, any note, bond, mortgage or
		indenture, contract, agreement, lease, sublease, license, permit, franchise or
		other instrument or arrangement to which CM or any of its subsidiaries is a
		party, except, in the case of clauses (ii) and (iii), as would not materially
		and adversely affect the ability of CM to carry out its obligations under, and
		to consummate the transactions contemplated by, this Agreement.

	  

	 (c) Governmental
		Consents. The
		execution, delivery and performance by CM of this Agreement and the
		transactions contemplated hereby do not and will not require any consent,
		approval, authorization or other order of, action by, filing with or
		notification to, any Governmental Authority, except (i) the pre-merger
		notification and waiting period requirements of the HSR Act and the approval by
		the FCC pursuant to Section 310(d) of the Communications 

	  

	 8

	  

	 

	 
	 

	 
	  

	 Act in
		connection with the exercise of the Call Right, (ii) where failure to
		obtain such consent, approval, authorization or action, or to make such filing
		or notification, would not prevent or materially delay the consummation by CM
		of the transactions contemplated by this Agreement or (iii) as may be necessary
		as a result of any facts or circumstances relating solely to the
		Investor.

	  

	 (d) Capitalization;
		Ownership. As of
		the Effective Date, CM will own the Call Shares. Upon delivery of and payment
		for the Call Shares at the Call Closing as provided herein, the Investor shall
		acquire good title to the Call Shares delivered by CM, free and clear of all
		Liens other than Permitted Liens. As of the date hereof, CM is not a party to,
		and has no knowledge of, any voting trust, proxy or any other agreement or
		understanding with respect to the Call Shares other than as created by the
		Transaction Agreements.

	  

	 Section
		3.2 Representations
		and Warranties of the Investor. The
		Investor represents and warrants to CM as follows:

	  

	 (a) Existence;
		Compliance with Law. The
		Investor is duly organized, validly existing and in good standing under the
		Laws of the jurisdiction of its organization and has all necessary power and
		authority to enter into this Agreement, to carry out its obligations and to
		consummate the transactions contemplated hereby. The Investor is duly licensed
		or qualified to do business and is in good standing in each jurisdiction in
		which the properties owned or leased by it or the operation of its business
		makes such licensing or qualification necessary, except to the extent that the
		failure to be so licensed or qualified and in good standing would not adversely
		affect the ability of the Investor to carry out its obligations under, and to
		consummate the transactions contemplated by, this Agreement. The execution and
		delivery by the Investor of this Agreement, the performance by the Investor of
		its obligations hereunder and the consummation by the Investor of the
		transactions contemplated hereby have been duly authorized by all requisite
		action on the part of the Investor and its stockholders. This Agreement has
		been duly executed and delivered by the Investor, and (assuming due
		authorization, execution and delivery by the other parties) this Agreement
		constitutes legal, valid and binding obligations of the Investor, enforceable
		against the Investor in accordance with its terms, subject to the effect of any
		applicable bankruptcy, insolvency (including all Laws relating to fraudulent
		transfers), reorganization, moratorium or similar Laws affecting
		creditors’ rights generally and subject to the effect of general
		principles of equity (regardless of whether considered in a proceeding at law
		or in equity).

	  

	 (b) Authorization;
		Enforceable Obligations.
		Assuming that all consents, approvals, authorizations and other actions
		described in Section 3.2(c) have been obtained and any applicable waiting
		period has expired or been terminated, and except as may result from any facts
		or circumstances relating solely to CM, the execution, delivery and performance
		of this Agreement does not and will not (i) violate, conflict with or
		result in the breach of the certificate of incorporation or bylaws (or similar
		organizational documents) of the Investor, (ii) conflict with or violate any
		Law or Governmental Order applicable to the Investor or (iii) conflict
		with, result in any breach of, constitute a default (or event which with the
		giving of notice or lapse of time, or both, would become a default) under,
		require any consent under, or give to others any rights of termination,
		acceleration or cancellation of, any note, bond, mortgage or indenture,
		contract, agreement, lease, sublease, license, permit, franchise or other
		instrument or 

	  

	 9

	  

	 

	 
	 

	 
	  

	 arrangement
		to which the Investor or any of its subsidiaries is a party, except, in the
		case of clauses (ii) and (iii), as would not materially and adversely affect
		the ability of the Investor to carry out its obligations under, and to
		consummate the transactions contemplated by, this Agreement.

	  

	 (c) Governmental
		Consents. The
		execution, delivery and performance by the Investor of this Agreement and the
		transactions contemplated hereby do not and will not require any consent,
		approval, authorization or other order of, action by, filing with or
		notification to, any Governmental Authority, except (i) the pre-merger
		notification and waiting period requirements of the HSR Act and the approval by
		the FCC pursuant to Section 310(d) of the Communications Act in connection with
		the exercise of the Call Right, (ii) where failure to obtain such consent,
		approval, authorization or action, or to make such filing or notification,
		would not prevent or materially delay the consummation by the Investor of the
		transactions contemplated by this Agreement or (iii) as may be necessary as a
		result of any facts or circumstances relating solely to the other party
		hereto.

	  

	 ARTICLE
		IV

	  

	 OTHER
		AGREEMENTS

	  

	 Section
		4.1 Governmental
		Filings; Consents.
		(a) Each of
		the parties to this Agreement shall use its commercially reasonable best
		efforts to obtain (and CM shall use its commercially reasonable best efforts to
		cause the Company and the Subsidiaries to obtain) all authorizations, consents,
		orders and approvals of all Governmental Authorities and officials that may be
		or become necessary for its execution and delivery of, and the performance of
		its obligations pursuant to, this Agreement, including approval by the FCC of
		the FCC Application pursuant to Section 310(d) of the Communications Act and
		any approvals required under the HSR Act, and will cooperate fully with the
		other party in promptly seeking to obtain all such authorizations, consents,
		orders and approvals. Each party hereto agrees to use its commercially
		reasonable best efforts to supply as promptly as practicable to the appropriate
		Governmental Authorities any additional information and documentary material
		that may be requested in connection with obtaining such authorizations,
		consents, orders and approvals, including the FCC Application or pursuant to
		the HSR Act.

	  

	 (b) Following
		receipt of the Exercise Notice, CM shall, or shall use its commercially
		reasonable best efforts to cause the Company and the Subsidiaries to, give
		promptly such notices to third parties and use its or their reasonable best
		efforts to obtain such third party consents and estoppel certificates as the
		Investor and CM may in their reasonable discretion deem necessary in connection
		with the transactions contemplated by this Agreement. The Investor shall
		cooperate and use all reasonable efforts to assist CM in giving such notices
		and obtaining such consents and estoppel certificates; provided, however, that
		neither the Investor nor CM shall have any obligation to give any guarantee or
		other consideration of any nature in connection with any such notice, consent
		or estoppel certificate or to consent to any change in the terms of any
		agreement or arrangement which such party in its reasonable discretion may deem
		adverse to the interests of such party, the Company or any
		Subsidiary.

	  

	 10

	  

	 

	 
	 

	 
	  

	 Section
		4.2 Inconsistent
		Actions. Once
		the FCC Application has been filed, and for so long as it is pending, neither
		the Investor nor CM shall take any action that could reasonably be expected to
		delay or hinder the grant of the FCC Application.

	  

	 Section
		4.3 Distribution.
		Investor shall acquire the Call Shares for investment purposes only and not
		with a view to any distribution thereof in violation of the Securities Act, and
		shall not sell any Call Shares purchased pursuant to this Agreement except in
		compliance with the Securities Act and applicable state securities or
		“blue sky” laws.

	  

	 ARTICLE
		V

	  

	 MISCELLANEOUS

	  

	 Section
		5.1 Notices. All
		notices, requests, claims, demands and other communications hereunder shall be
		in writing and shall be given (and shall be deemed to have been duly given upon
		receipt) by delivery in person, by overnight courier, by facsimile or by
		registered or certified mail (postage prepaid, return receipt requested) to the
		respective parties at the following addresses (or at such other address for a
		party as shall be specified in a notice given in accordance with this Section
		5.1):

	  

	 (a)          
		If to
		the Investor, to:

	  

	 NBC Palm
		Beach Investment II, Inc.

	 c/o NBC
		Universal, Inc.

	 30
		Rockefeller Plaza

	 New
		York, New York 10112

	 Attention:
		General Counsel

	 Tel:
		212-664-7024

	 Fax:
		212-664-4733

	  

	 with a
		copy to:

	  

	 Shearman
		& Sterling LLP

	 599
		Lexington Avenue

	 New
		York, New York 10022

	 Attention:
		John A. Marzulli, Jr.

	 Tel:
		212-848-8590

	 Fax:
		646-848-8590

	  

	 (b)          
		If to
		CM, to:

	  

	 CIG
		Media LLC

	 131 S.
		Dearborn Street, 32nd
		Floor

	 Chicago,
		Illinois 60603

	 Attention:
		Matthew B. Hinerfeld

	 Tel:
		312-395-3167

	 Fax:
		312-267-7628

	  

	 11

	  

	 

	 
	 

	 
	  

	 with a
		copy to:

	  

	 Fried,
		Frank, Harris, Shriver & Jacobson LLP

	 One New
		York Plaza

	 New
		York, NY 10004

	 Attention:
		Robert Schwenkel

	 Steven
		Steinman

	 Tel:
		212-859-8000

	 Fax:
		212-859-4000

	  

	 and

	  

	 ION
		Media Networks, Inc.

	 601
		Clearwater Park Road

	 West
		Palm Beach, Florida 33401

	 Attention:
		General Counsel

	 Tel:
		561-659-4122

	 Fax:
		561-655-9424

	  

	 Section
		5.2 Entire
		Agreement; Amendment; Waiver. The
		Transaction Agreements and the documents described therein or attached or
		delivered pursuant thereto set forth the entire agreement between the parties
		thereto with respect to the transactions contemplated by such agreements. Any
		provision of this Agreement may be amended or modified in whole or in part at
		any time only by an agreement in writing signed by all of the parties. No
		failure on the part of any party to exercise, and no delay in exercising, any
		right shall operate as a waiver thereof nor shall any single or partial
		exercise by any party of any right preclude any other or future exercise
		thereof or the exercise of any other right.

	  

	 Section
		5.3 Severability. If any
		term or other provision of this Agreement is invalid, illegal or incapable of
		being enforced by Law or public policy, all other conditions and provisions of
		this Agreement shall nevertheless remain in full force and effect so long as
		the economic or legal substance of the Transaction is not affected in any
		manner materially adverse to any party. Upon such determination that any term
		or other provision is invalid, illegal or incapable of being enforced, the
		parties hereto shall negotiate in good faith to modify this Agreement so as to
		effect the original intent of the parties as closely as possible in a mutually
		acceptable manner in order that the Transaction be consummated as originally
		contemplated to the fullest extent possible.

	  

	 Section
		5.4 Counterparts. This
		Agreement may be executed and delivered (including by facsimile transmission)
		in one or more counterparts, and by the different parties hereto in separate
		counterparts, each of which when executed shall be deemed to be an original but
		all of which taken together shall constitute one and the same
		agreement.

	  

	 Section
		5.5 Governing
		Law; Jurisdiction. This
		Agreement shall be governed by, and construed in accordance with, the Laws of
		the State of New York applicable to contracts executed in and to be performed
		in that State. All actions and proceedings arising out of or relating to this
		Agreement shall be heard and determined exclusively in any New York state or
		

	  

	 12

	  

	 

	 
	 

	 
	  

	 federal
		court sitting in the Borough of Manhattan of The City of New York. The parties
		hereto hereby (a) submit to the exclusive jurisdiction of any state or federal
		court sitting in the Borough of Manhattan of The City of New York for the
		purpose of any Action arising out of or relating to this Agreement brought by
		any party hereto, and (b) irrevocably waive, and agree not to assert by way of
		motion, defense, or otherwise, in any such Action, any claim that it is not
		subject personally to the jurisdiction of the above-named courts, that its
		property is exempt or immune from attachment or execution, that the Action is
		brought in an inconvenient forum, that the venue of the Action is improper, or
		that this Agreement may not be enforced in or by any of the above-named
		courts.

	  

	 Section
		5.6 Waiver
		of Jury Trial. Each
		of the parties hereto hereby waives to the fullest extent permitted by
		applicable Law any right it may have to a trial by jury with respect to any
		litigation directly or indirectly arising out of, under or in connection with
		this Agreement. Each of the parties hereto (a) certifies that no
		representative, agent or attorney of any other party has represented, expressly
		or otherwise, that such other party would not, in the event of litigation, seek
		to enforce that foregoing waiver and (b) acknowledges that it and the other
		hereto have been induced to enter into this Agreement, as applicable, by, among
		other things, the mutual waivers and certifications in this Section
		5.6.

	  

	 Section
		5.7 Successors
		and Assigns; Third Party Beneficiaries. CM may
		not assign this Agreement or assign any of its rights or delegate any of its
		duties under this Agreement without the prior written consent of the Investor,
		provided that without the prior written consent of the Investor, CM may assign
		this Agreement or assign its rights and delegate its duties to an Affiliate or
		in connection with a transfer permitted under Section 2.5 of this Agreement,
		but no such assignment or delegation shall relieve CM of any of its obligations
		hereunder. Following the Restricted Period, the Investor may freely assign this
		Agreement or assign any of its rights or delegate any of its duties under this
		Agreement without the prior written consent of CM; provided,
		however, that
		in the event of any assignment or delegation to an Affiliate, no such
		assignment or delegation shall relieve the Investor of any of its obligations
		hereunder and; provided,
		further,
		however, that
		any such assignment by the Investor shall only be made in compliance with the
		applicable rules and regulations of the FCC and the Securities Exchange
		Commission. The Investor may not assign this Agreement or assign any of its
		rights or delegate any of its duties under this Agreement during the Restricted
		Period. Any assignee of the Investor pursuant to this Section 5.7 shall be
		deemed to be the Investor for all purposes under this Agreement. Any purported
		assignment in violation of this Section 5.7 shall be null and void. Nothing
		expressed or mentioned in this Agreement is intended or shall be construed to
		give any Person, other than the parties hereto and their respective successors
		and permitted assignees, any legal or equitable right, remedy or claim under or
		in respect of this Agreement or any provision herein contained. This Agreement
		and all conditions and provisions hereof are intended to be for the sole and
		exclusive benefit of the parties hereto and their respective successors and
		permitted assignees, and for the benefit of no other Person.

	  

	 Section
		5.8 Remedies. No
		right, power or remedy conferred upon any party in this Agreement shall be
		exclusive, and each such right, power or remedy shall be cumulative and in
		addition to every other right, power or remedy whether conferred in this
		Agreement or now or hereafter available at law or in equity or by statute or
		otherwise. No course of dealing among the Investor, the Company and CM and no
		delay in exercising any right, power or remedy 

	  

	 13

	  

	 

	 
	 

	 
	  

	 conferred
		in this Agreement or now or hereafter existing at law or in equity or by
		statute or otherwise shall operate as a waiver or otherwise prejudice any such
		right, power or remedy. The parties hereto agree that irreparable damage would
		occur in the event any provision of this Agreement was not performed in
		accordance with the terms hereof and that the parties shall be entitled to an
		injunction or injunctions to prevent breaches of this Agreement and to enforce
		specifically the terms and provisions of this Agreement in addition to any
		other remedy to which they are entitled at law or in equity.

	  

	 Section
		5.9 Further
		Assurances. Each
		party shall execute and deliver such additional instruments and other documents
		and shall take such further actions as may be necessary or appropriate to
		effectuate, carry out and comply with all of the terms of this Agreement and
		the transactions contemplated hereby.

	  

	 Section
		5.10 Headings,
		Captions and Table of Contents. The
		section headings, captions and table of contents contained in this Agreement
		are for reference purposes only, are not part of this Agreement and shall not
		affect the meaning or interpretation of this Agreement.

	  

	 14

	  

	 

	 
	 

	 

	 IN
		WITNESS WHEREOF, this Agreement has been executed by the parties hereto or by
		their respective duly authorized representative all as of the date first above
		stated.

	  

	 
			 	 	 
	 	CIG MEDIA
				LLC
	 
 	 
 	 
 
	 	By:  	
				Citadel Limited
				  Partnership,

				its Manager
 
	 	 	 
	 	By:	
				Citadel Investment Group, L.L.C.,

				its General Partner
 
	 	 	 
	 	By:	 /s/ Matthew Hinerfeld
	 	
				
Name: Matthew Hinerfeld
	 	Title: Managing
				Director and Deputy General Counsel

 

	  

	 
			 	 	 
	 	NBC PALM BEACH
				INVESTMENT II, INC.
	 
 	 
 	 
 
	 	By:  	 /s/ Lynn A. Calpeter
	 	
				
Name: Lynn A. Calpeter
	 	Title: Vice President
				and Treasurer

 

	  

	 

  
	 

	 EXHIBIT
		D to the Master Transaction Agreement

	  

	 
		NBCU Option II

	  

	 

	 
	 

	 
	 Exhibit
		D to the

	 Master
		Transaction Agreement

	 

	 NBCU
		Call Option II Agreement

	 

	 CALL
		AGREEMENT

	  

	 CALL
		AGREEMENT, dated as of May 4, 2007 (this “Agreement”),
		by and among ION Media Networks, Inc., a Delaware corporation
		(“ION”),
		and NBC PALM BEACH INVESTMENT I, INC., a California corporation
		(“Palm
		Beach I”).

	  

	 WITNESSETH:

	  

	 WHEREAS,
		on May 3, 2007, ION, NBC Universal, Inc., Palm Beach I, NBC Palm
		Beach Investment II, Inc., a California corporation
		(“Palm
		Beach II”),
		and CIG Media LLC, a Delaware limited liability company
		(“CM”),
		entered into the Master Transaction Agreement (the “Master
		Transaction Agreement”)
		which provides for a restructuring of the Company’s ownership
		and capital structure (the “Transaction”);
		and 

	  

	 WHEREAS,
		pursuant to Section 11.01 of the Master Transaction Agreement, the
		execution and delivery of this Agreement is a condition to the
		commencement of the transactions contemplated by the Master
		Transaction Agreement; and

	  

	 WHEREAS,
		on the date hereof, CM and Palm Beach II entered into a Call
		Agreement (the “NBCU
		Option I Agreement”)
		pursuant to which, effective as of the Effective Date, CM granted to
		Palm Beach II an irrevocable right to purchase from CM 8,311,639
		shares of Class B Common Stock (as defined below) and 15,455,062
		shares of Class A Common Stock (as defined below), both as adjusted
		for stock dividends and distributions, stock splits, reverse stock
		splits, or similar events, owned by CM, subject to the terms and
		conditions set forth in the NBCU Option I Agreement; and

	  

	 WHEREAS,
		ION wishes to grant Palm Beach I the right to purchase the Call
		Shares (as defined below), subject to the terms and conditions of
		this Agreement.

	  

	 NOW,
		THEREFORE, in consideration of the mutual agreements herein contained
		and other good and valuable consideration, receipt of which is hereby
		acknowledged, the parties hereto agree as follows:

	  

	 ARTICLE
		I

	  

	 DEFINED
		TERMS

	  

	 Section
		1.1 Definitions. As used in this Agreement, the following
		terms shall have the meanings set forth below:

	  

	 “Action”
		means any claim, demand, action, suit, arbitration, proceeding or
		investigation by or before any Governmental Authority.

	  

	 “Affiliate”
		means, with respect to any Person, any other Person that controls, is
		controlled by, or is under common control with, such Person. As used
		in this definition, 

	  

	 

	 
	 

	 
	  

	 “control”
		(including its correlative meanings, “controlled by” and
		“under common control with”) means the possession, directly
		or indirectly, of power to direct or cause the direction of
		management or policies (whether through ownership of securities or
		partnership or other ownership interests, by contract or
		otherwise).

	  

	 “Business
		Day”
		means any day, other than a Saturday, Sunday or a day on which
		commercial banks in New York, New York are authorized or obligated by
		Law or executive order to close.

	  

	 “Call
		Closing”
		has the meaning assigned to it in Section 2.4.

	  

	 “Call
		Notice”
		has the meaning assigned to it in Section 2.3.

	  

	 “Call
		Period”
		means the five-year period commencing on the Effective Date, provided
		that the Call Period shall be automatically extended for successive
		five-year periods commencing upon each successive five-year
		anniversary of the Effective Date.

	  

	 “Call
		Price”
		has the meaning assigned to it in Section 2.2.

	  

	 “Call
		Right”
		has the meaning assigned to it in Section 2.2.

	  

	 “Call
		Shares”
		means 26,688,361 shares of Class B Common Stock, as such amount may
		be adjusted (x) as a result of a stock dividend or distribution on,
		stock split or reverse stock split of, or similar event with respect
		to, Call Shares or (y) in a merger, consolidation, combination,
		reclassification, recapitalization or similar transaction involving
		the Company.

	  

	 “Class
		A Common Stock”
		means the shares of Class A Common Stock, par value $0.001 per share,
		of ION.

	  

	 “Class
		B Common Stock”
		means the shares of Class B Common Stock, par value $0.001 per share,
		of ION.

	  

	 “CLP”
		has the meaning assigned to it in the Recitals.

	  

	 “CM”
		has the meaning assigned to it in the Recitals.

	  

	 “Communications
		Act”
		means the Communications Act of 1934, as amended (including, without
		limitation, the Cable Communications Policy Act of 1984, the Cable
		Television Consumer Protection and Competition Act of 1992 and the
		Telecommunications Act of 1996) and all rules and regulations of the
		FCC, in each case as from time to time in effect.

	  

	 “Company”
		has the meaning assigned to it in the Recitals.

	  

	 “Effective
		Date”
		means the date of the closing of the transactions contemplated by the
		Original Call Agreement.

	  

	 2

	  

	 

	 
	 

	 
	  

	 “FCC”
		means the Federal Communications Commission and any successor
		governmental entity performing functions similar to those performed
		by the Federal Communications Commission on the date
		hereof.

	  

	 “FCC
		Application”
		means the application to be filed with the FCC, if such application
		is required to be filed under the Communications Act, in connection
		with the exercise of the Call Right by the Investor requesting that
		the FCC consent to the Transfer of the Call Shares pursuant to this
		Agreement.

	  

	 “Final
		Order”
		means an action or actions by the FCC that have not been reversed,
		stayed, enjoined, set aside, annulled, or suspended, and with respect
		to which no requests are pending for administrative or judicial
		review, reconsideration, appeal, or stay, and the time for filing any
		such requests and the time for the FCC to set aside the action on its
		own motion have expired.

	  

	 “Governmental
		Authority”
		means any federal, national, supranational, state, provincial, local,
		or other government, governmental, regulatory or administrative
		authority, agency or commission or any court, tribunal, or judicial
		or arbitral body.

	  

	 “Governmental
		Order”
		means any order, writ, judgment, injunction, decree, stipulation,
		determination or award issued or entered by or with any Governmental
		Authority.

	  

	 “HSR
		Act”
		means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
		amended, and the rules and regulations promulgated
		thereunder.

	  

	 “ION”
		has the meaning assigned to it in the Preamble.

	  

	 “Law”
		means any provision of any (i) federal, state, provincial, local,
		foreign or similar statute, law, ordinance, regulation, rule, code,
		administrative interpretation, regulation or other requirement of any
		Governmental Authority or (ii) Governmental Order. 

	  

	 “Lien”
		means any mortgage, pledge, hypothecation, assignment, encumbrance,
		lien (statutory or other) or security agreement of any kind or nature
		whatsoever (including, without limitation, any conditional sale or
		other title retention agreement or any financing lease having
		substantially the same effect as any of the foregoing).

	  

	 “Master
		Transaction Agreement”
		has the meaning assigned to it in the Recitals. 

	  

	 “Original
		Call Agreement”
		means the Call Agreement, dated as of November 7, 2005, among Mr.
		Lowell W. Paxson, certain of his Affiliates and Palm Beach II,
		as such agreement may be amended from time to time.

	  

	 “Palm
		Beach I”
		has the meaning assigned to it in the Preamble.

	  

	 “Palm
		Beach II”
		has the meaning assigned to it in the Recitals.

	 
		 

		3

		 

		

		
		

		
		 
 

	 “Person”
		means an individual, corporation, unincorporated association,
		partnership, group (as defined in subsection 13(d)(3) of the
		Securities Exchange Act of 1934, as amended, and the rules and
		regulations promulgated thereunder), trust, joint stock company,
		joint venture, business trust or unincorporated organization, limited
		liability company, any governmental entity or any other entity of
		whatever nature.

	  

	 “Put/Call
		Agreement”
		means the Put/Call Agreement, dated as of the date hereof, between
		NBC Universal, Inc. and CM. 

	  

	 “Securities
		Act”
		means the Securities Act of 1933, as amended, and the rules and
		regulations promulgated thereunder.

	  

	 “Series
		B Convertible Preferred”
		means the 11% Series B Convertible Preferred Stock, par value $0.001
		per share, of the Company, with a liquidation preference of $10,000
		per share, as it may be modified from time to time.

	  

	 “Subsidiary”
		means, with respect to the Company, a corporation, partnership,
		limited liability company, joint venture or other entity of which
		shares of stock or other ownership interests having ordinary voting
		power (other than stock or such other ownership interests having such
		power only by reason of the happening of a contingency) to elect a
		majority of the board of directors or other managers of such
		corporation, partnership or other entity are at the time owned,
		directly or indirectly, through one or more intermediaries
		(including, without limitation, other Subsidiaries), or both, by the
		Company.

	  

	 “Transaction”
		has the meaning assigned to it in the Recitals.

	  

	 “Transaction
		Agreements”
		has the meaning assigned to it in the Master Transaction
		Agreement.

	  

	 “Transfer”
		means, with respect to the Call Shares or the Call Right, any sale,
		assignment, pledge, offer or other transfer or disposal of any
		interest in such shares or right.

	  

	 ARTICLE
		II

	  

	 CALL
		RIGHT

	  

	 Section
		2.1 Effectiveness.
		The Call Right granted pursuant to Section 2.2(a) shall be effective
		as of the date of the closing of the transactions contemplated by the
		Original Call Agreement. 

	  

	 Section
		2.2 Call Right. (a)
		ION hereby grants to Palm Beach I, effective as of the Effective
		Date, an irrevocable right to purchase from ION during the Call
		Period all of the Call Shares on the terms and conditions set forth
		herein (the “Call
		Right”).
		In consideration for the grant of the Call Right, Palm Beach I hereby
		surrenders and delivers, effective as of, and 

	 
		 

		4

		 

		

		
		

		 

	  

	 subject
		to the occurrence of, the Effective Date, an amount of shares of
		Series B Convertible Preferred it owns, determined in accordance with
		Section 10.10 of the Master Agreement.

	  

	 (b) At
		any time during the Call Period, Palm Beach I may exercise the Call
		Right, in whole or in part, and subject to the terms and conditions
		set forth herein, purchase from ION the Call Shares for a purchase
		price (the “Call
		Price”)
		equal to the sum of $0.50 multiplied by the number of Call Shares
		specified in the Call Notice (as defined below). The price per Call
		Share specified in the previous sentence and the Call Price shall be
		equitably adjusted to reflect any conversions, reclassifications,
		reorganizations, stock dividends, stock splits, reverse splits and
		similar events which occur with respect to the Class B Common Stock
		after the date hereof and on or prior to a Call Closing.

	  

	 Section
		2.3 Exercise of Call Right; Call Notice. (a)
		Exercise of the Call Right shall be accomplished by Palm Beach I
		sending notice of such exercise (the “Call
		Notice”)
		to ION at the address provided for in Section 5.1 of this Agreement
		at any time during the Call Period. The Call Notice shall state the
		total number of Call Shares Palm Beach I wishes to purchase, the
		denominations of the certificate or certificates evidencing such Call
		Shares Palm Beach I wishes to receive, the Call Price and the place
		such Call Closing will be conducted.

	  

	 (b) As
		promptly as practicable, but in no event later than 20 Business
		Days after the giving of a Call Notice, to the extent required by
		applicable Law, the parties shall make any filings required under the
		Communications Act and/or HSR Act.

	  

	 Section
		2.4 Call Closing. (a)
		Each closing (a “Call
		Closing”)
		of the exercise of the Call Right and the purchase and sale of the
		Call Shares included in a Call Notice shall occur as promptly as
		practicable following, but in no event less than five Business Days
		following, the receipt of any required consent, approval,
		authorization or other order of, action by, or any required filing
		with or notification to, any Governmental Authority or any required
		third party consent referred to in Section 4.1(b) below, including,
		without limitation, (i) the expiration or termination of any waiting
		period (and any extension thereof) under the HSR Act applicable to
		the purchase of the Call Shares and (ii) approval by the FCC of
		the FCC Application, which approval shall have become a Final Order,
		provided that requirement for a Final Order may be waived by Palm
		Beach I in its sole discretion. If the Call Closing shall not have
		occurred on or before the 18-month anniversary of the date of the
		Exercise Notice, then such Exercise Notice shall be of no further
		force and effect and neither ION nor Palm Beach I shall be obligated
		to consummate the Call Closing with respect to such Exercise Notice;
		provided that following such date, this Agreement and the Call Right
		shall continue in full force and effect and Palm Beach I shall retain
		all rights hereunder subject to the terms and conditions contained
		herein. The Call Closing shall occur at the place designated in the
		Call Notice.

	  

	 (b) At
		a Call Closing, (i) ION shall deliver to Palm Beach I certificates
		representing the applicable number of Call Shares free and clear of
		all Liens (in the denominations specified in the Call Notice) and
		shall record Palm Beach I as the holder of record of the Call Shares
		purchased at the Call Closing in the stock transfer books of ION and
		(ii) Palm Beach I shall pay the Call Price by wire transfer in
		immediately available funds to the account or accounts specified by
		ION. ION shall furnish necessary account information at least two
		Business Days prior to such Call Closing. 

	 
		
		   

		  5

		   

		  

		  
		  

		  
		   
 
 

	 Section
		2.5 Reservation for Issuance. At all times following the
		Effective Date and until the earlier of the (i) the expiration of the
		Call Period prior to the delivery by Palm Beach I of a Call Notice
		and (ii) a Call Closing with respect to all of the remaining Call
		Shares, ION shall keep reserved for issuance (a) the number of shares
		of Class B Common Stock equal to the Call Shares subject to the Call
		Right and (b) the number of shares of Class A Common Stock issuable
		upon conversion of the Call Shares subject to the Call
		Right.

	  

	 Section
		2.6 Legends. Palm Beach I agrees to the imprinting, for so
		long as appropriate, of substantially the following legends on
		certificates representing any of the Call Shares:

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A
		STOCKHOLDERS’ AGREEMENT, DATED AS OF MAY 4, 2007, AMONG ION
		MEDIA NETWORKS, INC., CIG MEDIA LLC AND NBC UNIVERSAL, INC., AND THE
		CALL AGREEMENT DATED AS OF MAY 4 2007, BETWEEN ION MEDIA NETWORKS,
		INC. AND NBC PALM BEACH INVESTMENT I, INC.

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
		THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE
		TRANSFERRED EXCEPT IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS
		OF THE SECURITIES ACT OF 1933 OR AN EXEMPTION THEREFROM AND, IN EACH
		CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES
		LAWS.

	  

	 Section
		2.7 Termination of the Call Right. The right of Palm Beach I
		to purchase the Call Shares pursuant to this Agreement shall
		terminate upon the earliest to occur of the (i) expiration of the
		Call Period prior to the delivery of a Call Notice by Palm Beach I to
		ION and (ii) written consent of the parties hereto.

	  

	 ARTICLE
		III

	  

	 REPRESENTATIONS
		AND WARRANTIES

	  

	 Section
		3.1 Representations and Warranties of ION. ION represents and
		warrants to Palm Beach I as follows:

	  

	 (a) Existence;
		Compliance with Law.
		ION is duly organized, validly existing and in good standing under
		the Laws of the jurisdiction of its organization and has all
		necessary power and authority to enter into this Agreement, to carry
		out its obligations and to consummate the transactions contemplated
		hereby. ION is duly licensed or qualified to do business and is in
		good standing in each jurisdiction in which the properties owned or
		leased by it or the operation of its business makes such licensing or
		qualification necessary, except to the extent that the failure to be
		so licensed or qualified and in good standing would not adversely
		affect the ability of ION to carry out its obligations under, and to
		consummate the transactions contemplated by, 

	  
		
		6

		 

		

		
		

		
		 
 

	 this
		Agreement. The execution and delivery by ION of this Agreement, the
		performance by ION of its obligations hereunder and the consummation
		by ION of the transactions contemplated hereby have been duly
		authorized by all requisite action on the part of ION and its
		stockholders. This Agreement has been duly executed and delivered by
		ION, and (assuming due authorization, execution and delivery by the
		other parties) this Agreement constitutes legal, valid and binding
		obligations of ION, enforceable against ION in accordance with its
		terms, subject to the effect of any applicable bankruptcy, insolvency
		(including all Laws relating to fraudulent transfers),
		reorganization, moratorium or similar Laws affecting creditors’
		rights generally and subject to the effect of general principles of
		equity (regardless of whether considered in a proceeding at law or in
		equity).

	  

	 (b) Authorization;
		Enforceable Obligations.
		Assuming that all consents, approvals, authorizations and other
		actions described in Section 3.1(c) have been obtained or have
		occurred and any applicable waiting period has expired or been
		terminated, and except as may result from any facts or circumstances
		relating solely to Palm Beach I, the execution, delivery and
		performance of this Agreement does not and will not (i) violate,
		conflict with or result in the breach of the limited liability
		company agreement (or similar organizational documents) of ION, (ii)
		conflict with or violate any Law or Governmental Order applicable to
		ION or (iii) conflict with, result in any breach of, constitute
		a default (or event which with the giving of notice or lapse of time,
		or both, would become a default) under, require any consent under, or
		give to others any rights of termination, acceleration or
		cancellation of, any note, bond, mortgage or indenture, contract,
		agreement, lease, sublease, license, permit, franchise or other
		instrument or arrangement to which ION or any of its subsidiaries is
		a party, except, in the case of clauses (ii) and (iii), as would not
		materially and adversely affect the ability of ION to carry out its
		obligations under, and to consummate the transactions contemplated
		by, this Agreement.

	  

	 (c) Governmental
		Consents.
		The execution, delivery and performance by ION of this Agreement and
		the transactions contemplated hereby do not and will not require any
		consent, approval, authorization or other order of, action by, filing
		with or notification to, any Governmental Authority, except
		(i) the pre-merger notification and waiting period requirements
		of the HSR Act and the approval by the FCC pursuant to Section 310(d)
		of the Communications Act in connection with the exercise of the Call
		Right, (ii) where failure to obtain such consent, approval,
		authorization or action, or to make such filing or notification,
		would not prevent or materially delay the consummation by ION of the
		transactions contemplated by this Agreement or (iii) as may be
		necessary as a result of any facts or circumstances relating solely
		to Palm Beach I.

	  

	 (d) Capitalization.
		As of the Effective Date, ION will have taken all necessary corporate
		action to authorize, reserve and permit it to issue, and at all times
		from the date hereof until such time as the obligation to deliver
		Call Shares upon the exercise of the Call Right terminates, will have
		reserved, all the Call Shares issuable pursuant to this Agreement and
		shares of Class A Common Stock issuable upon conversion of the Call
		Shares, and ION will take all necessary corporate action to authorize
		and reserve and permit it to issue all additional shares of Class B
		Common Stock or other securities that may be issued pursuant this
		Agreement, all of which, upon their issuance and delivery in
		accordance with the terms of this Agreement, will be duly authorized,
		validly issued, fully paid and nonassessable, and shall be delivered
		free and clear of all Liens and not subject to any preemptive rights.
		

	 
		 

		7

		 

		

		
		

		
		 
 

	 Section
		3.2 Representations and Warranties of Palm Beach I. Palm Beach
		I represents and warrants to ION as follows:

	  

	 (a) Existence;
		Compliance with Law.
		Palm Beach I is duly organized, validly existing and in good standing
		under the Laws of the jurisdiction of its organization and has all
		necessary power and authority to enter into this Agreement, to carry
		out its obligations and to consummate the transactions contemplated
		hereby. Palm Beach I is duly licensed or qualified to do business and
		is in good standing in each jurisdiction in which the properties
		owned or leased by it or the operation of its business makes such
		licensing or qualification necessary, except to the extent that the
		failure to be so licensed or qualified and in good standing would not
		adversely affect the ability of Palm Beach I to carry out its
		obligations under, and to consummate the transactions contemplated
		by, this Agreement. The execution and delivery by Palm Beach I of
		this Agreement, the performance by Palm Beach I of its obligations
		hereunder and the consummation by Palm Beach I of the transactions
		contemplated hereby have been duly authorized by all requisite action
		on the part of Palm Beach I and its stockholders. This Agreement has
		been duly executed and delivered by Palm Beach I, and (assuming due
		authorization, execution and delivery by the other parties) this
		Agreement constitutes legal, valid and binding obligations of Palm
		Beach I, enforceable against Palm Beach I in accordance with its
		terms, subject to the effect of any applicable bankruptcy, insolvency
		(including all Laws relating to fraudulent transfers),
		reorganization, moratorium or similar Laws affecting creditors’
		rights generally and subject to the effect of general principles of
		equity (regardless of whether considered in a proceeding at law or in
		equity).

	  

	 (b) Authorization;
		Enforceable Obligations.
		Assuming that all consents, approvals, authorizations and other
		actions described in Section 3.2(c) have been obtained and any
		applicable waiting period has expired or been terminated, and except
		as may result from any facts or circumstances relating solely to ION,
		the execution, delivery and performance of this Agreement does not
		and will not (i) violate, conflict with or result in the breach
		of the certificate of incorporation or bylaws (or similar
		organizational documents) of Palm Beach I, (ii) conflict with or
		violate any Law or Governmental Order applicable to Palm Beach I or
		(iii) conflict with, result in any breach of, constitute a
		default (or event which with the giving of notice or lapse of time,
		or both, would become a default) under, require any consent under, or
		give to others any rights of termination, acceleration or
		cancellation of, any note, bond, mortgage or indenture, contract,
		agreement, lease, sublease, license, permit, franchise or other
		instrument or arrangement to which Palm Beach I or any of its
		subsidiaries is a party, except, in the case of clauses (ii) and
		(iii), as would not materially and adversely affect the ability of
		Palm Beach I to carry out its obligations under, and to consummate
		the transactions contemplated by, this Agreement.

	  

	 (c) Accredited
		Investor.
		Upon exercise of the Call Right, Palm Beach I shall acquire the
		shares of Class A Common Stock to be issued upon exercise thereof
		solely for the account of Palm Beach I and not as a nominee for any
		other party, and for investment, and Palm Beach I shall not offer,
		sell or otherwise dispose of any such shares of Class A Common Stock
		except under circumstances that will not result in a violation of the
		Securities Act or any applicable state securities laws. Palm Beach I
		is an institutional accredited investor (within the meaning of
		subparagraphs (a)(1), ((2), (3) or (7) of Rule 501 under the
		Securities Act).

	  
		 

		8

		 

		

		
		

		
		 
 

	 (d) Governmental
		Consents.
		The execution, delivery and performance by Palm Beach I of this
		Agreement and the transactions contemplated hereby do not and will
		not require any consent, approval, authorization or other order of,
		action by, filing with or notification to, any Governmental
		Authority, except (i) the pre-merger notification and waiting
		period requirements of the HSR Act and the approval by the FCC
		pursuant to Section 310(d) of the Communications Act in connection
		with the exercise of the Call Right, (ii) where failure to
		obtain such consent, approval, authorization or action, or to make
		such filing or notification, would not prevent or materially delay
		the consummation by Palm Beach I of the transactions contemplated by
		this Agreement or (iii) as may be necessary as a result of any facts
		or circumstances relating solely to the other party
		hereto.

	  

	 ARTICLE
		IV

	  

	 OTHER
		AGREEMENTS

	  

	 Section
		4.1 Governmental Filings; Consents. (a)
		Each of the parties to this Agreement shall use its commercially
		reasonable best efforts to obtain (and ION shall cause the
		Subsidiaries to obtain) all authorizations, consents, orders and
		approvals of all Governmental Authorities and officials that may be
		or become necessary for its execution and delivery of, and the
		performance of its obligations pursuant to, this Agreement, including
		approval by the FCC of the FCC Application pursuant to Section 310(d)
		of the Communications Act and any approvals required under the HSR
		Act, and will cooperate fully with the other party in promptly
		seeking to obtain all such authorizations, consents, orders and
		approvals. Each party hereto agrees to use its commercially
		reasonable best efforts to supply as promptly as practicable to the
		appropriate Governmental Authorities any additional information and
		documentary material that may be requested in connection with
		obtaining such authorizations, consents, orders and approvals,
		including the FCC Application or pursuant to the HSR
		Act.

	  

	 (b) Following
		receipt of the Call Notice, ION shall, or shall cause the
		Subsidiaries to, give promptly such notices to third parties and use
		its or their reasonable best efforts to obtain such third party
		consents and estoppel certificates as Palm Beach I and ION may in
		their reasonable discretion deem necessary in connection with the
		transactions contemplated by this Agreement. Palm Beach I shall
		cooperate and use all reasonable efforts to assist ION in giving such
		notices and obtaining such consents and estoppel certificates;
		provided, however, that neither Palm Beach I nor ION shall have any
		obligation to give any guarantee or other consideration of any nature
		in connection with any such notice, consent or estoppel certificate
		or to consent to any change in the terms of any agreement or
		arrangement which Palm Beach I or the Company in its reasonable
		discretion may deem adverse to the interests of Palm Beach I, ION or
		any Subsidiary.

	  

	 Section
		4.2 Inconsistent Actions. Once the FCC Application has been
		filed and for so long as it is pending, neither Palm Beach I nor ION
		shall take any action that could reasonably be expected to delay or
		hinder the grant of the FCC Application.

	  

	 Section
		4.3 Distribution. Investor shall acquire the Call Shares for
		investment purposes only and not with a view to any distribution
		thereof in violation of the 

	 
		 

		9

		 

		

		
		

		
		 
 

	 Securities
		Act, and shall not sell any Call Shares purchased pursuant to this
		Agreement except in compliance with the Securities Act and applicable
		state securities or “blue sky” laws.

	  

	 ARTICLE
		V

	  

	 MISCELLANEOUS

	  

	 Section
		5.1 Notices. All notices, requests, claims, demands and other
		communications hereunder shall be in writing and shall be given (and
		shall be deemed to have been duly given upon receipt) by delivery in
		person, by overnight courier, by facsimile or by registered or
		certified mail (postage prepaid, return receipt requested) to the
		respective parties at the following addresses (or at such other
		address for a party as shall be specified in a notice given in
		accordance with this Section 5.1):

	  

	 
			 	(a)	
				If
				  to Palm Beach I, to:
 

 

	  

	 NBC
		Palm Beach Investment I, Inc.

	 c/o
		NBC Universal, Inc.

	 30
		Rockefeller Plaza

	 New
		York, New York 10112

	 Attention:
		General Counsel

	 Tel:
		212-664-7024

	 Fax:
		212-664-4733

	  

	 with
		a copy to:

	  

	 Shearman
		& Sterling LLP

	 599
		Lexington Avenue

	 New
		York, New York 10022

	 Attention:
		John A. Marzulli, Jr.

	 Tel:
		212-848-8590

	 Fax:
		646-848-8590

	  

	 
			 	(b)	
				If
				  to ION, to:
 

 

	  

	 ION
		Media Networks, Inc.

	 601
		Clearwater Park Road

	 West
		Palm Beach, Florida 33401

	 Attention:
		General Counsel

	 Tel:
		561-659-4122

	 Fax:
		561-655-9424

	  

	 With
		a copy to:

	  

	 Holland
		& Knight LLP

	 22
		Lakeview Avenue, Suite 1000

	   
		10

		 

		

		
		

		 

	  

	 West
		Palm Bach, Florida 33401

	 Attention:
		David L. Perry, Jr.

	 Tel:
		561-650-8314

	 Fax:
		561-650-8399

	  

	 Section
		5.2 Entire Agreement; Amendment; Waiver. The Transaction
		Agreements and the documents described therein or attached or
		delivered pursuant thereto set forth the entire agreement between the
		parties thereto with respect to the transactions contemplated by such
		agreements. Any provision of this Agreement may be amended or
		modified in whole or in part at any time only by an agreement in
		writing signed by all of the parties. No failure on the part of any
		party to exercise, and no delay in exercising, any right shall
		operate as a waiver thereof nor shall any single or partial exercise
		by any party of any right preclude any other or future exercise
		thereof or the exercise of any other right.

	  

	 Section
		5.3 Severability. If any term or other provision of this
		Agreement is invalid, illegal or incapable of being enforced by Law
		or public policy, all other conditions and provisions of this
		Agreement shall nevertheless remain in full force and effect so long
		as the economic or legal substance of the Transaction is not affected
		in any manner materially adverse to any party. Upon such
		determination that any term or other provision is invalid, illegal or
		incapable of being enforced, the parties hereto shall negotiate in
		good faith to modify this Agreement so as to effect the original
		intent of the parties as closely as possible in a mutually acceptable
		manner in order that the Transaction be consummated as originally
		contemplated to the fullest extent possible.

	  

	 Section
		5.4 Counterparts. This Agreement may be executed and delivered
		(including by facsimile transmission) in one or more counterparts,
		and by the different parties hereto in separate counterparts, each of
		which when executed shall be deemed to be an original but all of
		which taken together shall constitute one and the same
		agreement.

	  

	 Section
		5.5 Governing Law; Jurisdiction. This Agreement shall be
		governed by, and construed in accordance with, the Laws of the State
		of New York applicable to contracts executed in and to be performed
		in that State. All actions and proceedings arising out of or relating
		to this Agreement shall be heard and determined exclusively in any
		New York state or federal court sitting in the Borough of Manhattan
		of The City of New York. The parties hereto hereby (a) submit to the
		exclusive jurisdiction of any state or federal court sitting in the
		Borough of Manhattan of The City of New York for the purpose of any
		Action arising out of or relating to this Agreement brought by any
		party hereto, and (b) irrevocably waive, and agree not to assert by
		way of motion, defense, or otherwise, in any such Action, any claim
		that it is not subject personally to the jurisdiction of the
		above-named courts, that its property is exempt or immune from
		attachment or execution, that the Action is brought in an
		inconvenient forum, that the venue of the Action is improper, or that
		this Agreement may not be enforced in or by any of the above-named
		courts.

	  

	 Section
		5.6 Waiver of Jury Trial. Each of the parties hereto hereby
		waives to the fullest extent permitted by applicable Law any right it
		may have to a trial by jury with respect to any litigation directly
		or indirectly arising out of, under or in connection with this
		Agreement. Each of the parties hereto (a) certifies that no
		representative, agent or attorney of any other party 

	 
		 

		11

		 

		

		
		

		 

	  

	 has
		represented, expressly or otherwise, that such other party would not,
		in the event of litigation, seek to enforce that foregoing waiver and
		(b) acknowledges that it and the other hereto have been induced to
		enter into this Agreement, as applicable, by, among other things, the
		mutual waivers and certifications in this Section 5.6.

	  

	 Section
		5.7 Successors and Assigns; Third Party Beneficiaries. ION may
		not assign this Agreement or assign any of its rights or delegate any
		of its duties under this Agreement without the prior written consent
		of Palm Beach I. Palm Beach I may freely assign this Agreement or
		assign any of its rights or delegate any of its duties under this
		Agreement without the prior written consent of ION, provided,
		however,
		that in the event of an assignment or delegation to an Affiliate, no
		such assignment or delegation shall relieve Palm Beach I of any of
		its obligations hereunder and; provided,
		further,
		however,
		that any such assignment by Palm Beach I shall be made in compliance
		with the applicable rules and regulations of the FCC and the
		Securities and Exchange Commission. Any assignee of Palm Beach I
		shall be deemed to be Palm Beach I for all purposes under this
		Agreement. Any purported assignment in violation of this Section 5.7
		shall be null and void. Nothing expressed or mentioned in this
		Agreement is intended or shall be construed to give any Person, other
		than the parties hereto and their respective successors and permitted
		assignees, any legal or equitable right, remedy or claim under or in
		respect of this Agreement or any provision herein contained. This
		Agreement and all conditions and provisions hereof are intended to be
		for the sole and exclusive benefit of the parties hereto and their
		respective successors and permitted assignees, and for the benefit of
		no other Person.

	  

	 Section
		5.8 Remedies. No right, power or remedy conferred upon any
		party in this Agreement shall be exclusive, and each such right,
		power or remedy shall be cumulative and in addition to every other
		right, power or remedy whether conferred in this Agreement or now or
		hereafter available at law or in equity or by statute or otherwise.
		No course of dealing among Palm Beach I and ION and no delay in
		exercising any right, power or remedy conferred in this Agreement or
		now or hereafter existing at law or in equity or by statute or
		otherwise shall operate as a waiver or otherwise prejudice any such
		right, power or remedy. The parties hereto agree that irreparable
		damage would occur in the event any provision of this Agreement was
		not performed in accordance with the terms hereof and that the
		parties shall be entitled to an injunction or injunctions to prevent
		breaches of this Agreement and to enforce specifically the terms and
		provisions of this Agreement in addition to any other remedy to which
		they are entitled at law or in equity.

	  

	 Section
		5.9 Further Assurances. Each party shall execute and deliver
		such additional instruments and other documents and shall take such
		further actions as may be necessary or appropriate to effectuate,
		carry out and comply with all of the terms of this Agreement and the
		transactions contemplated hereby.

	  

	 Section
		5.10 Headings, Captions and Table of Contents. The section
		headings, captions and table of contents contained in this Agreement
		are for reference purposes only, are not part of this Agreement and
		shall not affect the meaning or interpretation of this
		Agreement.

	  

	 12

	  

	 

	 
	 

	 

	 IN
		WITNESS WHEREOF, this Agreement has been executed by the parties
		hereto or by their respective duly authorized representative all as
		of the date first above stated.

	  

	 
			 	 	 
	 	ION MEDIA
				NETWORKS, INC
	 
 	 
 	 
 
	 	By:  /s/
				Richard Garcia	 
	 	
				
Name: Richard Garcia
	 	Title: Chief
				Financial Officer

	 
			 	 	 
	 	NBC PALM
				BEACH INVESTMENT I, INC.
	 
 	 
 	 
 
	 	By:  /s/
				Lynn A. Calpeter	 
	 	
				
Name: Lynn A. Calpeter
	 	Title: Vice
				President and Treasurer

 

	  

	 

  
	 

	 EXHIBIT
		E to the Master Transaction Agreement

	  

	 Registration
		Rights Agreement for New Securities

	  

	 

	 
	 

	 

	 Exhibit
		E to the 

	 Master
		Transaction Agreement

	  

	 Registration
		Rights Agreement for New Securities

	  

	 REGISTRATION
		RIGHTS AGREEMENT

	  

	 REGISTRATION
		RIGHTS AGREEMENT, dated as of May 4, 2007 (this “Agreement”),
		by and among ION Media Networks, Inc., a Delaware corporation (the
		“Company”),
		NBC Universal, Inc., a Delaware corporation (together with its Affiliates,
		“NBCU”)
		and CIG Media LLC, a Delaware limited liability company (“CIG”,
		and together with NBCU, the “Investors”).
		

	  

	 WHEREAS,
		the Company and the Investors entered into that certain Master Transaction
		Agreement, dated as of May 3, 2007 (as such agreement may be amended, modified,
		supplemented or restated from time to time, the “Master
		Transaction Agreement”),
		pursuant to which the parties agreed to undertake various transactions to
		restructure the Company’s ownership and capital structure (the
		“Transaction”);

	  

	 WHEREAS,
		as an integral part of the Transaction, CIG and NBCU will each receive certain
		securities of the Company that are convertible into, or exchangeable or
		exercisable for, shares of Class A Common Stock, Class C Common Stock, or Class
		D Common Stock as the case may be, and the Company has agreed to provide the
		Holders (as defined below) certain registration rights with respect to such
		securities under the Securities Act; 

	  

	 WHEREAS,
		the Company’s shares of Class A Common Stock are currently registered with
		the SEC and quoted on the American Stock Exchange; and

	  

	 WHEREAS,
		the execution and delivery of this Agreement by the parties hereto is a
		condition to the commencement of the Transaction pursuant to the Master
		Transaction Agreement.

	  

	 NOW,
		THEREFORE, in consideration of the mutual premises and covenants set forth
		herein, and for other good and valuable consideration, the receipt and
		sufficiency of which are hereby acknowledged, the parties hereto, intending to
		be legally bound hereby, agree as follows:

	  

	 1. 
		Definitions. (a)
		Capitalized terms used herein and not otherwise defined herein shall have the
		meaning ascribed to such terms in the Master Transaction Agreement. For
		purposes of this Agreement, the following terms have the following
		meanings:

	  

	 “Common
		Shares”
		means shares of (i) Common Stock and (ii) other securities of the Company,
		including Convertible Securities, NBCU Option I, NBCU Option II and Warrant,
		that are convertible into, or exercisable or exchangeable for, shares of Class
		A Common Stock, Class C Common Stock or Class D Common Stock. 

	  

	 “control”
		(including its correlative meanings, “controlled by” or “under
		common control with”) means the possession, directly or indirectly, of the
		power to direct or cause the 

	  

	 

	 
	 

	 
	  

	 direction
		of the management and policies of a Person, whether through the ownership of
		securities or partnership or other ownership interests, by contract or
		otherwise.

	  

	 “Convertible
		Securities”
		means, collectively, Series A Convertible Subordinated Debt, Series B
		Convertible Subordinated Debt, Series A Convertible Preferred, Series B
		Convertible Preferred, Series C Convertible Preferred and Series D Convertible
		Preferred. 

	  

	 “Holders”
		means each of the Investors that from time to time owns Convertible Securities
		or Registrable Securities and each of their permitted transferees pursuant to
		Section 11(e) who agree to be bound by the provisions of this Agreement in
		accordance with said section; provided,
		however, that a
		Holder shall no longer be a Holder at the date that such Holder owns of record
		less than 10,000 shares of Registrable Securities on an as-converted basis.
		

	  

	 “Initial
		Public Offering”
		means the initial underwritten sale of equity securities by the Company or a
		Holder pursuant to an effective registration statement under the Securities
		Act. 

	  

	 “NASDAQ”
		means National Association of Securities Dealers Automated Quotation
		System.

	  

	 “Prospectus”
		means the prospectus included in any Registration Statement (including, without
		limitation, a prospectus that discloses information previously omitted from a
		prospectus filed as part of an effective Registration Statement in reliance
		upon Rule 430A under the Securities Act), as amended or supplemented by any
		prospectus supplement, with respect to the terms of the offering of any portion
		of the Registrable Securities covered by such Registration Statement and all
		other amendments and supplements to such prospectus, including post-effective
		amendments, and all material incorporated by reference or deemed to be
		incorporated by reference in such prospectus.

	  

	 “Registrable
		Securities”
		means (A) all shares of Class A Common Stock or Class D Common Stock held from
		time to time by the Holders and (B) all shares of Class A Common Stock or Class
		D Common Stock issued or issuable upon (i) conversion of the Convertible
		Securities held from time to time by the Holders, (ii) exercise of the Warrant
		or (iii) conversion of Class B Common Stock and Class C Common Stock;
		provided,
		however, that
		Registrable Securities shall cease to be Registrable Securities when (A) a
		Registration Statement covering such Registrable Securities has been declared
		effective by the SEC under the Securities Act and such Registrable Securities
		have been disposed of pursuant to such effective Registration Statement, (B)
		such Registrable Securities have been disposed of by a Holder pursuant to Rule
		144 or Rule 145 under the Securities Act, (C) the Registrable Securities of a
		Holder can, in the opinion of counsel satisfactory to the Company and such
		Holder, each in their reasonable judgment, be so distributed to the public
		pursuant to Rule 144 under the Securities Act in any three-month period or (D)
		such Registrable Securities have been sold, assigned or otherwise transferred
		to a Person other than a Holder. For purposes of this Agreement, Registrable
		Securities shall also include any shares of Class A Common Stock or Class D
		Common Stock or other securities (including shares of Class A Common Stock or
		Class D Common Stock underlying such other securities) that may be received by
		the Holders (x) as a result of a stock dividend, stock distribution or stock
		split of Registrable Securities or Convertible Securities or 

	  

	 2

	  

	 

	 
	 

	 
	  

	 (y) on
		account of Registrable Securities or Convertible Securities in a merger,
		consolidation, combination, reclassification, recapitalization or similar
		transaction involving the Company.

	  

	 “Registration
		Statement”
		means any registration statement of the Company under the Securities Act that
		covers any of the Registrable Securities, Convertible Securities, any shares of
		Class A Common Stock or Class D Common Stock or other securities that would be
		convertible into, or exchangeable or exercisable for, shares of Class A Common
		Stock or Class D Common Stock pursuant to the provisions of this Agreement,
		including in the Prospectus, any preliminary prospectus, all amendments and
		supplements to such registration statement (including post-effective
		amendments), all exhibits and all material incorporated by reference or deemed
		to be incorporated by reference in such registration statement.

	  

	 “Underwritten
		Offering”
		shall mean a distribution, registered pursuant to the Securities Act, in which
		securities of the Company are sold to the public through one or more
		underwriters.

	  

	 (b) The
		following terms have the meanings set forth in the Section set forth opposite
		such term:

	  

	 
			
				Term

					 	
				Section

				
	
				Agreement

					 	
				Preamble

				
	
				Authorizing
				  Certificate
 	 	
				3(a)

				
	
				Black-Out

					 	
				5

				
	
				CIG

					 	
				Preamble

				
	
				Company

					 	
				Preamble

				
	
				Conversion
				  Securities
 	 	
				11(d)

				
	
				Convertible
				  Subordinated Debt
 	 	
				Recitals

				
	
				Demand
				  Notice
 	 	
				3(a)

				
	
				Demand
				  Registration
 	 	
				3(a)

				
	
				Indemnified
				  Party
 	 	
				7(c)

				
	
				Indemnifying
				  Party
 	 	
				7(c)

				
	
				Initiating
				  Holders 
 	 	
				3(c)

				
	
				Investors

					 	
				Preamble

				
	
				Losses

					 	
				7(a)

				
	
				Maximum
				  Number of Securities
 	 	
				3(c)

				
	
				Master
				  Transaction Agreement
 	 	
				Recitals

				
	
				NBCU

					 	
				Preamble

				
	
				Participating
				  Demand Holders
 	 	
				3(b)

				
	
				Participating
				  Notice
 	 	
				3(b)

				
	
				Participating
				  Piggy-Back Holders
 	 	
				4(a)

				
	
				Piggy-Back
				  Registration
 	 	
				4(a)

				
	
				Shelf
				  Registration
 	 	
				3(d)

				
	
				Shelf
				  Registration Statement
 	 	
				3(d)

				
	
				Special
				  Counsel
 	 	
				5(a)

				
	
				Suspension
				  Notice
 	 	
				5

				
	
				Transaction

					 	
				Recitals

				

 

	  

	 3

	  

	 

	 
	 

	 
	  

	 2.
		Methodology for Calculation; Effective Timing.

	  

	 (a) Methodology
		for Calculation of Common Shares. For
		purposes of calculating (i) the number of Common Shares as of any particular
		date and (ii) the number of Common Shares owned by a Person hereunder (and the
		percentage of Common Shares owned by a Person), such number of Common Shares
		shall be calculated as though each Common Share had been on such date converted
		into, or exchanged or exercised for, the number of shares of Class A Common
		Stock or Class D Common Stock which such Common Shares would be entitled to be
		converted into or exchanged or exercised for. In the event of any stock split,
		stock dividend, reverse stock split, any combination of Class A Common Stock or
		Class D Common Stock or any similar event, with respect to all references in
		this Agreement to a Holder or Holders holding a number of Common Shares, the
		applicable number shall be appropriately adjusted to give effect to such stock
		split, stock dividend, reverse stock split, any combination of Class A Common
		Stock or Class D Common Stock or any similar event.

	  

	 (b) Effective
		Time. The
		Registration Rights Agreement, dated as of September 15, 1999, between the
		Company and NBCU, as amended from time to time, shall terminate and have no
		further force or effect, and this Agreement shall become effective, in each
		case upon the Exchange Offer Closing or the Exchange Offer Expiration, as
		applicable. 

	  

	 3.
		Demand Registration.

	  

	 (a) Requests
		for Registration by Holders.
		Subject to the terms and conditions of this Agreement, at any time and from
		time to time after the consummation of an Initial Public Offering, one or more
		Holders shall have the right, by delivering the Company a written notice (a
		“Demand
		Notice”),
		to require the Company to register Registrable Securities under the Securities
		Act covering all or part of such Holder or Holders’ Registrable Securities
		(which specifies the intended method or methods of disposition thereof) (a
		“Demand
		Registration”),
		and after receipt of a Demand Notice, the Company shall use its reasonable best
		efforts to effect a registration of Registrable Securities under the Securities
		Act; provided, that
		the Holders shall not make in the aggregate more than three (3) Demand
		Registrations each under this Agreement; provided,
		further, that:
		(i) no such Demand Registration may be required unless the Holders requesting
		such Demand Registration provide to the Company a certificate (the
		“Authorizing
		Certificate”)
		seeking to include Registrable Securities in such Demand Registration with an
		aggregate market value not less than $25,000,000 (calculated based on the
		closing sale price of such securities on the principal securities exchange
		where such securities are listed on the trading day immediately preceding the
		date of the Demand Notice) as of the date the Demand Notice is given, and (ii)
		no Demand Notice may be given prior to ninety (90) days after the effective
		date of the immediately preceding Demand Registration or, if later, the date on
		which a registration pursuant to this Section 3 is terminated in its entirety
		prior to the effective date of the applicable Registration Statement. The
		Authorizing Certificate shall set forth (A) the name of each Holder signing
		such Authorizing Certificate, (B) the number of Registrable Securities held by
		each such Holder, and, if different, the number of Registrable Securities such
		Holder has elected to have registered, and (C) the intended methods of
		disposition of the Registrable Securities. A Holder shall be permitted to
		withdraw in good faith all or a part of the Registrable Securities from a
		Demand Registration at any time prior to the effective date of such Demand
		Registration, in which event the Company shall promptly amend or, if requested
		by the remaining Holders, promptly 

	  

	 4

	  

	 

	 
	 

	 
	  

	 withdraw
		the related Registration Statement. A good faith decision by a Holder to
		withdraw Registrable Securities from registration shall not affect the
		Company’s obligations hereunder even if the amount remaining to be
		registered has an aggregate market value of $25,000,000 (calculated in the
		manner described above) as of the date the Demand Notice is given; provided, that:
		(1) subject to the satisfaction of the requirements in this Section 3, such
		continuing registration shall constitute a Demand Registration, (2) any
		withdrawing Holders (or the other Holders participating in the subject
		registration) did not include the withdrawn Registrable Securities in the
		Authorizing Certificate as a means of circumventing the applicable $25,000,000
		threshold described in this Section 3(a), and (3) any withdrawing Holders shall
		reimburse the Company for any filing fees paid to the SEC with respect to the
		withdrawn Registrable Securities. A registration that is terminated in its
		entirety prior to the effective date of the applicable Registration Statement
		or that has not remained effective for the required period set forth in Section
		3(b) shall not constitute a Demand Registration. 

	  

	 (b)
		Filing
		and Effectiveness. The
		Company shall file a Registration Statement relating to any Demand Registration
		as promptly as practicable, but in any event no later than sixty (60) days
		after receipt of a Demand Notice, with the SEC and use its reasonable best
		efforts to cause such Registration Statement to be declared effective as soon
		as practicable thereafter and to remain effective for a period of time
		reasonably required for the disposition of the Registrable Securities covered
		by such Registration Statement. If any Demand Registration is requested to be
		effected as a shelf registration pursuant to Rule 415 under the Securities Act
		by the Holders demanding such Demand Registration, the Company shall keep the
		Registration Statement filed in respect thereof effective for a period of six
		(6) months from the date on which the SEC declares such Registration Statement
		effective or such shorter period that will terminate when all Registrable
		Securities covered by such Registration Statement have been sold pursuant to
		such Registration Statement. The Company shall promptly, and in any event
		within ten (10) Business Days after receipt of a Demand Notice, notify all
		other Holders in writing of the receipt of such Demand Notice and each such
		other Holder shall have the right to have all or a part of such Holder’s
		Registrable Securities included in such registration thereof by delivering a
		written notice (a “Participating
		Notice”)
		to the Company within ten (10) Business Days after receipt of the
		aforementioned notice from the Company (each Holder that delivers a
		Participating Notice to the Company pursuant to this Section 3(b), a
		“Participating
		Demand Holder”).
		Each Participating Demand Holder shall specify in the Participating Notice the
		number of Registrable Securities that such Participating Demand Holder elects
		to include in such registration and the Company shall include in such
		registration all Registrable Securities requested by the Participating Demand
		Holders for inclusion as specified in the Participation Notices. 

	  

	 (c)
		Priority
		on Demand Registration. If the
		Demand Notice includes a request for an Underwritten Offering and the managing
		underwriter or underwriters of such Underwritten Offering, selected by the
		Company pursuant to Section 8, to which such Demand Registration relates advise
		the Holder or Holders initiating the Demand Registration pursuant to Section
		3(a) (the “Initiating
		Holders”)
		and the Participating Demand Holders in writing that the total amount of
		Registrable Securities that the Initiating Holders and the Participating Demand
		Holders intend to include in such Demand Registration is in the aggregate such
		as to materially and adversely affect the success of such offering, then the
		number of Registrable Securities to be included in such Demand Registration
		shall be reduced and there shall be included in such Underwritten Offering the
		number of Registrable Securities that, in the opinion of such 

	  

	 5

	  

	 

	 
	 

	 
	  

	 managing
		underwriter or underwriters, can be sold without materially and adversely
		affecting the success of such Underwritten Offering (the “Maximum
		Number of Securities”)
		and the
		Participating Demand Holders and the Initiating Holders shall be entitled to
		participate on a pro rata basis based on the amount of Registrable Securities
		requested to be included in such Underwritten Offering by each such
		Participating Demand Holder and Initiating Holder so as not to exceed the
		Maximum Number of Securities.
		

	  

	 (d) Postponement
		of Demand Registration. The
		Company shall be entitled to postpone the filing period of any Demand
		Registration or suspend the effectiveness of any Registration Statement for a
		reasonable period of time not in excess of ninety (90) calendar days if the
		Company determines, in the good faith exercise of the business judgment of the
		Board, that such registration and offering could materially interfere with a
		bona fide business or financing transaction of the Company or would require
		disclosure of information, the premature disclosure of which could materially
		and adversely affect the Company; provided, that
		the Company shall not invoke this right more than twice in any twelve
		(12)-month period; and provided,
		further, that
		the Company shall not register any of its securities during such postponement
		or suspension period. In the event that the Company determines to postpone the
		filing of, or suspend the effectiveness of, a Registration Statement, it shall
		promptly (i) furnish to all Initiating Holders and Participating Demand Holders
		a certificate signed by the Company’s chief executive officer or chief
		financial officer stating that the decision to postpone or suspend was made by
		the Board in accordance with this Section 3(d) and (ii) notify all Initiating
		Holders and Participating Demand Holders in writing when the events or
		circumstances permitting such postponement or suspension have
		ended.

	  

	 4. 
		Piggy-Back Registration.

	  

	 (a) Right
		to Piggyback. If the
		Company proposes to file a Registration Statement, whether or not for its own
		account, under the Securities Act on any form (other than a registration
		statement on Form S-4 or S-8 or any successor form for securities to be offered
		in a transaction of the type referred to in Rule 145 under the Securities Act
		or to employees of the Company pursuant to any employee benefit plan,
		respectively) for the registration of shares of Class A Common Stock or Class D
		Common Stock or other securities that would be convertible into, or
		exchangeable or exercisable for, shares of Class A Common Stock or Class D
		Common Stock (a “Piggy-Back
		Registration”),
		it shall give written notice to all Holders at least twenty (20) Business Days
		prior to the initial filing with the SEC of such piggy-back Registration
		Statement, which notice shall set forth the intended method of disposition of
		the securities proposed to be registered by the Company in the Piggy-Back
		Registration. The notice referred to in the preceding sentence shall offer the
		Holders the opportunity to register such amount of Registrable Securities as
		each such Holder may request. Each Holder desiring to have Registrable
		Securities registered under this Section 4 (a) (a “Participating
		Piggy-Back Holder”)
		shall advise the Company in writing within ten (10) Business Days after the
		date of receipt of the aforementioned notice from the Company, setting forth
		the amount of such Registrable Securities for which registration is requested.
		Subject to the limitations set forth in Section 4(b), the Company shall
		thereupon include in such Piggyback Registration all Registrable Securities
		with respect to which the Company has received written requests for inclusion
		therein, and shall use its reasonable best efforts to effect registration of
		such Registrable Securities under the Securities Act. The Participating
		Piggy-Back Holders shall be permitted to withdraw all or part 

	  

	 6

	  

	 

	 
	 

	 
	  

	 of the
		Registrable Securities from a Piggyback Registration at any time prior to the
		effective date of such Piggyback Registration. 

	  

	 (b) Priority
		on Piggyback Registrations. If the
		Piggy-Back Registration relates to an Underwritten Offering and the managing
		underwriter or underwriters of such Underwritten Offering, selected by the
		Company pursuant to Section 8, to which such Piggy-Back Registration relates
		advise the Participating Piggy-Back Holders in writing that the total amount of
		Registrable Securities that such Participating Piggy-Back Holders intend to
		include in the Piggy-Back Registration in addition to any other securities the
		Company intends to register would be greater than the total number of
		securities which can be sold in such Underwritten Offering without having a
		material adverse affect on the success of such Underwritten Offering, the
		Company shall include in such Piggy-Back Registration (i) first, 100% of the
		Class A Common Stock, Class D Common Stock or other securities that would be
		convertible into, or exchangeable or exercisable for, shares of Class A Common
		Stock or Class D Common Stock the Company proposes to sell, and (ii) second, to
		the extent of the number of Registrable Securities requested to be included in
		such registration which, with the advice of such managing underwriter or
		underwriters, can be sold without having the adverse effect referred to above,
		the number of Registrable Securities which the Participating Piggy-Back Holders
		have requested to be included in such registration, such amount to be allocated
		pro rata among all Participating Piggy-Back Holders on the basis of the
		relative amount of Registrable Securities requested to be included therein by
		each Participating Piggy-Back Holder. 

	  

	 5. 
		Registration Procedures. In connection with the Company’s
		registration obligations pursuant to Sections 3 and 4, the Company shall use
		its reasonable best efforts to effect such registrations to permit the sale of
		such Registrable Securities in accordance with the intended method or methods
		of disposition thereof and pursuant thereto, the Company shall as expeditiously
		as possible, and in each case to the extent applicable (it being understood
		that the obligations of the Company in clauses (a), (b), (d), (e), (h), (j),
		(k), (m), (n) and (p) of this Section 5 shall be subject to Section
		3(d)):

	  

	 (a) prepare
		and file with the SEC a Registration Statement or Registration Statements on
		any appropriate form under the Securities Act available for the sale of the
		Registrable Securities by the holders thereof in accordance with the intended
		method or methods of distribution thereof, and cause each such Registration
		Statement to become effective and remain effective as provided herein;
		provided,
		however,
		that the
		Company agrees that, at the request of a Holder exercising a demand
		registration right under Section 3, at such time as the Company becomes a
		“well-known seasoned issuer,” as such term is defined in Rule 405
		under the Securities Act, the Company will register an offering pursuant to
		Section 3 on an “automatic shelf registration statement,” as such
		term is defined in Rule 405 under the Securities
		Act, and
		provided,
		further,
		however, that
		before filing a Registration Statement or Prospectus or any amendments or
		supplements thereto (including documents that would be incorporated or deemed
		to be incorporated therein by reference) the Company shall furnish to the
		Holders holding Registrable Securities covered by such Registration Statement,
		not more than one counsel chosen by the Holders holding a majority of the
		Registrable Securities being registered (“Special
		Counsel”)
		and the managing underwriter or underwriters, if any, copies of all such
		documents proposed to be filed, which documents shall be subject to the review
		of such 

	  

	 7

	  

	 

	 
	 

	 
	  

	 Holders,
		such Special Counsel and such underwriter or underwriters, and the Company
		shall not file any such Registration Statement or amendment thereto or any
		Prospectus or any supplement thereto (excluding such documents that, upon
		filing, will be incorporated or deemed to be incorporated by reference therein)
		to which the Holders holding a majority of the Registrable Securities covered
		by such Registration Statement or the managing underwriter or underwriters, if
		any, could reasonably conclude to be potentially misleading, omit a material
		fact or fail to comply with rules or common practice of the SEC or the
		securities industry; and the Company shall not be deemed to have used its
		reasonable best efforts to keep a Registration Statement effective during the
		applicable period if it voluntarily takes any action that would result in the
		Holders of such Registrable Securities not being able to sell such Registrable
		Securities during that period, unless such action is required under applicable
		law or otherwise undertaken by the Company in good faith and for valid business
		reasons (not including avoidance of the Company’s obligations hereunder),
		including the acquisition or divestiture of assets;

	  

	 (b) prepare
		and file with the SEC such amendments and post-effective amendments to each
		Registration Statement as may be necessary to keep such Registration Statement
		continuously effective for the applicable periods specified in Section 3; cause
		the related Prospectus to be supplemented by any required Prospectus
		supplement, and as so supplemented to be filed pursuant to Rule 424 (or any
		similar provisions then in force) under the Securities Act; and comply with the
		provisions of the Securities Act with respect to the disposition of all
		securities covered by such Registration Statement during the applicable period
		in accordance with the intended methods of disposition by the sellers thereof
		set forth in such Registration Statement as so amended or in such Prospectus as
		so supplemented;

	  

	 (c) notify
		the selling Holders and the managing underwriter or underwriters, if any,
		promptly, and (if requested by any such Person) confirm such notice in writing,
		(i) when a Prospectus or any Prospectus supplement or post-effective amendment
		has been filed, and, with respect to a Registration Statement or any
		post-effective amendment, when the same has become effective, (ii) of any
		request by the SEC or any other federal or state governmental authority for
		amendments or supplements to a Registration Statement or related Prospectus or
		for additional information or the receipt by the Company of any comment letter
		from the SEC with respect to a Registration Statement or related Prospectus,
		(iii) of the issuance by the SEC or any other federal or state governmental
		authority of any stop order suspending the effectiveness of a Registration
		Statement or the initiation of any proceedings for that purpose, (iv) if at any
		time the representations and warranties of the Company contained in any
		agreement contemplated by Section 5(m) (including any underwriting agreement)
		cease to be true and correct in any material respect, (v) of the receipt by the
		Company of any notification with respect to the suspension of the qualification
		or exemption from qualification of any of the Registrable Securities for sale
		in any jurisdiction or the initiation or threatening of any proceeding for such
		purpose, (vi) of the occurrence of any event that makes any statement made in
		such Registration Statement or related Prospectus or any document incorporated
		or deemed to be incorporated therein by reference untrue in any material
		respect or that requires the making of any changes in a Registration Statement,
		Prospectus or any such document so that, in the case of the Registration
		Statement, it

	  

	 8

	  

	 

	 
	 

	 
	  

	 shall
		not contain any untrue statement of a material fact or omit to state any
		material fact required to be stated therein or necessary to make the statements
		therein not misleading and, in the case of the Prospectus, it shall not contain
		any untrue statement of a material fact or omit to state any material fact
		required to be stated or necessary to make the statements therein, in light of
		the circumstances under which they were made, not misleading, and (vii) of the
		Company’s reasonable determination that a post-effective amendment to a
		Registration Statement would be appropriate;

	  

	 (d) use
		every reasonable effort to obtain the withdrawal of any order suspending the
		effectiveness of a Registration Statement, or the lifting of any suspension of
		the qualification (or exemption from qualification) of any of the Registrable
		Securities for sale in any jurisdiction, at the earliest possible
		moment;

	  

	 (e) if
		requested by the Holders holding a majority of the Registrable Securities being
		registered or the managing underwriter or underwriters, if any, (i) promptly
		incorporate in a Prospectus supplement or post-effective amendment such
		information as such Holders or the managing underwriter or underwriters, if
		any, reasonably conclude, based on the advice of their counsel, must be
		included therein as may be required by applicable law and (ii) make all
		required filings of such Prospectus supplement or such post-effective amendment
		as soon as practicable after the Company has received notification of the
		matters to be incorporated in such Prospectus supplement or post-effective
		amendment; provided,
		however, that
		the Company shall not be required to take any actions under this Section 5(e)
		that are not, in the opinion of counsel for the Company, in compliance with
		applicable law;

	  

	 (f) furnish
		to each selling Holder and each managing underwriter, if any, without charge,
		at least one conformed copy of the Registration Statement and any
		post-effective amendment thereto, including financial statements (but excluding
		schedules, all documents incorporated or deemed incorporated therein by
		reference and all exhibits, unless requested in writing by such Holder or
		underwriter);

	  

	 (g) deliver
		to each selling Holder and each managing underwriter, if any, without charge as
		many copies of the Prospectus or Prospectuses relating to such Registrable
		Securities (including each preliminary prospectus) and any amendment or
		supplement thereto as such Persons may reasonably request; and, subject to the
		last paragraph of this Section 5, the Company hereby consents to the use of
		such Prospectus or each amendment or supplement thereto by each of the selling
		Holders and the managing underwriters, if any, in connection with the offering
		and sale of the Registrable Securities covered by such Prospectus or any
		amendment or supplement thereto;

	  

	 (h) prior to
		any public offering of Registrable Securities, register or qualify or cooperate
		with the selling Holders, the managing underwriter or underwriters, if any, and
		their respective counsel in connection with the registration or qualification
		(or exemption from such registration or qualification) of such Registrable
		Securities for offer and sale under the securities or blue sky laws of such
		jurisdictions within the United States as any seller or underwriter reasonably
		requests in writing; use all reasonable efforts to keep such registration or
		qualification (or exemption therefrom) effective during the period the
		

	  

	 9

	  

	 

	 
	 

	 
	  

	 applicable
		Registration Statement is required to be kept effective and do any and all
		other acts or things necessary or advisable to enable the disposition in each
		such jurisdiction of the Registrable Securities covered by the applicable
		Registration Statement; provided,
		however, that
		the Company shall not be required to (i) qualify to do business in any
		jurisdiction where it is not then so required to be qualified or (ii) take any
		action that would subject it to taxation or service of process in any such
		jurisdiction where it is not then so subject;

	  

	 (i) cooperate
		with the selling Holders and the managing underwriter or underwriters, if any,
		to facilitate the timely preparation and delivery of certificates representing
		Registrable Securities to be sold and enable such Registrable Securities to be
		in such denominations and registered in such names as the managing
		underwriters, if any, shall request at least two (2) Business Days prior to the
		closing of any sale of Registrable Securities to the underwriters;

	  

	 (j) upon the
		occurrence of any event contemplated by Section 5(c)(vi) or 5(c)(vii), prepare
		a supplement or post-effective amendment to each Registration Statement or a
		supplement to the related Prospectus or any document incorporated therein by
		reference or file any other required document so that, as thereafter delivered
		to the purchasers of the Registrable Securities being sold thereunder, such
		Prospectus shall not contain an untrue statement of a material fact or omit to
		state a material fact required to be stated therein or necessary to make the
		statements therein, in light of the circumstances under which they were made,
		not misleading;

	  

	 (k) if
		requested by the Holders holding a majority of the Registrable Securities
		covered by such Registration Statement or the managing underwriter or
		underwriters, if any, use its reasonable best efforts to cause all Registrable
		Securities covered by such Registration Statement to be (i) listed on each
		securities exchange, if any, on which securities issued by the Company of the
		same class are then listed or, if no such securities issued by the Company are
		then so listed, on the New York Stock Exchange or another national securities
		exchange if the securities qualify to be so listed or (ii) authorized to be
		quoted on the NASDAQ or the National Market System of NASDAQ, if the
		securities qualify to be so quoted;

	  

	 (l) if
		needed, engage an appropriate transfer agent and provide the transfer agent
		with printed certificates for the Registrable Securities in a form eligible for
		deposit with The Depository Trust Company and provide a CUSIP number for the
		Registrable Securities;

	  

	 (m)  enter
		into such customary agreements (including, in the event of an Underwritten
		Offering, an underwriting agreement in form, scope and substance as is
		customary in underwritten offerings) and take all such other commercially
		reasonable and customary actions in connection therewith (including those
		reasonably requested by the Holders holding a majority of the Registrable
		Securities being sold or, in the event of an Underwritten Offering, those
		reasonably requested by the managing underwriter or underwriters) in order to
		facilitate the disposition of such Registrable Securities and in such
		connection, and where an underwriting agreement is entered into in connection
		with 

	  

	 10

	  

	 

	 
	 

	 
	  

	 an
		underwritten registration, (i) make such representations and warranties to the
		underwriters with respect to the businesses of the Company and its
		Subsidiaries, the Registration Statement, Prospectus and documents incorporated
		by reference or deemed incorporated by reference therein, if any, in each case,
		in form, substance and scope as are customarily made by issuers to underwriters
		in underwritten offerings and confirm the same if and when requested; (ii) in
		the case of an Underwritten Offering, obtain opinions of counsel to the Company
		and updates thereof, which counsel and opinions (in form, scope and substance)
		shall be reasonably satisfactory to the managing underwriter or underwriters,
		if any, and if such Registrable Securities are not being sold through an
		Underwritten Offering, then to the Holders of Registrable Securities requesting
		registration, addressed to each of the underwriters or the Holders of
		Registrable Securities, as applicable, covering the matters customarily covered
		in opinions requested in offerings and such other matters as may be reasonably
		requested by such underwriters or Holders, as applicable; (iii) in the case of
		an Underwritten Offering, use reasonable efforts to obtain “comfort”
		letters and updates thereof from the independent certified public accountants
		of the Company (and, if necessary, any other certified public accountants of
		any Subsidiary of the Company or of any business acquired by the Company for
		which financial statements and financial data is, or is required to be,
		included in the Registration Statement), addressed to each of the underwriters,
		such letters to be in customary form and covering matters of the type
		customarily covered in “comfort” letters in connection with
		underwritten offerings; and (iv) deliver such documents and certificates as may
		be reasonably requested by the managing underwriter or underwriters, if any, to
		evidence the continued validity of the representations and warranties of the
		Company and its Subsidiaries made pursuant to clause (i) above and to evidence
		compliance with any customary conditions contained in the underwriting
		agreement entered into by the Company. The foregoing actions shall be taken in
		connection with each closing under such underwriting agreement as and to the
		extent required thereunder; 

	  

	 (n) upon
		three (3) Business Days’ notice, make available for reasonable inspection
		during normal business hours by a representative of the Holders holding
		Registrable Securities being sold, any underwriter participating in any
		disposition of Registrable Securities, and any attorney or accountant retained
		by such selling Holders or underwriter, all financial and other records,
		pertinent corporate documents and properties of the Company and its
		Subsidiaries, and cause the officers, directors and employees of the Company
		and its Subsidiaries to supply all information reasonably requested by any such
		representative, underwriter, attorney or accountant in connection with such
		Registration Statement; provided,
		however, that
		any records, information or documents that are designated by the Company in
		writing as confidential at the time of delivery of such records, information or
		documents shall be kept confidential by such Persons unless (i) such records,
		information or documents are in the public domain or otherwise publicly
		available, (ii) disclosure of such records, information or documents is
		required by any Governmental Authority or Governmental Order or is necessary to
		respond to inquiries of any Governmental Authority, or (iii) disclosure of such
		records, information or documents, in the reasonable opinion of counsel to such
		Person, is otherwise required by law (including, without limitation, pursuant
		to the requirements of the Securities Act);

	  

	 11

	  

	 

	 
	 

	 
	  

	 (o) comply
		with all applicable rules and regulations of the SEC and make generally
		available to its security holders earning statements satisfying the provisions
		of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar
		rule promulgated under the Securities Act) no later than 45 calendar days after
		the end of any 12 month period (or 90 calendar days after the end of any
		12-month period if such period is a fiscal year), subject to any applicable
		extension pursuant to Rule 12b-25 of the Exchange Act, (i) commencing at the
		end of any fiscal quarter in which Registrable Securities are sold to
		underwriters in a firm commitment or best efforts underwritten offering, or
		(ii) if not sold to underwriters in such an offering, commencing on the first
		day of the first fiscal quarter of the Company, after the effective date of a
		Registration Statement, which statement shall cover such 12-month period; and
		

	  

	 (p) In
		connection with any Underwritten Offering, cause appropriate members of
		management to be available for meetings with prospective purchasers of
		Registrable Securities and prepare and present to potential investors customary
		“road show” material, in each case in accordance with the
		recommendations of the underwriters and in all respects in a manner consistent
		with other new issuances of securities in an offering of a similar size to such
		offering of Registrable Securities.

	  

	 The
		Company may require each selling Holder of Registrable Securities as to which
		any registration is being effected to furnish to the Company such information
		regarding the distribution of such Registrable Securities as the Company may,
		from time to time, reasonably request in writing, and the Company may exclude
		from such registration the Registrable Securities of any Holder who
		unreasonably fails to furnish such information within a reasonable time after
		receiving such request. The Company may require each selling Holder of
		Registrable Securities (i) to agree to sell such Registrable Securities on the
		basis reasonably provided in any underwriting agreements entered into in
		connection with such offering pursuant to Section 5(m) and (ii) to complete and
		execute all questionnaires, powers of attorney, custody agreements,
		indemnities, underwriting agreements and other documents required under the
		terms of such underwriting agreements.

	  

	 Each
		Holder shall be deemed to have agreed by virtue of its acquisition of
		Registrable Securities that, upon receipt of any notice from the Company of the
		occurrence of any event of the kind described in Section 3(d) or 5(c) (other
		than 5(c)(i)) (a “Suspension
		Notice”),
		such Holder shall forthwith discontinue (“Black-Out”)
		disposition of such Registrable Securities covered by such Registration
		Statement or Prospectus until such Holder’s receipt of the copies of the
		supplemented or amended Prospectus contemplated by Section 5(j), or until it is
		advised in writing by the Company that the use of the applicable Prospectus may
		be resumed, and such Holder has received copies of any additional or
		supplemental filings that are incorporated or deemed to be incorporated by
		reference in such Prospectus. Except as expressly provided herein, there shall
		be no limitation with regard to the number of Suspension Notices that the
		Company is entitled to give hereunder; provided,
		however, that
		in no event shall the aggregate number of days the Holders are subject to
		Black-Out during any period of 12 consecutive months exceed 90
		days.

	  

	 12

	  

	 

	 
	 

	 
	  

	 6. 
		Expenses.

	  

	 All fees
		and expenses incident to the performance of or compliance with this Agreement
		by the Company shall be borne by the Company whether or not any of the
		Registration Statements become effective. Such fees and expenses shall include,
		without limitation, (i) all registration and filing fees (including fees and
		expenses for compliance with securities or “blue sky” laws), (ii)
		printing expenses (including expenses of printing certificates for Registrable
		Securities in a form eligible for deposit with The Depository Trust Company and
		of printing a reasonable number of Prospectuses if the printing of such
		Prospectuses is requested by the Holders holding a majority of the Registrable
		Securities included in any Registration Statement), (iii) messenger, telephone
		and delivery expenses incurred by the Company, (iv) fees and disbursements of
		counsel for the Company incurred by the Company, (v) fees and disbursements of
		all independent certified public accountants referred to in Section 5(m)(iii)
		(including the expenses of any special audit and “comfort” letter
		required by or incident to such performance) incurred by the Company, (vi)
		Securities Act liability insurance, if any, (vii) fees and expenses of Special
		Counsel retained by the Holders in connection with the registration and sale of
		their Registrable Securities not in excess of $50,000 per single registration,
		and (viii) fees and expenses of the Company and the underwriters relating to
		“road show” investor presentations. In addition, the Company shall
		pay internal expenses (including all salaries and expenses of its officers and
		employees performing legal or accounting duties), the expense of any annual
		audit, the fees and expenses incurred in connection with the listing of the
		securities to be registered on any securities exchange on which securities of
		the same class issued by the Company are then listed and the fees and expenses
		of any Person, including special experts, retained by the Company. In no event,
		however, shall the Company be responsible for any underwriting discount or
		selling commission with respect to any sale of Registrable Securities pursuant
		to this Agreement, and the Holders shall be responsible on a pro rata basis for
		any taxes of any kind (including transfer taxes) with respect to any
		disposition, sale or transfer of Registrable Securities and for any legal,
		accounting and other expenses incurred by them in connection with any
		Registration Statement.

	  

	 7. 
		Indemnification and Contribution.

	  

	 (a) Indemnification
		by the Company. The
		Company shall, without limitation as to time, indemnify and hold harmless, to
		the fullest extent permitted by law, each Holder holding Registrable Securities
		registered pursuant to this Agreement, the officers, directors and agents and
		employees of each of them, each Person who controls such a Holder (within the
		meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
		and the officers, directors, agents and employees of any such controlling
		Person, from and against all losses, claims, damages, liabilities, costs
		(including the costs of investigation and attorneys’ fees) and expenses,
		in each case joint or several (collectively, “Losses”),
		as incurred, arising out of or based upon any untrue or alleged untrue
		statement of a material fact contained in any Registration Statement,
		Prospectus or form of Prospectus or in any amendment or supplement thereto or
		in any preliminary prospectus or in any
		“free writing prospectus,” as such term is defined in Rule 405 under
		the Securities Act, utilized in connection with any related
		offering, or
		arising out of or based upon any omission or alleged omission to state therein
		a material fact required to be stated therein or necessary to make the
		statements therein not misleading, except 

	  

	 13

	  

	 

	 
	 

	 
	  

	 insofar
		and to the extent as the same are based upon information furnished in writing
		to the Company by such Holder for use therein.

	  

	 (b) Indemnification
		by Holders. In
		connection with any Registration Statement in which a Holder is participating,
		such Holder shall furnish to the Company in writing such information as the
		Company reasonably requests for use in connection with any Registration
		Statement, Prospectus or preliminary prospectus and shall severally and not
		jointly indemnify, to the fullest extent permitted by law, the Company, its
		directors and officers, agents and employees, each Person who controls the
		Company (within the meaning of Section 15 of the Securities Act and Section 20
		of the Exchange Act), and the directors, officers, agents or employees of such
		controlling Persons, from and against all Losses arising out of or based upon
		any untrue statement of a material fact contained in any Registration
		Statement, Prospectus or preliminary prospectus, or in any
		“free writing prospectus,” as such term is defined in Rule 405 under
		the Securities Act, utilized in connection with any related
		offering, or
		arising out of or based upon any omission of a material fact required to be
		stated therein or necessary to make the statements therein not misleading, to
		the extent, but only to the extent, that such untrue statement or omission is
		contained in any information so furnished in writing by such Holder to the
		Company for use in such Registration Statement, Prospectus or preliminary
		prospectus or in any
		“free writing prospectus” and was
		relied upon by the Company in the preparation of such Registration Statement,
		Prospectus or preliminary prospectus. In no event shall the liability of any
		selling Holder hereunder be greater in amount than the dollar amount of the
		proceeds (net of payment of all expenses) received by such Holder upon the sale
		of the Registrable Securities giving rise to such indemnification
		obligation.

	  

	 (c) Conduct
		of Indemnification Proceedings. If any
		Person shall become entitled to indemnification hereunder (an
		“Indemnified
		Party”),
		it shall give prompt notice to the party from which such indemnification is
		sought (the “Indemnifying
		Party”)
		of any claim or of the commencement of any action or proceeding with respect to
		which such Indemnified Party seeks indemnification or contribution pursuant
		hereto; provided,
		however, that
		the failure to so notify the Indemnifying Party shall not relieve the
		Indemnifying Party from any obligation or liability except to the extent that
		such Indemnifying Party has been prejudiced materially by such failure. All
		reasonable fees and expenses (including any reasonable fees and expenses
		incurred in connection with investigating or preparing to defend such action or
		proceeding) shall be paid to the Indemnified Party (provided appropriate
		documentation for such expenses is also submitted with such notice), as
		incurred, within five (5) calendar days of written notice thereof to the
		Indemnifying Party (regardless of whether it is ultimately determined that an
		Indemnified Party is not entitled to indemnification hereunder). The
		Indemnifying Party shall not consent to entry of any judgment or enter into any
		settlement or otherwise seek to terminate any action or proceeding in which any
		Indemnified Party is or could be a party and as to which indemnification or
		contribution could be sought by such Indemnified Party under this Section 7,
		unless such judgment, settlement or other termination includes as an
		unconditional term thereof the giving by the claimant or plaintiff to such
		Indemnified Party of a release, in form and substance reasonably satisfactory
		to the Indemnified Party, from all liability in respect of such claim or
		litigation for which such Indemnified Party would be entitled to
		indemnification hereunder. In the case of parties indemnified pursuant to
		Section 7(a) above, counsel to the Indemnified Parties shall be selected by the
		Holder or Holders which are the Indemnified Party and, in the case of parties
		indemnified pursuant to Section 7(b) above, counsel to the Indemnified
		

	  

	 14

	  

	 

	 
	 

	 
	  

	 Parties
		shall be selected by the Company. Notwithstanding the foregoing sentence, in
		case any such action is brought against any Indemnified Party, and such
		Indemnified Party notifies the Indemnifying Party of the commencement thereof,
		the Indemnifying Party shall be entitled to participate therein and, to the
		extent it may wish and if the Indemnifying Party acknowledges in writing its
		obligation to indemnify the Indemnified Party pursuant to Section 7(a) or 7(b),
		as applicable, jointly with any other Indemnifying Party similarly notified, to
		assume the defense thereof, with counsel reasonably satisfactory to such
		Indemnified Party. Notwithstanding the election of the Indemnifying Party to
		assume the defense of such litigation or proceeding, such Indemnified Party
		shall have the right to employ separate counsel and to participate in the
		defense of such litigation or proceeding, and the Indemnifying Party shall bear
		the reasonable fees, costs and expenses of such separate counsel and shall pay
		such fees, costs and expenses at least quarterly (provided that with respect to
		any single litigation or proceeding or with respect to several litigations or
		proceedings involving substantially similar legal claims, such Indemnifying
		Party shall not be required to bear the fees, costs and expenses of more than
		one such counsel) if (i) in the reasonable judgment of such Indemnified Party
		the use of counsel chosen by such Indemnifying Party to represent such
		Indemnified Party would present such counsel with a conflict of interest, (ii)
		the defendants in, or targets of, any such litigation or proceeding include
		both an Indemnifying Party and an Indemnified Party, and such Indemnified Party
		shall have reasonably concluded that there may be legal defenses available to
		it or to other Indemnified Parties which are different from or additional to
		those available to such Indemnifying Party (in which case such Indemnifying
		Party shall not have the right to direct the defense of such action on behalf
		of the Indemnified Party), (iii) such Indemnifying Party shall not have
		employed counsel satisfactory to such Indemnifying Party, in the exercise of
		such Indemnified Party’s reasonable judgment, to represent such
		Indemnified Party within a reasonable time after notice of the institution of
		such litigation or proceeding or (iv) any Indemnifying Party shall authorize in
		writing such Indemnified Party to employ separate counsel at the expense of
		such Indemnifying Party.

	  

	 (d) Contribution. If the
		indemnification provided for in this Section 7 is unavailable to an Indemnified
		Party under Section 7(a) or 7(b) in respect of any Losses or is insufficient to
		hold such Indemnified Party harmless, then each applicable Indemnifying Party,
		in lieu of indemnifying such Indemnified Party, shall, severally but not
		jointly, contribute to the amount paid or payable by such Indemnified Party as
		a result of such Losses, in such proportion as is appropriate to reflect the
		relative fault of the Indemnifying Party or Indemnifying Parties, on the one
		hand, and such Indemnified Party, on the other hand, in connection with the
		actions, statements or omissions that resulted in such Losses as well as any
		other relevant equitable considerations. The relative fault of such
		Indemnifying Party or Indemnifying Parties, on the one hand, and such
		Indemnified Party, on the other hand, shall be determined by reference to,
		among other things, whether any action in question, including any untrue or
		alleged untrue statement of a material fact or omission or alleged omission of
		a material fact, has been taken or made by, or related to information supplied
		by, such Indemnifying Party or Indemnified Party, and the parties’
		relative intent, knowledge, access to information and opportunity to correct or
		prevent such action, statement or omission. The amount paid or payable by a
		party as a result of any Losses shall be deemed to include any legal or other
		fees or expenses incurred by such party in connection with any action or
		proceeding.

	  

	 15

	  

	 

	 
	 

	 
	  

	 The
		parties hereto agree that it would not be just and equitable if contribution
		pursuant to this Section 7(d) were determined by pro rata allocation or by any
		other method of allocation that does not take into account the equitable
		considerations referred to in the immediately preceding paragraph.
		Notwithstanding the provisions of this Section 7(d), an Indemnifying Party that
		is a selling Holder shall not be required to contribute any amount in excess of
		the amount by which the total price at which the Registrable Securities sold by
		such Indemnifying Party and distributed to the public were offered to the
		public exceeds the amount of any damages that such Indemnifying Party has
		otherwise been required to pay by reason of such untrue or alleged untrue
		statement or omission or alleged omission. No Person guilty of fraudulent
		misrepresentation (within the meaning of Section 11(f) of the Securities Act)
		shall be entitled to contribution from any Person who was not guilty of such
		fraudulent misrepresentation.

	  

	 The
		indemnity, contribution and expense reimbursement obligations of the Company
		hereunder shall be in addition to any liability the Company may otherwise have
		hereunder or otherwise. The provisions of this Section 7 shall survive the sale
		of the Registrable Securities pursuant to a Registration Statement,
		notwithstanding any permitted transfer of the Registrable Securities by any
		Holder thereof or any termination of this Agreement.

	  

	 8. 
		Selection of Managing Underwriters. If any of the Registrable Securities
		included in any Demand Registration are to be sold in an Underwritten Offering,
		the Holders holding a majority of the Registrable Securities included in the
		Demand Notice may select an investment banker or investment bankers and a
		manager or managers to manage the Underwritten Offering; provided that
		such investment banker or bankers are reasonably acceptable to the Company. If
		any Piggyback Registration is an Underwritten Offering, the Company shall have
		the exclusive right to select an investment banker or investment bankers and a
		manager or managers to administer the offering. The Company agrees that, in
		connection with any Underwritten Offering hereunder, it shall undertake to
		offer customary indemnification to the participating underwriters.

	  

	 9. 
		Limitations on Registration of Other Securities; Representation. From
		and after the date hereof, the Company shall not, without the prior written
		consent of the Holders of 75% of the Registrable Securities on an as-converted
		basis, enter into any agreement with any holder or prospective holder of any
		securities of the Company that would allow such holder or prospective holder to
		have any registration rights the terms of which, when taken as a whole, are as
		favorable as or more favorable than the registration rights granted to the
		Holders hereunder unless the Company shall also give such rights to the Holders
		hereunder.

	  

	 10. 
		No Inconsistent Agreements. The Company shall not hereafter enter into
		any agreement with respect to its securities that is inconsistent with or
		adversely affects, in any material respects, the rights granted to the Holders
		in this Agreement.

	  

	 11. 
		Miscellaneous.

	  

	 (a) Specific
		Performance. The
		parties hereto agree that irreparable damage would occur in the event any
		provision of this Agreement were not performed in accordance 

	  

	 16

	  

	 

	 
	 

	 
	  

	 with the
		terms hereof and that the parties and the Holders shall be entitled to specific
		performance of the terms hereof, in addition to any other remedy at law or
		equity.

	  

	 (b) Amendments
		and Waivers.
		This
		Agreement may be amended or modified only if such amendment or modification is
		in wring and signed by the Company and the Holders of 75% of the Registrable
		Securities on an as-converted basis. Any waiver of any provisions hereof shall
		be valid if set forth in an instrument in writing signed by the waiving party
		or parties to be bound thereby. The failure of any party to enforce any of the
		provisions of this Agreement shall in no way be construed as a waiver of such
		provisions and shall not affect the right of such party thereafter to enforce
		any provision hereof in accordance with its terms.

	  

	 (c) Notices. All
		notices, requests, consents and other communications hereunder to any party
		hereto shall be deemed to be sufficient if contained in a written instrument
		delivered in person, by telecopy, by overnight courier or by first class
		registered or certified mail (return receipt requested, postage prepaid) to
		such party at the address set forth below (or at such other address or to the
		attention of such other Person as shall be specified by such party in a notice
		given in accordance with this Section 11(c)) and to any Holder at such address
		as indicated by the Company’s records (or at such address or to the
		attention of such other Person as shall be specified by such Holder in a notice
		given in accordance with this Section 11(c)):

	  

	 If to
		NBCU:

	  

	 NBC
		Universal, Inc. 

	 30
		Rockefeller Plaza 

	 New
		York, New York 10112 

	 Attention:
		General Counsel 

	 Tel:
		212-664-7024 

	 Fax:
		212-664-4733

	  

	 With a
		copy to:

	  

	 Shearman
		& Sterling LLP 

	 599
		Lexington Avenue 

	 New
		York, New York 10022 

	 Attention:
		John A. Marzulli, Jr. 

	 Tel:
		212-848-8590 

	 Fax:
		646-848-8590

	  

	 If to
		CIG:

	  

	 CIG
		Media LLC

	 131 S.
		Dearborn Street, 32nd
		Floor

	 Chicago,
		Illinois 60603

	 Attention:
		Matthew B. Hinerfeld 

	 Tel:
		312-395-3167 

	 Fax:
		312-267-7628

	  

	 17

	  

	 

	 
	 

	 
	  

	 with a
		copy to:

	  

	 Fried,
		Frank, Harris, Shriver & Jacobson LLP 

	 One New
		York Plaza

	 New
		York, NY 10004

	 Attention:
		Robert Schwenkel

	 Steven
		Steinman

	 Tel:
		212-859-8000

	 Fax:
		212-859-4000

	  

	 with a
		copy to:

	  

	 Wilmer
		Hale

	 1875
		Pennslyvania Avenue, N.W.

	 Washington,
		D.C. 20006

	 Attention:
		Lynn Charytan

	 Samir
		Jain

	 Jack
		Goodman

	 Tel:
		202-663-6000

	 Fax:
		202-663-6363

	  

	 If to
		the Company:

	  

	 ION
		Media Networks, Inc. 

	 601
		Clearwater Park Road 

	 West
		Palm Beach, FL 33401-6233 

	 Attention:
		General Counsel 

	 Tel:
		561-659-4122 

	 Fax:
		561-655-9424

	  

	 With a
		copy to:

	  

	 Holland
		& Knight LLP

	 222
		Lakeview Avenue, Suite 1000 

	 West
		Palm Beach, Florida 33401 

	 Attention:
		David L. Perry 

	 Tel:
		561-650-8314 

	 Fax:
		561-650-8399

	  

	 and

	  

	 Dow,
		Lohnes & Albertson, PLLC 

	 1200 New
		Hampshire Avenue, N.W., Suite 800 

	 Washington,
		DC 20036

	 Attention:
		John R. Feore, Jr. 

	 Tel:
		202-776-2000 

	 Fax:
		202-776-2222

	  

	 18

	  

	 

	 
	 

	 
	  

	 All such
		notices, requests, consents and other communications shall be deemed to have
		been given hereunder when received.

	  

	 (d) Merger
		or Consolidation of the Company. If the
		Company is a party to any merger or consolidation pursuant to which the
		Convertible Securities or Registrable Securities are converted into, or
		exchanged or exercised for, securities or the right to receive securities of
		any other Person (“Conversion
		Securities”),
		the issuer of such Conversion Securities shall assume (in a writing delivered
		to all Holders) all obligations of the Company hereunder. The Company shall not
		effect any merger or consolidation described in the immediately preceding
		sentence unless the issuer of the Conversion Securities complies with this
		Section 11(d).

	  

	 (e) Successors
		and Assigns; Third Party Beneficiaries.
		Subject to the terms and conditions of the Stockholders’ Agreement and
		this Agreement, any transferee of all or a portion of the Convertible
		Securities or Registrable Securities owned from time to time by the Investors
		shall become a Holder hereunder to the extent it (i) agrees in writing to be
		bound by all of the provisions applicable hereunder to the transferring Holder
		(such acknowledgment being evidenced by execution of a Counterpart and
		Acknowledgement in the form of Exhibit A) and (ii) owns of record not less than
		10,000 shares of Registrable Securities on an as-converted basis. This
		Agreement shall inure solely to the benefit of and be solely enforceable by the
		Company, the Investors and the Holders and their respective successors and
		permitted assignees. 

	  

	 (f) Headings. The
		headings and subheadings in this Agreement are included for convenience and
		identification only and are in no way intended to describe, interpret, define
		or limit the scope, extent or intent of this Agreement or any provision
		hereof.

	  

	 (g) Governing
		Law; Jurisdiction. This
		Agreement shall be governed by, and construed in accordance with, the laws of
		the State of Delaware applicable to contracts executed in and to be performed
		in that State. All actions and proceedings arising out of or relating to this
		Agreement shall be heard and determined exclusively in any New York state or
		federal court sitting in the Borough of Manhattan of The City of New York. The
		parties hereto hereby (a) submit to the exclusive jurisdiction of any state or
		federal court sitting in the Borough of Manhattan of The City of New York for
		the purpose of any action or proceeding arising out of or relating to this
		Agreement brought by any party hereto, and (b) irrevocably waive, and agree not
		to assert by way of motion, defense, or otherwise, in any such action or
		proceeding, any claim that it is not subject personally to the jurisdiction of
		the above-named courts, that its property is exempt or immune from attachment
		or execution, that the action or proceeding is brought in an inconvenient
		forum, that the venue of the action or proceeding is improper, or that this
		Agreement or the transactions contemplated hereby may not be enforced in or by
		any of the above-named courts.

	  

	 (h) Waiver
		of Jury Trial. Each
		of the parties hereto hereby waives to the fullest extent permitted by
		applicable law any right it may have to a trial by jury with respect to any
		litigation directly or indirectly arising out of, under or in connection with
		this Agreement or the Transaction. Each of the parties hereto (a) certifies
		that no representative, agent or attorney of any other party has represented,
		expressly or otherwise, that such other party would not, in the event of
		litigation, seek to enforce that foregoing waiver and (b) acknowledges that it
		and the 

	  

	 19

	  

	 

	 
	 

	 
	  

	 other
		hereto have been induced to enter into this Agreement and the Transaction, as
		applicable, by, among other things, the mutual waivers and certifications in
		this Section 11(h).

	  

	 (i) Severability.
		Whenever possible, each term and provision of this Agreement shall be
		interpreted in such manner as to be effective and valid under applicable law.
		If any term or provision hereof is invalid, illegal or incapable of being
		enforced by law or public policy, all other terms and provisions hereof shall
		nevertheless remain in full force and effect so long as the economic or legal
		substance of the transactions contemplated hereby is not affected in any manner
		materially adverse to any party. Upon such determination that any term or other
		provision is invalid, illegal or incapable of being enforced, the parties
		hereto shall negotiate in good faith to modify this Agreement so as to effect
		the original intent of the parties as closely as possible in a mutually
		acceptable manner in order that the transactions contemplated hereby be
		consummated as originally contemplated to the fullest extent
		possible.

	  

	 (j) Entire
		Agreement. This
		Agreement, the other Transaction Agreements and the other writings referred to
		herein or therein or delivered pursuant hereto or thereto which form a part
		hereof or thereof contain the entire agreement and understanding among the
		parties hereto with respect to the subject matter hereof or thereof and
		supersedes and preempts any prior understandings, agreements or representations
		by or among the parties, written or oral, with respect to the subject matter
		hereof or thereof.

	  

	 (k) Counterparts. This
		Agreement may be executed and delivered (including by facsimile transmission)
		in one or more counterparts, and by the different parties hereto in separate
		counterparts, each of which when executed shall be deemed to be an original but
		all of which taken together shall constitute one and the same
		agreement.

	  

	 [Signature
		appears on next page]

	  

	 20

	  

	 

	 
	 

	 
	  

	 IN
		WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
		first above written.

	  

	 
			 	 	 	 
	 	ION
				MEDIA NETWORKS, INC.
	 
 	 	 
 	 
 
	 	 	By:  /s/
				Richard Garcia	 
	 	
				

				Name:
				  Richard Garcia
 
	 	
				Title:
				  Chief Financial Officer
 

 

	  

	 
			 	 	 	 
	 	NBC
				UNIVERSAL, INC. 
	 
 	 	 
 	 
 
	 	 	By:  /s/ Lynn
				A. Calpeter	 
	 	
				

				Name:
				  Lynn A. Calpeter
 
	 	
				Title:
				  Executive Vice President and Chief Financial Officer
 

 

	  

	 
			 	 	 	 
	 	CIG
				MEDIA LLC
	 	 	By:  	
				Citadel
				  Limited Partnership, its Portfolio Manager
 
	 	 	By:  	
				Citadel
				  Investment Group, L.L.C., its General Partner
 
	 	 	 	 
	 	 	By:  	
				/s/
				  Matthew Hinerfeld
 
	 	
				

				Name:
				  Matthew Hinerfeld
 
	 	
				Title:
				  Managing Director and Deputee General Counsel
 

 

	  

	 21

	  

	  

		
		

		
EXHIBIT
		A

	  

	 REGISTRATION
		RIGHTS AGREEMENT

	 COUNTERPART
		AND ACKNOWLEDGMENT

	  

	 
			TO:	
				The
				  Company
 

 

	  

	 
			RE:	
				The
				  Registration Rights Agreement (the “Agreement”)
				  dated as of May 4, 2007, by
				  and
				  among the Company, NBC Universal, Inc. and CIG Media LLC

				

 

	  

	 The
		undersigned hereby agrees to be bound by the terms of the Agreement as a party
		to the Agreement, and shall be entitled to all benefits of the Holders (as
		defined in the Agreement) and shall be subject to all obligations and
		restrictions of the Holders pursuant to the Agreement, as fully and effectively
		as though the undersigned had executed a counterpart of the Agreement together
		with the other parties to the Agreement. The undersigned hereby acknowledges
		having received and reviewed a copy of the Agreement.

	  

	 
			 	 	 
	 	 
	 	By:  	 
	 	
				
Name:
	 	Title :

 

	 
			 	 	 
	 	 Date:	 
	 	 	
				

				
	 	 
	 	Number of Shares of
				Registrable Securities: ________________

 

	  

	 Address
		for Notices: 

	  

	 with
		copies to:

	  

	  

		

  
	 

	 EXHIBIT
		F to the Master Transaction Agreement

	  

	 Series
		A-1 Convertible Preferred Certificate of Designation

	  

	 

	 
	 

	 
	 
		Exhibit F 
 to the Master Transaction
		Agreement
	 

	 
		Series A-1 Convertible Preferred
		Certificate of Designation
	 

	 
		CERTIFICATE OF DESIGNATION OF THE POWERS,
		
	 

	 
		PREFERENCES AND RELATIVE, PARTICIPATING,
		
	 

	 
		OPTIONAL AND OTHER SPECIAL RIGHTS OF 

	 

	 
		12% SERIES A-1 MANDATORILY CONVERTIBLE
		PREFERRED STOCK 
	 

	 
		AND QUALIFICATIONS, LIMITATIONS AND
		RESTRICTIONS THEREOF
	 

	 
		Pursuant to Section 151 of the
	 

	 
		General Corporation Law of the State of
		Delaware
	 

	 
		ION Media Networks, Inc. (the
		“Corporation”), a corporation organized and existing under the
		General Corporation Law of the State of Delaware, does hereby certify that,
		pursuant to the authority conferred upon the board of directors of the
		Corporation (the “Board of
		Directors”) by the Certificate of
		Incorporation of the Corporation, as amended (hereinafter referred to as the
		“Certificate of
		Incorporation”), and pursuant to
		the provisions of Section 151 of the General Corporation Law of the State of
		Delaware, the Board of Directors, on May 3, 2007, duly approved and adopted the
		following resolution:
	 

	 
		RESOLVED, that, pursuant to the authority
		vested in the Board of Directors by the Certificate of Incorporation, the Board
		of Directors does hereby create, authorize and provide for the issuance of 12%
		Series A-1 Mandatorily Convertible Preferred Stock, par value $.001 per share,
		with a liquidation preference of $10,000 per share, consisting of 8,500 shares,
		having the designations, preferences, relative, participating, optional and
		other special rights and the qualifications, limitations and restrictions
		thereof that are set forth in the Certificate of Incorporation and in this
		resolution as follows:
	 

	 
		(a) Designation.
		There is hereby created out of the authorized and unissued shares of Preferred
		Stock of the Corporation a series of Preferred Stock designated as the
		“12% Series A-1 Mandatorily Convertible Preferred Stock.” The number
		of shares constituting such series shall be 8,500 and are referred to as the
		“Series A-1 Convertible Preferred.” The liquidation preference of the
		Series A-1 Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).
	 

	 
		(b) Rank. The Series
		A-1 Convertible Preferred shall, with respect to dividends and distributions
		upon liquidation, winding up or dissolution of the Corporation, rank
		(i) senior to the Junior Preferred Stock, to all classes of Common Stock
		of the Corporation and to each other class of Capital Stock of the Corporation
		or series of Preferred Stock of the Corporation hereafter created, the terms of
		which do not expressly provide that it ranks senior to, or on a parity with,
		the Series A-1 Convertible Preferred as to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation (collectively
		referred to, together with all classes of Common Stock of the Corporation, as
		“Junior Securities”); (ii) on a parity with Pari Passu Preferred
		Stock and with any class of Capital Stock of the Corporation or series of
		Preferred Stock of the Corporation hereafter created the terms of which
		expressly provide that such class or 
	 

	 
		 
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		series will rank on a parity with the Series
		A-1 Convertible Preferred as to dividends and distributions upon liquidation,
		winding up or dissolution of the Corporation (collectively referred to as
		“Parity Securities”), provided that any such Parity Securities not
		issued in accordance with the requirements of paragraph (f)(i) hereof shall be
		deemed to be Junior Securities and not Parity Securities; and (iii) junior to
		each other class of Capital Stock of the Corporation or series of Preferred
		Stock of the Corporation hereafter created the terms of which expressly provide
		that such class or series will rank senior to the Series A-1 Convertible
		Preferred as to dividends and distributions upon liquidation, winding up or
		dissolution of the Corporation (collectively referred to as
		“Senior Securities”), provided that any such Senior Securities not
		issued in accordance with the requirements of paragraph (f)(i) hereof shall be
		deemed to be Junior Securities and not Senior Securities.
	 

	 
		(c) Dividends.
	 

	 
		(i) Beginning on the Issue Date, the Holders
		shall be entitled to receive, when, as and if declared by the Board of
		Directors, out of funds legally available therefor, dividends on each share of
		Series A-1 Convertible Preferred at the higher of (x) a rate per annum equal to
		12% of the Issue Price and (y) the aggregate cash dividends per share paid on
		the Class D Common Stock from (A) the later of the Issue Date or the date of
		the last payment of a cash dividend on the Class D Common Stock to (B) the date
		of such determination, multiplied by the number of shares of Class D Common
		Stock into which each share of Series A-1 Convertible Preferred is convertible.
		All dividends shall accrue and be cumulative, whether or not earned or
		declared, on a quarterly basis, in arrears, from the Issue Date, but shall be
		payable only at such time or times as may be fixed by the Board of Directors or
		as otherwise provided herein and shall not compound. Dividends shall be payable
		to those Holders who are Holders on such dates as the Board of Directors may
		determine with respect to such dividends. Dividends shall cease to accrue and
		accumulate in respect of shares of the Series A-1 Convertible Preferred on the
		date of conversion of such shares or the date of the redemption of such shares
		unless the Corporation shall have failed to pay or make available for payment
		the relevant redemption price on the date fixed for redemption.
	 

	 
		(ii) All dividends paid with respect to
		shares of the Series A-1 Convertible Preferred pursuant to paragraph (c)(i)
		shall be paid in cash pro rata to the Holders entitled thereto.
	 

	 
		(d) Liquidation.
	 

	 
		(i) In the event of any voluntary or
		involuntary liquidation, dissolution or winding up of the affairs of the
		Corporation, each Holder shall be entitled to be paid, out of the assets of the
		Corporation available for distribution to its stockholders and before any
		distribution shall be made or any assets distributed to the holders of any of
		the Junior Securities, including, without limitation, the Common Stock of the
		Corporation, an amount in cash equal to the greater of (A) the Liquidation
		Preference for each outstanding share of Series A-1 Convertible Preferred,
		plus, without duplication, an amount in cash equal to accumulated and unpaid
		dividends thereon to the date fixed for such liquidation, dissolution or
		winding up, and (B) the amount per share which would 
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		have been payable upon such liquidation,
		dissolution or winding up to the holders of shares of Class A Common Stock or
		such other class or series of stock into which the Series A-1 Convertible
		Preferred is then convertible (assuming the conversion of each share of then
		convertible Series A-1 Convertible Preferred and without deduction for the
		Liquidation Preference otherwise payable pursuant to clause (A) hereof),
		multiplied by the number of shares of Class A Common Stock into which such
		shares of Series A-1 Convertible Preferred are then convertible. Except as
		provided in the preceding sentence, Holders of Series A-1 Convertible Preferred
		shall not be entitled to any distribution in the event of any liquidation,
		dissolution or winding up of the affairs of the Corporation. If the assets of
		the Corporation are not sufficient to pay in full the liquidation payments
		payable to the Holders and to any holders of all other Parity Securities, then
		such assets shall be distributed among the Holders and any holders of such
		other Parity Securities ratably in accordance with the respective amounts that
		would be payable on such shares of Series A-1 Convertible Preferred and any
		such shares of other Parity Securities if all amounts payable thereon were paid
		in full.
	 

	 
		(ii) For the purposes of this paragraph (d),
		neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
		securities or other consideration) of all or substantially all of the property
		or assets of the Corporation nor the consolidation or merger of the Corporation
		with or into one or more entities shall be deemed to be a liquidation,
		dissolution or winding up of the affairs of the Corporation.
	 

	 
		(e) Redemption.
	 

	 
		(i) Mandatory Redemption. The Corporation shall redeem, in the manner provided
		for in paragraph (e)(ii) hereof, and out of funds legally available therefor
		all of the outstanding shares of Series A-1 Convertible Preferred for cash on
		August 31, 2013 (the “Redemption
		Date”), at a price per share equal
		to the Redemption Price.
	 

	 
		(ii) Procedures for Redemption. (A) At least 90 days prior to the Redemption Date,
		written notice (the “Redemption
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice nor any
		deficiency therein shall affect the validity of the procedure for the
		redemption of any shares of Series A-1 Convertible Preferred as to the Holder
		or Holders to whom the Corporation has failed to give said notice or to whom
		such notice was defective. The Redemption Notice shall state:
	 

	 
		(1) the Redemption Price;
	 

	 
		(2) that the Holder is to surrender to the
		Corporation, in the manner, at the place or places and at the price designated,
		its certificate or certificates representing the shares of Series A-1
		Convertible Preferred; and
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(3) that dividends on the shares of the
		Series A-1 Convertible Preferred shall cease to accumulate on such Redemption
		Date unless the Corporation defaults in the payment of the Redemption
		Price.
	 

	 
		(B) Each Holder shall surrender the
		certificate or certificates representing all shares of Series A-1 Convertible
		Preferred held by such Holder to the Corporation, duly endorsed (or otherwise
		in proper form for transfer, as determined by the Corporation), in the manner
		and at the place or places designated in the Redemption Notice, and on the
		Redemption Date the full Redemption Price for such shares shall be payable in
		cash to the Person whose name appears on such certificate or certificates as
		the owner thereof, and each surrendered certificate shall be canceled and
		retired. 
	 

	 
		(C) On and after the Redemption Date, unless
		the Corporation defaults in the payment in full of the Redemption Price,
		dividends on the Series A-1 Convertible Preferred shall cease to accumulate on
		the Redemption Date, and all rights of the Holders shall terminate with respect
		to the Series A-1 Convertible Preferred on the Redemption Date, other than the
		right to receive the Redemption Price, without interest; provided,
		however, that if the Redemption Notice shall have been given
		and the funds necessary for redemption (including an amount in respect of all
		dividends that will accrue to the Redemption Date) shall have been segregated
		and irrevocably deposited in trust for the equal and ratable benefit of the
		Holders, then, at the close of business on the day on which such funds are
		segregated and set aside, the Holders shall cease to be stockholders of the
		Corporation and shall be entitled only to receive the Redemption Price.
	 

	 
		(f) Voting Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.
	 

	 
		(i) (A) So long as any shares of the Series
		A-1 Convertible Preferred are outstanding, the Corporation may not issue any
		additional shares of Series A-1 Convertible Preferred or any new class of
		Parity Securities or Senior Securities (or amend the provisions of any existing
		class of Capital Stock to make such class of Capital Stock Parity Securities or
		Senior Securities) without the approval of Holders holding at least a majority
		of the then outstanding shares of Series A-1 Convertible Preferred, voting or
		consenting, as the case may be, together as one class given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting; provided, however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		A-1 Convertible Preferred or prohibit the redemption by the Corporation of the
		Series A-1 Convertible Preferred pursuant to paragraph (e)(i) above, in an
		amount sufficient to Refinance any series of Senior Securities, in whole or in
		part, with such shares being
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 issued no sooner than the date the
		Corporation Refinances such series of Senior Securities.
	 

	 
		(B) So long as any shares of the Series A-1
		Convertible Preferred are outstanding, the Corporation shall not amend this
		Certificate of Designation so as to affect materially and adversely the rights,
		preferences or privileges of Holders without the affirmative vote or consent of
		Holders holding at least a majority of the then outstanding shares of Series
		A-1 Convertible Preferred, voting or consenting, as the case may be, as one
		class, given in person or by proxy, either in writing or by resolution adopted
		at an annual or special meeting.
	 

	 
		(C) Except as set forth in paragraph
		(f)(i)(A) above, the creation, authorization or issuance of any shares of any
		Junior Securities, Parity Securities or Senior Securities or the increase or
		decrease in the amount of authorized Capital Stock of any class, including
		Preferred Stock, shall not require the consent of Holders and shall not be
		deemed to affect adversely the rights, preferences or privileges of such
		Holders.
	 

	 
		(ii) Without the affirmative vote or consent
		of Holders holding at least a majority of the then outstanding shares of Series
		A-1 Convertible Preferred, voting or consenting, as the case may be, as a
		separate class, given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting, the Corporation shall not, in a single
		transaction or series of related transactions, consolidate or merge with or
		into, or sell, assign, transfer, lease, convey or otherwise dispose of all or
		substantially all of the Corporation’s assets (as an entirety or
		substantially as an entirety in one transaction or series of related
		transactions) to, another Person (other than a Wholly-Owned Subsidiary with,
		into or to another Wholly-Owned Subsidiary) or adopt a plan of liquidation
		unless (A) either (I) the Corporation is the surviving or continuing Person or
		(II) the Person (if other than the Corporation) formed by such consolidation or
		into which the Corporation is merged or the Person that acquires by conveyance,
		transfer or lease the properties and assets of the Corporation substantially as
		an entirety or, in the case of a plan of liquidation, the Person to which
		assets of the Corporation have been transferred shall be organized and existing
		under the laws of the United States or any State thereof or the District of
		Columbia; (B) the Series A-1 Convertible Preferred shall be converted into or
		exchanged for and shall become shares of such successor, transferee or
		resulting Person with the same powers, preferences and relative, participating,
		optional or other special rights and the qualifications, limitations or
		restrictions thereon, that the Series A-1 Convertible Preferred had immediately
		prior to such transaction; (C) immediately after giving effect to such
		transactions, no Voting Rights Triggering Event shall have occurred or shall
		have occurred after the Issue Date and be continuing; and (D) the Corporation
		has delivered to the transfer agent for the Series A-1 Convertible Preferred
		prior to the consummation of the proposed transaction an Officers’
		Certificate and an Opinion of Counsel, each stating that such consolidation,
		merger or transfer complies with the terms hereof and that all conditions
		precedent herein relating to such transaction have been satisfied. For purposes
		of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a
		single transaction or series of related transactions) of all or substantially
		all of the properties and assets of one or more Subsidiaries of the
		Corporation, the Capital Stock of which constitutes all or substantially all of
		the properties and assets of the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Corporation shall be deemed to be the
		transfer of all or substantially all of the properties and assets of the
		Corporation.
	 

	 
		(iii) (A) If the Corporation fails to
		discharge any redemption or conversion obligation with respect to the Series
		A-1 Convertible Preferred (such failure being a “Voting Rights Triggering Event”), then, subject to paragraph (f)(iii)(E) below,
		Holders of at least a majority of the then outstanding shares of Series A-1
		Convertible Preferred, voting separately and as one class, shall have the
		exclusive right to elect the lesser of two directors and that number of
		directors constituting 25% of the members of the Board of Directors, at a
		meeting called for such purpose following the occurrence of such Voting Rights
		Triggering Event, and at every subsequent meeting at which the terms of office
		of the directors so elected by the Holders expire (other than as described in
		(f)(iii)(B) below), and the number of directors constituting the Board of
		Directors shall be increased by the number of directors so elected by the
		Holders. The voting rights provided herein shall be the exclusive remedy at law
		or in equity of the Holders for any Voting Rights Triggering Event.
	 

	 
		(B) The right of the Holders voting together
		as a separate class to elect members of the Board of Directors as set forth in
		paragraph (f)(iii)(A) above shall continue until such time as in all other
		cases, the failure, breach or default giving rise to such Voting Rights
		Triggering Event is remedied, cured or waived by Holders of at least a majority
		of the then outstanding shares of Series A-1 Convertible Preferred that are
		entitled to vote thereon, at which time (I) the special right of the Holders so
		to vote as a class for the election of directors and (II) the term of office of
		the directors elected by the Holders shall each terminate and such persons
		shall cease to be members of the Board of Directors. At any time after voting
		power to elect directors shall have become vested and be continuing in the
		Holders pursuant to paragraph (f)(iii) hereof, or if vacancies shall exist in
		the offices of directors elected by such Holders, a proper officer of the
		Corporation may, and upon the written request of Holders of at least 25% of the
		then outstanding shares of Series A-1 Convertible Preferred addressed to the
		secretary of the Corporation shall, call a special meeting of the Holders, for
		the purpose of electing the directors which the Holders are entitled to elect.
		If such meeting shall not be called by a proper officer of the Corporation
		within 20 days after personal service of said written request upon the
		secretary of the Corporation, or within 20 days after mailing the same within
		the United States by certified mail, addressed to the secretary of the
		Corporation at its principal executive offices, then Holders of at least 25% of
		the then outstanding shares of Series A-1 Convertible Preferred may designate
		in writing one of their number to call such meeting at the reasonable expense
		of the Corporation, and such meeting may be called by the Holder so designated
		upon the notice required for the annual meetings of stockholders of the
		Corporation and shall be held at the place for holding the annual meetings of
		stockholders. Any Holder of Series A-1 Convertible Preferred so designated
		shall have, and the Corporation shall provide, access to the lists of
		stockholders to be called pursuant to the provisions hereof.
	 

	 
		(C) At any meeting held for the purpose of
		electing directors at which the Holders shall have the right, voting together
		as a separate class, to elect directors as aforesaid, the presence in person or
		by proxy of Holders of at least a majority of the then 
	 

	 
		 
	 

	 
		 
	 

	 
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		outstanding shares of Series A-1 Convertible
		Preferred shall be required to constitute a quorum of such Series A-1
		Convertible Preferred.
	 

	 
		(D) Any vacancy occurring in the office of a
		director elected by the Holders may be filled by the remaining director (if
		any) elected by the Holders unless and until such vacancy shall be filled by
		the Holders.
	 

	 
		(E) The provisions of this paragraph
		(f)(iii) shall apply only to those Holders, if any, that would be permitted to
		vote in the election of directors of the Corporation pursuant to applicable
		laws and regulations of the FCC, with such Holders together being treated as
		the class of Holders entitled to exercise such rights. The determination as to
		whether any Holder would not be permitted to exercise such voting rights shall
		be made jointly by any such Holder(s) and the Corporation.
	 

	 
		(iv) In any case in which the Holders shall
		be entitled to vote pursuant to this paragraph (f) or pursuant to the General
		Corporation Law of the State of Delaware, each Holder entitled to vote with
		respect to such matter shall be entitled to one vote for each then outstanding
		share of Series A-1 Convertible Preferred so held.
	 

	 
		(g) Conversion.
	 

	 
		(i) Optional Conversion. Each share of the Series A-1 Convertible Preferred is
		convertible at the option of the Holder thereof, at any time and from time to
		time, into (A) a number of shares of Class D Common Stock equal to the Issue
		Price of the shares of Series A-1 Convertible Preferred surrendered for
		conversion plus accrued and unpaid dividends thereon, divided by (B) the
		Conversion Price then in effect, except that if shares of Series A-1
		Convertible Preferred are called for redemption the conversion right will
		terminate at the close of business on the Redemption Date. No fractional shares
		or securities representing fractional shares will be issued upon conversion; in
		lieu of fractional shares the Corporation will pay a cash adjustment based upon
		the Common Stock Value as of the close of business on the first Business Day
		preceding the date of conversion. The Series A-1 Convertible Preferred shall be
		converted by the holder thereof by surrendering the certificate or certificates
		representing the shares of Series A-1 Convertible Preferred to be converted,
		appropriately completed, to the transfer agent for the Common Stock. The
		transfer agent shall issue one or more certificates representing the Class D
		Common Stock in the name or names requested by such Holder. The transfer agent
		will deliver to such Holder a new certificate representing the shares of Series
		A-1 Convertible Preferred in excess of those being surrendered for conversion.
		The conversion rights stated herein are subject to compliance by the Holder
		with all applicable laws and regulations.
	 

	 
		(ii) Mandatory Conversion. At any time following the first anniversary of the
		Issue Date, upon the occurrence of a Mandatory Conversion Event, including a
		Mandatory Conversion Event that occurs after the Redemption Date to the extent
		any share of Series A-1 Convertible Preferred remains outstanding after the
		Redemption Date, unless previously converted at the option of Holders in
		accordance with the provisions hereof, each outstanding share of Series A-1
		Convertible Preferred 
	 

	 
		 
	 

	 
		 
	 

	 
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		shall, without notice to Holders, convert
		automatically (the “Mandatory
		Conversion”) into (A) a number of
		shares of Class D Common Stock equal to the Issue Price of the shares of Series
		A-1 Convertible Preferred so converted plus accrued and unpaid dividends
		thereon, divided by the (B) Conversion Price then in effect. No fractional
		shares or securities representing fractional shares will be issued upon
		conversion; in lieu of fractional shares the Corporation will pay a cash
		adjustment based upon the Common Stock Value as of the close of business on the
		first Business Day preceding the date of the occurrence of such Mandatory
		Conversion Event. Promptly following a Mandatory Conversion Event, written
		notice (the “Mandatory Conversion
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice or any
		deficiency therein shall affect the validity of the procedures for the
		Mandatory Conversion as to the Holder or Holders to whom the Corporation has
		failed to give said notice or to whom such notice was effected. Each Holder
		shall surrender the certificate or certificates representing all shares of
		Series A-1 Convertible Preferred held by such Holder to the Corporation, duly
		endorsed (or otherwise in proper form for transfer, as determined by the
		Corporation) and the Corporation shall issue to such Holder that number of
		shares of Class D Common Stock to which such Holder is entitled, as calculated
		in accordance with this paragraph.
	 

	 
		(iii) (A) In case the Corporation shall (I)
		pay a dividend or distribution in shares of Class D Common Stock on its shares
		of Class D Common Stock, (II) subdivide its outstanding shares of Class D
		Common Stock into a greater number of shares, (III) combine its outstanding
		shares of Class D Common Stock into a smaller number of shares, or (IV) issue,
		by reclassification of its shares of Class D Common Stock, any shares of its
		Capital Stock (each such transaction being called a “Stock
		Transaction”), then and in each
		such case, the Conversion Price in effect immediately prior thereto shall be
		adjusted so that the Holder of a share of Series A-1 Convertible Preferred
		surrendered for conversion after the record date fixing stockholders to be
		affected by such Stock Transaction shall be entitled to receive upon conversion
		the number of shares of Class D Common Stock which such Holder would have been
		entitled to receive after the happening of such event had such share of Series
		A-1 Convertible Preferred been converted immediately prior to such record date.
		Such adjustment shall be made whenever any Stock Transaction occurs, but shall
		also be effective retroactively as to shares of Series A-1 Convertible
		Preferred converted between such record date and the date of the happening of
		any such Stock Transaction.
	 

	 
		(B) If the Corporation shall, at any time or
		from time to time while any shares of Series A-1 Convertible Preferred are
		outstanding, issue or sell any right or warrant to purchase, acquire or
		subscribe for shares of Class D Common Stock (including a right or warrant with
		respect to any security convertible into or exchangeable for shares of Class D
		Common Stock) generally to holders of its Common Stock (including by way of a
		reclassification of shares or a recapitalization of the Corporation), for a
		consideration on the date of such issuance or sale less than the Common Stock
		Value of the shares of Class D Common Stock underlying such rights or warrants
		on the date of such issuance or sale, then and in each such case, the
		Conversion Price shall be adjusted by multiplying such Conversion Price by a
		fraction, the numerator of which shall be the sum of (I) the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Common Stock Value per share of Class D
		Common Stock on the first Business Day after the date of the public
		announcement of the actual terms (including the price terms) of such issuance
		or sale multiplied by the number of shares of Class D Common Stock outstanding
		immediately prior to such issuance or sale plus (II) the aggregate Fair Market
		Value of the consideration to be received by the Corporation in connection with
		the issuance or sale of the rights or warrants plus the aggregate consideration
		to be received in respect of the purchase of the shares of Class D Common Stock
		underlying such rights or warrants, and the denominator of which shall be the
		Common Stock Value per share of Class D Common Stock on the Business Day
		immediately preceding the public announcement of the actual terms (including
		the price terms) of such issuance or sale multiplied by the aggregate number of
		shares of Class D Common Stock (I) outstanding immediately prior to such
		issuance or sale plus (II) underlying such rights or warrants at the time of
		such issuance or sale. For the purposes of the preceding sentence, the
		aggregate consideration receivable by the Corporation in connection with the
		issuance or sale of any such right or warrant shall be deemed to be equal to
		the sum of the aggregate offering price (before deduction of reasonable
		underwriting discounts or commissions and expenses) of all such rights or
		warrants. No adjustment to the Conversion Price pursuant to this paragraph (B)
		shall be made if, in conjunction with any such issuance or sale by the
		Corporation generally to holders of its Common Stock, the Corporation issues or
		offers to sell to the Holders such rights or warrants on the same basis as the
		Holders would have received had their shares of Series A-1 Convertible
		Preferred been converted into shares of Class D Common Stock immediately prior
		to the such issuance or sale. Upon the expiration or termination of any such
		rights or warrants without the exercise of such rights or warrants, the
		Conversion Price then in effect shall be adjusted immediately to the Conversion
		Price which would have been in effect at the time of such expiration or
		termination had such rights or warrants, to the extent outstanding immediately
		prior to such expiration or termination, never been issued, although such
		adjustment shall not effect previously converted shares.
	 

	 
		(C) In the event the Corporation shall at
		any time or from time to time while any shares of Series A-1 Convertible
		Preferred are outstanding declare, order, pay or make a dividend or other
		distribution generally to holders of its Common Stock in stock or other
		securities or rights or warrants to subscribe for securities of the Corporation
		or any of its subsidiaries or evidences of Indebtedness of the Corporation or
		any other person or pay any Extraordinary Cash Dividend (other than any
		dividend or distribution on the Class D Common Stock (I) referred to in
		paragraphs (A) or (B) above or (II) if in conjunction therewith the Corporation
		declares and pays or makes a dividend or distribution on each share of Series
		A-1 Convertible Preferred which is the same as the dividend or distribution
		that would have been made or paid with respect to such share of Series A-1
		Convertible Preferred had such share been converted into shares of Class D
		Common Stock immediately prior to the record date for any such dividend or
		distribution on the Class D Common Stock), then, and in each such case, an
		appropriate adjustment to the Conversion Price shall be made so that the Holder
		of each share of Series A-1 Convertible Preferred shall be entitled to receive,
		upon the conversion thereof, the number of shares of Class D Common Stock
		determined by multiplying (x) the number of shares of Class D Common Stock into
		which such share was convertible on the day immediately prior to the record
		date fixed for the determination of stockholders entitled 
	 

	 
		 
	 

	 
		 
	 

	 
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		to receive such dividend or distribution by
		(y) a fraction, the numerator of which shall be the Common Stock Value per
		share of Class D Common Stock as of such record date, and the denominator of
		which shall be such Common Stock Value per share of Class D Common Stock less
		the Fair Market Value per share of Class D Common Stock of such dividend or
		distribution (as determined in good faith by the Board of Directors, as
		evidenced by a Board Resolution mailed to each holder of Series A-1 Convertible
		Preferred). An adjustment made pursuant to this paragraph (C) shall be made
		upon the opening of business on the next Business Day following the date on
		which any such dividend or distribution is made and shall be effective
		retroactively to the close of business on the record date fixed for the
		determination of stockholders entitled to receive such dividend or
		distribution.
	 

	 
		(D) In the event the Company shall, at any
		time or from time to time while any shares of Series A-1 Convertible Preferred
		are outstanding, repurchase (a “Repurchase”) any portion of the Class D Common Stock from
		holders generally at a premium over the Common Stock Value thereof on the next
		trading day immediately preceding the consummation of such Repurchase, then and
		in the case of each Repurchase the Conversion Price in effect immediately prior
		thereto shall be adjusted by multiplying such Conversion Price by the fraction
		the numerator of which is (I) the product of (x) the number of shares of Class
		D Common Stock outstanding immediately before such Repurchase multiplied by (y)
		the Common Stock Value per share of Class D Common Stock on the next trading
		day immediately following the consummation of such Repurchase minus (II) the
		aggregate purchase price of the Repurchase and the denominator of which shall
		be the product of (x) the number of shares of Class D Common Stock outstanding
		immediately before such Repurchase minus the number of shares of Class D Common
		Stock Repurchased by the Company multiplied by (y) the Common Stock Value per
		share of Class D Common Stock on the next trading day immediately following the
		consummation of such Repurchase. Such adjustment shall be made whenever any
		such Repurchase occurs, but shall also be effective retroactively as to shares
		of Series A-1 Convertible Preferred converted between such record date and the
		date of the happening of any such Repurchase. 
	 

	 
		(iv) No adjustment in the Conversion Price
		will be required to be made in any case until cumulative adjustments amount to
		1% or more of the Conversion Price, but any such adjustment that would
		otherwise be required to be made shall be carried forward and taken into
		account in any subsequent adjustment.
	 

	 
		(v) In the event of any capital
		reorganization (other than a capital reorganization covered by paragraph
		(ii)(C) above) or reclassification of outstanding shares of Common Stock of the
		Corporation (other than a reclassification covered by paragraph (ii)(A) above),
		or in case of any merger, consolidation or other corporate combination of the
		Corporation with or into another corporation, or in case of any sale or
		conveyance to another corporation of the property of the Corporation as an
		entirety or substantially as an entirety (each of the foregoing being referred
		to as a “Transaction”), each share of Series A-1 Convertible Preferred
		shall continue to remain outstanding if the Corporation is the Surviving Person
		(as defined below) of such Transaction, and shall be subject to all the
		provisions hereof, as in effect prior to such Transaction, or if the
	 

	 
		 
	 

	 
		 
	 

	 
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		 Corporation is not the Surviving Person,
		each share of Series A-1 Convertible Preferred shall be exchanged in such
		Transaction for a new series of convertible preferred stock of the Surviving
		Person, or in the case of a Surviving Person other than a corporation,
		comparable securities of such Surviving Person, in either case having economic
		terms as nearly equivalent as possible to, and with the same voting and other
		rights as, the Series A-1 Convertible Preferred, including entitling the holder
		thereof to receive, upon presentation of the certificate therefor to the
		Surviving Person subsequent to the consummation of such Transaction, the kind
		and amount of shares of stock and other securities and property receivable
		(including cash) upon the consummation of such Transaction by a holder of that
		number of shares of Class D Common Stock into which one share of Series A-1
		Convertible Preferred was convertible immediately prior to such Transaction. In
		case securities or property other than Common Stock shall be issuable or
		deliverable upon conversion as aforesaid, then all references in this paragraph
		(v) shall be deemed to apply, so far as appropriate and as nearly as may be, to
		such other securities or property. If the holders of Class D Common Stock have
		the opportunity to elect the form of consideration to be received by them in
		such Transaction, then from and after the effective date of such Transaction,
		the Series A-1 Convertible Preferred shall be convertible into the
		consideration that a majority of the holders of the Class D Common Stock who
		made such election received in such Transaction. 
	 

	 
		Notwithstanding anything contained herein to
		the contrary, the Corporation will not effect any Transaction unless, prior to
		the consummation thereof, proper provision is made to ensure that the holders
		of shares of Series A-1 Convertible Preferred will be entitled to receive the
		benefits afforded by this paragraph (v).
	 

	 
		For purposes of this paragraph (v),
		“Surviving Person” shall mean the continuing or surviving Person of
		a merger, consolidation or other corporate combination, the Person receiving a
		transfer of all or substantially all of the properties and assets of the
		Corporation, or the Person consolidating with or merging into the Corporation
		in a merger, consolidation or other corporate combination in which the
		Corporation is the continuing or surviving Person, but in connection with which
		the Series A-1 Convertible Preferred or Common Stock of the Corporation is
		exchanged, converted or reclassified into the securities of any other Person or
		cash or any other property.
	 

	 
		(vi) The conversion price shall initially
		equal $0.90 per share, and shall increase from and after the Issue Date at a
		rate equal to the dividend rate on the Series A-1 Convertible Preferred as set
		forth in paragraph (c)(i) (the “Conversion Price”). The Conversion Price shall be subject to
		adjustment as provided in this paragraph (g).
	 

	 
		(vii) From and after an Initial Public
		Offering, the Corporation shall cause the shares of Class D Common Stock
		issuable upon conversion of the Series A-1 Convertible Preferred to be approved
		for listing on the principal securities exchange on which the Class D Common
		Stock may at the time be listed for trading, subject to official notification
		of issuance, prior to the date of issuance thereof. Notwithstanding anything in
		this Certificate of Designation to the contrary, no Holders shall be entitled
		to exercise the conversion rights set forth in this paragraph (g) until such
		time as any conditions for listing the Class D Common Stock issuable upon
		conversion of the Series A-1 
	 

	 
		 
	 

	 
		 
	 

	 
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		Convertible Preferred on the principal
		securities exchange on which the Class D Common Stock may be listed for
		trading, if any and if applicable, have been satisfied.
	 

	 
		(viii) Notwithstanding anything to the
		contrary contained in this paragraph (g), there shall be no adjustment to the
		Conversion Price in connection with any issuance of additional shares of Series
		A-1 Convertible Preferred or any other securities that are or may be or become
		issued or issuable in connection with the transactions contemplated by the
		Master Transaction Agreement.
	 

	 
		(h) Reissuance of Series A-1 Convertible
		Preferred. Shares of Series A-1
		Convertible Preferred that have been issued and reacquired in any manner,
		including shares purchased or redeemed or exchanged, shall (upon compliance
		with any applicable provisions of the General Corporation Law of the State of
		Delaware) have the status of authorized and unissued shares of Preferred Stock
		undesignated as to series and may be redesignated and reissued as part of any
		series of Preferred Stock; provided that
		any issuance of such shares as Series A-1 Convertible Preferred must be in
		compliance with the terms hereof.
	 

	 
		(i) Business Day. If
		any payment or redemption shall be required by the terms hereof to be made on a
		day that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.
	 

	 
		(j) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.
	 

	 
		(k) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:
	 

	 
		“Affiliate”
		means, with respect to any Person, any other Person that, directly or
		indirectly, controls, is controlled by, or is under common control with, such
		Person. As used in this definition, “control” (including its
		correlative meanings, “controlled by” and “under common control
		with”) means the possession, directly or indirectly, of power to direct or
		cause the direction of management or policies (whether through ownership of
		securities or partnership or other ownership interests, by contract or
		otherwise).
	 

	 
		“Board of Directors” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Board Resolution” means a copy of a resolution certified pursuant
		to an Officers’ Certificate to have been duly adopted by the Board of
		Directors and to be in full force and effect.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Business Day” means any day except a Saturday, a Sunday, or any
		day on which banking institutions in New York, New York are required or
		authorized by law or other governmental action to be closed.
	 

	 
		“Capital Stock” means (i) with respect to any Person that is a
		corporation, any and all shares, interests, participations or other equivalents
		(however designated) of capital stock, including each class of common stock and
		preferred stock of such Person and (ii) with respect to any Person that is not
		a corporation, any and all partnership, membership or other equity interests of
		such Person.
	 

	 
		“Capitalized Lease Obligation” means, as to any Person, the obligation of such
		Person to pay rent or other amounts under a lease to which such Person is a
		party that is required to be classified and accounted for as capital lease
		obligations under GAAP and, for purposes of this definition, the amount of such
		obligations at any date shall be the capitalized amount of such obligations at
		such date, determined in accordance with GAAP. 
	 

	 
		“Certificate of Incorporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Class A Common Stock” means the Class A Common Stock, par value $.001
		per share, of the Corporation.
	 

	 
		“Class D Common Stock” means the Class D Non-Voting Common Stock, par
		value $.001 per share, of the Corporation. 
	 

	 
		“Commission”
		means the Securities and Exchange Commission.
	 

	 
		“Common Stock” of any Person means any and all shares, interests
		or other participations in, and other equivalents (however designated and
		whether voting or non-voting) of, such Person’s common stock, whether
		outstanding on the Issue Date or issued after the Issue Date, and includes,
		without limitation, all series and classes of such common stock.
	 

	 
		“Common Stock Value” on any date means, with respect to the Class A
		Common Stock or the Class D Common Stock, the last sale price for the Class A
		Common Stock or the Class D Common Stock, regular way, or, in case no such sale
		takes place on such date, the average of the closing bid and asked prices,
		regular way, for the Class A Common Stock or the Class D Common Stock, in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal national securities exchange on which the
		Class A Common Stock or the Class D Common Stock is listed or admitted to
		trading or, if neither the Class A Common Stock nor the Class D Common Stock is
		listed or admitted to trading on any national securities exchange, the last
		quoted price, or, if not so quoted, the average of the high bid and low asked
		prices in the over-the-counter market, as reported by the principal automated
		quotation system that may then be in use or, if neither the Class A Common
		Stock nor the Class D Common Stock is quoted by any such organization, the
		average of the closing bid and asked 
	 

	 
		 
	 

	 
		 
	 

	 
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		prices as furnished by a professional market
		maker making a market in the Class A Common Stock or the Class D Common Stock
		selected by the Board of Directors or, in the event that no trading price is
		available for the Class A Common Stock or the Class D Common Stock, the fair
		market value of the Class A Common Stock, as determined in good faith by the
		Board of Directors.
	 

	 
		“Communications Act” means the Communications Act of 1934, as amended
		(including, without limitation, the Cable Communications Policy Act of 1984 and
		the Cable Television Consumer Protection and Competition Act of 1992) and all
		rules and regulations of the FCC, in each case as from time to time in
		effect.
	 

	 
		“Consolidated EBITDA” means, for any Person, for any period, an amount
		equal to (a) the sum of Consolidated Net Income for such period, plus, to the
		extent deducted from the revenues of such Person in determining Consolidated
		Net Income, (i) the provision for taxes for such period based on income or
		profits and any provision for taxes utilized in computing a loss in
		Consolidated Net Income above, plus (ii) Consolidated Interest Expense, net of
		interest income earned on cash or cash equivalents for such period (including,
		for this purpose, dividends on preferred stock only to the extent that such
		dividends were deducted in determining Consolidated Net Income), plus (iii)
		depreciation for such period on a consolidated basis, plus (iv) amortization of
		intangibles and broadcast program licenses for such period on a consolidated
		basis, minus (b) scheduled payments relating to broadcast program license
		liabilities, except that with respect to the Corporation each of the foregoing
		items shall be determined on a consolidated basis with respect to the
		Corporation and its Subsidiaries only; provided,
		however, that, for purposes of calculating Consolidated EBITDA
		during any fiscal quarter, cash income from a particular Investment of such
		Person shall be included only if cash income has been received by such Person
		as a result of the operation of the business in which such Investment has been
		made in the ordinary course without giving effect to any extraordinary, unusual
		and non-recurring gains.
	 

	 
		“Consolidated Interest Expense” means, with respect to any Person, for any
		period, the aggregate amount of interest which, in conformity with GAAP, would
		be set forth opposite the caption “interest expense” or any like
		caption on an income statement for such Person and its Subsidiaries on a
		consolidated basis, including, but not limited to, imputed interest included in
		Capitalized Lease Obligations, all commissions, discounts and other fees and
		charges owed with respect to letters of credit and bankers’ acceptance
		financing, the net costs associated with hedging obligations, amortization of
		other financing fees and expenses, the interest portion of any deferred payment
		obligation, amortization of discount or premium, if any, and all other non-cash
		interest expense (other than interest amortized to cost of sales) plus, without
		duplication, all net capitalized interest for such period and all interest
		incurred or paid under any guarantee of indebtedness (including a guarantee of
		principal, interest or any combination thereof) of any Person, and all 
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		time brokerage fees relating to financing of
		television stations which the Corporation has an agreement or option to
		acquire.
	 

	 
		“Consolidated Net Income” means, with respect to any Person, for any
		period, the aggregate of the net income (or loss) of such Person and its
		Subsidiaries for such period, on a consolidated basis, determined in accordance
		with GAAP; provided, however, that
		(a) the net income of any Person (the “other Person”) in which the
		Person in question or any of its Subsidiaries has less than a 100% interest
		(which interest does not cause the net income of such other Person to be
		consolidated into the net income of the Person in question in accordance with
		GAAP) shall be included only to the extent of the amount of dividends or
		distributions paid to the Person in question or to the Subsidiary, (b) the net
		income of any Subsidiary of the Person in question that is subject to any
		restriction or limitation on the payment of dividends or the making of other
		distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity entitlements granted to employees of the
		Corporation and its Subsidiaries) increasing and decreasing Consolidated Net
		Income and not otherwise included in the definition of Consolidated EBITDA
		shall be excluded.
	 

	 
		“Conversion Price” has the meaning ascribed to it in paragraph
		(g)(vi) hereof.
	 

	 
		“Corporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Designated Investment Bank” means an investment bank selected by the
		Purchasing Party from a list of three internationally recognized investment
		banks provided to the Purchasing Party by the Company pursuant to Section 2.07
		of the Master Transaction Agreement.
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended, and the rules and regulations promulgated thereunder.
	 

	 
		“Extraordinary Cash Dividend” means cash dividends with respect to the Class A
		Common Stock the aggregate amount of which in any fiscal year exceeds 10% of
		Consolidated EBITDA of the Corporation and its subsidiaries for the fiscal year
		immediately preceding the payment of such dividend.
	 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“Fair Market Value” of any consideration other than cash or of any
		securities shall mean the amount which a willing buyer would pay to a willing
		seller in an arm’s-length transaction as determined by an independent
		investment banking or appraisal firm experienced in the valuation of such
		securities or property selected in good faith by the Board of Directors or a
		committee thereof.
	 

	 
		“FCC” means
		the Federal Communications Commission and any successor governmental entity
		performing functions similar to those performed by the Federal Communications
		Commission on the Issue Date.
	 

	 
		“GAAP” means
		generally accepted accounting principles consistently applied as in effect in
		the United States from time to time.
	 

	 
		“Holder”
		means a holder of then outstanding shares of Series A-1 Convertible Preferred
		as reflected in the stock books of the Corporation.
	 

	 
		“Initial Public Offering” means the initial underwritten sale of equity
		securities of the Corporation occurring after the Issue Date pursuant to an
		effective registration statement under the Securities Act.
	 

	 
		“Issue Date”
		means the date of the issuance of Series A-1 Convertible Preferred.
	 

	 
		“Issue Price” means $10,000 per share of Series A-1 Convertible
		Preferred.
	 

	 
		“Junior Preferred Stock” means, collectively, (i) 141⁄4% Preferred,
		(ii) 93⁄4% Preferred, (iii) Series B Convertible Preferred, (iv) Series C
		Preferred Stock, (v) Series C Convertible Preferred, (vi) Series D Convertible
		Preferred, (vii) Series E-1 Convertible Preferred, (viii) Series E-2
		Convertible Preferred, and (ix) Series F Non-Convertible Preferred, in each
		case as defined in the Master Transaction Agreement. 
	 

	 
		“Junior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Liquidation Preference” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Mandatory Conversion” has the meaning ascribed to it in paragraph
		(g)(ii) hereof.
	 

	 
		“Mandatory Conversion Event” means the earlier to occur of: (i) the date on
		which the last sale price for the Class A Common Stock or Class D Common Stock,
		regular way, or, in case no such sale takes place on such date, the average of
		the closing bid and asked prices, regular way, for the Class A Common Stock or
		Class D Common Stock, in either case as reported in the principal consolidated
		transaction reporting system with respect to the principal national securities
		exchange on which the Class A Common Stock or Class D Common Stock is listed or
		admitted to trading, or, if neither Class A Common Stock nor Class D 
	 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Common Stock is listed or admitted to
		trading on any national securities exchange, the last quoted price, or, if not
		so quoted, the average of the high bid and low asked prices in the
		over-the-counter market, as reported by the principal automated quotation
		system that may then be in use, for the Class A Common Stock or Class D Common
		Stock for fifteen (15) consecutive trading days is equal to or greater than the
		Mandatory Conversion Trigger Price as then in effect; and (ii) the issuance by
		the Corporation of Common Stock at an issue price per share not less than the
		Mandatory Conversion Trigger Price as then in effect for aggregate gross
		proceeds (before deduction of underwriting commissions and other expenses of
		sale) of not less than $75,000,000, provided that if such issuance is made to a
		Purchasing Party, the Designated Investment Bank shall have provided an opinion
		in customary form to the Company to the effect that the issue price per share
		of Common Stock is at or higher than the fair market value of a share of Common
		Stock.
	 

	 
		“Mandatory Conversion Notice” has the meaning ascribed to it in paragraph
		(g)(ii) hereof.
	 

	 
		“Mandatory
		Conversion Trigger Price” means
		(A) in the event the Mandatory Conversion Event occurs on or after the first
		anniversary but prior to the second anniversary of the Issue Date, 102% of the
		Conversion Price, (B) in the event the Mandatory Conversion Event occurs on or
		after the second anniversary but prior to the third anniversary of the Issue
		Date, 101% of the Conversion Price, or (C) in the event the Mandatory
		Conversion Event occurs on or after the third anniversary of the Issue Date,
		the Conversion Price.
	 

	 
		“Master Transaction Agreement” means the Master Transaction Agreement dated as
		of May 3, 2007 among the Corporation, NBC Universal, Inc., NBC Palm Beach
		Investment I, Inc., NBC Palm Beach Investment II, Inc., and CIG Media LLC, as
		may be amended, modified or restated from time to time. 
	 

	 
		“Obligations” means all obligations for principal, premium,
		interest, penalties, fees, indemnifications, reimbursements, damages and other
		liabilities payable under the documentation governing, or otherwise relating
		to, any Indebtedness.
	 

	 
		“Officers’ Certificate” means a certificate signed by two officers or by
		an officer and either an Assistant Treasurer or an Assistant Secretary of the
		Corporation which certificate shall include a statement that, in the opinion of
		such signers all conditions precedent to be performed by the Corporation prior
		to the taking of any proposed action have been taken. In addition, such
		certificate shall include (i) a statement that the signatories have read the
		relevant covenant or condition, (ii) a brief statement of the nature and scope
		of such examination or investigation upon which the statements are based, (iii)
		a statement that, in the opinion of such signatories, they have made such
		examination or investigation as is reasonably necessary to express an informed
		opinion and (iv) a statement as to 
	 

	 
		 
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		whether or not, in the opinion of the
		signatories, such relevant conditions or covenants have been complied
		with.
	 

	 
		“Opinion of Counsel” means an opinion of counsel that, in such
		counsel’s opinion, all conditions precedent to be performed by the
		Corporation prior to the taking of any proposed action have been taken. Such
		opinion shall also include the statements called for in the second sentence
		under “Officers’ Certificate”.
	 

	 
		“Pari Passu Preferred Stock” means collectively, (i) Series A-2 Preferred
		Stock and (ii) Series A-3 Convertible Preferred, in each case as defined in the
		Master Transaction Agreement. 
	 

	 
		“Parity Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.
	 

	 
		“Purchasing Party” means CIG Media LLC, NBC Universal, Inc. and
		their respective Affiliates. 
	 

	 
		“Preferred Stock” of any Person means any Capital Stock of such
		Person that has preferential rights to any other Capital Stock of such Person
		with respect to dividends or redemption or upon liquidation.
	 

	 
		“Redemption Date” has the meaning ascribed to it in
		paragraph (e)(i) hereof.
	 

	 
		“Redemption Notice” has the meaning ascribed to it in paragraph
		(e)(ii) hereof.
	 

	 
		“Redemption Price” means the Issue Price plus (as applicable) all
		accrued and unpaid dividends through and including the date of
		redemption.
	 

	 
		“Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinanced” and “Refinancing” has the
		correlative meaning. 
	 

	 
		“Repurchase”
		has the meaning ascribed to it in paragraph (g)(iii)(D) hereof. 
	 

	 
		“Securities Act” means the Securities Act of 1933, as amended, and
		the rules and regulations promulgated thereunder.
	 

	 
		 
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“Senior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Series A-1 Convertible Preferred” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Subsidiary”, with respect to any Person, means (i) any
		corporation of which the outstanding Capital Stock having at least a majority
		of the votes entitled to be cast in the election of directors under ordinary
		circumstances shall at the time be owned, directly or indirectly, by such
		Person or (ii) any other Person of which at least a majority of the voting
		interest under ordinary circumstances is at the time, directly or indirectly,
		owned by such Person.
	 

	 
		“Stock Transaction” has the meaning ascribed to it in paragraph
		(g)(iii) hereof.
	 

	 
		“Surviving Person” has the meaning ascribed to it in paragraph
		(g)(v) hereof.
	 

	 
		“Transaction” has the meaning ascribed to it in paragraph
		(g)(v) hereof.
	 

	 
		“Voting Rights Triggering Event” has the meaning ascribed to it in paragraph
		(f)(iii)(A) hereof.
	 

	 
		“Wholly-Owned Subsidiary” means any Subsidiary all of the outstanding
		voting securities (other than directors’ qualifying shares) of which are
		owned, directly or indirectly, by the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, said ION Media Networks,
		Inc. has caused this Certificate to be signed by its duly authorized officer
		this 4th day of May, 2007.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  ION MEDIA NETWORKS, INC.
				

			 
	 	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Richard Garcia
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Richard Garcia
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Chief Financial
				  Officer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Certificate of Designation
	 

	 
		 
	 

  
	 

	 EXHIBIT
		G to the Master Transaction Agreement

	  

	 Series
		A-2 Preferred Stock Certificate of Designation

	  

	 
 
	 
		Exhibit G
	 

	 
		to the Master Transaction
		Agreement
	 

	 
		Series A-2 Preferred Stock Certificate of
		Designation 
	 

	 
		CERTIFICATE OF DESIGNATION OF THE
		POWERS,
	 

	 
		PREFERENCES AND RELATIVE,
		PARTICIPATING,
	 

	 
		OPTIONAL AND OTHER SPECIAL RIGHTS OF 

	 

	 
		8% SERIES A-2 NON-CONVERTIBLE PREFERRED
		STOCK
	 

	 
		AND QUALIFICATIONS, LIMITATIONS AND
		RESTRICTIONS THEREOF
	 

	 
		Pursuant to Section 151 of the
	 

	 
		General Corporation Law of the State of
		Delaware
	 

	 
		ION Media Networks, Inc. (the
		“Corporation”), a corporation organized and existing under the
		General Corporation Law of the State of Delaware, does hereby certify that,
		pursuant to the authority conferred upon the board of directors of the
		Corporation (the “Board of
		Directors”) by the Certificate of
		Incorporation of the Corporation, as amended (hereinafter referred to as the
		“Certificate of
		Incorporation”), and pursuant to
		the provisions of Section 151 of the General Corporation Law of the State of
		Delaware, the Board of Directors, on May 3, 2007, duly approved and adopted the
		following resolution:
	 

	 
		RESOLVED, that, pursuant to the authority
		vested in the Board of Directors by the Certificate of Incorporation, the Board
		of Directors does hereby create, authorize and provide for the issuance of 8%
		Series A-2 Non-Convertible Preferred Stock, par value $.001 per share, with a
		liquidation preference of $10,000 per share, consisting of 11,000 shares,
		having the designations, preferences, relative, participating, optional and
		other special rights and the qualifications, limitations and restrictions
		thereof that are set forth in the Certificate of Incorporation and in this
		resolution as follows:
	 

	 
		(a) Designation.
		There is hereby created out of the authorized and unissued shares of Preferred
		Stock of the Corporation a series of Preferred Stock designated as the “8%
		Series A-2 Non-Convertible Preferred Stock.” The number of shares
		constituting such series shall be 11,000 and are referred to as the
		“Series A-2 Non-Convertible Preferred.” The liquidation preference of
		the Series A-2 Non-Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).
	 

	 
		(b) Rank. The Series
		A-2 Non-Convertible Preferred shall, with respect to dividends and
		distributions upon liquidation, winding up or dissolution of the Corporation,
		rank (i) senior to the Junior Preferred Stock and all classes of Common Stock
		of the Corporation and to each other class of Capital Stock of the Corporation
		or series of Preferred Stock of the Corporation hereafter created, the terms of
		which do not expressly provide that it ranks senior to, or on a parity with,
		the Series A-2 Non-Convertible Preferred as to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation (collectively
		referred to, together with all classes of Common Stock of the Corporation, as
		“Junior Securities”); (ii) on a parity with the Pari Passu Preferred
		Stock and with any class of Capital Stock of the Corporation or series of
		Preferred Stock of the Corporation hereafter created the terms of which
		expressly provide that such class or series 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		will rank on a parity with the Series A-2
		Non-Convertible Preferred as to dividends and distributions upon liquidation,
		winding up or dissolution of the Corporation (collectively referred to as
		“Parity Securities”), provided that any such Parity Securities not
		issued in accordance with the requirements of paragraph (f)(i) hereof shall be
		deemed to be Junior Securities and not Parity Securities; and (iii) junior to
		each other class of Capital Stock of the Corporation or series of Preferred
		Stock of the Corporation hereafter created the terms of which expressly provide
		that such class or series will rank senior to the Series A-2 Non-Convertible
		Preferred as to dividends and distributions upon liquidation, winding up or
		dissolution of the Corporation (collectively referred to as
		“Senior Securities”), provided that any such Senior Securities not
		issued in accordance with the requirements of paragraph (f)(i) hereof shall be
		deemed to be Junior Securities and not Senior Securities.
	 

	 
		(c) Dividends. 
	 

	 
		(i) Beginning on the Issue Date, the Holders
		shall be entitled to receive, when, as and if declared by the Board of
		Directors, out of funds legally available therefor, dividends on each share of
		Series A-2 Non-Convertible Preferred at a rate per annum equal to 8% of the
		Issue Price. All dividends shall accrue and be cumulative, whether or not
		earned or declared, on a quarterly basis, in arrears, from the Issue Date, but
		shall be payable only at such time or times as may be fixed by the Board of
		Directors or as otherwise provided herein and shall not compound. Dividends
		shall be payable to those Holders who are Holders on such dates as the Board of
		Directors may determine with respect to such dividends. Dividends shall cease
		to accrue and accumulate in respect of shares of the Series A-2 Non-Convertible
		Preferred on the date of the redemption of such shares unless the Corporation
		shall have failed to pay or make available for payment the redemption price on
		the date fixed for redemption.
	 

	 
		(ii) All dividends paid with respect to
		shares of the Series A-2 Non-Convertible Preferred pursuant to paragraph (c)(i)
		shall be paid in cash pro rata to the Holders entitled thereto.
	 

	 
		(d) Liquidation.
	 

	 
		(i) In the event of any voluntary or
		involuntary liquidation, dissolution or winding up of the affairs of the
		Corporation, each Holder shall be entitled to be paid, out of the assets of the
		Corporation available for distribution to its stockholders and before any
		distribution shall be made or any assets distributed to the holders of any of
		the Junior Securities, including, without limitation, the Common Stock of the
		Corporation, an amount in cash equal to the Liquidation Preference for each
		outstanding share of Series A-2 Non-Convertible Preferred, plus, without
		duplication, an amount in cash equal to accumulated and unpaid dividends
		thereon to the date fixed for such liquidation, dissolution or winding up.
		Except as provided in the preceding sentence, Holders of Series A-2
		Non-Convertible Preferred shall not be entitled to any distribution in the
		event of any liquidation, dissolution or winding up of the affairs of the
		Corporation. If the assets of the Corporation are not sufficient to pay in full
		the liquidation payments payable to the Holders and to any holders of all other
		Parity Securities, then such assets shall be distributed among the Holders and
		any holders of such other Parity Securities ratably in accordance with the
		
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		respective amounts that would be payable on
		such shares of Series A-2 Non-Convertible Preferred and any such shares of
		other Parity Securities if all amounts payable thereon were paid in
		full.
	 

	 
		(A) For the purposes of this paragraph (d),
		neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
		securities or other consideration) of all or substantially all of the property
		or assets of the Corporation nor the consolidation or merger of the Corporation
		with or into one or more entities shall be deemed to be a liquidation,
		dissolution or winding up of the affairs of the Corporation.
	 

	 
		(e) Redemption.
	 

	 
		(i) Mandatory Redemption. The Corporation shall redeem, in the manner provided
		for in paragraph (e)(ii) hereof, and out of funds legally available therefor
		all of the outstanding shares of Series A-2 Non-Convertible Preferred for cash
		on August 31, 2013 (the “Redemption
		Date”), at a price per share equal
		to the Redemption Price.
	 

	 
		(ii) Procedures for Redemption. (A) At least 90 days prior to the Redemption Date,
		written notice (the “Redemption
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice nor any
		deficiency therein shall affect the validity of the procedure for the
		redemption of any shares of Series A-2 Non-Convertible Preferred as to the
		Holder or Holders to whom the Corporation has failed to give said notice or to
		whom such notice was defective. The Redemption Notice shall state:
	 

	 
		(1) the Redemption Price;
	 

	 
		(2) that the Holder is to surrender to the
		Corporation, in the manner, at the place or places and at the price designated,
		its certificate or certificates representing the shares of Series A-2
		Non-Convertible Preferred; and
	 

	 
		(3) that dividends on the shares of the
		Series A-2 Non-Convertible Preferred shall cease to accumulate on such
		Redemption Date unless the Corporation defaults in the payment of the
		Redemption Price.
	 

	 
		(B) Each Holder shall surrender the
		certificate or certificates representing all shares of Series A-2
		Non-Convertible Preferred held by such Holder to the Corporation, duly endorsed
		(or otherwise in proper form for transfer, as determined by the Corporation),
		in the manner and at the place or places designated in the Redemption Notice,
		and on the Redemption Date the full Redemption Price for such shares shall be
		payable in cash to the Person whose name appears on such certificate or
		certificates as the owner thereof, and each surrendered certificate shall be
		canceled and retired. 
	 

	 
		(C) On and after the Redemption Date, unless
		the Corporation defaults in the payment in full of the Redemption Price,
		dividends on the Series A-2 Non-Convertible Preferred shall cease to accumulate
		on the Redemption Date, and all rights of the Holders shall terminate with
		respect to the Series A-2 Non-Convertible 
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		Preferred on the Redemption Date, other than
		the right to receive the Redemption Price, without interest; provided,
		however, that if the Redemption Notice shall have been given
		and the funds necessary for redemption (including an amount in respect of all
		dividends that will accrue to the Redemption Date) shall have been segregated
		and irrevocably deposited in trust for the equal and ratable benefit of the
		Holders, then, at the close of business on the day on which such funds are
		segregated and set aside, the Holders shall cease to be stockholders of the
		Corporation and shall be entitled only to receive the Redemption Price.
	 

	 
		(f) Voting Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.
	 

	 
		(i) (A) So long as any shares of the Series
		A-2 Non-Convertible Preferred are outstanding, the Corporation may not issue
		any additional shares of Series A-2 Non-Convertible Preferred or any new class
		of Parity Securities or Senior Securities (or amend the provisions of any
		existing class of Capital Stock to make such class of Capital Stock Parity
		Securities or Senior Securities) without the approval of Holders holding at
		least a majority of the then outstanding shares of Series A-2 Non-Convertible
		Preferred, voting or consenting, as the case may be, together as one class
		given in person or by proxy, either in writing or by resolution adopted at an
		annual or special meeting; provided,
		however, that the Corporation may, without the approval of such
		Holders issue additional shares of Parity Securities or Senior Securities
		(including shares issued in payment of dividends thereon in accordance with
		their respective certificates of designation) and which Senior Securities or
		Parity Securities do not require the Corporation to pay dividends thereon on a
		current basis in cash, or require cash dividends to be paid at a rate not in
		excess of three percentage points greater than the dividend rate borne by any
		series of Senior Securities and which do not prohibit the payment of dividends
		other than in cash on the Series A-2 Non-Convertible Preferred or prohibit the
		redemption by the Corporation of the Series A-2 Non-Convertible Preferred
		pursuant to paragraph (e)(i) above, in an amount sufficient to Refinance any
		series of Senior Securities, in whole or in part, with such shares being issued
		no sooner than the date the Corporation Refinances such series of Senior
		Securities.
	 

	 
		(B) So long as any shares of the Series A-2
		Non-Convertible Preferred are outstanding, the Corporation shall not amend this
		Certificate of Designation so as to affect materially and adversely the rights,
		preferences or privileges of Holders without the affirmative vote or consent of
		Holders holding at least a majority of the then outstanding shares of Series
		A-2 Non-Convertible Preferred, voting or consenting, as the case may be, as one
		class, given in person or by proxy, either in writing or by resolution adopted
		at an annual or special meeting.
	 

	 
		(C) Except as set forth in paragraph
		(f)(i)(A) above, the creation, authorization or issuance of any shares of any
		Junior Securities, Parity Securities or Senior Securities or the increase or
		decrease in the amount of authorized Capital Stock of any class, including
		Preferred Stock, shall not require the consent of Holders and shall not be
		deemed to affect adversely the rights, preferences or privileges of such
		Holders.
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) Without the affirmative vote or consent
		of Holders holding at least a majority of the then outstanding shares of Series
		A-2 Non-Convertible Preferred, voting or consenting, as the case may be, as a
		separate class, given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting, the Corporation shall not, in a single
		transaction or series of related transactions, consolidate or merge with or
		into, or sell, assign, transfer, lease, convey or otherwise dispose of all or
		substantially all of the Corporation’s assets (as an entirety or
		substantially as an entirety in one transaction or series of related
		transactions) to, another Person (other than a Wholly-Owned Subsidiary with,
		into or to another Wholly-Owned Subsidiary) or adopt a plan of liquidation
		unless (A) either (I) the Corporation is the surviving or continuing Person or
		(II) the Person (if other than the Corporation) formed by such consolidation or
		into which the Corporation is merged or the Person that acquires by conveyance,
		transfer or lease the properties and assets of the Corporation substantially as
		an entirety or, in the case of a plan of liquidation, the Person to which
		assets of the Corporation have been transferred shall be a corporation
		incorporated and existing under the laws of the United States or any State
		thereof or the District of Columbia; (B) the Series A-2 Non-Convertible
		Preferred shall be converted into or exchanged for and shall become shares of
		such successor, transferee or resulting Person with the same powers,
		preferences and relative, participating, optional or other special rights and
		the qualifications, limitations or restrictions thereon, that the Series A-2
		Non-Convertible Preferred had immediately prior to such transaction; (C)
		immediately after giving effect to such transactions, no Voting Rights
		Triggering Event shall have occurred or shall have occurred after the Issue
		Date and be continuing; and (D) the Corporation has delivered to the transfer
		agent for the Series A-2 Non-Convertible Preferred prior to the consummation of
		the proposed transaction an Officers’ Certificate and an Opinion of
		Counsel, each stating that such consolidation, merger or transfer complies with
		the terms hereof and that all conditions precedent herein relating to such
		transaction have been satisfied. For purposes of the foregoing, the transfer
		(by lease, assignment, sale or otherwise, in a single transaction or series of
		related transactions) of all or substantially all of the properties and assets
		of one or more Subsidiaries of the Corporation, the Capital Stock of which
		constitutes all or substantially all of the properties and assets of the
		Corporation shall be deemed to be the transfer of all or substantially all of
		the properties and assets of the Corporation.
	 

	 
		(iii) (A) If the Corporation fails to
		discharge the redemption obligation with respect to the Series A-2
		Non-Convertible Preferred (such failure being a “Voting Rights Triggering Event”), then, subject to paragraph (f)(iii)(E) below,
		Holders of at least a majority of the then outstanding shares of Series A-2
		Non-Convertible Preferred, voting separately and as one class, shall have the
		exclusive right to elect the lesser of two directors and that number of
		directors constituting 25% of the members of the Board of Directors, at a
		meeting called for such purpose following the occurrence of such Voting Rights
		Triggering Event, and at every subsequent meeting at which the terms of office
		of the directors so elected by the Holders expire (other than as described in
		(f)(iii)(B) below), and the number of directors constituting the Board of
		Directors shall be increased by the number of directors so elected by the
		Holders. The voting rights provided herein shall be the exclusive remedy at law
		or in equity of the Holders for any Voting Rights Triggering Event.
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		(B) The right of the Holders voting together
		as a separate class to elect members of the Board of Directors as set forth in
		paragraph (f)(iii)(A) above shall continue until such time as in all other
		cases, the failure, breach or default giving rise to such Voting Rights
		Triggering Event is remedied, cured or waived by Holders of at least a majority
		of the then outstanding shares of Series A-2 Non-Convertible Preferred that are
		entitled to vote thereon, at which time (I) the special right of the Holders so
		to vote as a class for the election of directors and (II) the term of office of
		the directors elected by the Holders shall each terminate and such persons
		shall cease to be members of the Board of Directors. At any time after voting
		power to elect directors shall have become vested and be continuing in the
		Holders pursuant to paragraph (f)(iii) hereof, or if vacancies shall exist in
		the offices of directors elected by such Holders, a proper officer of the
		Corporation may, and upon the written request of Holders of at least 25% of the
		then outstanding shares of Series A-2 Non-Convertible Preferred addressed to
		the secretary of the Corporation shall, call a special meeting of the Holders,
		for the purpose of electing the directors which the Holders are entitled to
		elect. If such meeting shall not be called by a proper officer of the
		Corporation within 20 days after personal service of said written request upon
		the secretary of the Corporation, or within 20 days after mailing the same
		within the United States by certified mail, addressed to the secretary of the
		Corporation at its principal executive offices, then Holders of at least 25% of
		the then outstanding shares of Series A-2 Non-Convertible Preferred may
		designate in writing one of their number to call such meeting at the reasonable
		expense of the Corporation, and such meeting may be called by the Holder so
		designated upon the notice required for the annual meetings of stockholders of
		the Corporation and shall be held at the place for holding the annual meetings
		of stockholders. Any Holder of Series A-2 Non-Convertible Preferred so
		designated shall have, and the Corporation shall provide, access to the lists
		of stockholders to be called pursuant to the provisions hereof.
	 

	 
		(C) At any meeting held for the purpose of
		electing directors at which the Holders shall have the right, voting together
		as a separate class, to elect directors as aforesaid, the presence in person or
		by proxy of Holders of at least a majority of the then outstanding shares of
		Series A-2 Non-Convertible Preferred shall be required to constitute a quorum
		of such Series A-2 Non-Convertible Preferred.
	 

	 
		(D) Any vacancy occurring in the office of a
		director elected by the Holders may be filled by the remaining director (if
		any) elected by the Holders unless and until such vacancy shall be filled by
		the Holders.
	 

	 
		(E) The provisions of this paragraph
		(f)(iii) shall apply only to those Holders, if any, that would be permitted to
		vote in the election of directors of the Corporation pursuant to applicable
		laws and regulations of the FCC, with such Holders together being treated as
		the class of Holders entitled to exercise such rights. The determination as to
		whether any Holder would not be permitted to exercise such voting rights shall
		be made jointly by any such Holder(s) and the Corporation.
	 

	 
		(iv) In any case in which the Holders shall
		be entitled to vote pursuant to this paragraph (f) or pursuant to the General
		Corporation Law of the State of Delaware, 
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		each Holder entitled to vote with respect to
		such matter shall be entitled to one vote for each then outstanding share of
		Series A-2 Non-Convertible Preferred so held.
	 

	 
		(g) Reissuance of Series A-2 Non-Convertible
		Preferred. Shares of Series A-2
		Non-Convertible Preferred that have been issued and reacquired in any manner,
		including shares purchased or redeemed or exchanged, shall (upon compliance
		with any applicable provisions of the General Corporation Law of the State of
		Delaware) have the status of authorized and unissued shares of Preferred Stock
		undesignated as to series and may be redesignated and reissued as part of any
		series of Preferred Stock; provided that
		any issuance of such shares as Series A-2 Non-Convertible Preferred must be in
		compliance with the terms hereof.
	 

	 
		(h) Business Day. If
		any payment or redemption shall be required by the terms hereof to be made on a
		day that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.
	 

	 
		(i) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.
	 

	 
		(j) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:
	 

	 
		“Board of Directors” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Board Resolution” means a copy of a resolution certified pursuant
		to an Officers’ Certificate to have been duly adopted by the Board of
		Directors and to be in full force and effect.
	 

	 
		“Business Day” means any day except a Saturday, a Sunday, or any
		day on which banking institutions in New York, New York are required or
		authorized by law or other governmental action to be closed.
	 

	 
		“Capital Stock” means (i) with respect to any Person that is a
		corporation, any and all shares, interests, participations or other equivalents
		(however designated) of capital stock, including each class of common stock and
		preferred stock of such Person and (ii) with respect to any Person that is not
		a corporation, any and all partnership, membership or other equity interests of
		such Person.
	 

	 
		“Certificate of Incorporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Commission”
		means the Securities and Exchange Commission. 
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		“Common Stock” of any Person means any and all shares, interests
		or other participations in, and other equivalents (however designated and
		whether voting or non-voting) of, such Person’s common stock, whether
		outstanding on the Issue Date or issued after the Issue Date, and includes,
		without limitation, all series and classes of such common stock.
	 

	 
		“Corporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended, and the rules and regulations promulgated thereunder. 
	 

	 
		“Holder”
		means a holder of then outstanding shares of Series A-2 Non-Convertible
		Preferred as reflected in the stock books of the Corporation.
	 

	 
		“Issue Date”
		means the date of the issuance of Series A-2 Non-Convertible Preferred.
	 

	 
		“Issue Price” means $10,000 per share of Series A-2
		Non-Convertible Preferred.
	 

	 
		“Junior Preferred Stock” means collectively, (i) 141⁄4% Preferred,
		(ii) 93⁄4% Preferred, (iii) Series B Convertible Preferred, (iv) Series C
		Preferred Stock, (v) Series C Convertible Preferred, (vi) Series D Convertible
		Preferred, (vii) Series E-1 Convertible Preferred, (viii) Series E-2
		Convertible Preferred, and (ix) Series F Non-Convertible Preferred, in each
		case as defined in the Master Transaction Agreement. 
	 

	 
		“Junior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Liquidation Preference” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Master Transaction Agreement” means the Master Transaction Agreement dated as
		of May 3, 2007 among the Corporation, NBC Universal, Inc., NBC Palm Beach
		Investment I, Inc., NBC Palm Beach Investment II, Inc., and CIG Media LLC, as
		may be amended, modified or restated from time to time. 
	 

	 
		“Officers’ Certificate” means a certificate signed by two officers or by
		an officer and either an Assistant Treasurer or an Assistant Secretary of the
		Corporation which certificate shall include a statement that, in the opinion of
		such signers all conditions precedent to be performed by the Corporation prior
		to the taking of any proposed action have been taken. In addition, such
		certificate shall include (i) a statement that the signatories have read the
		relevant covenant or condition, (ii) a brief statement of the nature and scope
		of such examination or investigation upon which the statements are based, (iii)
		a statement that, in the opinion of such signatories, they have made such
		examination or investigation as is reasonably necessary to express an informed
		opinion and (iv) a statement as to 
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		whether or not, in the opinion of the
		signatories, such relevant conditions or covenants have been complied
		with.
	 

	 
		“Opinion of Counsel” means an opinion of counsel that, in such
		counsel’s opinion, all conditions precedent to be performed by the
		Corporation prior to the taking of any proposed action have been taken. Such
		opinion shall also include the statements called for in the second sentence
		under “Officers’ Certificate”.
	 

	 
		“Pari Passu Preferred Stock” means collectively, the Series A-1 Convertible
		Preferred and Series A-3 Convertible Preferred, in each case as defined in the
		Master Transaction Agreement. 
	 

	 
		“Parity Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.
	 

	 
		“Preferred Stock” of any Person means any Capital Stock of such
		Person that has preferential rights to any other Capital Stock of such Person
		with respect to dividends or redemption or upon liquidation.
	 

	 
		“Redemption Date” has the meaning ascribed to it in paragraph
		(e)(i) hereof.
	 

	 
		“Redemption Notice” has the meaning ascribed to it in paragraph
		(e)(ii) hereof.
	 

	 
		“Redemption Price” means the Issue Price plus (as applicable) all
		accrued and unpaid dividends through and including the date of
		redemption.
	 

	 
		“Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinancing” has the correlative meaning. 
	 

	 
		“Senior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Series A-2 Non-Convertible Preferred” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Subsidiary”, with respect to any Person, means (i) any
		corporation of which the outstanding Capital Stock having at least a majority
		of the votes entitled to be 
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		cast in the election of directors under
		ordinary circumstances shall at the time be owned, directly or indirectly, by
		such Person or (ii) any other Person of which at least a majority of the voting
		interest under ordinary circumstances is at the time, directly or indirectly,
		owned by such Person.
	 

	 
		“Voting Rights Triggering Event” has the meaning ascribed to it in paragraph
		(f)(iii)(A) hereof. 
	 

	 
		“Wholly-Owned Subsidiary” means any Subsidiary all of the outstanding
		voting securities (other than directors’ qualifying shares) of which are
		owned, directly or indirectly, by the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, said ION Media Networks,
		Inc. has caused this Certificate to be signed by its duly authorized officer
		this 4th day of May, 2007.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  ION MEDIA NETWORKS, INC.
				

			 
	 	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Richard Garcia
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Richard Garcia
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Chief Financial
				  Officer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Certificate of Designation
	 

	 
		 
	 

  
	 

	 EXHIBIT
		H to the Master Transaction Agreement

	  

	 Series
		A-3 Convertible Preferred Certificate of Designation

	  

	 

	 
	 

	  

	 Exhibit
		H to the

	 Master
		Transaction Agreement

	  

	 Series
		A-3 Convertible Preferred Certificate of Designation

	  

	 CERTIFICATE
		OF DESIGNATION OF THE POWERS,

	 PREFERENCES
		AND RELATIVE, PARTICIPATING,

	 OPTIONAL
		AND OTHER SPECIAL RIGHTS OF 

	 12%
		SERIES A-3 MANDATORILY CONVERTIBLE PREFERRED STOCK

	 AND
		QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF

	  

	 Pursuant
		to Section 151 of the

	 General
		Corporation Law of the State of Delaware

	  

	 ION
		Media Networks, Inc. (the “Corporation”),
		a corporation organized and existing under the General Corporation Law of the
		State of Delaware, does hereby certify that, pursuant to the authority
		conferred upon the board of directors of the Corporation (the
		“Board
		of Directors”)
		by the Certificate of Incorporation of the Corporation, as amended (hereinafter
		referred to as the “Certificate
		of Incorporation”),
		and pursuant to the provisions of Section 151 of the General Corporation Law of
		the State of Delaware, the Board of Directors, on May 3, 2007, duly approved
		and adopted the following resolution:

	  

	 RESOLVED,
		that, pursuant to the authority vested in the Board of Directors by the
		Certificate of Incorporation, the Board of Directors does hereby create,
		authorize and provide for the issuance of 12% Series A-3 Mandatorily
		Convertible Preferred Stock, par value $.001 per share, with a liquidation
		preference of $10,000 per share, consisting of 11,000 shares, having the
		designations, preferences, relative, participating, optional and other special
		rights and the qualifications, limitations and restrictions thereof that are
		set forth in the Certificate of Incorporation and in this resolution as
		follows:

	  

	 (a) Designation. There
		is hereby created out of the authorized and unissued shares of Preferred Stock
		of the Corporation a series of Preferred Stock designated as the “12%
		Series A-3 Mandatorily Convertible Preferred Stock.” The number of shares
		constituting such series shall be 11,000 and are referred to as the
		“Series A-3 Convertible Preferred.” The liquidation preference of the
		Series A-3 Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).

	  

	 (b) Rank. The
		Series A-3 Convertible Preferred shall, with respect to dividends and
		distributions upon liquidation, winding up or dissolution of the Corporation,
		rank (i) senior to the Junior Preferred Stock, to all classes of Common
		Stock of the Corporation and to each other class of Capital Stock of the
		Corporation or series of Preferred Stock of the Corporation hereafter created,
		the terms of which do not expressly provide that it ranks senior to, or on a
		parity with, the Series A-3 Convertible Preferred as to dividends and
		distributions upon liquidation, winding up or dissolution of the 

	 
		 

		1

		 

		

		 

	 

	  

	 Corporation
		(collectively referred to, together with all classes of Common Stock of the
		Corporation, as “Junior
		Securities”);
		(ii) on a parity with Pari Passu Preferred Stock and with any class of Capital
		Stock of the Corporation or series of Preferred Stock of the Corporation
		hereafter created the terms of which expressly provide that such class or
		series will rank on a parity with the Series A-3 Convertible Preferred as to
		dividends and distributions upon liquidation, winding up or dissolution of the
		Corporation (collectively referred to as “Parity
		Securities”),
		provided that any such Parity Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Parity Securities; and (iii) junior to each other class of Capital
		Stock of the Corporation or series of Preferred Stock of the Corporation
		hereafter created the terms of which expressly provide that such class or
		series will rank senior to the Series A-3 Convertible Preferred as to dividends
		and distributions upon liquidation, winding up or dissolution of the
		Corporation
		(collectively referred to as “Senior
		Securities”),
		provided that any such Senior Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Senior Securities.

	  

	 (c) Dividends.
		

	  

	 (i) Beginning
		on the Issue Date, the Holders shall be entitled to receive, when, as and if
		declared by the Board of Directors, out of funds legally available therefor,
		dividends on each share of Series A-3 Convertible Preferred at the higher of
		(x) a rate per annum equal to 12% of the Issue Price and (y) the aggregate cash
		dividends per share paid on the Class A Common Stock from (A) the later of the
		Issue Date or the date of the last payment of a cash dividend on the Class A
		Common Stock to (B) the date of such determination, multiplied by the number of
		shares of Class A Common Stock into which each share of Series A-3 Convertible
		Preferred is convertible. All dividends shall accrue and be cumulative, whether
		or not earned or declared, on a quarterly basis, in arrears, from the Issue
		Date, but shall be payable only at such time or times as may be fixed by the
		Board of Directors or as otherwise provided herein and shall not compound.
		Dividends shall be payable to those Holders who are Holders on such dates as
		the Board of Directors may determine with respect to such dividends. Dividends
		shall cease to accrue and accumulate in respect of shares of the Series A-3
		Convertible Preferred on the date of conversion of such shares or the date of
		the redemption of such shares unless the Corporation shall have failed to pay
		or make available for payment the relevant redemption price on the date fixed
		for redemption.

	  

	 (ii) All
		dividends paid with respect to shares of the Series A-3 Convertible Preferred
		pursuant to paragraph (c)(i) shall be paid in cash pro rata to the Holders
		entitled thereto.

	  

	 (d) Liquidation.

	  

	 (i) In the
		event of any voluntary or involuntary liquidation, dissolution or winding up of
		the affairs of the Corporation, each Holder shall be entitled to be paid, out
		of the assets of the Corporation available for distribution to its stockholders
		and before any distribution shall be made or any assets distributed to the
		holders of any of the Junior Securities, including, without limitation, the
		Common Stock of the Corporation, an 

	 
		 

		2

		 

		

		 

	 

	  

	 amount
		in cash equal to the greater of (A) the Liquidation Preference for each
		outstanding share of Series A-3 Convertible Preferred, plus, without
		duplication, an amount in cash equal to accumulated and unpaid dividends
		thereon to the date fixed for such liquidation, dissolution or winding up, and
		(B) the amount per share which would have been payable upon such liquidation,
		dissolution or winding up to the holders of shares of Class A Common Stock or
		such other class or series of stock into which the Series A-3 Convertible
		Preferred is then convertible (assuming the conversion of each share of then
		convertible Series A-3 Convertible Preferred and without deduction for the
		Liquidation Preference otherwise payable pursuant to clause (A) hereof),
		multiplied by the number of shares of Class A Common Stock into which such
		shares of Series A-3 Convertible Preferred are then convertible. Except as
		provided in the preceding sentence, Holders of Series A-3 Convertible Preferred
		shall not be entitled to any distribution in the event of any liquidation,
		dissolution or winding up of the affairs of the Corporation. If the assets of
		the Corporation are not sufficient to pay in full the liquidation payments
		payable to the Holders and to any holders of all other Parity Securities, then
		such assets shall be distributed among the Holders and any holders of such
		other Parity Securities ratably in accordance with the respective amounts that
		would be payable on such shares of Series A-3 Convertible Preferred and any
		such shares of other Parity Securities if all amounts payable thereon were paid
		in full.

	  

	 (ii) For the
		purposes of this paragraph (d), neither the sale, conveyance, exchange or
		transfer (for cash, shares of stock, securities or other consideration) of all
		or substantially all of the property or assets of the Corporation nor the
		consolidation or merger of the Corporation with or into one or more entities
		shall be deemed to be a liquidation, dissolution or winding up of the affairs
		of the Corporation.

	  

	 (e) Redemption.

	  

	 (i) Mandatory
		Redemption. The
		Corporation shall redeem, in the manner provided for in paragraph (e)(ii)
		hereof, and out of funds legally available therefor all of the outstanding
		shares of Series A-3 Convertible Preferred for cash on August 31, 2013 (the
		“Redemption
		Date”),
		at a price per share equal to the Redemption Price.

	  

	 (ii) Procedures
		for Redemption.
		(A) At
		least 90 days prior to the Redemption Date, written notice (the
		“Redemption
		Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice nor any deficiency therein shall affect the validity of the
		procedure for the redemption of any shares of Series A-3 Convertible Preferred
		as to the Holder or Holders to whom the Corporation has failed to give said
		notice or to whom such notice was defective. The Redemption Notice shall
		state:

	  

	 (1) the
		Redemption Price;

	 
		 

		3

		 

		

		 

	 

	  

	 (2) that the
		Holder is to surrender to the Corporation, in the manner, at the place or
		places and at the price designated, its certificate or certificates
		representing the shares of Series A-3 Convertible Preferred; and

	  

	 (3) that
		dividends on the shares of the Series A-3 Convertible Preferred shall cease to
		accumulate on such Redemption Date unless the Corporation defaults in the
		payment of the Redemption Price.

	  

	 (B) Each
		Holder shall surrender the certificate or certificates representing all shares
		of Series A-3 Convertible Preferred held by such Holder to the Corporation,
		duly endorsed (or otherwise in proper form for transfer, as determined by the
		Corporation), in the manner and at the place or places designated in the
		Redemption Notice, and on the Redemption Date the full Redemption Price for
		such shares shall be payable in cash to the Person whose name appears on such
		certificate or certificates as the owner thereof, and each surrendered
		certificate shall be canceled and retired. 

	  

	 (C) On and
		after the Redemption Date, unless the Corporation defaults in the payment in
		full of the Redemption Price, dividends on the Series A-3 Convertible Preferred
		shall cease to accumulate on the Redemption Date, and all rights of the Holders
		shall terminate with respect to the Series A-3 Convertible Preferred on the
		Redemption Date, other than the right to receive the Redemption Price, without
		interest; provided,
		however, that
		if the Redemption Notice shall have been given and the funds necessary for
		redemption (including an amount in respect of all dividends that will accrue to
		the Redemption Date) shall have been segregated and irrevocably deposited in
		trust for the equal and ratable benefit of the Holders, then, at the close of
		business on the day on which such funds are segregated and set aside, the
		Holders shall cease to be stockholders of the Corporation and shall be entitled
		only to receive the Redemption Price.

	  

	 (f) Voting
		Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.

	  

	 (i) (A) So long
		as any shares of the Series A-3 Convertible Preferred are outstanding, the
		Corporation may not issue any additional shares of Series A-3 Convertible
		Preferred or any new class of Parity Securities or Senior Securities (or amend
		the provisions of any existing class of Capital Stock to make such class of
		Capital Stock Parity Securities or Senior Securities) without the approval of
		Holders holding at least a majority of the then outstanding shares of Series
		A-3 Convertible Preferred, voting or consenting, as the case may be, together
		as one class given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting; provided,
		however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		A-3  

	 
		 

		4

		 

		

		 

	 

	  

	 Convertible
		Preferred or prohibit the redemption by the Corporation of the Series A-3
		Convertible
		Preferred pursuant to paragraph (e)(i) above, in an amount sufficient to
		Refinance any series of Senior Securities, in whole or in part, with such
		shares being issued no sooner than the date the Corporation Refinances such
		series of Senior Securities.

	  

	 (B) So long
		as any shares of the Series A-3 Convertible Preferred are outstanding, the
		Corporation shall not amend this Certificate of Designation so as to affect
		materially and adversely the rights, preferences or privileges of Holders
		without the affirmative vote or consent of Holders holding at least a majority
		of the then outstanding shares of Series A-3 Convertible Preferred, voting or
		consenting, as the case may be, as one class, given in person or by proxy,
		either in writing or by resolution adopted at an annual or special
		meeting.

	  

	 (C) Except
		as set forth in paragraph (f)(i)(A) above, the creation, authorization or
		issuance of any shares of any Junior Securities, Parity Securities or Senior
		Securities or the increase or decrease in the amount of authorized Capital
		Stock of any class, including Preferred Stock, shall not require the consent of
		Holders and shall not be deemed to affect adversely the rights, preferences or
		privileges of such Holders.

	  

	 (ii) Without
		the affirmative vote or consent of Holders holding at least a majority of the
		then outstanding shares of Series A-3 Convertible Preferred, voting or
		consenting, as the case may be, as a separate class, given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting, the Corporation shall not, in a single transaction or series of
		related transactions, consolidate or merge with or into, or sell, assign,
		transfer, lease, convey or otherwise dispose of all or substantially all of the
		Corporation’s assets (as an entirety or substantially as an entirety in
		one transaction or series of related transactions) to, another Person (other
		than a Wholly-Owned Subsidiary with, into or to another Wholly-Owned
		Subsidiary) or adopt a plan of liquidation unless (A) either (I) the
		Corporation is the surviving or continuing Person or (II) the Person (if other
		than the Corporation) formed by such consolidation or into which the
		Corporation is merged or the Person that acquires by conveyance, transfer or
		lease the properties and assets of the Corporation substantially as an entirety
		or, in the case of a plan of liquidation, the Person to which assets of the
		Corporation have been transferred shall be organized and existing under the
		laws of the United States or any State thereof or the District of Columbia; (B)
		the Series A-3 Convertible Preferred shall be converted into or exchanged for
		and shall become shares of such successor, transferee or resulting Person with
		the same powers, preferences and relative, participating, optional or other
		special rights and the qualifications, limitations or restrictions thereon,
		that the Series A-3 Convertible Preferred had immediately prior to such
		transaction; (C) immediately after giving effect to such transactions, no
		Voting Rights Triggering Event shall have occurred or shall have occurred after
		the Issue Date and be continuing; and (D) the Corporation has delivered to the
		transfer agent for the Series A-3 Convertible Preferred prior to the
		consummation of the proposed transaction an Officers’ Certificate and an
		Opinion of Counsel, each stating that such consolidation, merger or transfer
		complies with the terms hereof and that all conditions precedent herein
		relating to such transaction have been satisfied. For purposes of the
		foregoing, the transfer (by lease, assignment, sale or 

	 
		 

		5

		 

		

		 

	 

	  

	 otherwise,
		in a single transaction or series of related transactions) of all or
		substantially all of the properties and assets of one or more Subsidiaries of
		the Corporation, the Capital Stock of which constitutes all or substantially
		all of the properties and assets of the Corporation shall be deemed to be the
		transfer of all or substantially all of the properties and assets of the
		Corporation.

	  

	 (iii) (A) If the
		Corporation fails to discharge any redemption or conversion obligation with
		respect to the Series A-3 Convertible Preferred (such failure being a
		“Voting
		Rights Triggering Event”),
		then, subject to paragraph (f)(iii)(E) below, Holders of at least a majority of
		the then outstanding shares of Series A-3 Convertible Preferred, voting
		separately and as one class, shall have the exclusive right to elect the lesser
		of two directors and that number of directors constituting 25% of the members
		of the Board of Directors, at a meeting called for such purpose following the
		occurrence of such Voting Rights Triggering Event, and at every subsequent
		meeting at which the terms of office of the directors so elected by the Holders
		expire (other than as described in (f)(iii)(B) below), and the number of
		directors constituting the Board of Directors shall be increased by the number
		of directors so elected by the Holders. The voting rights provided herein shall
		be the exclusive remedy at law or in equity of the Holders for any Voting
		Rights Triggering Event.

	  

	 (B) The
		right of the Holders voting together as a separate class to elect members of
		the Board of Directors as set forth in paragraph (f)(iii)(A) above shall
		continue until such time as in all other cases, the failure, breach or default
		giving rise to such Voting Rights Triggering Event is remedied, cured or waived
		by Holders of at least a majority of the then outstanding shares of Series A-3
		Convertible Preferred that are entitled to vote thereon, at which time (I) the
		special right of the Holders so to vote as a class for the election of
		directors and (II) the term of office of the directors elected by the Holders
		shall each terminate and such persons shall cease to be members of the Board of
		Directors. At any time after voting power to elect directors shall have become
		vested and be continuing in the Holders pursuant to paragraph (f)(iii) hereof,
		or if vacancies shall exist in the offices of directors elected by such
		Holders, a proper officer of the Corporation may, and upon the written request
		of Holders of at least 25% of the then outstanding shares of Series A-3
		Convertible Preferred addressed to the secretary of the Corporation shall, call
		a special meeting of the Holders, for the purpose of electing the directors
		which the Holders are entitled to elect. If such meeting shall not be called by
		a proper officer of the Corporation within 20 days after personal service of
		said written request upon the secretary of the Corporation, or within 20 days
		after mailing the same within the United States by certified mail, addressed to
		the secretary of the Corporation at its principal executive offices, then
		Holders of at least 25% of the then outstanding shares of Series A-3
		Convertible Preferred may designate in writing one of their number to call such
		meeting at the reasonable expense of the Corporation, and such meeting may be
		called by the Holder so designated upon the notice required for the annual
		meetings of stockholders of the Corporation and shall be held at the place for
		holding the annual meetings of stockholders. Any Holder of Series A-3
		Convertible Preferred so designated shall have, and the Corporation shall
		provide, access to the lists of stockholders to be called pursuant to the
		provisions hereof.

	 
		 

		6

		 

		

		 

	 

	  

	 (C) At any
		meeting held for the purpose of electing directors at which the Holders shall
		have the right, voting together as a separate class, to elect directors as
		aforesaid, the presence in person or by proxy of Holders of at least a majority
		of the then outstanding shares of Series A-3 Convertible Preferred shall be
		required to constitute a quorum of such Series A-3 Convertible
		Preferred.

	  

	 (D) Any
		vacancy occurring in the office of a director elected by the Holders may be
		filled by the remaining director (if any) elected by the Holders unless and
		until such vacancy shall be filled by the Holders.

	  

	 (E) The
		provisions of this paragraph (f)(iii) shall apply only to those Holders, if
		any, that would be permitted to vote in the election of directors of the
		Corporation pursuant to applicable laws and regulations of the FCC, with such
		Holders together being treated as the class of Holders entitled to exercise
		such rights. The determination as to whether any Holder would not be permitted
		to exercise such voting rights shall be made jointly by any such Holder(s) and
		the Corporation.

	  

	 (iv) In any
		case in which the Holders shall be entitled to vote pursuant to this paragraph
		(f) or pursuant to the General Corporation Law of the State of Delaware, each
		Holder entitled to vote with respect to such matter shall be entitled to one
		vote for each then outstanding share of Series A-3 Convertible Preferred so
		held.

	  

	 (g) Conversion.

	  

	 (i) Optional
		Conversion. Each
		share of the Series A-3 Convertible Preferred is convertible at the option of
		the Holder thereof, at any time and from time to time, into (A) a number of
		Conversion Shares equal to the Issue Price of the shares of Series A-3
		Convertible Preferred surrendered for conversion plus accrued and unpaid
		dividends thereon, divided by (B) the Conversion Price then in effect, except
		that if shares of Series A-3 Convertible Preferred are called for redemption
		the conversion right will terminate at the close of business on the Redemption
		Date. No fractional shares or securities representing fractional shares will be
		issued upon conversion; in lieu of fractional shares the Corporation will pay a
		cash adjustment based upon the Common Stock Value as of the close of business
		on the first Business Day preceding the date of conversion. The Series A-3
		Convertible Preferred shall be converted by the holder thereof by surrendering
		the certificate or certificates representing the shares of Series A-3
		Convertible Preferred to be converted, appropriately completed, to the transfer
		agent for the Common Stock. The transfer agent shall issue one or more
		certificates representing the Conversion Shares in the name or names requested
		by such Holder. The transfer agent will deliver to such Holder a new
		certificate representing the shares of Series A-3 Convertible Preferred in
		excess of those being surrendered for conversion. The conversion rights stated
		herein are subject to compliance by the Holder with all applicable laws and
		regulations, including, without limitation, the Communications Act, and as a
		condition precedent to the Corporation’s obligation to issue Conversion
		Shares to a Holder or its designee(s), the Corporation may require that such
		Holder deliver to the Corporation an opinion of legal counsel reasonably
		acceptable to the Corporation to the 

	 
		 

		7

		 

		

		 

	 

	  

	 effect
		that the issuance of Conversion Shares to such Holder or its designee(s) upon
		conversion will not violate or conflict with the Communications
		Act.

	  

	 (ii) Mandatory
		Conversion. At any
		time following the first anniversary of the Issue Date, upon the occurrence of
		a Mandatory Conversion Event, including a Mandatory Conversion Event that
		occurs after the Redemption Date to the extent any share of Series A-3
		Convertible Preferred remains outstanding after the Redemption Date, unless
		previously converted at the option of Holders in accordance with the provisions
		hereof, each outstanding share of Series A-3 Convertible Preferred shall,
		without notice to Holders, convert automatically (the “Mandatory
		Conversion”)
		into (A) a number of Conversion Shares equal to the Issue Price of the shares
		of Series A-3 Convertible Preferred so converted plus accrued and unpaid
		dividends thereon, divided by the (B) Conversion Price then in effect. No
		fractional shares or securities representing fractional shares will be issued
		upon conversion; in lieu of fractional shares the Corporation will pay a cash
		adjustment based upon the Common Stock Value as of the close of business on the
		first Business Day preceding the date of the occurrence of such Mandatory
		Conversion Event. Promptly following a Mandatory Conversion Event, written
		notice (the “Mandatory
		Conversion Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice or any deficiency therein shall affect the validity of the
		procedures for the Mandatory Conversion as to the Holder or Holders to whom the
		Corporation has failed to give said notice or to whom such notice was effected.
		Each Holder shall surrender the certificate or certificates representing all
		shares of Series A-3 Convertible Preferred held by such Holder to the
		Corporation, duly endorsed (or otherwise in proper form for transfer, as
		determined by the Corporation) and the Corporation shall issue to such Holder
		that number of shares of Class A Common Stock to which such Holder is entitled,
		as calculated in accordance with this paragraph; provided,
		however, that
		if a Holder shall notify the Corporation within five (5) Business Days of
		receipt of the Mandatory Conversion Notice that it wishes to receive Class C
		Common Stock in accordance with this paragraph, the Corporation shall issue
		such Holder an equal number of shares of Class C Common Stock to which such
		Holder is entitled as calculated in accordance with this
		paragraph.

	  

	 (iii) (A) In
		case the Corporation shall (I) pay a dividend or distribution in shares of
		Class A Common Stock on its shares of Class A Common Stock, (II) subdivide its
		outstanding shares of Class A Common Stock into a greater number of shares,
		(III) combine its outstanding shares of Class A Common Stock into a smaller
		number of shares, or (IV) issue, by reclassification of its shares of Class A
		Common Stock, any shares of its Capital Stock (each such transaction being
		called a “Stock
		Transaction”),
		then and in each such case, the Conversion Price in effect immediately prior
		thereto shall be adjusted so that the Holder of a share of Series A-3
		Convertible Preferred surrendered for conversion after the record date fixing
		stockholders to be affected by such Stock Transaction shall be entitled to
		receive upon conversion the number of Conversion Shares which such Holder would
		have been entitled to receive after the happening of such event had such share
		of Series A-3 Convertible Preferred been converted immediately prior to such
		record date. Such adjustment shall be made 

	 
		 

		8

		 

		

		 

	 

	  

	 whenever
		any Stock Transaction occurs, but shall also be effective retroactively as to
		shares of Series A-3 Convertible Preferred converted between such record date
		and the date of the happening of any such Stock Transaction.

	  

	 (B) If the
		Corporation shall, at any time or from time to time while any shares of Series
		A-3 Convertible Preferred are outstanding, issue or sell any right or warrant
		to purchase, acquire or subscribe for shares of Class A Common Stock (including
		a right or warrant with respect to any security convertible into or
		exchangeable for shares of Class A Common Stock) generally to holders of its
		Common Stock (including by way of a reclassification of shares or a
		recapitalization of the Corporation), for a consideration on the date of such
		issuance or sale less than the Common Stock Value of the shares of Class A
		Common Stock underlying such rights or warrants on the date of such issuance or
		sale, then and in each such case, the Conversion Price shall be adjusted by
		multiplying such Conversion Price by a fraction, the numerator of which shall
		be the sum of (I) the Common Stock Value per share of Class A Common Stock on
		the first Business Day after the date of the public announcement of the actual
		terms (including the price terms) of such issuance or sale multiplied by the
		number of shares of Class A Common Stock outstanding immediately prior to such
		issuance or sale plus (II) the aggregate Fair Market Value of the consideration
		to be received by the Corporation in connection with the issuance or sale of
		the rights or warrants plus the aggregate consideration to be received in
		respect of the purchase of the shares of Class A Common Stock underlying such
		rights or warrants, and the denominator of which shall be the Common Stock
		Value per share of Class A Common Stock on the Business Day immediately
		preceding the public announcement of the actual terms (including the price
		terms) of such issuance or sale multiplied by the aggregate number of shares of
		Class A Common Stock (I) outstanding immediately prior to such issuance or sale
		plus (II) underlying such rights or warrants at the time of such issuance or
		sale. For the purposes of the preceding sentence, the aggregate consideration
		receivable by the Corporation in connection with the issuance or sale of any
		such right or warrant shall be deemed to be equal to the sum of the aggregate
		offering price (before deduction of reasonable underwriting discounts or
		commissions and expenses) of all such rights or warrants. No adjustment to the
		Conversion Price pursuant to this paragraph (B) shall be made if, in
		conjunction with any such issuance or sale by the Corporation generally to
		holders of its Common Stock, the Corporation issues or offers to sell to the
		Holders such rights or warrants on the same basis as the Holders would have
		received had their shares of Series A-3 Convertible Preferred been converted
		into shares of Class A Common Stock (or Class C Common Stock, as the case may
		be) immediately prior to the such issuance or sale. Upon the expiration or
		termination of any such rights or warrants without the exercise of such rights
		or warrants, the Conversion Price then in effect shall be adjusted immediately
		to the Conversion Price which would have been in effect at the time of such
		expiration or termination had such rights or warrants, to the extent
		outstanding immediately prior to such expiration or termination, never been
		issued, although such adjustment shall not effect previously converted
		shares.

	  

	 (C) In the
		event the Corporation shall at any time or from time to time while any shares
		of Series A-3 Convertible Preferred are outstanding declare, order, pay or make
		a dividend or other distribution generally to holders of its Common Stock in
		stock or other securities or rights or warrants to subscribe for securities of
		the 

	 
		 

		9

		 

		

		 

	 

	  

	 Corporation
		or any of its subsidiaries or evidences of Indebtedness of the Corporation or
		any other person or pay any Extraordinary Cash Dividend (other than any
		dividend or distribution on the Class A Common Stock (I) referred to in
		paragraphs (A) or (B) above or (II) if in conjunction therewith the Corporation
		declares and pays or makes a dividend or distribution on each share of Series
		A-3 Convertible Preferred which is the same as the dividend or distribution
		that would have been made or paid with respect to such share of Series A-3
		Convertible Preferred had such share been converted into shares of Class A
		Common Stock immediately prior to the record date for any such dividend or
		distribution on the Class A Common Stock), then, and in each such case, an
		appropriate adjustment to the Conversion Price shall be made so that the Holder
		of each share of Series A-3 Convertible Preferred shall be entitled to receive,
		upon the conversion thereof, the number of shares of Class A Common Stock
		determined by multiplying (x) the number of shares of Class A Common Stock into
		which such share was convertible on the day immediately prior to the record
		date fixed for the determination of stockholders entitled to receive such
		dividend or distribution by (y) a fraction, the numerator of which shall be the
		Common Stock Value per share of Class A Common Stock as of such record date,
		and the denominator of which shall be such Common Stock Value per share of
		Class A Common Stock less the Fair Market Value per share of Class A Common
		Stock of such dividend or distribution (as determined in good faith by the
		Board of Directors, as evidenced by a Board Resolution mailed to each holder of
		Series A-3 Convertible Preferred). An adjustment made pursuant to this
		paragraph (C) shall be made upon the opening of business on the next Business
		Day following the date on which any such dividend or distribution is made and
		shall be effective retroactively to the close of business on the record date
		fixed for the determination of stockholders entitled to receive such dividend
		or distribution.

	  

	 (D) In the
		event the Company shall, at any time or from time to time while any shares of
		Series A-3 Convertible Preferred are outstanding, repurchase (a
		“Repurchase”)
		any portion of the Class A Common Stock from holders generally at a premium
		over the Common Stock Value thereof on the next trading day immediately
		preceding the consummation of such Repurchase, then and in the case of each
		Repurchase the Conversion Price in effect immediately prior thereto shall be
		adjusted by multiplying such Conversion Price by the fraction the numerator of
		which is (I) the product of (x) the number of shares of Class A Common Stock
		outstanding immediately before such Repurchase multiplied by (y) the Common
		Stock Value per share of Class A Common Stock on the next trading day
		immediately following the consummation of such Repurchase minus (II) the
		aggregate purchase price of the Repurchase and the denominator of which shall
		be the product of (x) the number of shares of Class A Common Stock outstanding
		immediately before such Repurchase minus the number of shares of Class A Common
		Stock Repurchased by the Company multiplied by (y) the Common Stock Value per
		share of Class A Common Stock on the next trading day immediately following the
		consummation of such Repurchase. Such adjustment shall be made whenever any
		such Repurchase occurs, but shall also be effective retroactively as to shares
		of Series A-3 Convertible Preferred converted between such record date and the
		date of the happening of any such Repurchase. 

	 
		 

		10

		 

		

		 

	 

	  

	 (iv) No
		adjustment in the Conversion Price will be required to be made in any case
		until cumulative adjustments amount to 1% or more of the Conversion Price, but
		any such adjustment that would otherwise be required to be made shall be
		carried forward and taken into account in any subsequent
		adjustment.

	  

	 (v) In the
		event of any capital reorganization (other than a capital reorganization
		covered by paragraph (ii)(C) above) or reclassification of outstanding shares
		of Common Stock of the Corporation (other than a reclassification covered by
		paragraph (ii)(A) above), or in case of any merger, consolidation or other
		corporate combination of the Corporation with or into another corporation, or
		in case of any sale or conveyance to another corporation of the property of the
		Corporation as an entirety or substantially as an entirety (each of the
		foregoing being referred to as a “Transaction”),
		each share of Series A-3 Convertible Preferred shall continue to remain
		outstanding if the Corporation is the Surviving Person (as defined below) of
		such Transaction, and shall be subject to all the provisions hereof, as in
		effect prior to such Transaction, or if the Corporation is not the Surviving
		Person, each share of Series A-3 Convertible Preferred shall be exchanged in
		such Transaction for a new series of convertible preferred stock of the
		Surviving Person, or in the case of a Surviving Person other than a
		corporation, comparable securities of such Surviving Person, in either case
		having economic terms as nearly equivalent as possible to, and with the same
		voting and other rights as, the Series A-3 Convertible Preferred, including
		entitling the holder thereof to receive, upon presentation of the certificate
		therefor to the Surviving Person subsequent to the consummation of such
		Transaction, the kind and amount of shares of stock and other securities and
		property receivable (including cash) upon the consummation of such Transaction
		by a holder of that number of shares of Class A Common Stock into which one
		share of Series A-3 Convertible Preferred was convertible immediately prior to
		such Transaction. In case securities or property other than Common Stock shall
		be issuable or deliverable upon conversion as aforesaid, then all references in
		this paragraph (v) shall be deemed to apply, so far as appropriate and as
		nearly as may be, to such other securities or property. If the holders of Class
		A Common Stock have the opportunity to elect the form of consideration to be
		received by them in such Transaction, then from and after the effective date of
		such Transaction, the Series A-3 Convertible Preferred shall be convertible
		into the consideration that a majority of the holders of the Class A Common
		Stock who made such election received in such Transaction. 

	  

	 Notwithstanding
		anything contained herein to the contrary, the Corporation will not effect any
		Transaction unless, prior to the consummation thereof, proper provision is made
		to ensure that the holders of shares of Series A-3 Convertible Preferred will
		be entitled to receive the benefits afforded by this paragraph
		(v).

	  

	 For
		purposes of this paragraph (v), “Surviving
		Person”
		shall mean the continuing or surviving Person of a merger, consolidation or
		other corporate combination, the Person receiving a transfer of all or
		substantially all of the properties and assets of the Corporation, or the
		Person consolidating with or merging into the Corporation in a merger,
		consolidation or other corporate combination in which the Corporation is the
		continuing or surviving Person, but in connection with which the Series A-3
		Convertible 

	 
		 

		11

		 

		

		 

	 

	  

	 Preferred
		or Common Stock of the Corporation is exchanged, converted or reclassified into
		the securities of any other Person or cash or any other property.

	  

	 (vi) The
		conversion price shall initially equal $0.75 per share, and shall increase from
		and after the Issue Date at a rate equal to the dividend rate on the Series A-3
		Convertible Preferred as set forth in paragraph (c)(i) (the “Conversion
		Price”).
		The Conversion Price shall be subject to adjustment as provided in this
		paragraph (g).

	  

	 (vii) From and
		after an Initial Public Offering, the Corporation shall cause the shares of
		Class A Common Stock issuable upon conversion of the Series A-3 Convertible
		Preferred (or in the case of a Holder’s election to convert into Class C
		Common Stock, upon conversion of such Class C Common Stock) to be approved for
		listing on the principal securities exchange on which the Class A Common Stock
		may at the time be listed for trading, subject to official notification of
		issuance, prior to the date of issuance thereof. Notwithstanding anything in
		this Certificate of Designation to the contrary, no Holders shall be entitled
		to exercise the conversion rights set forth in this paragraph (g) until such
		time as any conditions for listing the Class A Common Stock issuable upon
		conversion of the Series A-3 Convertible Preferred on the principal securities
		exchange on which the Class A Common Stock may be listed for trading, if any
		and if applicable, have been satisfied.

	  

	 (viii) Notwithstanding
		anything to the contrary contained in this paragraph (g), there shall be no
		adjustment to the Conversion Price in connection with any issuance of
		additional shares of Series A-3 Convertible Preferred or any other securities
		that are or may be or become issued or issuable in connection with the
		transactions contemplated by the Master Transaction Agreement.

	  

	 (h) Reissuance
		of Series A-3 Convertible Preferred. Shares
		of Series A-3 Convertible Preferred that have been issued and reacquired in any
		manner, including shares purchased or redeemed or exchanged, shall (upon
		compliance with any applicable provisions of the General Corporation Law of the
		State of Delaware) have the status of authorized and unissued shares of
		Preferred Stock undesignated as to series and may be redesignated and reissued
		as part of any series of Preferred Stock; provided that
		any issuance of such shares as Series A-3 Convertible Preferred must be in
		compliance with the terms hereof.

	  

	 (i) Business
		Day. If any
		payment or redemption shall be required by the terms hereof to be made on a day
		that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.

	 
		 

		12

		 

		

		 

	 

	  

	 (j) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.

	  

	 (k) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:

	  

	 “Board
		of Directors”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Board
		Resolution”
		means a copy of a resolution certified pursuant to an Officers’
		Certificate to have been duly adopted by the Board of Directors and to be in
		full force and effect.

	  

	 “Business
		Day”
		means any day except a Saturday, a Sunday, or any day on which banking
		institutions in New York, New York are required or authorized by law or other
		governmental action to be closed.

	  

	 “Capital
		Stock”
		means (i) with respect to any Person that is a corporation, any and all shares,
		interests, participations or other equivalents (however designated) of capital
		stock, including each class of common stock and preferred stock of such Person
		and (ii) with respect to any Person that is not a corporation, any and all
		partnership, membership or other equity interests of such Person.

	  

	 “Capitalized
		Lease Obligation”
		means, as to any Person, the obligation of such Person to pay rent or other
		amounts under a lease to which such Person is a party that is required to be
		classified and accounted for as capital lease obligations under GAAP and, for
		purposes of this definition, the amount of such obligations at any date shall
		be the capitalized amount of such obligations at such date, determined in
		accordance with GAAP. 

	  

	 “Certificate
		of Incorporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Class
		A Common Stock”
		means the Class A Common Stock, par value $.001 per share, of the
		Corporation.

	  

	 “Class
		C Common Stock”
		means the Class C Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 “Class
		D Common Stock”
		means the Class D Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 “Commission”
		means the Securities and Exchange Commission.

	 
		 

		13

		 

		

		 

	 

	  

	 “Common
		Stock”
		of any Person means any and all shares, interests or other participations in,
		and other equivalents (however designated and whether voting or non-voting) of,
		such Person’s common stock, whether outstanding on the Issue Date or
		issued after the Issue Date, and includes, without limitation, all series and
		classes of such common stock.

	  

	 “Common
		Stock Value”
		on any date means, with respect to the Class A Common Stock or the Class D
		Common Stock, the last sale price for the Class A Common Stock or the Class D
		Common Stock, regular way, or, in case no such sale takes place on such date,
		the average of the closing bid and asked prices, regular way, for the Class A
		Common Stock or the Class D Common Stock, in either case as reported in the
		principal consolidated transaction reporting system with respect to the
		principal national securities exchange on which the Class A Common Stock or the
		Class D Common Stock is listed or admitted to trading or, if neither the Class
		A Common Stock nor the Class D Common Stock is listed or admitted to trading on
		any national securities exchange, the last quoted price, or, if not so quoted,
		the average of the high bid and low asked prices in the over-the-counter
		market, as reported by the principal automated quotation system that may then
		be in use or, if neither the Class A Common Stock nor the Class D Common Stock
		is quoted by any such organization, the average of the closing bid and asked
		prices as furnished by a professional market maker making a market in the Class
		A Common Stock or the Class D Common Stock selected by the Board of Directors
		or, in the event that no trading price is available for the Class A Common
		Stock or the Class D Common Stock, the fair market value of the Class A Common
		Stock, as determined in good faith by the Board of Directors.

	  

	 “Communications
		Act”
		means the Communications Act of 1934, as amended (including, without
		limitation, the Cable Communications Policy Act of 1984 and the Cable
		Television Consumer Protection and Competition Act of 1992) and all rules and
		regulations of the FCC, in each case as from time to time in
		effect.

	  

	 “Consolidated
		EBITDA”
		means, for any Person, for any period, an amount equal to (a) the sum of
		Consolidated Net Income for such period, plus, to the extent deducted from the
		revenues of such Person in determining Consolidated Net Income, (i) the
		provision for taxes for such period based on income or profits and any
		provision for taxes utilized in computing a loss in Consolidated Net Income
		above, plus (ii) Consolidated Interest Expense, net of interest income earned
		on cash or cash equivalents for such period (including, for this purpose,
		dividends on preferred stock only to the extent that such dividends were
		deducted in determining Consolidated Net Income), plus (iii) depreciation for
		such period on a consolidated basis, plus (iv) amortization of intangibles and
		broadcast program licenses for such period on a consolidated basis, minus (b)
		scheduled payments relating to broadcast program license liabilities, except
		that with respect to the Corporation each of the foregoing items shall be
		determined on a consolidated basis with respect to the Corporation and its
		Subsidiaries only; provided,
		however, that,
		for purposes of calculating Consolidated EBITDA during 

	 
		 

		14

		 

		

		 

	 

	  

	 any
		fiscal quarter, cash income from a particular Investment of such Person shall
		be included only if cash income has been received by such Person as a result of
		the operation of the business in which such Investment has been made in the
		ordinary course without giving effect to any extraordinary, unusual and
		non-recurring gains.

	  

	 “Consolidated
		Interest Expense”
		means, with respect to any Person, for any period, the aggregate amount of
		interest which, in conformity with GAAP, would be set forth opposite the
		caption “interest expense” or any like caption on an income statement
		for such Person and its Subsidiaries on a consolidated basis, including, but
		not limited to, imputed interest included in Capitalized Lease Obligations, all
		commissions, discounts and other fees and charges owed with respect to letters
		of credit and bankers’ acceptance financing, the net costs associated with
		hedging obligations, amortization of other financing fees and expenses, the
		interest portion of any deferred payment obligation, amortization of discount
		or premium, if any, and all other non-cash interest expense (other than
		interest amortized to cost of sales) plus, without duplication, all net
		capitalized interest for such period and all interest incurred or paid under
		any guarantee of indebtedness (including a guarantee of principal, interest or
		any combination thereof) of any Person, and all time brokerage fees relating to
		financing of television stations which the Corporation has an agreement or
		option to acquire.

	  

	 “Consolidated
		Net Income”
		means, with respect to any Person, for any period, the aggregate of the net
		income (or loss) of such Person and its Subsidiaries for such period, on a
		consolidated basis, determined in accordance with GAAP; provided,
		however, that
		(a) the net income of any Person (the “other Person”) in which the
		Person in question or any of its Subsidiaries has less than a 100% interest
		(which interest does not cause the net income of such other Person to be
		consolidated into the net income of the Person in question in accordance with
		GAAP) shall be included only to the extent of the amount of dividends or
		distributions paid to the Person in question or to the Subsidiary, (b) the net
		income of any Subsidiary of the Person in question that is subject to any
		restriction or limitation on the payment of dividends or the making of other
		distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity entitlements granted to employees of the
		Corporation and its Subsidiaries) increasing and decreasing Consolidated Net
		Income and not otherwise included in the definition of Consolidated EBITDA
		shall be excluded.

	 
		 

		15

		 

		

		 

	 

	  

	 “Conversion
		Price”
		has the meaning ascribed to it in paragraph (g)(vi) hereof.

	  

	 “Conversion
		Shares”
		means (i) the number of shares of Class A Common Stock or (ii) with respect to
		any Holder, if such Holder determines, after consultation with its outside
		legal counsel, that such Holder is prevented under the Communications Act from
		holding shares of Class A Common Stock issuable upon conversion of such
		Holder’s shares of Series A-3 Convertible Preferred, an equal number of
		shares of Class C Common Stock of the Corporation (such Class C Common Stock
		shall, (1) upon disposition by such Holder to any other Person that such Holder
		determines is not prevented under the Communications Act from holding shares of
		Class A Common Stock or (2) upon the determination by such Holder that the
		Communications Act no longer prohibits such Holder from holding shares of Class
		A Common Stock, in either case, after consultation by such Person with outside
		legal counsel and, if required by the Corporation, delivery by such Person to
		the Corporation an Opinion of Counsel reasonably acceptable to the Corporation
		to the effect that the Conversion of such Class C Common Stock to Class A
		Common Stock will not violate or conflict with the Communications Act,
		automatically be converted into an equal number of shares of Class A Common
		Stock), into which the Series A-3 Convertible Preferred is from time to time
		convertible.

	  

	 “Corporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Designated
		Investment Bank”
		means an investment bank selected by the Purchasing Party from a list of three
		internationally recognized investment banks provided to the Purchasing Party by
		the Company pursuant to Section 2.07 of the Master Transaction
		Agreement.

	  

	 “Exchange
		Act”
		means the Securities Exchange Act of 1934, as amended, and the rules and
		regulations promulgated thereunder.

	  

	 “Extraordinary
		Cash Dividend”
		means cash dividends with respect to the Class A Common Stock the aggregate
		amount of which in any fiscal year exceeds 10% of Consolidated EBITDA of the
		Corporation and its subsidiaries for the fiscal year immediately preceding the
		payment of such dividend.

	  

	 “Fair
		Market Value”
		of any consideration other than cash or of any securities shall mean the amount
		which a willing buyer would pay to a willing seller in an arm’s-length
		transaction as determined by an independent investment banking or appraisal
		firm experienced in the valuation of such securities or property selected in
		good faith by the Board of Directors or a committee thereof.

	  

	 “FCC”
		means the Federal Communications Commission and any successor governmental
		entity performing functions similar to those performed by the Federal
		Communications Commission on the Issue Date.

	 
		 

		16

		 

		

		 

	 

	  

	 “GAAP”
		means generally accepted accounting principles consistently applied as in
		effect in the United States from time to time.

	  

	 “Holder”
		means a holder of then outstanding shares of Series A-3 Convertible Preferred
		as reflected in the stock books of the Corporation.

	  

	 “Initial
		Public Offering”
		means the initial underwritten sale of equity securities of the Corporation
		occurring after the Issue Date pursuant to an effective registration statement
		under the Securities Act.

	  

	 “Issue
		Date”
		means the date of the issuance of Series A-3 Convertible
		Preferred.

	  

	 “Issue
		Price”
		means $10,000 per share of Series A-3 Convertible Preferred.

	  

	 “Junior
		Preferred Stock”
		means, collectively, (i) 141⁄4% Preferred, (ii) 93⁄4% Preferred,
		(iii) Series B Convertible Preferred, (iv) Series C Preferred Stock, (v) Series
		C Convertible Preferred, (vi) Series D Convertible Preferred, (vii) Series E-1
		Convertible Preferred, (viii) Series E-2 Convertible Preferred, and (ix) Series
		F Non-Convertible Preferred, in each case as defined in the Master Transaction
		Agreement. 

	  

	 “Junior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Liquidation
		Preference”
		has the meaning ascribed to it in paragraph (a) hereof.

	  

	 “Mandatory
		Conversion”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Event”
		means the earlier to occur of: (i) the date on which the last sale price for
		the Class A Common Stock or Class D Common Stock, regular way, or, in case no
		such sale takes place on such date, the average of the closing bid and asked
		prices, regular way, for the Class A Common Stock or Class D Common Stock, in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal national securities exchange on which the
		Class A Common Stock or Class D Common Stock is listed or admitted to trading,
		or, if neither Class A Common Stock nor Class D Common Stock is listed or
		admitted to trading on any national securities exchange, the last quoted price,
		or, if not so quoted, the average of the high bid and low asked prices in the
		over-the-counter market, as reported by the principal automated quotation
		system that may then be in use, for the Class A Common Stock or Class D Common
		Stock for fifteen (15) consecutive trading days is equal to or greater than the
		Mandatory Conversion Trigger Price as then in effect; and (ii) the issuance by
		the Corporation of Common Stock at an issue price per share not less than the
		Mandatory Conversion Trigger Price as then in effect for aggregate gross
		proceeds (before deduction of underwriting commissions and 

	 
		 

		17

		 

		

		 

	 

	  

	 other
		expenses of sale) of not less than $75,000,000, provided that if such issuance
		is made to a Purchasing Party, the Designated Investment Bank shall have
		provided an opinion in customary form to the Company to the effect that the
		issue price per share of Common Stock is at or higher than the fair market
		value of a share of Common Stock.

	  

	 “Mandatory
		Conversion Notice”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Trigger Price”
		means (A) in the event the Mandatory Conversion Event occurs on or after the
		first anniversary but prior to the second anniversary of the Issue Date, 102%
		of the Conversion Price, (B) in the event the Mandatory Conversion Event occurs
		on or after the second anniversary but prior to the third anniversary of the
		Issue Date, 101% of the Conversion Price, or (C) in the event the Mandatory
		Conversion Event occurs on or after the third anniversary of the Issue Date,
		the Conversion Price.

	  

	 “Master
		Transaction Agreement”
		means the Master Transaction Agreement dated as of May 3, 2007 among the
		Corporation, NBC Universal, Inc., NBC Palm Beach Investment I, Inc., NBC Palm
		Beach Investment II, Inc., and CIG Media LLC, as may be amended, modified or
		restated from time to time. 

	  

	 “Obligations”
		means all obligations for principal, premium, interest, penalties, fees,
		indemnifications, reimbursements, damages and other liabilities payable under
		the documentation governing, or otherwise relating to, any
		Indebtedness.

	  

	 “Officers’
		Certificate”
		means a certificate signed by two officers or by an officer and either an
		Assistant Treasurer or an Assistant Secretary of the Corporation which
		certificate shall include a statement that, in the opinion of such signers all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. In addition, such certificate shall
		include (i) a statement that the signatories have read the relevant covenant or
		condition, (ii) a brief statement of the nature and scope of such examination
		or investigation upon which the statements are based, (iii) a statement that,
		in the opinion of such signatories, they have made such examination or
		investigation as is reasonably necessary to express an informed opinion and
		(iv) a statement as to whether or not, in the opinion of the signatories, such
		relevant conditions or covenants have been complied with.

	  

	 “Opinion
		of Counsel”
		means an opinion of counsel that, in such counsel’s opinion, all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. Such opinion shall also include the
		statements called for in the second sentence under “Officers’
		Certificate”.

	 
		 

		18

		 

		

		 

	 

	  

	 “Pari
		Passu Preferred Stock”
		means collectively, (i) Series A-1 Convertible Preferred and (ii) Series A-2
		Preferred Stock, in each case as defined in the Master Transaction Agreement.
		

	  

	 “Parity
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.

	  

	 “Purchasing
		Party”
		means CIG Media LLC, NBC Universal, Inc. and their respective Affiliates.
		

	  

	 “Preferred
		Stock”
		of any Person means any Capital Stock of such Person that has preferential
		rights to any other Capital Stock of such Person with respect to dividends or
		redemption or upon liquidation.

	  

	 “Redemption
		Date”
		has the meaning ascribed to it in paragraph (e)(i) hereof.

	  

	 “Redemption
		Notice”
		has the meaning ascribed to it in paragraph (e)(ii) hereof.

	  

	 “Redemption
		Price”
		means the Issue Price plus (as applicable) all accrued and unpaid dividends
		through and including the date of redemption.

	  

	 “Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinanced” and “Refinancing” has the
		correlative meaning. 

	  

	 “Repurchase”
		has the meaning ascribed to it in paragraph (g)(iii)(D) hereof.
		

	  

	 “Securities
		Act”
		means the Securities Act of 1933, as amended, and the rules and regulations
		promulgated thereunder.

	  

	 “Senior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Series
		A-3 Convertible Preferred”
		has the meaning ascribed to it in paragraph (a) hereof.

	 
		 

		19

		 

		

		 

	 

	  

	 “Subsidiary”,
		with respect to any Person, means (i) any corporation of which the outstanding
		Capital Stock having at least a majority of the votes entitled to be cast in
		the election of directors under ordinary circumstances shall at the time be
		owned, directly or indirectly, by such Person or (ii) any other Person of which
		at least a majority of the voting interest under ordinary circumstances is at
		the time, directly or indirectly, owned by such Person.

	  

	 “Stock
		Transaction”
		has the meaning ascribed to it in paragraph (g)(iii) hereof.

	  

	 “Surviving
		Person”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Transaction”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Voting
		Rights Triggering Event”
		has the meaning ascribed to it in paragraph (f)(iii)(A) hereof.

	  

	 “Wholly-Owned
		Subsidiary”
		means any Subsidiary all of the outstanding voting securities (other than
		directors’ qualifying shares) of which are owned, directly or indirectly,
		by the Corporation.

	 
		 

		20

		 

		

		 

	 

	  

	 IN
		WITNESS WHEREOF, said ION Media Networks, Inc. has caused this Certificate to
		be signed by its duly authorized officer this 4th day of May,
		2007.

	 
			 	 	 
	 	
				ION
				  MEDIA NETWORKS, INC.
 
	 
 	 
 	 
 
	 	By:  	/s/
				Richard Garcia
	 	
				

				
	 	Name: Richard
				Garcia
Title: Chief Financial Officer

 

	  

	 

		Certificate
		  of Designation

	 
		 

		 

		 

		

	 

   
	  

	 EXHIBIT
		I to the Master Transaction Agreement

	  

	 Series
		B Convertible Preferred Certificate of Designation

	  

	 

	 
	 

	 
	 
		Exhibit I
	 

	 
		to the Master Transaction
		Agreement
	 

	 
		Series B Convertible Preferred
		Certificate of Designation
	 

	 
		CERTIFICATE OF DESIGNATION OF THE
		POWERS,
	 

	 
		PREFERENCES AND RELATIVE,
		PARTICIPATING,
	 

	 
		OPTIONAL AND OTHER SPECIAL RIGHTS OF 

	 

	 
		12% SERIES B MANDATORILY CONVERTIBLE
		PREFERRED STOCK
	 

	 
		AND QUALIFICATIONS, LIMITATIONS AND
		RESTRICTIONS THEREOF
	 

	 
		Pursuant to Section 151 of the
	 

	 
		General Corporation Law of the State of
		Delaware
	 

	 
		ION Media Networks, Inc. (the
		“Corporation”), a corporation organized and existing under the
		General Corporation Law of the State of Delaware, does hereby certify that,
		pursuant to the authority conferred upon the board of directors of the
		Corporation (the “Board of
		Directors”) by the Certificate of
		Incorporation of the Corporation, as amended (hereinafter referred to as the
		“Certificate of
		Incorporation”), and pursuant to
		the provisions of Section 151 of the General Corporation Law of the State of
		Delaware, the Board of Directors, on May 3, 2007, duly approved and adopted the
		following resolution:
	 

	 
		RESOLVED, that, pursuant to the authority
		vested in the Board of Directors by the Certificate of Incorporation, the Board
		of Directors does hereby create, authorize and provide for the issuance of 12%
		Series B Mandatorily Convertible Preferred Stock, par value $.001 per share,
		with a liquidation preference of $10,000 per share, consisting of 3,000 shares,
		having the designations, preferences, relative, participating, optional and
		other special rights and the qualifications, limitations and restrictions
		thereof that are set forth in the Certificate of Incorporation and in this
		resolution as follows:
	 

	 
		(a) Designation.
		There is hereby created out of the authorized and unissued shares of Preferred
		Stock of the Corporation a series of Preferred Stock designated as the
		“12% Series B Mandatorily Convertible Preferred Stock.” The number of
		shares constituting such series shall be 3,000 and are referred to as the
		“Series B Convertible Preferred.” The liquidation preference of the
		Series B Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).
	 

	 
		(b) Rank. The Series
		B Convertible Preferred shall, with respect to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation, rank (i) senior
		to the Junior Preferred Stock, to all classes of Common Stock of the
		Corporation and to each other class of Capital Stock of the Corporation or
		series of Preferred Stock of the Corporation hereafter created, the terms of
		which do not expressly provide that it ranks senior to, or on a parity with,
		the Series B Convertible Preferred as to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation (collectively
		referred to, together with all classes of Common Stock of the Corporation, as
		“Junior Securities”); (ii) on a parity with Pari Passu Preferred
		Stock and
	 

	 
		 
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 
	 

	 

	 
		with any class of Capital Stock of the
		Corporation or series of Preferred Stock of the Corporation hereafter created
		the terms of which expressly provide that such class or series will rank on a
		parity with the Series B Convertible Preferred as to dividends and
		distributions upon liquidation, winding up or dissolution of the Corporation
		(collectively referred to as “Parity Securities”), provided that any such Parity Securities not
		issued in accordance with the requirements of paragraph (f)(i) hereof shall be
		deemed to be Junior Securities and not Parity Securities; and (iii) junior to
		the Senior Preferred Stock and to each other class of Capital Stock of the
		Corporation or series of Preferred Stock of the Corporation hereafter created
		the terms of which expressly provide that such class or series will rank senior
		to the Series B Convertible Preferred as to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation (collectively
		referred to as “Senior
		Securities”), provided that any
		such Senior Securities not issued in accordance with the requirements of
		paragraph (f)(i) hereof shall be deemed to be Junior Securities and not Senior
		Securities.
	 

	 
		(c) Dividends.
		
	 

	 
		(i) Beginning on the Issue Date, the Holders
		shall be entitled to receive, when, as and if declared by the Board of
		Directors, out of funds legally available therefor, dividends on each share of
		Series B Convertible Preferred at the higher of (x) a rate per annum equal to
		12% of the Issue Price and (y) the aggregate cash dividends per share paid on
		the Class D Common Stock from (A) the later of the Issue Date or the date of
		the last payment of a cash dividend on the Class D Common Stock to (B) the date
		of such determination, multiplied by the number of shares of Class D Common
		Stock into which each share of Series B Convertible Preferred is convertible.
		All dividends shall accrue and be cumulative, whether or not earned or
		declared, on a quarterly basis, in arrears, from the Issue Date, but shall be
		payable only at such time or times as may be fixed by the Board of Directors or
		as otherwise provided herein and shall not compound. Dividends shall be payable
		to those Holders who are Holders on such dates as the Board of Directors may
		determine with respect to such dividends. Dividends shall cease to accrue and
		accumulate in respect of shares of the Series B Convertible Preferred on the
		date of conversion of such shares or the date of the redemption of such shares
		unless the Corporation shall have failed to pay or make available for payment
		the relevant redemption price on the date fixed for redemption.
	 

	 
		(ii) All dividends paid with respect to
		shares of the Series B Convertible Preferred pursuant to paragraph (c)(i) shall
		be paid in cash pro rata to the Holders entitled thereto.
	 

	 
		(d) Liquidation.
	 

	 
		(i) In the event of any voluntary or
		involuntary liquidation, dissolution or winding up of the affairs of the
		Corporation, each Holder shall be entitled to be paid, out of the assets of the
		Corporation available for distribution to its stockholders and before any
		distribution shall be made or any assets distributed to the holders of any of
		the Junior Securities, including, without limitation, the Common Stock of the
		Corporation, an amount in cash equal to the greater of (A) the Liquidation
		Preference for each
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		outstanding share of Series B Convertible
		Preferred, plus, without duplication, an amount in cash equal to accumulated
		and unpaid dividends thereon to the date fixed for such liquidation,
		dissolution or winding up, and (B) the amount per share which would have been
		payable upon such liquidation, dissolution or winding up to the holders of
		shares of Class A Common Stock or such other class or series of stock into
		which the Series B Convertible Preferred is then convertible (assuming the
		conversion of each share of then convertible Series B Convertible Preferred and
		without deduction for the Liquidation Preference otherwise payable pursuant to
		clause (A) hereof), multiplied by the number of shares of Class A Common Stock
		into which such shares of Series B Convertible Preferred are then convertible.
		Except as provided in the preceding sentence, Holders of Series B Convertible
		Preferred shall not be entitled to any distribution in the event of any
		liquidation, dissolution or winding up of the affairs of the Corporation. If
		the assets of the Corporation are not sufficient to pay in full the liquidation
		payments payable to the Holders and to any holders of all other Parity
		Securities, then such assets shall be distributed among the Holders and any
		holders of such other Parity Securities ratably in accordance with the
		respective amounts that would be payable on such shares of Series B Convertible
		Preferred and any such shares of other Parity Securities if all amounts payable
		thereon were paid in full.
	 

	 
		(ii) For the purposes of this paragraph (d),
		neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
		securities or other consideration) of all or substantially all of the property
		or assets of the Corporation nor the consolidation or merger of the Corporation
		with or into one or more entities shall be deemed to be a liquidation,
		dissolution or winding up of the affairs of the Corporation.
	 

	 
		(e) Redemption.
	 

	 
		(i) Mandatory Redemption. The Corporation shall redeem, in the manner provided
		for in paragraph (e)(ii) hereof, and out of funds legally available therefor
		all of the outstanding shares of Series B Convertible Preferred for cash on
		August 31, 2013 (the “Redemption
		Date”), at a price per share equal
		to the Redemption Price.
	 

	 
		(ii) Procedures for Redemption. (A) At least 90 days prior to the Redemption Date,
		written notice (the “Redemption
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice nor any
		deficiency therein shall affect the validity of the procedure for the
		redemption of any shares of Series B Convertible Preferred as to the Holder or
		Holders to whom the Corporation has failed to give said notice or to whom such
		notice was defective. The Redemption Notice shall state:
	 

	 
		(1) the Redemption Price;
	 

	 
		(2) that the Holder is to surrender to the
		Corporation, in the manner, at the place or places and at the price designated,
		its certificate or certificates representing the shares of Series B Convertible
		Preferred; and
	 

	 
		 
	 

	 
		 
	 

	 
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		(3) that dividends on the shares of the
		Series B Convertible Preferred shall cease to accumulate on such Redemption
		Date unless the Corporation defaults in the payment of the Redemption
		Price.
	 

	 
		(B) Each Holder shall surrender the
		certificate or certificates representing all shares of Series B Convertible
		Preferred held by such Holder to the Corporation, duly endorsed (or otherwise
		in proper form for transfer, as determined by the Corporation), in the manner
		and at the place or places designated in the Redemption Notice, and on the
		Redemption Date the full Redemption Price for such shares shall be payable in
		cash to the Person whose name appears on such certificate or certificates as
		the owner thereof, and each surrendered certificate shall be canceled and
		retired. 
	 

	 
		(C) On and after the Redemption Date, unless
		the Corporation defaults in the payment in full of the Redemption Price,
		dividends on the Series B Convertible Preferred shall cease to accumulate on
		the Redemption Date, and all rights of the Holders shall terminate with respect
		to the Series B Convertible Preferred on the Redemption Date, other than the
		right to receive the Redemption Price, without interest; provided,
		however, that if the Redemption Notice shall have been given
		and the funds necessary for redemption (including an amount in respect of all
		dividends that will accrue to the Redemption Date) shall have been segregated
		and irrevocably deposited in trust for the equal and ratable benefit of the
		Holders, then, at the close of business on the day on which such funds are
		segregated and set aside, the Holders shall cease to be stockholders of the
		Corporation and shall be entitled only to receive the Redemption Price.
	 

	 
		(f) Voting Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.
	 

	 
		(i) (A) So long as any shares of the Series
		B Convertible Preferred are outstanding, the Corporation may not issue any
		additional shares of Series B Convertible Preferred or any new class of Parity
		Securities or Senior Securities (or amend the provisions of any existing class
		of Capital Stock to make such class of Capital Stock Parity Securities or
		Senior Securities) without the approval of Holders holding at least a majority
		of the then outstanding shares of Series B Convertible Preferred, voting or
		consenting, as the case may be, together as one class given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting; provided, however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		B Convertible Preferred or prohibit the redemption by the Corporation of the
		Series B Convertible Preferred pursuant to paragraph (e)(i) above, in an amount
		sufficient to Refinance any series of Senior Securities, in whole or in part,
		with such shares being 
	 

	 
		 
	 

	 
		 
	 

	 
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		issued no sooner than the date the
		Corporation Refinances such series of Senior Securities.
	 

	 
		(B) So long as any shares of the Series B
		Convertible Preferred are outstanding, the Corporation shall not amend this
		Certificate of Designation so as to affect materially and adversely the rights,
		preferences or privileges of Holders without the affirmative vote or consent of
		Holders holding at least a majority of the then outstanding shares of Series B
		Convertible Preferred, voting or consenting, as the case may be, as one class,
		given in person or by proxy, either in writing or by resolution adopted at an
		annual or special meeting.
	 

	 
		(C) Except as set forth in paragraph
		(f)(i)(A) above, the creation, authorization or issuance of any shares of any
		Junior Securities, Parity Securities or Senior Securities or the increase or
		decrease in the amount of authorized Capital Stock of any class, including
		Preferred Stock, shall not require the consent of Holders and shall not be
		deemed to affect adversely the rights, preferences or privileges of such
		Holders.
	 

	 
		(ii) Without the affirmative vote or consent
		of Holders holding at least a majority of the then outstanding shares of Series
		B Convertible Preferred, voting or consenting, as the case may be, as a
		separate class, given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting, the Corporation shall not, in a single
		transaction or series of related transactions, consolidate or merge with or
		into, or sell, assign, transfer, lease, convey or otherwise dispose of all or
		substantially all of the Corporation’s assets (as an entirety or
		substantially as an entirety in one transaction or series of related
		transactions) to, another Person (other than a Wholly-Owned Subsidiary with,
		into or to another Wholly-Owned Subsidiary) or adopt a plan of liquidation
		unless (A) either (I) the Corporation is the surviving or continuing Person or
		(II) the Person (if other than the Corporation) formed by such consolidation or
		into which the Corporation is merged or the Person that acquires by conveyance,
		transfer or lease the properties and assets of the Corporation substantially as
		an entirety or, in the case of a plan of liquidation, the Person to which
		assets of the Corporation have been transferred shall be organized and existing
		under the laws of the United States or any State thereof or the District of
		Columbia; (B) the Series B Convertible Preferred shall be converted into or
		exchanged for and shall become shares of such successor, transferee or
		resulting Person with the same powers, preferences and relative, participating,
		optional or other special rights and the qualifications, limitations or
		restrictions thereon, that the Series B Convertible Preferred had immediately
		prior to such transaction; (C) immediately after giving effect to such
		transactions, no Voting Rights Triggering Event shall have occurred or shall
		have occurred after the Issue Date and be continuing; and (D) the Corporation
		has delivered to the transfer agent for the Series B Convertible Preferred
		prior to the consummation of the proposed transaction an Officers’
		Certificate and an Opinion of Counsel, each stating that such consolidation,
		merger or transfer complies with the terms hereof and that all conditions
		precedent herein relating to such transaction have been satisfied. For purposes
		of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a
		single transaction or series of related transactions) of all or substantially
		all of the properties and assets of one or more Subsidiaries of the
		Corporation, the Capital Stock of which constitutes all or substantially all of
		the properties and assets of the 
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		Corporation shall be deemed to be the
		transfer of all or substantially all of the properties and assets of the
		Corporation.
	 

	 
		(iii) (A) If the Corporation fails to
		discharge any redemption or conversion obligation with respect to the Series B
		Convertible Preferred (such failure being a “Voting Rights Triggering Event”), then, subject to paragraph (f)(iii)(E) below,
		Holders of at least a majority of the then outstanding shares of Series B
		Convertible Preferred, voting separately and as one class, shall have the
		exclusive right to elect the lesser of two directors and that number of
		directors constituting 25% of the members of the Board of Directors, at a
		meeting called for such purpose following the occurrence of such Voting Rights
		Triggering Event, and at every subsequent meeting at which the terms of office
		of the directors so elected by the Holders expire (other than as described in
		(f)(iii)(B) below), and the number of directors constituting the Board of
		Directors shall be increased by the number of directors so elected by the
		Holders. The voting rights provided herein shall be the exclusive remedy at law
		or in equity of the Holders for any Voting Rights Triggering Event.
	 

	 
		(B) The right of the Holders voting together
		as a separate class to elect members of the Board of Directors as set forth in
		paragraph (f)(iii)(A) above shall continue until such time as in all other
		cases, the failure, breach or default giving rise to such Voting Rights
		Triggering Event is remedied, cured or waived by Holders of at least a majority
		of the then outstanding shares of Series B Convertible Preferred that are
		entitled to vote thereon, at which time (I) the special right of the Holders so
		to vote as a class for the election of directors and (II) the term of office of
		the directors elected by the Holders shall each terminate and such persons
		shall cease to be members of the Board of Directors. At any time after voting
		power to elect directors shall have become vested and be continuing in the
		Holders pursuant to paragraph (f)(iii) hereof, or if vacancies shall exist in
		the offices of directors elected by such Holders, a proper officer of the
		Corporation may, and upon the written request of Holders of at least 25% of the
		then outstanding shares of Series B Convertible Preferred addressed to the
		secretary of the Corporation shall, call a special meeting of the Holders, for
		the purpose of electing the directors which the Holders are entitled to elect.
		If such meeting shall not be called by a proper officer of the Corporation
		within 20 days after personal service of said written request upon the
		secretary of the Corporation, or within 20 days after mailing the same within
		the United States by certified mail, addressed to the secretary of the
		Corporation at its principal executive offices, then Holders of at least 25% of
		the then outstanding shares of Series B Convertible Preferred may designate in
		writing one of their number to call such meeting at the reasonable expense of
		the Corporation, and such meeting may be called by the Holder so designated
		upon the notice required for the annual meetings of stockholders of the
		Corporation and shall be held at the place for holding the annual meetings of
		stockholders. Any Holder of Series B Convertible Preferred so designated shall
		have, and the Corporation shall provide, access to the lists of stockholders to
		be called pursuant to the provisions hereof.
	 

	 
		(C) At any meeting held for the purpose of
		electing directors at which the Holders shall have the right, voting together
		as a separate class, to elect directors as aforesaid, the presence in person or
		by proxy of Holders of at least a majority of the then 
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		outstanding shares of Series B Convertible
		Preferred shall be required to constitute a quorum of such Series B Convertible
		Preferred.
	 

	 
		(D) Any vacancy occurring in the office of a
		director elected by the Holders may be filled by the remaining director (if
		any) elected by the Holders unless and until such vacancy shall be filled by
		the Holders.
	 

	 
		(E) The provisions of this paragraph
		(f)(iii) shall apply only to those Holders, if any, that would be permitted to
		vote in the election of directors of the Corporation pursuant to applicable
		laws and regulations of the FCC, with such Holders together being treated as
		the class of Holders entitled to exercise such rights. The determination as to
		whether any Holder would not be permitted to exercise such voting rights shall
		be made jointly by any such Holder(s) and the Corporation.
	 

	 
		(iv) In any case in which the Holders shall
		be entitled to vote pursuant to this paragraph (f) or pursuant to the General
		Corporation Law of the State of Delaware, each Holder entitled to vote with
		respect to such matter shall be entitled to one vote for each then outstanding
		share of Series B Convertible Preferred so held.
	 

	 
		(g) Conversion.
	 

	 
		(i) Optional Conversion. Each share of the Series B Convertible Preferred is
		convertible at the option of the Holder thereof, at any time and from time to
		time, into (A) a number of shares of Class D Common Stock equal to the Issue
		Price of the shares of Series B Convertible Preferred surrendered for
		conversion plus accrued and unpaid dividends thereon, divided by (B) the
		Conversion Price then in effect, except that if shares of Series B Convertible
		Preferred are called for redemption the conversion right will terminate at the
		close of business on the Redemption Date. No fractional shares or securities
		representing fractional shares will be issued upon conversion; in lieu of
		fractional shares the Corporation will pay a cash adjustment based upon the
		Common Stock Value as of the close of business on the first Business Day
		preceding the date of conversion. The Series B Convertible Preferred shall be
		converted by the holder thereof by surrendering the certificate or certificates
		representing the shares of Series B Convertible Preferred to be converted,
		appropriately completed, to the transfer agent for the Common Stock. The
		transfer agent shall issue one or more certificates representing the Class D
		Common Stock in the name or names requested by such Holder. The transfer agent
		will deliver to such Holder a new certificate representing the shares of Series
		B Convertible Preferred in excess of those being surrendered for conversion.
		The conversion rights stated herein are subject to compliance by the Holder
		with all applicable laws and regulations.
	 

	 
		(ii) Mandatory Conversion. At any time following the first anniversary of the
		Issue Date, upon the occurrence of a Mandatory Conversion Event, including a
		Mandatory Conversion Event that occurs after the Redemption Date to the extent
		any share of Series B Convertible Preferred remains outstanding after the
		Redemption Date, unless previously converted at the option of Holders in
		accordance with the provisions hereof, each outstanding share of Series B
		Convertible Preferred 
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		shall, without notice to Holders, convert
		automatically (the “Mandatory
		Conversion”) into (A) a number of
		shares of Class D Common Stock equal to the Issue Price of the shares of Series
		B Convertible Preferred so converted plus accrued and unpaid dividends thereon,
		divided by the (B) Conversion Price then in effect. No fractional shares or
		securities representing fractional shares will be issued upon conversion; in
		lieu of fractional shares the Corporation will pay a cash adjustment based upon
		the Common Stock Value as of the close of business on the first Business Day
		preceding the date of the occurrence of such Mandatory Conversion Event.
		Promptly following a Mandatory Conversion Event, written notice (the
		“Mandatory Conversion
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice or any
		deficiency therein shall affect the validity of the procedures for the
		Mandatory Conversion as to the Holder or Holders to whom the Corporation has
		failed to give said notice or to whom such notice was effected. Each Holder
		shall surrender the certificate or certificates representing all shares of
		Series B Convertible Preferred held by such Holder to the Corporation, duly
		endorsed (or otherwise in proper form for transfer, as determined by the
		Corporation) and the Corporation shall issue to such Holder that number of
		shares of Class D Common Stock to which such Holder is entitled, as calculated
		in accordance with this paragraph.
	 

	 
		(iii) (A) In case the Corporation shall (I)
		pay a dividend or distribution in shares of Class D Common Stock on its shares
		of Class D Common Stock, (II) subdivide its outstanding shares of Class D
		Common Stock into a greater number of shares, (III) combine its outstanding
		shares of Class D Common Stock into a smaller number of shares, or (IV) issue,
		by reclassification of its shares of Class D Common Stock, any shares of its
		Capital Stock (each such transaction being called a “Stock
		Transaction”), then and in each
		such case, the Conversion Price in effect immediately prior thereto shall be
		adjusted so that the Holder of a share of Series B Convertible Preferred
		surrendered for conversion after the record date fixing stockholders to be
		affected by such Stock Transaction shall be entitled to receive upon conversion
		the number of shares of Class D Common Stock which such Holder would have been
		entitled to receive after the happening of such event had such share of Series
		B Convertible Preferred been converted immediately prior to such record date.
		Such adjustment shall be made whenever any Stock Transaction occurs, but shall
		also be effective retroactively as to shares of Series B Convertible Preferred
		converted between such record date and the date of the happening of any such
		Stock Transaction.
	 

	 
		(B) If the Corporation shall, at any time or
		from time to time while any shares of Series B Convertible Preferred are
		outstanding, issue or sell any right or warrant to purchase, acquire or
		subscribe for shares of Class D Common Stock (including a right or warrant with
		respect to any security convertible into or exchangeable for shares of Class D
		Common Stock) generally to holders of its Common Stock (including by way of a
		reclassification of shares or a recapitalization of the Corporation), for a
		consideration on the date of such issuance or sale less than the Common Stock
		Value of the shares of Class D Common Stock underlying such rights or warrants
		on the date of such issuance or sale, then and in each such case, the
		Conversion Price shall be adjusted by multiplying such Conversion Price by a
		fraction, the numerator of which shall be the sum of (I) the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Common Stock Value per share of Class D
		Common Stock on the first Business Day after the date of the public
		announcement of the actual terms (including the price terms) of such issuance
		or sale multiplied by the number of shares of Class D Common Stock outstanding
		immediately prior to such issuance or sale plus (II) the aggregate Fair Market
		Value of the consideration to be received by the Corporation in connection with
		the issuance or sale of the rights or warrants plus the aggregate consideration
		to be received in respect of the purchase of the shares of Class D Common Stock
		underlying such rights or warrants, and the denominator of which shall be the
		Common Stock Value per share of Class D Common Stock on the Business Day
		immediately preceding the public announcement of the actual terms (including
		the price terms) of such issuance or sale multiplied by the aggregate number of
		shares of Class D Common Stock (I) outstanding immediately prior to such
		issuance or sale plus (II) underlying such rights or warrants at the time of
		such issuance or sale. For the purposes of the preceding sentence, the
		aggregate consideration receivable by the Corporation in connection with the
		issuance or sale of any such right or warrant shall be deemed to be equal to
		the sum of the aggregate offering price (before deduction of reasonable
		underwriting discounts or commissions and expenses) of all such rights or
		warrants. No adjustment to the Conversion Price pursuant to this paragraph (B)
		shall be made if, in conjunction with any such issuance or sale by the
		Corporation generally to holders of its Common Stock, the Corporation issues or
		offers to sell to the Holders such rights or warrants on the same basis as the
		Holders would have received had their shares of Series B Convertible Preferred
		been converted into shares of Class D Common Stock immediately prior to the
		such issuance or sale. Upon the expiration or termination of any such rights or
		warrants without the exercise of such rights or warrants, the Conversion Price
		then in effect shall be adjusted immediately to the Conversion Price which
		would have been in effect at the time of such expiration or termination had
		such rights or warrants, to the extent outstanding immediately prior to such
		expiration or termination, never been issued, although such adjustment shall
		not effect previously converted shares.
	 

	 
		(C) In the event the Corporation shall at
		any time or from time to time while any shares of Series B Convertible
		Preferred are outstanding declare, order, pay or make a dividend or other
		distribution generally to holders of its Common Stock in stock or other
		securities or rights or warrants to subscribe for securities of the Corporation
		or any of its subsidiaries or evidences of Indebtedness of the Corporation or
		any other person or pay any Extraordinary Cash Dividend (other than any
		dividend or distribution on the Class D Common Stock (I) referred to in
		paragraphs (A) or (B) above or (II) if in conjunction therewith the Corporation
		declares and pays or makes a dividend or distribution on each share of Series B
		Convertible Preferred which is the same as the dividend or distribution that
		would have been made or paid with respect to such share of Series B Convertible
		Preferred had such share been converted into shares of Class D Common Stock
		immediately prior to the record date for any such dividend or distribution on
		the Class D Common Stock), then, and in each such case, an appropriate
		adjustment to the Conversion Price shall be made so that the Holder of each
		share of Series B Convertible Preferred shall be entitled to receive, upon the
		conversion thereof, the number of shares of Class D Common Stock determined by
		multiplying (x) the number of shares of Class D Common Stock into which such
		share was convertible on the day immediately prior to the record date fixed for
		the determination of stockholders entitled 
	 

	 
		 
	 

	 
		 
	 

	 
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		to receive such dividend or distribution by
		(y) a fraction, the numerator of which shall be the Common Stock Value per
		share of Class D Common Stock as of such record date, and the denominator of
		which shall be such Common Stock Value per share of Class D Common Stock less
		the Fair Market Value per share of Class D Common Stock of such dividend or
		distribution (as determined in good faith by the Board of Directors, as
		evidenced by a Board Resolution mailed to each holder of Series B Convertible
		Preferred). An adjustment made pursuant to this paragraph (C) shall be made
		upon the opening of business on the next Business Day following the date on
		which any such dividend or distribution is made and shall be effective
		retroactively to the close of business on the record date fixed for the
		determination of stockholders entitled to receive such dividend or
		distribution.
	 

	 
		(D) In the event the Company shall, at any
		time or from time to time while any shares of Series B Convertible Preferred
		are outstanding, repurchase (a “Repurchase”) any portion of the Class D Common Stock from
		holders generally at a premium over the Common Stock Value thereof on the next
		trading day immediately preceding the consummation of such Repurchase, then and
		in the case of each Repurchase the Conversion Price in effect immediately prior
		thereto shall be adjusted by multiplying such Conversion Price by the fraction
		the numerator of which is (I) the product of (x) the number of shares of Class
		D Common Stock outstanding immediately before such Repurchase multiplied by (y)
		the Common Stock Value per share of Class D Common Stock on the next trading
		day immediately following the consummation of such Repurchase minus (II) the
		aggregate purchase price of the Repurchase and the denominator of which shall
		be the product of (x) the number of shares of Class D Common Stock outstanding
		immediately before such Repurchase minus the number of shares of Class D Common
		Stock Repurchased by the Company multiplied by (y) the Common Stock Value per
		share of Class D Common Stock on the next trading day immediately following the
		consummation of such Repurchase. Such adjustment shall be made whenever any
		such Repurchase occurs, but shall also be effective retroactively as to shares
		of Series B Convertible Preferred converted between such record date and the
		date of the happening of any such Repurchase. 
	 

	 
		(iv) No adjustment in the Conversion Price
		will be required to be made in any case until cumulative adjustments amount to
		1% or more of the Conversion Price, but any such adjustment that would
		otherwise be required to be made shall be carried forward and taken into
		account in any subsequent adjustment.
	 

	 
		(v) In the event of any capital
		reorganization (other than a capital reorganization covered by paragraph
		(ii)(C) above) or reclassification of outstanding shares of Common Stock of the
		Corporation (other than a reclassification covered by paragraph (ii)(A) above),
		or in case of any merger, consolidation or other corporate combination of the
		Corporation with or into another corporation, or in case of any sale or
		conveyance to another corporation of the property of the Corporation as an
		entirety or substantially as an entirety (each of the foregoing being referred
		to as a “Transaction”), each share of Series B Convertible Preferred
		shall continue to remain outstanding if the Corporation is the Surviving Person
		(as defined below) of such Transaction, and shall be subject to all the
		provisions hereof, as in effect prior to such Transaction, or if the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Corporation is not the Surviving Person,
		each share of Series B Convertible Preferred shall be exchanged in such
		Transaction for a new series of convertible preferred stock of the Surviving
		Person, or in the case of a Surviving Person other than a corporation,
		comparable securities of such Surviving Person, in either case having economic
		terms as nearly equivalent as possible to, and with the same voting and other
		rights as, the Series B Convertible Preferred, including entitling the holder
		thereof to receive, upon presentation of the certificate therefor to the
		Surviving Person subsequent to the consummation of such Transaction, the kind
		and amount of shares of stock and other securities and property receivable
		(including cash) upon the consummation of such Transaction by a holder of that
		number of shares of Class D Common Stock into which one share of Series B
		Convertible Preferred was convertible immediately prior to such Transaction. In
		case securities or property other than Common Stock shall be issuable or
		deliverable upon conversion as aforesaid, then all references in this paragraph
		(v) shall be deemed to apply, so far as appropriate and as nearly as may be, to
		such other securities or property. If the holders of Class D Common Stock have
		the opportunity to elect the form of consideration to be received by them in
		such Transaction, then from and after the effective date of such Transaction,
		the Series B Convertible Preferred shall be convertible into the consideration
		that a majority of the holders of the Class D Common Stock who made such
		election received in such Transaction. 
	 

	 
		Notwithstanding anything contained herein to
		the contrary, the Corporation will not effect any Transaction unless, prior to
		the consummation thereof, proper provision is made to ensure that the holders
		of shares of Series B Convertible Preferred will be entitled to receive the
		benefits afforded by this paragraph (v).
	 

	 
		For purposes of this paragraph (v),
		“Surviving Person” shall mean the continuing or surviving Person of
		a merger, consolidation or other corporate combination, the Person receiving a
		transfer of all or substantially all of the properties and assets of the
		Corporation, or the Person consolidating with or merging into the Corporation
		in a merger, consolidation or other corporate combination in which the
		Corporation is the continuing or surviving Person, but in connection with which
		the Series B Convertible Preferred or Common Stock of the Corporation is
		exchanged, converted or reclassified into the securities of any other Person or
		cash or any other property.
	 

	 
		(vi) The conversion price shall initially
		equal $0.90 per share, and shall increase from and after the Issue Date at a
		rate equal to the dividend rate on the Series B Convertible Preferred as set
		forth in paragraph (c)(i) (the “Conversion Price”). The Conversion Price shall be subject to
		adjustment as provided in this paragraph (g).
	 

	 
		(vii) From and after an Initial Public
		Offering, the Corporation shall cause the shares of Class D Common Stock
		issuable upon conversion of the Series B Convertible Preferred to be approved
		for listing on the principal securities exchange on which the Class D Common
		Stock may at the time be listed for trading, subject to official notification
		of issuance, prior to the date of issuance thereof. Notwithstanding anything in
		this Certificate of Designation to the contrary, no Holders shall be entitled
		to exercise the conversion rights set forth in this paragraph (g) until such
		time as any conditions for listing the Class D Common Stock issuable upon
		conversion of the Series B Convertible 
	 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		Preferred on the principal securities
		exchange on which the Class D Common Stock may be listed for trading, if any
		and if applicable, have been satisfied.
	 

	 
		(viii) Notwithstanding anything to the
		contrary contained in this paragraph (g), there shall be no adjustment to the
		Conversion Price in connection with any issuance of additional shares of Series
		B Convertible Preferred or any other securities that are or may be or become
		issued or issuable in connection with the transactions contemplated by the
		Master Transaction Agreement.
	 

	 
		(h) Reissuance of Series B Convertible
		Preferred. Shares of Series B
		Convertible Preferred that have been issued and reacquired in any manner,
		including shares purchased or redeemed or exchanged, shall (upon compliance
		with any applicable provisions of the General Corporation Law of the State of
		Delaware) have the status of authorized and unissued shares of Preferred Stock
		undesignated as to series and may be redesignated and reissued as part of any
		series of Preferred Stock; provided that
		any issuance of such shares as Series B Convertible Preferred must be in
		compliance with the terms hereof.
	 

	 
		(i) Business Day. If
		any payment or redemption shall be required by the terms hereof to be made on a
		day that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.
	 

	 
		(j) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.
	 

	 
		(k) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:
	 

	 
		“Affiliate”
		means, with respect to any Person, any other Person that, directly or
		indirectly, controls, is controlled by, or is under common control with, such
		Person. As used in this definition, “control” (including its
		correlative meanings, “controlled by” and “under common control
		with”) means the possession, directly or indirectly, of power to direct or
		cause the direction of management or policies (whether through ownership of
		securities or partnership or other ownership interests, by contract or
		otherwise).
	 

	 
		“Board of Directors” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Board Resolution” means a copy of a resolution certified pursuant
		to an Officers’ Certificate to have been duly adopted by the Board of
		Directors and to be in full force and effect.
	 

	 
		 
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
	 

	 

	 
		“Business Day” means any day except a Saturday, a Sunday, or any
		day on which banking institutions in New York, New York are required or
		authorized by law or other governmental action to be closed.
	 

	 
		“Capital Stock” means (i) with respect to any Person that is a
		corporation, any and all shares, interests, participations or other equivalents
		(however designated) of capital stock, including each class of common stock and
		preferred stock of such Person and (ii) with respect to any Person that is not
		a corporation, any and all partnership, membership or other equity interests of
		such Person.
	 

	 
		“Capitalized Lease Obligation” means, as to any Person, the obligation of such
		Person to pay rent or other amounts under a lease to which such Person is a
		party that is required to be classified and accounted for as capital lease
		obligations under GAAP and, for purposes of this definition, the amount of such
		obligations at any date shall be the capitalized amount of such obligations at
		such date, determined in accordance with GAAP. 
	 

	 
		“Certificate of Incorporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Class A Common Stock” means the Class A Common Stock, par value $.001
		per share, of the Corporation.
	 

	 
		“Class D Common Stock” means the Class D Non-Voting Common Stock, par
		value $.001 per share, of the Corporation. 
	 

	 
		“Commission”
		means the Securities and Exchange Commission.
	 

	 
		“Common Stock” of any Person means any and all shares, interests
		or other participations in, and other equivalents (however designated and
		whether voting or non-voting) of, such Person’s common stock, whether
		outstanding on the Issue Date or issued after the Issue Date, and includes,
		without limitation, all series and classes of such common stock.
	 

	 
		“Common Stock Value” on any date means, with respect to the Class A
		Common Stock or the Class D Common Stock, the last sale price for the Class A
		Common Stock or the Class D Common Stock, regular way, or, in case no such sale
		takes place on such date, the average of the closing bid and asked prices,
		regular way, for the Class A Common Stock or the Class D Common Stock, in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal national securities exchange on which the
		Class A Common Stock or the Class D Common Stock is listed or admitted to
		trading or, if neither the Class A Common Stock nor the Class D Common Stock is
		listed or admitted to trading on any national securities exchange, the last
		quoted price, or, if not so quoted, the average of the high bid and low asked
		prices in the over-the-counter market, as reported by the principal automated
		quotation system that may then be in use or, if neither the Class A Common
		Stock nor the Class D Common Stock is quoted by any such organization, the
		average of the closing bid and asked 
	 

	 
		 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		prices as furnished by a professional market
		maker making a market in the Class A Common Stock or the Class D Common Stock
		selected by the Board of Directors or, in the event that no trading price is
		available for the Class A Common Stock or the Class D Common Stock, the fair
		market value of the Class A Common Stock, as determined in good faith by the
		Board of Directors.
	 

	 
		“Communications Act” means the Communications Act of 1934, as amended
		(including, without limitation, the Cable Communications Policy Act of 1984 and
		the Cable Television Consumer Protection and Competition Act of 1992) and all
		rules and regulations of the FCC, in each case as from time to time in
		effect.
	 

	 
		“Consolidated EBITDA” means, for any Person, for any period, an amount
		equal to (a) the sum of Consolidated Net Income for such period, plus, to the
		extent deducted from the revenues of such Person in determining Consolidated
		Net Income, (i) the provision for taxes for such period based on income or
		profits and any provision for taxes utilized in computing a loss in
		Consolidated Net Income above, plus (ii) Consolidated Interest Expense, net of
		interest income earned on cash or cash equivalents for such period (including,
		for this purpose, dividends on preferred stock only to the extent that such
		dividends were deducted in determining Consolidated Net Income), plus (iii)
		depreciation for such period on a consolidated basis, plus (iv) amortization of
		intangibles and broadcast program licenses for such period on a consolidated
		basis, minus (b) scheduled payments relating to broadcast program license
		liabilities, except that with respect to the Corporation each of the foregoing
		items shall be determined on a consolidated basis with respect to the
		Corporation and its Subsidiaries only; provided,
		however, that, for purposes of calculating Consolidated EBITDA
		during any fiscal quarter, cash income from a particular Investment of such
		Person shall be included only if cash income has been received by such Person
		as a result of the operation of the business in which such Investment has been
		made in the ordinary course without giving effect to any extraordinary, unusual
		and non-recurring gains.
	 

	 
		“Consolidated Interest Expense” means, with respect to any Person, for any
		period, the aggregate amount of interest which, in conformity with GAAP, would
		be set forth opposite the caption “interest expense” or any like
		caption on an income statement for such Person and its Subsidiaries on a
		consolidated basis, including, but not limited to, imputed interest included in
		Capitalized Lease Obligations, all commissions, discounts and other fees and
		charges owed with respect to letters of credit and bankers’ acceptance
		financing, the net costs associated with hedging obligations, amortization of
		other financing fees and expenses, the interest portion of any deferred payment
		obligation, amortization of discount or premium, if any, and all other non-cash
		interest expense (other than interest amortized to cost of sales) plus, without
		duplication, all net capitalized interest for such period and all interest
		incurred or paid under any guarantee of indebtedness (including a guarantee of
		principal, interest or any combination thereof) of any Person, and all 
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		time brokerage fees relating to financing of
		television stations which the Corporation has an agreement or option to
		acquire.
	 

	 
		“Consolidated Net Income” means, with respect to any Person, for any
		period, the aggregate of the net income (or loss) of such Person and its
		Subsidiaries for such period, on a consolidated basis, determined in accordance
		with GAAP; provided, however, that
		(a) the net income of any Person (the “other Person”) in which the
		Person in question or any of its Subsidiaries has less than a 100% interest
		(which interest does not cause the net income of such other Person to be
		consolidated into the net income of the Person in question in accordance with
		GAAP) shall be included only to the extent of the amount of dividends or
		distributions paid to the Person in question or to the Subsidiary, (b) the net
		income of any Subsidiary of the Person in question that is subject to any
		restriction or limitation on the payment of dividends or the making of other
		distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity entitlements granted to employees of the
		Corporation and its Subsidiaries) increasing and decreasing Consolidated Net
		Income and not otherwise included in the definition of Consolidated EBITDA
		shall be excluded.
	 

	 
		“Conversion Price” has the meaning ascribed to it in paragraph
		(g)(vi) hereof.
	 

	 
		“Corporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Designated Investment Bank” means an investment bank selected by the
		Purchasing Party from a list of three internationally recognized investment
		banks provided to the Purchasing Party by the Company pursuant to Section 2.07
		of the Master Transaction Agreement.
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended, and the rules and regulations promulgated thereunder.
	 

	 
		“Extraordinary Cash Dividend” means cash dividends with respect to the Class A
		Common Stock the aggregate amount of which in any fiscal year exceeds 10% of
		Consolidated EBITDA of the Corporation and its subsidiaries for the fiscal year
		immediately preceding the payment of such dividend.
	 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		“Fair Market Value” of any consideration other than cash or of any
		securities shall mean the amount which a willing buyer would pay to a willing
		seller in an arm’s-length transaction as determined by an independent
		investment banking or appraisal firm experienced in the valuation of such
		securities or property selected in good faith by the Board of Directors or a
		committee thereof.
	 

	 
		“FCC” means
		the Federal Communications Commission and any successor governmental entity
		performing functions similar to those performed by the Federal Communications
		Commission on the Issue Date.
	 

	 
		“GAAP” means
		generally accepted accounting principles consistently applied as in effect in
		the United States from time to time.
	 

	 
		“Holder”
		means a holder of then outstanding shares of Series B Convertible Preferred as
		reflected in the stock books of the Corporation.
	 

	 
		“Initial Public Offering” means the initial underwritten sale of equity
		securities of the Corporation occurring after the Issue Date pursuant to an
		effective registration statement under the Securities Act.
	 

	 
		“Issue Date”
		means the date of the issuance of Series B Convertible Preferred.
	 

	 
		“Issue Price” means $10,000 per share of Series B Convertible
		Preferred.
	 

	 
		“Junior Preferred Stock” means, collectively, (i) Series D Convertible
		Preferred, (ii) Series E-1 Convertible Preferred, (iii) Series E-2 Convertible
		Preferred, and (iv) Series F Non-Convertible Preferred, in each case as defined
		in the Master Transaction Agreement.
	 

	 
		“Junior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Liquidation Preference” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Mandatory Conversion” has the meaning ascribed to it in paragraph
		(g)(ii) hereof.
	 

	 
		“Mandatory Conversion Event” means the earlier to occur of: (i) the date on
		which the last sale price for the Class A Common Stock or Class D Common Stock,
		regular way, or, in case no such sale takes place on such date, the average of
		the closing bid and asked prices, regular way, for the Class A Common Stock or
		Class D Common Stock, in either case as reported in the principal consolidated
		transaction reporting system with respect to the principal national securities
		exchange on which the Class A Common Stock or Class D Common Stock is listed or
		admitted to trading, or, if neither Class A Common Stock nor Class D Common
		Stock is listed or admitted to trading on any national securities exchange, the
		last quoted price, or, if not so quoted, the average of the high bid 
	 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
	 

	 

	 
		and low asked prices in the over-the-counter
		market, as reported by the principal automated quotation system that may then
		be in use, for the Class A Common Stock or Class D Common Stock for fifteen
		(15) consecutive trading days is equal to or greater than the Mandatory
		Conversion Trigger Price as then in effect; and (ii) the issuance by the
		Corporation of Common Stock at an issue price per share not less than the
		Mandatory Conversion Trigger Price as then in effect for aggregate gross
		proceeds (before deduction of underwriting commissions and other expenses of
		sale) of not less than $75,000,000, provided that if such issuance is made to a
		Purchasing Party, the Designated Investment Bank shall have provided an opinion
		in customary form to the Company to the effect that the issue price per share
		of Common Stock is at or higher than the fair market value of a share of Common
		Stock.
	 

	 
		“Mandatory Conversion Notice” has the meaning ascribed to it in paragraph
		(g)(ii) hereof.
	 

	 
		“Mandatory
		Conversion Trigger Price” means
		(A) in the event the Mandatory Conversion Event occurs on or after the first
		anniversary but prior to the second anniversary of the Issue Date, 102% of the
		Conversion Price, (B) in the event the Mandatory Conversion Event occurs on or
		after the second anniversary but prior to the third anniversary of the Issue
		Date, 101% of the Conversion Price, or (C) in the event the Mandatory
		Conversion Event occurs on or after the third anniversary of the Issue Date,
		the Conversion Price.
	 

	 
		“Master Transaction Agreement” means the Master Transaction Agreement dated as
		of May 3, 2007 among the Corporation, NBC Universal, Inc., NBC Palm Beach
		Investment I, Inc., NBC Palm Beach Investment II, Inc., and CIG Media LLC, as
		may be amended, modified or restated from time to time. 
	 

	 
		“Obligations” means all obligations for principal, premium,
		interest, penalties, fees, indemnifications, reimbursements, damages and other
		liabilities payable under the documentation governing, or otherwise relating
		to, any Indebtedness.
	 

	 
		“Officers’ Certificate” means a certificate signed by two officers or by
		an officer and either an Assistant Treasurer or an Assistant Secretary of the
		Corporation which certificate shall include a statement that, in the opinion of
		such signers all conditions precedent to be performed by the Corporation prior
		to the taking of any proposed action have been taken. In addition, such
		certificate shall include (i) a statement that the signatories have read the
		relevant covenant or condition, (ii) a brief statement of the nature and scope
		of such examination or investigation upon which the statements are based, (iii)
		a statement that, in the opinion of such signatories, they have made such
		examination or investigation as is reasonably necessary to express an informed
		opinion and (iv) a statement as to whether or not, in the opinion of the
		signatories, such relevant conditions or covenants have been complied
		with.
	 

	 
		 
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
	 

	 

	 
		“Opinion of Counsel” means an opinion of counsel that, in such
		counsel’s opinion, all conditions precedent to be performed by the
		Corporation prior to the taking of any proposed action have been taken. Such
		opinion shall also include the statements called for in the second sentence
		under “Officers’ Certificate”.
	 

	 
		“Pari Passu Preferred Stock” means collectively, (i) Series C Preferred Stock
		and (ii) Series C Convertible Preferred, in each case as defined in the Master
		Transaction Agreement. 
	 

	 
		“Parity Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.
	 

	 
		“Purchasing Party” means CIG Media LLC, NBC Universal, Inc. and
		their respective Affiliates. 
	 

	 
		“Preferred Stock” of any Person means any Capital Stock of such
		Person that has preferential rights to any other Capital Stock of such Person
		with respect to dividends or redemption or upon liquidation.
	 

	 
		“Redemption Date” has the meaning ascribed to it in
		paragraph (e)(i) hereof.
	 

	 
		“Redemption Notice” has the meaning ascribed to it in paragraph
		(e)(ii) hereof.
	 

	 
		“Redemption Price” means the Issue Price plus (as applicable) all
		accrued and unpaid dividends through and including the date of
		redemption.
	 

	 
		“Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinanced” and “Refinancing” has the
		correlative meaning. 
	 

	 
		“Repurchase”
		has the meaning ascribed to it in paragraph (g)(iii)(D) hereof. 
	 

	 
		“Securities Act” means the Securities Act of 1933, as amended, and
		the rules and regulations promulgated thereunder.
	 

	 
		“Senior Preferred Stock” means, collectively, (i) Series A-1 Convertible
		Preferred, (ii) Series A-2 Preferred Stock, (iii) Series A-3 Convertible
		Preferred, 
	 

	 
		 
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
	 

	 

	 
		(iv) 141⁄4% Preferred, and (v)
		93⁄4% Preferred, in each case as defined in the Master Transaction
		Agreement. 
	 

	 
		“Senior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Series B Convertible Preferred” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Subsidiary”, with respect to any Person, means (i) any
		corporation of which the outstanding Capital Stock having at least a majority
		of the votes entitled to be cast in the election of directors under ordinary
		circumstances shall at the time be owned, directly or indirectly, by such
		Person or (ii) any other Person of which at least a majority of the voting
		interest under ordinary circumstances is at the time, directly or indirectly,
		owned by such Person.
	 

	 
		“Stock Transaction” has the meaning ascribed to it in paragraph
		(g)(iii) hereof.
	 

	 
		“Surviving Person” has the meaning ascribed to it in paragraph
		(g)(v) hereof.
	 

	 
		“Transaction” has the meaning ascribed to it in paragraph
		(g)(v) hereof.
	 

	 
		“Voting Rights Triggering Event” has the meaning ascribed to it in paragraph
		(f)(iii)(A) hereof.
	 

	 
		“Wholly-Owned Subsidiary” means any Subsidiary all of the outstanding
		voting securities (other than directors’ qualifying shares) of which are
		owned, directly or indirectly, by the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, said ION Media Networks,
		Inc. has caused this Certificate to be signed by its duly authorized officer
		this 4th day of May, 2007.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ION MEDIA NETWORKS, INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Richard Garcia
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Richard Garcia

				  Title: Chief Financial Officer
				

			 

 

	 
		 
	 

	 
		Certificate of Designation
	 

	 
		 
	 

  
	 

	 EXHIBIT
		J-1 to the Master Transaction Agreement

	  

	 Form
		of Series C Convertible Preferred Certificate of
		Designation

	  

	 
  

	 Exhibit
		J-1 to the

	 Master
		Transaction Agreement

	  

	 Form
		of Series C Convertible Preferred Certificate of
		Designation

	  

	 CERTIFICATE
		OF DESIGNATION OF THE POWERS,

	 PREFERENCES
		AND RELATIVE, PARTICIPATING,

	 OPTIONAL
		AND OTHER SPECIAL RIGHTS OF 

	 8%
		SERIES C MANDATORILY CONVERTIBLE PREFERRED STOCK

	 AND
		QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF

	  

	 Pursuant
		to Section 151 of the

	 General
		Corporation Law of the State of Delaware

	  

	 ION
		Media Networks, Inc. (the “Corporation”),
		a corporation organized and existing under the General Corporation Law of the
		State of Delaware, does hereby certify that, pursuant to the authority
		conferred upon the board of directors of the Corporation (the
		“Board
		of Directors”)
		by the Certificate of Incorporation of the Corporation, as amended (hereinafter
		referred to as the “Certificate
		of Incorporation”),
		and pursuant to the provisions of Section 151 of the General Corporation Law of
		the State of Delaware, the Board of Directors, on May 3, 2007, duly approved
		and adopted the following resolution:

	  

	 RESOLVED,
		that, pursuant to the authority vested in the Board of Directors by the
		Certificate of Incorporation, the Board of Directors does hereby create,
		authorize and provide for the issuance of 8% Series C Mandatorily Convertible
		Preferred Stock, par value $.001 per share, with a liquidation preference of
		$10,000 per share, consisting of 11,000 shares, having the designations,
		preferences, relative, participating, optional and other special rights and the
		qualifications, limitations and restrictions thereof that are set forth in the
		Certificate of Incorporation and in this resolution as follows:

	  

	 (a) Designation. There
		is hereby created out of the authorized and unissued shares of Preferred Stock
		of the Corporation a series of Preferred Stock designated as the “8%
		Series C Mandatorily Convertible Preferred Stock.” The number of shares
		constituting such series shall be 11,000 and are referred to as the
		“Series C Convertible Preferred.” The liquidation preference of the
		Series C Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).

	  

	 (b) Rank. The
		Series C Convertible Preferred shall, with respect to dividends and
		distributions upon liquidation, winding up or dissolution of the Corporation,
		rank (i) senior to the Junior Preferred Stock, to all classes of Common
		Stock of the Corporation and to each other class of Capital Stock of the
		Corporation or series of Preferred Stock of the Corporation hereafter created,
		the terms of which do not expressly provide that it ranks senior to, or on a
		parity with, the Series C Convertible Preferred as to dividends and
		distributions upon liquidation, winding up or dissolution of the
		

	  

	 1

	  

        

	 
	 

	 

	  

	 Corporation
		(collectively referred to, together with all classes of Common Stock of the
		Corporation, as “Junior
		Securities”);
		(ii) on a parity with the Pari Passu Preferred Stock and with any class of
		Capital Stock of the Corporation or series of Preferred Stock of the
		Corporation hereafter created the terms of which expressly provide that such
		class or series will rank on a parity with the Series C Convertible Preferred
		as to dividends and distributions upon liquidation, winding up or dissolution
		of the Corporation (collectively referred to as “Parity
		Securities”),
		provided that any such Parity Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Parity Securities; and (iii) junior to the Senior Preferred Stock and
		to each other class of Capital Stock of the Corporation or series of Preferred
		Stock of the Corporation hereafter created the terms of which expressly provide
		that such class or series will rank senior to the Series C Convertible
		Preferred as to dividends and distributions upon liquidation, winding up or
		dissolution of the Corporation (collectively referred to as “Senior
		Securities”),
		provided that any such Senior Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Senior Securities.

	  

	 (c) Dividends.
		

	  

	 (i) Beginning
		on the Issue Date, the Holders shall be entitled to receive, when, as and if
		declared by the Board of Directors, out of funds legally available therefor,
		dividends on each share of Series C Convertible Preferred at the higher of (x)
		a rate per annum equal to 8% of the Issue Price and (y) the aggregate cash
		dividends per share paid on the Class A Common Stock from (A) the later of the
		Issue Date or the date of the last payment of a cash dividend on the Class A
		Common Stock to (B) the date of such determination, multiplied by the number of
		shares of Class A Common Stock into which each share of Series C Convertible
		Preferred is convertible. All dividends shall accrue and be cumulative, whether
		or not earned or declared, on a quarterly basis, in arrears, from the Issue
		Date, but shall be payable only at such time or times as may be fixed by the
		Board of Directors or as otherwise provided herein and shall not compound.
		Dividends shall be payable to those Holders who are Holders on such dates as
		the Board of Directors may determine with respect to such dividends. Dividends
		shall cease to accrue and accumulate in respect of shares of the Series C
		Convertible Preferred on the date of conversion of such shares or the date of
		the redemption of such shares unless the Corporation shall have failed to pay
		or make available for payment the relevant redemption price on the date fixed
		for redemption.

	  

	 (ii) All
		dividends paid with respect to shares of the Series C Convertible Preferred
		pursuant to paragraph (c)(i) shall be paid in cash pro rata to the Holders
		entitled thereto.

	  

	 (d) Liquidation.

	  

	 (i) In the
		event of any voluntary or involuntary liquidation, dissolution or winding up of
		the affairs of the Corporation, each Holder shall be entitled to be paid, out
		of the assets of the Corporation available for distribution to its stockholders
		and before any distribution shall be made or any assets distributed to the
		holders of any of the

	 
		 

		2

		 

          

		
		

		

	 

	  

	 Junior
		Securities, including, without limitation, the Common Stock of the Corporation,
		an amount in cash equal to the greater of (A) the Liquidation Preference for
		each outstanding share of Series C Convertible Preferred, plus, without
		duplication, an amount in cash equal to accumulated and unpaid dividends
		thereon to the date fixed for such liquidation, dissolution or winding up, and
		(B) the amount per share which would have been payable upon such liquidation,
		dissolution or winding up to the holders of shares of Class A Common Stock or
		such other class or series of stock into which the Series C Convertible
		Preferred is then convertible (assuming the conversion of each share of then
		convertible Series C Convertible Preferred and without deduction for the
		Liquidation Preference otherwise payable pursuant to clause (A) hereof),
		multiplied by the number of shares of Class A Common Stock into which such
		shares of Series C Convertible Preferred are then convertible. Except as
		provided in the preceding sentence, Holders of Series C Convertible Preferred
		shall not be entitled to any distribution in the event of any liquidation,
		dissolution or winding up of the affairs of the Corporation. If the assets of
		the Corporation are not sufficient to pay in full the liquidation payments
		payable to the Holders and to any holders of all other Parity Securities, then
		such assets shall be distributed among the Holders and any holders of such
		other Parity Securities ratably in accordance with the respective amounts that
		would be payable on such shares of Series C Convertible Preferred and any such
		shares of other Parity Securities if all amounts payable thereon were paid in
		full.

	  

	 (ii) For the
		purposes of this paragraph (d), neither the sale, conveyance, exchange or
		transfer (for cash, shares of stock, securities or other consideration) of all
		or substantially all of the property or assets of the Corporation nor the
		consolidation or merger of the Corporation with or into one or more entities
		shall be deemed to be a liquidation, dissolution or winding up of the affairs
		of the Corporation.

	  

	 (e) Redemption.

	  

	 (i) Mandatory
		Redemption. The
		Corporation shall redeem, in the manner provided for in paragraph (e)(ii)
		hereof, and out of funds legally available therefor all of the outstanding
		shares of Series C Convertible Preferred for cash on August 31, 2013 (the
		“Redemption
		Date”),
		at a price per share equal to the Redemption Price.

	  

	 (ii) Procedures
		for Redemption.
		(A) At
		least 90 days prior to the Redemption Date, written notice (the
		“Redemption
		Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice nor any deficiency therein shall affect the validity of the
		procedure for the redemption of any shares of Series C Convertible Preferred as
		to the Holder or Holders to whom the Corporation has failed to give said notice
		or to whom such notice was defective. The Redemption Notice shall
		state:

	  

	 (1) the
		Redemption Price;

	 
		 

		3

		 

          

		
		

		

	 

	 (2) that the
		Holder is to surrender to the Corporation, in the manner, at the place or
		places and at the price designated, its certificate or certificates
		representing the shares of Series C Convertible Preferred; and

	  

	 (3) that
		dividends on the shares of the Series C Convertible Preferred shall cease to
		accumulate on such Redemption Date unless the Corporation defaults in the
		payment of the Redemption Price.

	  

	 (B) Each
		Holder shall surrender the certificate or certificates representing all shares
		of Series C Convertible Preferred held by such Holder to the Corporation, duly
		endorsed (or otherwise in proper form for transfer, as determined by the
		Corporation), in the manner and at the place or places designated in the
		Redemption Notice, and on the Redemption Date the full Redemption Price for
		such shares shall be payable in cash to the Person whose name appears on such
		certificate or certificates as the owner thereof, and each surrendered
		certificate shall be canceled and retired. 

	  

	 (C) On and
		after the Redemption Date, unless the Corporation defaults in the payment in
		full of the Redemption Price, dividends on the Series C Convertible Preferred
		shall cease to accumulate on the Redemption Date, and all rights of the Holders
		shall terminate with respect to the Series C Convertible Preferred on the
		Redemption Date, other than the right to receive the Redemption Price, without
		interest; provided,
		however, that
		if the Redemption Notice shall have been given and the funds necessary for
		redemption (including an amount in respect of all dividends that will accrue to
		the Redemption Date) shall have been segregated and irrevocably deposited in
		trust for the equal and ratable benefit of the Holders, then, at the close of
		business on the day on which such funds are segregated and set aside, the
		Holders shall cease to be stockholders of the Corporation and shall be entitled
		only to receive the Redemption Price.

	  

	 (f) Voting
		Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.

	  

	 (i) (A) So long
		as any shares of the Series C Convertible Preferred are outstanding, the
		Corporation may not issue any additional shares of Series C Convertible
		Preferred or any new class of Parity Securities or Senior Securities (or amend
		the provisions of any existing class of Capital Stock to make such class of
		Capital Stock Parity Securities or Senior Securities) without the approval of
		Holders holding at least a majority of the then outstanding shares of Series C
		Convertible Preferred, voting or consenting, as the case may be, together as
		one class given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting; provided,
		however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		C

	 
		 

		4

		 
 

          

	 
	 

	 

	  

	 
		Convertible Preferred or prohibit the redemption by the Corporation of the
		Series C Convertible Preferred pursuant to paragraph (e)(i) above, in an amount
		sufficient to Refinance any series of Senior Securities, in whole or in part,
		with such shares being issued no sooner than the date the Corporation
		Refinances such series of Senior Securities.

	  

	 (B) So long
		as any shares of the Series C Convertible Preferred are outstanding, the
		Corporation shall not amend this Certificate of Designation so as to affect
		materially and adversely the rights, preferences or privileges of Holders
		without the affirmative vote or consent of Holders holding at least a majority
		of the then outstanding shares of Series C Convertible Preferred, voting or
		consenting, as the case may be, as one class, given in person or by proxy,
		either in writing or by resolution adopted at an annual or special
		meeting.

	  

	 (C) Except
		as set forth in paragraph (f)(i)(A) above, the creation, authorization or
		issuance of any shares of any Junior Securities, Parity Securities or Senior
		Securities or the increase or decrease in the amount of authorized Capital
		Stock of any class, including Preferred Stock, shall not require the consent of
		Holders and shall not be deemed to affect adversely the rights, preferences or
		privileges of such Holders.

	  

	 (ii) Without
		the affirmative vote or consent of Holders holding at least a majority of the
		then outstanding shares of Series C Convertible Preferred, voting or
		consenting, as the case may be, as a separate class, given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting, the Corporation shall not, in a single transaction or series of
		related transactions, consolidate or merge with or into, or sell, assign,
		transfer, lease, convey or otherwise dispose of all or substantially all of the
		Corporation’s assets (as an entirety or substantially as an entirety in
		one transaction or series of related transactions) to, another Person (other
		than a Wholly-Owned Subsidiary with, into or to another Wholly-Owned
		Subsidiary) or adopt a plan of liquidation unless (A) either (I) the
		Corporation is the surviving or continuing Person or (II) the Person (if other
		than the Corporation) formed by such consolidation or into which the
		Corporation is merged or the Person that acquires by conveyance, transfer or
		lease the properties and assets of the Corporation substantially as an entirety
		or, in the case of a plan of liquidation, the Person to which assets of the
		Corporation have been transferred shall be organized and existing under the
		laws of the United States or any State thereof or the District of Columbia; (B)
		the Series C Convertible Preferred shall be converted into or exchanged for and
		shall become shares of such successor, transferee or resulting Person with the
		same powers, preferences and relative, participating, optional or other special
		rights and the qualifications, limitations or restrictions thereon, that the
		Series C Convertible Preferred had immediately prior to such transaction; (C)
		immediately after giving effect to such transactions, no Voting Rights
		Triggering Event shall have occurred or shall have occurred after the Issue
		Date and be continuing; and (D) the Corporation has delivered to the transfer
		agent for the Series C Convertible Preferred prior to the consummation of the
		proposed transaction an Officers’ Certificate and an Opinion of Counsel,
		each stating that such consolidation, merger or transfer complies with the
		terms hereof and that all conditions precedent herein relating to such
		transaction have been satisfied. For purposes of the foregoing, the transfer
		(by lease, assignment, sale or 

	 
		 

		5

		 
 

          

	 
	 

	 

	  

	 otherwise,
		in a single transaction or series of related transactions) of all or
		substantially all of the properties and assets of one or more Subsidiaries of
		the Corporation, the Capital Stock of which constitutes all or substantially
		all of the properties and assets of the Corporation shall be deemed to be the
		transfer of all or substantially all of the properties and assets of the
		Corporation.

	  

	 (iii) (A) If the
		Corporation fails to discharge any redemption or conversion obligation with
		respect to the Series C Convertible Preferred (such failure being a
		“Voting
		Rights Triggering Event”),
		then, subject to paragraph (f)(iii)(E) below, Holders of at least a majority of
		the then outstanding shares of Series C Convertible Preferred, voting
		separately and as one class, shall have the exclusive right to elect the lesser
		of two directors and that number of directors constituting 25% of the members
		of the Board of Directors, at a meeting called for such purpose following the
		occurrence of such Voting Rights Triggering Event, and at every subsequent
		meeting at which the terms of office of the directors so elected by the Holders
		expire (other than as described in (f)(iii)(B) below), and the number of
		directors constituting the Board of Directors shall be increased by the number
		of directors so elected by the Holders. The voting rights provided herein shall
		be the exclusive remedy at law or in equity of the Holders for any Voting
		Rights Triggering Event.

	  

	 (B) The
		right of the Holders voting together as a separate class to elect members of
		the Board of Directors as set forth in paragraph (f)(iii)(A) above shall
		continue until such time as in all other cases, the failure, breach or default
		giving rise to such Voting Rights Triggering Event is remedied, cured or waived
		by Holders of at least a majority of the then outstanding shares of Series C
		Convertible Preferred that are entitled to vote thereon, at which time (I) the
		special right of the Holders so to vote as a class for the election of
		directors and (II) the term of office of the directors elected by the Holders
		shall each terminate and such persons shall cease to be members of the Board of
		Directors. At any time after voting power to elect directors shall have become
		vested and be continuing in the Holders pursuant to paragraph (f)(iii) hereof,
		or if vacancies shall exist in the offices of directors elected by such
		Holders, a proper officer of the Corporation may, and upon the written request
		of Holders of at least 25% of the then outstanding shares of Series C
		Convertible Preferred addressed to the secretary of the Corporation shall, call
		a special meeting of the Holders, for the purpose of electing the directors
		which the Holders are entitled to elect. If such meeting shall not be called by
		a proper officer of the Corporation within 20 days after personal service of
		said written request upon the secretary of the Corporation, or within 20 days
		after mailing the same within the United States by certified mail, addressed to
		the secretary of the Corporation at its principal executive offices, then
		Holders of at least 25% of the then outstanding shares of Series C Convertible
		Preferred may designate in writing one of their number to call such meeting at
		the reasonable expense of the Corporation, and such meeting may be called by
		the Holder so designated upon the notice required for the annual meetings of
		stockholders of the Corporation and shall be held at the place for holding the
		annual meetings of stockholders. Any Holder of Series C Convertible Preferred
		so designated shall have, and the Corporation shall provide, access to the
		lists of stockholders to be called pursuant to the provisions
		hereof.

	 
		 

		6

		 

          

		
		

		

		 
 

	 (C) At any
		meeting held for the purpose of electing directors at which the Holders shall
		have the right, voting together as a separate class, to elect directors as
		aforesaid, the presence in person or by proxy of Holders of at least a majority
		of the then outstanding shares of Series C Convertible Preferred shall be
		required to constitute a quorum of such Series C Convertible
		Preferred.

	  

	 (D) Any
		vacancy occurring in the office of a director elected by the Holders may be
		filled by the remaining director (if any) elected by the Holders unless and
		until such vacancy shall be filled by the Holders.

	  

	 (E) The
		provisions of this paragraph (f)(iii) shall apply only to those Holders, if
		any, that would be permitted to vote in the election of directors of the
		Corporation pursuant to applicable laws and regulations of the FCC, with such
		Holders together being treated as the class of Holders entitled to exercise
		such rights. The determination as to whether any Holder would not be permitted
		to exercise such voting rights shall be made jointly by any such Holder(s) and
		the Corporation.

	  

	 (iv) In any
		case in which the Holders shall be entitled to vote pursuant to this paragraph
		(f) or pursuant to the General Corporation Law of the State of Delaware, each
		Holder entitled to vote with respect to such matter shall be entitled to one
		vote for each then outstanding share of Series C Convertible Preferred so
		held.

	  

	 (g) Conversion.

	  

	 (i) Optional
		Conversion. Each
		share of the Series C Convertible Preferred is convertible at the option of the
		Holder thereof, at any time and from time to time, into (A) a number of
		Conversion Shares equal to the Issue Price of the shares of Series C
		Convertible Preferred surrendered for conversion plus accrued and unpaid
		dividends thereon, divided by (B) the Conversion Price then in effect, except
		that if shares of Series C Convertible Preferred are called for redemption the
		conversion right will terminate at the close of business on the Redemption
		Date. No fractional shares or securities representing fractional shares will be
		issued upon conversion; in lieu of fractional shares the Corporation will pay a
		cash adjustment based upon the Common Stock Value as of the close of business
		on the first Business Day preceding the date of conversion. The Series C
		Convertible Preferred shall be converted by the holder thereof by surrendering
		the certificate or certificates representing the shares of Series C Convertible
		Preferred to be converted, appropriately completed, to the transfer agent for
		the Common Stock. The transfer agent shall issue one or more certificates
		representing the Conversion Shares in the name or names requested by such
		Holder. The transfer agent will deliver to such Holder a new certificate
		representing the shares of Series C Convertible Preferred in excess of those
		being surrendered for conversion. The conversion rights stated herein are
		subject to compliance by the Holder with all applicable laws and regulations,
		including, without limitation, the Communications Act, and as a condition
		precedent to the Corporation’s obligation to issue Conversion Shares to a
		Holder or its designee(s), the Corporation may require that such Holder deliver
		to the Corporation an opinion of legal counsel reasonably acceptable to the
		Corporation to the

	 
		 

		7

		 
 

          

	 
	 

	 

	  

	 effect
		that the issuance of Conversion Shares to such Holder or its designee(s) upon
		conversion will not violate or conflict with the Communications
		Act.

	  

	 (ii) Mandatory
		Conversion. At any
		time following the first anniversary of the Issue Date, upon the occurrence of
		a Mandatory Conversion Event, including a Mandatory Conversion Event that
		occurs after the Redemption Date to the extent any share of Series C
		Convertible Preferred remains outstanding after the Redemption Date, unless
		previously converted at the option of Holders in accordance with the provisions
		hereof, each outstanding share of Series C Convertible Preferred shall, without
		notice to Holders, convert automatically (the “Mandatory
		Conversion”)
		into (A) a number of Conversion Shares equal to the Issue Price of the shares
		of Series C Convertible Preferred so converted plus accrued and unpaid
		dividends thereon, divided by the (B) Conversion Price then in effect. No
		fractional shares or securities representing fractional shares will be issued
		upon conversion; in lieu of fractional shares the Corporation will pay a cash
		adjustment based upon the Common Stock Value as of the close of business on the
		first Business Day preceding the date of the occurrence of such Mandatory
		Conversion Event. Promptly following a Mandatory Conversion Event, written
		notice (the “Mandatory
		Conversion Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice or any deficiency therein shall affect the validity of the
		procedures for the Mandatory Conversion as to the Holder or Holders to whom the
		Corporation has failed to give said notice or to whom such notice was effected.
		Each Holder shall surrender the certificate or certificates representing all
		shares of Series C Convertible Preferred held by such Holder to the
		Corporation, duly endorsed (or otherwise in proper form for transfer, as
		determined by the Corporation) and the Corporation shall issue to such Holder
		that number of shares of Class A Common Stock to which such Holder is entitled,
		as calculated in accordance with this paragraph; provided,
		however, that
		if a Holder shall notify the Corporation within five (5) Business Days of
		receipt of the Mandatory Conversion Notice that it wishes to receive Class C
		Common Stock in accordance with this paragraph, the Corporation shall issue
		such Holder an equal number of shares of Class C Common Stock to which such
		Holder is entitled as calculated in accordance with this
		paragraph.

	  

	 (iii) (A) In
		case the Corporation shall (I) pay a dividend or distribution in shares of
		Class A Common Stock on its shares of Class A Common Stock, (II) subdivide its
		outstanding shares of Class A Common Stock into a greater number of shares,
		(III) combine its outstanding shares of Class A Common Stock into a smaller
		number of shares, or (IV) issue, by reclassification of its shares of Class A
		Common Stock, any shares of its Capital Stock (each such transaction being
		called a “Stock
		Transaction”),
		then and in each such case, the Conversion Price in effect immediately prior
		thereto shall be adjusted so that the Holder of a share of Series C Convertible
		Preferred surrendered for conversion after the record date fixing stockholders
		to be affected by such Stock Transaction shall be entitled to receive upon
		conversion the number of Conversion Shares which such Holder would have been
		entitled to receive after the happening of such event had such share of Series
		C Convertible Preferred been converted immediately prior to such record date.
		Such adjustment shall be made

	 
		 

		8

		 
 

          

	 
	 

	 

	  

	 whenever
		any Stock Transaction occurs, but shall also be effective retroactively as to
		shares of Series C Convertible Preferred converted between such record date and
		the date of the happening of any such Stock Transaction.

	  

	 (B) If the
		Corporation shall, at any time or from time to time while any shares of Series
		C Convertible Preferred are outstanding, issue or sell any right or warrant to
		purchase, acquire or subscribe for shares of Class A Common Stock (including a
		right or warrant with respect to any security convertible into or exchangeable
		for shares of Class A Common Stock) generally to holders of its Common Stock
		(including by way of a reclassification of shares or a recapitalization of the
		Corporation), for a consideration on the date of such issuance or sale less
		than the Common Stock Value of the shares of Class A Common Stock underlying
		such rights or warrants on the date of such issuance or sale, then and in each
		such case, the Conversion Price shall be adjusted by multiplying such
		Conversion Price by a fraction, the numerator of which shall be the sum of (I)
		the Common Stock Value per share of Class A Common Stock on the first Business
		Day after the date of the public announcement of the actual terms (including
		the price terms) of such issuance or sale multiplied by the number of shares of
		Class A Common Stock outstanding immediately prior to such issuance or sale
		plus (II) the aggregate Fair Market Value of the consideration to be received
		by the Corporation in connection with the issuance or sale of the rights or
		warrants plus the aggregate consideration to be received in respect of the
		purchase of the shares of Class A Common Stock underlying such rights or
		warrants, and the denominator of which shall be the Common Stock Value per
		share of Class A Common Stock on the Business Day immediately preceding the
		public announcement of the actual terms (including the price terms) of such
		issuance or sale multiplied by the aggregate number of shares of Class A Common
		Stock (I) outstanding immediately prior to such issuance or sale plus (II)
		underlying such rights or warrants at the time of such issuance or sale. For
		the purposes of the preceding sentence, the aggregate consideration receivable
		by the Corporation in connection with the issuance or sale of any such right or
		warrant shall be deemed to be equal to the sum of the aggregate offering price
		(before deduction of reasonable underwriting discounts or commissions and
		expenses) of all such rights or warrants. No adjustment to the Conversion Price
		pursuant to this paragraph (B) shall be made if, in conjunction with any such
		issuance or sale by the Corporation generally to holders of its Common Stock,
		the Corporation issues or offers to sell to the Holders such rights or warrants
		on the same basis as the Holders would have received had their shares of Series
		C Convertible Preferred been converted into shares of Class A Common Stock (or
		Class C Common Stock, as the case may be) immediately prior to the such
		issuance or sale. Upon the expiration or termination of any such rights or
		warrants without the exercise of such rights or warrants, the Conversion Price
		then in effect shall be adjusted immediately to the Conversion Price which
		would have been in effect at the time of such expiration or termination had
		such rights or warrants, to the extent outstanding immediately prior to such
		expiration or termination, never been issued, although such adjustment shall
		not effect previously converted shares.

	  

	 (C) In the
		event the Corporation shall at any time or from time to time while any shares
		of Series C Convertible Preferred are outstanding declare, order, pay or make a
		dividend or other distribution generally to holders of its Common Stock in
		stock or other securities or rights or warrants to subscribe for securities of
		the Corporation or 

	 
		 

		9

		 
 

          

	 
	 

	 

	  

	 any of
		its subsidiaries or evidences of Indebtedness of the Corporation or any other
		person or pay any Extraordinary Cash Dividend (other than any dividend or
		distribution on the Class A Common Stock (I) referred to in paragraphs (A) or
		(B) above or (II) if in conjunction therewith the Corporation declares and pays
		or makes a dividend or distribution on each share of Series C Convertible
		Preferred which is the same as the dividend or distribution that would have
		been made or paid with respect to such share of Series C Convertible Preferred
		had such share been converted into shares of Class A Common Stock immediately
		prior to the record date for any such dividend or distribution on the Class A
		Common Stock), then, and in each such case, an appropriate adjustment to the
		Conversion Price shall be made so that the Holder of each share of Series C
		Convertible Preferred shall be entitled to receive, upon the conversion
		thereof, the number of shares of Class A Common Stock determined by multiplying
		(x) the number of shares of Class A Common Stock into which such share was
		convertible on the day immediately prior to the record date fixed for the
		determination of stockholders entitled to receive such dividend or distribution
		by (y) a fraction, the numerator of which shall be the Common Stock Value per
		share of Class A Common Stock as of such record date, and the denominator of
		which shall be such Common Stock Value per share of Class A Common Stock less
		the Fair Market Value per share of Class A Common Stock of such dividend or
		distribution (as determined in good faith by the Board of Directors, as
		evidenced by a Board Resolution mailed to each holder of Series C Convertible
		Preferred). An adjustment made pursuant to this paragraph (C) shall be made
		upon the opening of business on the next Business Day following the date on
		which any such dividend or distribution is made and shall be effective
		retroactively to the close of business on the record date fixed for the
		determination of stockholders entitled to receive such dividend or
		distribution.

	  

	 (D) In the
		event the Company shall, at any time or from time to time while any shares of
		Series C Convertible Preferred are outstanding, repurchase (a
		“Repurchase”)
		any portion of the Class A Common Stock from holders generally at a premium
		over the Common Stock Value thereof on the next trading day immediately
		preceding the consummation of such Repurchase, then and in the case of each
		Repurchase the Conversion Price in effect immediately prior thereto shall be
		adjusted by multiplying such Conversion Price by the fraction the numerator of
		which is (I) the product of (x) the number of shares of Class A Common Stock
		outstanding immediately before such Repurchase multiplied by (y) the Common
		Stock Value per share of Class A Common Stock on the next trading day
		immediately following the consummation of such Repurchase minus (II) the
		aggregate purchase price of the Repurchase and the denominator of which shall
		be the product of (x) the number of shares of Class A Common Stock outstanding
		immediately before such Repurchase minus the number of shares of Class A Common
		Stock Repurchased by the Company multiplied by (y) the Common Stock Value per
		share of Class A Common Stock on the next trading day immediately following the
		consummation of such Repurchase. Such adjustment shall be made whenever any
		such Repurchase occurs, but shall also be effective retroactively as to shares
		of Series C Convertible Preferred converted between such record date and the
		date of the happening of any such Repurchase. 

	 
		 

		10

		 

          

		
		

		

	 

	 (iv) No
		adjustment in the Conversion Price will be required to be made in any case
		until cumulative adjustments amount to 1% or more of the Conversion Price, but
		any such adjustment that would otherwise be required to be made shall be
		carried forward and taken into account in any subsequent
		adjustment.

	  

	 (v) In the
		event of any capital reorganization (other than a capital reorganization
		covered by paragraph (ii)(C) above) or reclassification of outstanding shares
		of Common Stock of the Corporation (other than a reclassification covered by
		paragraph (ii)(A) above), or in case of any merger, consolidation or other
		corporate combination of the Corporation with or into another corporation, or
		in case of any sale or conveyance to another corporation of the property of the
		Corporation as an entirety or substantially as an entirety (each of the
		foregoing being referred to as a “Transaction”),
		each share of Series C Convertible Preferred shall continue to remain
		outstanding if the Corporation is the Surviving Person (as defined below) of
		such Transaction, and shall be subject to all the provisions hereof, as in
		effect prior to such Transaction, or if the Corporation is not the Surviving
		Person, each share of Series C Convertible Preferred shall be exchanged in such
		Transaction for a new series of convertible preferred stock of the Surviving
		Person, or in the case of a Surviving Person other than a corporation,
		comparable securities of such Surviving Person, in either case having economic
		terms as nearly equivalent as possible to, and with the same voting and other
		rights as, the Series C Convertible Preferred, including entitling the holder
		thereof to receive, upon presentation of the certificate therefor to the
		Surviving Person subsequent to the consummation of such Transaction, the kind
		and amount of shares of stock and other securities and property receivable
		(including cash) upon the consummation of such Transaction by a holder of that
		number of shares of Class A Common Stock into which one share of Series C
		Convertible Preferred was convertible immediately prior to such Transaction. In
		case securities or property other than Common Stock shall be issuable or
		deliverable upon conversion as aforesaid, then all references in this paragraph
		(v) shall be deemed to apply, so far as appropriate and as nearly as may be, to
		such other securities or property. If the holders of Class A Common Stock have
		the opportunity to elect the form of consideration to be received by them in
		such Transaction, then from and after the effective date of such Transaction,
		the Series C Convertible Preferred shall be convertible into the consideration
		that a majority of the holders of the Class A Common Stock who made such
		election received in such Transaction. 

	  

	 Notwithstanding
		anything contained herein to the contrary, the Corporation will not effect any
		Transaction unless, prior to the consummation thereof, proper provision is made
		to ensure that the holders of shares of Series C Convertible Preferred will be
		entitled to receive the benefits afforded by this paragraph (v).

	  

	 For
		purposes of this paragraph (v), “Surviving
		Person”
		shall mean the continuing or surviving Person of a merger, consolidation or
		other corporate combination, the Person receiving a transfer of all or
		substantially all of the properties and assets of the Corporation, or the
		Person consolidating with or merging into the Corporation in a merger,
		consolidation or other corporate combination in which the Corporation is the
		continuing or surviving Person, but in connection with which the Series C
		Convertible 

	 
		 

		11

		 
 

          

	 
	 

	 

	  

	 Preferred
		or Common Stock of the Corporation is exchanged, converted or reclassified into
		the securities of any other Person or cash or any other property.

	  

	 (vi) The
		conversion price shall initially equal $0.75 per share, and shall increase from
		and after the Issue Date at a rate equal to the dividend rate on the Series C
		Convertible Preferred as set forth in paragraph (c)(i) (the “Conversion
		Price”).
		The Conversion Price shall be subject to adjustment as provided in this
		paragraph (g).

	  

	 (vii) From and
		after an Initial Public Offering, the Corporation shall cause the shares of
		Class A Common Stock issuable upon conversion of the Series C Convertible
		Preferred (or in the case of a Holder’s election to convert into Class C
		Common Stock, upon conversion of such Class C Common Stock) to be approved for
		listing on the principal securities exchange on which the Class A Common Stock
		may at the time be listed for trading, subject to official notification of
		issuance, prior to the date of issuance thereof. Notwithstanding anything in
		this Certificate of Designation to the contrary, no Holders shall be entitled
		to exercise the conversion rights set forth in this paragraph (g) until such
		time as any conditions for listing the Class A Common Stock issuable upon
		conversion of the Series C Convertible Preferred on the principal securities
		exchange on which the Class A Common Stock may be listed for trading, if any
		and if applicable, have been satisfied.

	  

	 (viii) Notwithstanding
		anything to the contrary contained in this paragraph (g), there shall be no
		adjustment to the Conversion Price in connection with any issuance of
		additional shares of Series C Convertible Preferred or any other securities
		that are or may be or become issued or issuable in connection with the
		transactions contemplated by the Master Transaction Agreement.

	  

	 (h) Reissuance
		of Series C Convertible Preferred. Shares
		of Series C Convertible Preferred that have been issued and reacquired in any
		manner, including shares purchased or redeemed or exchanged, shall (upon
		compliance with any applicable provisions of the General Corporation Law of the
		State of Delaware) have the status of authorized and unissued shares of
		Preferred Stock undesignated as to series and may be redesignated and reissued
		as part of any series of Preferred Stock; provided that
		any issuance of such shares as Series C Convertible Preferred must be in
		compliance with the terms hereof.

	  

	 (i) Business
		Day. If any
		payment or redemption shall be required by the terms hereof to be made on a day
		that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.

	 
		 

		12

		 

          

		
		

		

		 
 

	 (j) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.

	  

	 (k) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:

	  

	 “Board
		of Directors”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Board
		Resolution”
		means a copy of a resolution certified pursuant to an Officers’
		Certificate to have been duly adopted by the Board of Directors and to be in
		full force and effect.

	  

	 “Business
		Day”
		means any day except a Saturday, a Sunday, or any day on which banking
		institutions in New York, New York are required or authorized by law or other
		governmental action to be closed.

	  

	 “Capital
		Stock”
		means (i) with respect to any Person that is a corporation, any and all shares,
		interests, participations or other equivalents (however designated) of capital
		stock, including each class of common stock and preferred stock of such Person
		and (ii) with respect to any Person that is not a corporation, any and all
		partnership, membership or other equity interests of such Person.

	  

	 “Capitalized
		Lease Obligation”
		means, as to any Person, the obligation of such Person to pay rent or other
		amounts under a lease to which such Person is a party that is required to be
		classified and accounted for as capital lease obligations under GAAP and, for
		purposes of this definition, the amount of such obligations at any date shall
		be the capitalized amount of such obligations at such date, determined in
		accordance with GAAP. 

	  

	 “Certificate
		of Incorporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Class
		A Common Stock”
		means the Class A Common Stock, par value $.001 per share, of the
		Corporation.

	  

	 “Class
		C Common Stock”
		means the Class C Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 “Class
		D Common Stock”
		means the Class D Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 “Commission”
		means the Securities and Exchange Commission.

	 
		 

		13

		 

          

		
		

		

		 
 

	 “Common
		Stock”
		of any Person means any and all shares, interests or other participations in,
		and other equivalents (however designated and whether voting or non-voting) of,
		such Person’s common stock, whether outstanding on the Issue Date or
		issued after the Issue Date, and includes, without limitation, all series and
		classes of such common stock.

	  

	 “Common
		Stock Value”
		on any date means, with respect to the Class A Common Stock or the Class D
		Common Stock, the last sale price for the Class A Common Stock or the Class D
		Common Stock, regular way, or, in case no such sale takes place on such date,
		the average of the closing bid and asked prices, regular way, for the Class A
		Common Stock or the Class D Common Stock, in either case as reported in the
		principal consolidated transaction reporting system with respect to the
		principal national securities exchange on which the Class A Common Stock or the
		Class D Common Stock is listed or admitted to trading or, if neither the Class
		A Common Stock nor the Class D Common Stock is listed or admitted to trading on
		any national securities exchange, the last quoted price, or, if not so quoted,
		the average of the high bid and low asked prices in the over-the-counter
		market, as reported by the principal automated quotation system that may then
		be in use or, if neither the Class A Common Stock nor the Class D Common Stock
		is quoted by any such organization, the average of the closing bid and asked
		prices as furnished by a professional market maker making a market in the Class
		A Common Stock or the Class D Common Stock selected by the Board of Directors
		or, in the event that no trading price is available for the Class A Common
		Stock or the Class D Common Stock, the fair market value of the Class A Common
		Stock, as determined in good faith by the Board of Directors.

	  

	 “Communications
		Act”
		means the Communications Act of 1934, as amended (including, without
		limitation, the Cable Communications Policy Act of 1984 and the Cable
		Television Consumer Protection and Competition Act of 1992) and all rules and
		regulations of the FCC, in each case as from time to time in
		effect.

	  

	 “Consolidated
		EBITDA”
		means, for any Person, for any period, an amount equal to (a) the sum of
		Consolidated Net Income for such period, plus, to the extent deducted from the
		revenues of such Person in determining Consolidated Net Income, (i) the
		provision for taxes for such period based on income or profits and any
		provision for taxes utilized in computing a loss in Consolidated Net Income
		above, plus (ii) Consolidated Interest Expense, net of interest income earned
		on cash or cash equivalents for such period (including, for this purpose,
		dividends on preferred stock only to the extent that such dividends were
		deducted in determining Consolidated Net Income), plus (iii) depreciation for
		such period on a consolidated basis, plus (iv) amortization of intangibles and
		broadcast program licenses for such period on a consolidated basis, minus (b)
		scheduled payments relating to broadcast program license liabilities, except
		that with respect to the Corporation each of the foregoing items shall be
		determined on a consolidated basis with respect to the Corporation and its
		Subsidiaries only; provided,
		however, that,
		for purposes of calculating Consolidated EBITDA during 

	 
		 

		14

		 

          

		
		

		

		 
 

	 any
		fiscal quarter, cash income from a particular Investment of such Person shall
		be included only if cash income has been received by such Person as a result of
		the operation of the business in which such Investment has been made in the
		ordinary course without giving effect to any extraordinary, unusual and
		non-recurring gains.

	  

	 “Consolidated
		Interest Expense”
		means, with respect to any Person, for any period, the aggregate amount of
		interest which, in conformity with GAAP, would be set forth opposite the
		caption “interest expense” or any like caption on an income statement
		for such Person and its Subsidiaries on a consolidated basis, including, but
		not limited to, imputed interest included in Capitalized Lease Obligations, all
		commissions, discounts and other fees and charges owed with respect to letters
		of credit and bankers’ acceptance financing, the net costs associated with
		hedging obligations, amortization of other financing fees and expenses, the
		interest portion of any deferred payment obligation, amortization of discount
		or premium, if any, and all other non-cash interest expense (other than
		interest amortized to cost of sales) plus, without duplication, all net
		capitalized interest for such period and all interest incurred or paid under
		any guarantee of indebtedness (including a guarantee of principal, interest or
		any combination thereof) of any Person, and all time brokerage fees relating to
		financing of television stations which the Corporation has an agreement or
		option to acquire.

	  

	 “Consolidated
		Net Income”
		means, with respect to any Person, for any period, the aggregate of the net
		income (or loss) of such Person and its Subsidiaries for such period, on a
		consolidated basis, determined in accordance with GAAP; provided,
		however, that
		(a) the net income of any Person (the “other Person”) in which the
		Person in question or any of its Subsidiaries has less than a 100% interest
		(which interest does not cause the net income of such other Person to be
		consolidated into the net income of the Person in question in accordance with
		GAAP) shall be included only to the extent of the amount of dividends or
		distributions paid to the Person in question or to the Subsidiary, (b) the net
		income of any Subsidiary of the Person in question that is subject to any
		restriction or limitation on the payment of dividends or the making of other
		distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity entitlements granted to employees of the
		Corporation and its Subsidiaries) increasing and decreasing Consolidated Net
		Income and not otherwise included in the definition of Consolidated EBITDA
		shall be excluded.

	 
		 

		15

		 

          

		
		

		

		 
 

	 “Conversion
		Price”
		has the meaning ascribed to it in paragraph (g)(vi) hereof.

	  

	 “Conversion
		Shares”
		means (i) the number of shares of Class A Common Stock or (ii) with respect to
		any Holder, if such Holder determines, after consultation with its outside
		legal counsel, that such Holder is prevented under the Communications Act from
		holding shares of Class A Common Stock issuable upon conversion of such
		Holder’s shares of Series C Convertible Preferred, an equal number of
		shares of Class C Common Stock of the Corporation (such Class C Common Stock
		shall, (1) upon disposition by such Holder to any other Person that such Holder
		determines is not prevented under the Communications Act from holding shares of
		Class A Common Stock or (2) upon the determination by such Holder that the
		Communications Act no longer prohibits such Holder from holding shares of Class
		A Common Stock, in either case, after consultation by such Person with outside
		legal counsel and, if required by the Corporation, delivery by such Person to
		the Corporation an Opinion of Counsel reasonably acceptable to the Corporation
		to the effect that the Conversion of such Class C Common Stock to Class A
		Common Stock will not violate or conflict with the Communications Act,
		automatically be converted into an equal number of shares of Class A Common
		Stock), into which the Series C Convertible Preferred is from time to time
		convertible.

	  

	 “Corporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Designated
		Investment Bank”
		means an investment bank selected by the Purchasing Party from a list of three
		internationally recognized investment banks provided to the Purchasing Party by
		the Company pursuant to Section 2.07 of the Master Transaction
		Agreement.

	  

	 “Exchange
		Act”
		means the Securities Exchange Act of 1934, as amended, and the rules and
		regulations promulgated thereunder.

	  

	 “Extraordinary
		Cash Dividend”
		means cash dividends with respect to the Class A Common Stock the aggregate
		amount of which in any fiscal year exceeds 10% of Consolidated EBITDA of the
		Corporation and its subsidiaries for the fiscal year immediately preceding the
		payment of such dividend.

	  

	 “Fair
		Market Value”
		of any consideration other than cash or of any securities shall mean the amount
		which a willing buyer would pay to a willing seller in an arm’s-length
		transaction as determined by an independent investment banking or appraisal
		firm experienced in the valuation of such securities or property selected in
		good faith by the Board of Directors or a committee thereof.

	  

	 “FCC”
		means the Federal Communications Commission and any successor governmental
		entity performing functions similar to those performed by the Federal
		Communications Commission on the Issue Date.

	 
		 

		16

		 

          

		
		

		

	 

	 “GAAP”
		means generally accepted accounting principles consistently applied as in
		effect in the United States from time to time.

	  

	 “Holder”
		means a holder of then outstanding shares of Series C Convertible Preferred as
		reflected in the stock books of the Corporation.

	  

	 “Initial
		Public Offering”
		means the initial underwritten sale of equity securities of the Corporation
		occurring after the Issue Date pursuant to an effective registration statement
		under the Securities Act.

	  

	 “Issue
		Date”
		means the date of the issuance of Series C Convertible Preferred.

	  

	 “Issue
		Price”
		means $10,000 per share of Series C Convertible Preferred.

	  

	 “Junior
		Preferred Stock”
		means, collectively, (i) Series D Convertible Preferred, (ii) Series
		E-1 Convertible Preferred, (iii) Series E-2 Convertible Preferred and
		(iv) Series F Non-Convertible Preferred, in each case as defined in the
		Master Transaction Agreement. 

	  

	 “Junior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Liquidation
		Preference”
		has the meaning ascribed to it in paragraph (a) hereof.

	  

	 “Mandatory
		Conversion”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Event”
		means the earlier to occur of: (i) the date on which the last sale price for
		the Class A Common Stock or Class D Common Stock, regular way, or, in case no
		such sale takes place on such date, the average of the closing bid and asked
		prices, regular way, for the Class A Common Stock or Class D Common Stock, in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal national securities exchange on which the
		Class A Common Stock or Class D Common Stock is listed or admitted to trading,
		or, if neither Class A Common Stock nor Class D Common Stock is listed or
		admitted to trading on any national securities exchange, the last quoted price,
		or, if not so quoted, the average of the high bid and low asked prices in the
		over-the-counter market, as reported by the principal automated quotation
		system that may then be in use, for the Class A Common Stock or Class D Common
		Stock for fifteen (15) consecutive trading days is equal to or greater than the
		Mandatory Conversion Trigger Price as then in effect; and (ii) the issuance by
		the Corporation of Common Stock at an issue price per share not less than the
		Mandatory Conversion Trigger Price as then in effect for aggregate gross
		proceeds (before deduction of underwriting commissions and other expenses of
		sale) of not less than $75,000,000, provided that if such issuance is made to a
		Purchasing Party, the Designated Investment Bank shall have provided an opinion
		in customary form to the Company to the effect that the 

	 
		 

		17

		 

          

		
		

		

	 

	  

	 issue
		price per share of Common Stock is at or higher than the fair market value of a
		share of Common Stock.

	  

	 “Mandatory
		Conversion Notice”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Trigger Price”
		means (A) in the event the Mandatory Conversion Event occurs on or after the
		first anniversary but prior to the second anniversary of the Issue Date, 102%
		of the Conversion Price, (B) in the event the Mandatory Conversion Event occurs
		on or after the second anniversary but prior to the third anniversary of the
		Issue Date, 101% of the Conversion Price, or (C) in the event the Mandatory
		Conversion Event occurs on or after the third anniversary of the Issue Date,
		the Conversion Price.

	  

	 “Master
		Transaction Agreement”
		means the Master Transaction Agreement dated as of May 3, 2007 among the
		Corporation, NBC Universal, Inc., NBC Palm Beach Investment I, Inc., NBC Palm
		Beach Investment II, Inc., and CIG Media LLC, as may be amended, modified or
		restated from time to time. 

	  

	 “Obligations”
		means all obligations for principal, premium, interest, penalties, fees,
		indemnifications, reimbursements, damages and other liabilities payable under
		the documentation governing, or otherwise relating to, any
		Indebtedness.

	  

	 “Officers’
		Certificate”
		means a certificate signed by two officers or by an officer and either an
		Assistant Treasurer or an Assistant Secretary of the Corporation which
		certificate shall include a statement that, in the opinion of such signers all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. In addition, such certificate shall
		include (i) a statement that the signatories have read the relevant covenant or
		condition, (ii) a brief statement of the nature and scope of such examination
		or investigation upon which the statements are based, (iii) a statement that,
		in the opinion of such signatories, they have made such examination or
		investigation as is reasonably necessary to express an informed opinion and
		(iv) a statement as to whether or not, in the opinion of the signatories, such
		relevant conditions or covenants have been complied with.

	  

	 “Opinion
		of Counsel”
		means an opinion of counsel that, in such counsel’s opinion, all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. Such opinion shall also include the
		statements called for in the second sentence under “Officers’
		Certificate”.

	  

	 “Pari
		Passu Preferred Stock”
		means the Series C Preferred Stock and Series B Convertible Preferred, in each
		case as defined in the Master Transaction Agreement.

	  

	 “Parity
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	 
		 

		18

		 

          

		
		

		

	 

	 “Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.

	  

	 “Purchasing
		Party”
		means CIG Media LLC, NBC Universal, Inc. and their respective Affiliates.
		

	  

	 “Preferred
		Stock”
		of any Person means any Capital Stock of such Person that has preferential
		rights to any other Capital Stock of such Person with respect to dividends or
		redemption or upon liquidation.

	  

	 “Redemption
		Date”
		has the meaning ascribed to it in paragraph (e)(i) hereof.

	  

	 “Redemption
		Notice”
		has the meaning ascribed to it in paragraph (e)(ii) hereof.

	  

	 “Redemption
		Price”
		means the Issue Price plus (as applicable) all accrued and unpaid dividends
		through and including the date of redemption.

	  

	 “Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinanced” and “Refinancing” has the
		correlative meaning. 

	  

	 “Repurchase”
		has the meaning ascribed to it in paragraph (g)(iii)(D) hereof.
		

	  

	 “Securities
		Act”
		means the Securities Act of 1933, as amended, and the rules and regulations
		promulgated thereunder.

	  

	 “Senior
		Preferred Stock”
		means collectively, (i) Series A-1 Convertible Preferred, (ii) Series A-2
		Preferred Stock, (iii) Series A-3 Convertible Preferred,
		(iv) 141⁄4% Preferred and (v) 93⁄4% Preferred, in each case
		as defined in the Master Transaction Agreement. 

	  

	 “Senior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Series
		C Convertible Preferred”
		has the meaning ascribed to it in paragraph (a) hereof.

	 
		 

		19

		 

          

		
		

		

	 

	 “Subsidiary”,
		with respect to any Person, means (i) any corporation of which the outstanding
		Capital Stock having at least a majority of the votes entitled to be cast in
		the election of directors under ordinary circumstances shall at the time be
		owned, directly or indirectly, by such Person or (ii) any other Person of which
		at least a majority of the voting interest under ordinary circumstances is at
		the time, directly or indirectly, owned by such Person.

	  

	 “Stock
		Transaction”
		has the meaning ascribed to it in paragraph (g)(iii) hereof.

	  

	 “Surviving
		Person”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Transaction”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Voting
		Rights Triggering Event”
		has the meaning ascribed to it in paragraph (f)(iii)(A) hereof.

	  

	 “Wholly-Owned
		Subsidiary”
		means any Subsidiary all of the outstanding voting securities (other than
		directors’ qualifying shares) of which are owned, directly or indirectly,
		by the Corporation.

	 
		 

		20

		 
 

    

	 
	 

	 

	 IN
		WITNESS WHEREOF, said ION Media Networks, Inc. has caused this Certificate to
		be signed by its duly authorized officer this ___ day of May,
		2007.

	 
			 	 	 
	 	ION MEDIA NETWORKS,
				INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
				
Name: 
	 	Title:

 

	 
		
		   
 
 

	 Certificate
		of Designation

	 
		 
 

	 
	 

	 
	 

	 EXHIBIT
		J-2 to the Master Transaction Agreement

	  

	 Form
		of Series C Convertible Preferred Certificate of
		Designation

	  

	 
 
	 
		Exhibit J-2 to the
 Master Transaction
		Agreement
	 

	 
		Form of Series C Convertible Preferred
		Certificate of Designation
	 

	 
		CERTIFICATE OF DESIGNATION OF THE
		POWERS,
	 

	 
		PREFERENCES AND RELATIVE,
		PARTICIPATING,
	 

	 
		OPTIONAL AND OTHER SPECIAL RIGHTS OF 

	 

	 
		8% SERIES C MANDATORILY CONVERTIBLE
		PREFERRED STOCK
	 

	 
		AND QUALIFICATIONS, LIMITATIONS AND
		RESTRICTIONS THEREOF
	 

	 
		Pursuant to Section 151 of the
	 

	 
		General Corporation Law of the State of
		Delaware
	 

	 
		ION Media Networks, Inc. (the
		“Corporation”), a corporation organized and existing under the
		General Corporation Law of the State of Delaware, does hereby certify that,
		pursuant to the authority conferred upon the board of directors of the
		Corporation (the “Board of
		Directors”) by the Certificate of
		Incorporation of the Corporation, as amended (hereinafter referred to as the
		“Certificate of
		Incorporation”), and pursuant to
		the provisions of Section 151 of the General Corporation Law of the State of
		Delaware, the Board of Directors, on May 3, 2007, duly approved and adopted the
		following resolution:
	 

	 
		RESOLVED, that, pursuant to the authority
		vested in the Board of Directors by the Certificate of Incorporation, the Board
		of Directors does hereby create, authorize and provide for the issuance of 8%
		Series C Mandatorily Convertible Preferred Stock, par value $.001 per share,
		with a liquidation preference of $10,000 per share, consisting of 11,000
		shares, having the designations, preferences, relative, participating, optional
		and other special rights and the qualifications, limitations and restrictions
		thereof that are set forth in the Certificate of Incorporation and in this
		resolution as follows:
	 

	 
		(a) Designation.
		There is hereby created out of the authorized and unissued shares of Preferred
		Stock of the Corporation a series of Preferred Stock designated as the “8%
		Series C Mandatorily Convertible Preferred Stock.” The number of shares
		constituting such series shall be 11,000 and are referred to as the
		“Series C Convertible Preferred.” The liquidation preference of the
		Series C Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).
	 

	 
		(b) Rank. The Series
		C Convertible Preferred shall, with respect to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation, rank (i) senior
		to the Junior Preferred Stock, to all classes of Common Stock of the
		Corporation and to each other class of Capital Stock of the Corporation or
		series of Preferred Stock of the Corporation hereafter created, the terms of
		which do not expressly provide that it ranks senior to, or on a parity with,
		the Series C Convertible Preferred as to dividends and distributions upon
		liquidation, winding up or dissolution of the
	 

	 
		 
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 
	 

	 

	 
		Corporation (collectively referred to,
		together with all classes of Common Stock of the Corporation, as
		“Junior Securities”); (ii) on a parity with the Pari Passu
		Preferred Stock and with any class of Capital Stock of the Corporation or
		series of Preferred Stock of the Corporation hereafter created the terms of
		which expressly provide that such class or series will rank on a parity with
		the Series C Convertible Preferred as to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation (collectively
		referred to as “Parity
		Securities”), provided that any
		such Parity Securities not issued in accordance with the requirements of
		paragraph (f)(i) hereof shall be deemed to be Junior Securities and not Parity
		Securities; and (iii) junior to the Senior Preferred Stock and to each other
		class of Capital Stock of the Corporation or series of Preferred Stock of the
		Corporation hereafter created the terms of which expressly provide that such
		class or series will rank senior to the Series C Convertible Preferred as to
		dividends and distributions upon liquidation, winding up or dissolution of the
		Corporation (collectively referred to as “Senior Securities”), provided that any such Senior Securities not
		issued in accordance with the requirements of paragraph (f)(i) hereof shall be
		deemed to be Junior Securities and not Senior Securities.
	 

	 
		(c) Dividends.
		
	 

	 
		(i) Beginning on the Issue Date, the Holders
		shall be entitled to receive, when, as and if declared by the Board of
		Directors, out of funds legally available therefor, dividends on each share of
		Series C Convertible Preferred at the higher of (x) a rate per annum equal to
		8% of the Issue Price and (y) the aggregate cash dividends per share paid on
		the Class A Common Stock from (A) the later of the Issue Date or the date of
		the last payment of a cash dividend on the Class A Common Stock to (B) the date
		of such determination, multiplied by the number of shares of Class A Common
		Stock into which each share of Series C Convertible Preferred is convertible.
		All dividends shall accrue and be cumulative, whether or not earned or
		declared, on a quarterly basis, in arrears, from the Issue Date, but shall be
		payable only at such time or times as may be fixed by the Board of Directors or
		as otherwise provided herein and shall not compound. Dividends shall be payable
		to those Holders who are Holders on such dates as the Board of Directors may
		determine with respect to such dividends. Dividends shall cease to accrue and
		accumulate in respect of shares of the Series C Convertible Preferred on the
		date of conversion of such shares or the date of the redemption of such shares
		unless the Corporation shall have failed to pay or make available for payment
		the relevant redemption price on the date fixed for redemption.
	 

	 
		(ii) All dividends paid with respect to
		shares of the Series C Convertible Preferred pursuant to paragraph (c)(i) shall
		be paid in cash pro rata to the Holders entitled thereto.
	 

	 
		(d) Liquidation.
	 

	 
		(i) In the event of any voluntary or
		involuntary liquidation, dissolution or winding up of the affairs of the
		Corporation, each Holder shall be entitled to be paid, out of the assets of the
		Corporation available for distribution to its stockholders and before any
		distribution shall be made or any assets distributed to the holders of any of
		the
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		Junior Securities, including, without
		limitation, the Common Stock of the Corporation, an amount in cash equal to the
		greater of (A) the Liquidation Preference for each outstanding share of Series
		C Convertible Preferred, plus, without duplication, an amount in cash equal to
		accumulated and unpaid dividends thereon to the date fixed for such
		liquidation, dissolution or winding up, and (B) the amount per share which
		would have been payable upon such liquidation, dissolution or winding up to the
		holders of shares of Class A Common Stock or such other class or series of
		stock into which the Series C Convertible Preferred is then convertible
		(assuming the conversion of each share of then convertible Series C Convertible
		Preferred and without deduction for the Liquidation Preference otherwise
		payable pursuant to clause (A) hereof), multiplied by the number of shares of
		Class A Common Stock into which such shares of Series C Convertible Preferred
		are then convertible. Except as provided in the preceding sentence, Holders of
		Series C Convertible Preferred shall not be entitled to any distribution in the
		event of any liquidation, dissolution or winding up of the affairs of the
		Corporation. If the assets of the Corporation are not sufficient to pay in full
		the liquidation payments payable to the Holders and to any holders of all other
		Parity Securities, then such assets shall be distributed among the Holders and
		any holders of such other Parity Securities ratably in accordance with the
		respective amounts that would be payable on such shares of Series C Convertible
		Preferred and any such shares of other Parity Securities if all amounts payable
		thereon were paid in full.
	 

	 
		(ii) For the purposes of this paragraph (d),
		neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
		securities or other consideration) of all or substantially all of the property
		or assets of the Corporation nor the consolidation or merger of the Corporation
		with or into one or more entities shall be deemed to be a liquidation,
		dissolution or winding up of the affairs of the Corporation.
	 

	 
		(e) Redemption.
	 

	 
		(i) Mandatory Redemption. The Corporation shall redeem, in the manner provided
		for in paragraph (e)(ii) hereof, and out of funds legally available therefor
		all of the outstanding shares of Series C Convertible Preferred for cash on
		August 31, 2013 (the “Redemption
		Date”), at a price per share equal
		to the Redemption Price.
	 

	 
		(ii) Procedures for Redemption. (A) At least 90 days prior to the Redemption Date,
		written notice (the “Redemption
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice nor any
		deficiency therein shall affect the validity of the procedure for the
		redemption of any shares of Series C Convertible Preferred as to the Holder or
		Holders to whom the Corporation has failed to give said notice or to whom such
		notice was defective. The Redemption Notice shall state:
	 

	 
		(1) the Redemption Price;
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		(2) that the Holder is to surrender to the
		Corporation, in the manner, at the place or places and at the price designated,
		its certificate or certificates representing the shares of Series C Convertible
		Preferred; and
	 

	 
		(3) that dividends on the shares of the
		Series C Convertible Preferred shall cease to accumulate on such Redemption
		Date unless the Corporation defaults in the payment of the Redemption
		Price.
	 

	 
		(B) Each Holder shall surrender the
		certificate or certificates representing all shares of Series C Convertible
		Preferred held by such Holder to the Corporation, duly endorsed (or otherwise
		in proper form for transfer, as determined by the Corporation), in the manner
		and at the place or places designated in the Redemption Notice, and on the
		Redemption Date the full Redemption Price for such shares shall be payable in
		cash to the Person whose name appears on such certificate or certificates as
		the owner thereof, and each surrendered certificate shall be canceled and
		retired. 
	 

	 
		(C) On and after the Redemption Date, unless
		the Corporation defaults in the payment in full of the Redemption Price,
		dividends on the Series C Convertible Preferred shall cease to accumulate on
		the Redemption Date, and all rights of the Holders shall terminate with respect
		to the Series C Convertible Preferred on the Redemption Date, other than the
		right to receive the Redemption Price, without interest; provided,
		however, that if the Redemption Notice shall have been given
		and the funds necessary for redemption (including an amount in respect of all
		dividends that will accrue to the Redemption Date) shall have been segregated
		and irrevocably deposited in trust for the equal and ratable benefit of the
		Holders, then, at the close of business on the day on which such funds are
		segregated and set aside, the Holders shall cease to be stockholders of the
		Corporation and shall be entitled only to receive the Redemption Price.
	 

	 
		(f) Voting Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.
	 

	 
		(i) (A) So long as any shares of the Series
		C Convertible Preferred are outstanding, the Corporation may not issue any
		additional shares of Series C Convertible Preferred or any new class of Parity
		Securities or Senior Securities (or amend the provisions of any existing class
		of Capital Stock to make such class of Capital Stock Parity Securities or
		Senior Securities) without the approval of Holders holding at least a majority
		of the then outstanding shares of Series C Convertible Preferred, voting or
		consenting, as the case may be, together as one class given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting; provided, however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		C  Convertible Preferred or prohibit the redemption by the Corporation of
		the Series C
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		 Convertible Preferred pursuant to paragraph
		(e)(i) above, in an amount sufficient to Refinance any series of Senior
		Securities, in whole or in part, with such shares being issued no sooner than
		the date the Corporation Refinances such series of Senior Securities.
	 

	 
		(B) So long as any shares of the Series C
		Convertible Preferred are outstanding, the Corporation shall not amend this
		Certificate of Designation so as to affect materially and adversely the rights,
		preferences or privileges of Holders without the affirmative vote or consent of
		Holders holding at least a majority of the then outstanding shares of Series C
		Convertible Preferred, voting or consenting, as the case may be, as one class,
		given in person or by proxy, either in writing or by resolution adopted at an
		annual or special meeting.
	 

	 
		(C) Except as set forth in paragraph
		(f)(i)(A) above, the creation, authorization or issuance of any shares of any
		Junior Securities, Parity Securities or Senior Securities or the increase or
		decrease in the amount of authorized Capital Stock of any class, including
		Preferred Stock, shall not require the consent of Holders and shall not be
		deemed to affect adversely the rights, preferences or privileges of such
		Holders.
	 

	 
		(ii) Without the affirmative vote or consent
		of Holders holding at least a majority of the then outstanding shares of Series
		C Convertible Preferred, voting or consenting, as the case may be, as a
		separate class, given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting, the Corporation shall not, in a single
		transaction or series of related transactions, consolidate or merge with or
		into, or sell, assign, transfer, lease, convey or otherwise dispose of all or
		substantially all of the Corporation’s assets (as an entirety or
		substantially as an entirety in one transaction or series of related
		transactions) to, another Person (other than a Wholly-Owned Subsidiary with,
		into or to another Wholly-Owned Subsidiary) or adopt a plan of liquidation
		unless (A) either (I) the Corporation is the surviving or continuing Person or
		(II) the Person (if other than the Corporation) formed by such consolidation or
		into which the Corporation is merged or the Person that acquires by conveyance,
		transfer or lease the properties and assets of the Corporation substantially as
		an entirety or, in the case of a plan of liquidation, the Person to which
		assets of the Corporation have been transferred shall be organized and existing
		under the laws of the United States or any State thereof or the District of
		Columbia; (B) the Series C Convertible Preferred shall be converted into or
		exchanged for and shall become shares of such successor, transferee or
		resulting Person with the same powers, preferences and relative, participating,
		optional or other special rights and the qualifications, limitations or
		restrictions thereon, that the Series C Convertible Preferred had immediately
		prior to such transaction; (C) immediately after giving effect to such
		transactions, no Voting Rights Triggering Event shall have occurred or shall
		have occurred after the Issue Date and be continuing; and (D) the Corporation
		has delivered to the transfer agent for the Series C Convertible Preferred
		prior to the consummation of the proposed transaction an Officers’
		Certificate and an Opinion of Counsel, each stating that such consolidation,
		merger or transfer complies with the terms hereof and that all conditions
		precedent herein relating to such transaction have been satisfied. For purposes
		of the foregoing, the transfer (by lease, assignment, sale or
	 

	 
		 
	 

	 
		 
	 

	 
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		 otherwise, in a single transaction or
		series of related transactions) of all or substantially all of the properties
		and assets of one or more Subsidiaries of the Corporation, the Capital Stock of
		which constitutes all or substantially all of the properties and assets of the
		Corporation shall be deemed to be the transfer of all or substantially all of
		the properties and assets of the Corporation.
	 

	 
		(iii) (A) If the Corporation fails to
		discharge any redemption or conversion obligation with respect to the Series C
		Convertible Preferred (such failure being a “Voting Rights Triggering Event”), then, subject to paragraph (f)(iii)(E) below,
		Holders of at least a majority of the then outstanding shares of Series C
		Convertible Preferred, voting separately and as one class, shall have the
		exclusive right to elect the lesser of two directors and that number of
		directors constituting 25% of the members of the Board of Directors, at a
		meeting called for such purpose following the occurrence of such Voting Rights
		Triggering Event, and at every subsequent meeting at which the terms of office
		of the directors so elected by the Holders expire (other than as described in
		(f)(iii)(B) below), and the number of directors constituting the Board of
		Directors shall be increased by the number of directors so elected by the
		Holders. The voting rights provided herein shall be the exclusive remedy at law
		or in equity of the Holders for any Voting Rights Triggering Event.
	 

	 
		(B) The right of the Holders voting together
		as a separate class to elect members of the Board of Directors as set forth in
		paragraph (f)(iii)(A) above shall continue until such time as in all other
		cases, the failure, breach or default giving rise to such Voting Rights
		Triggering Event is remedied, cured or waived by Holders of at least a majority
		of the then outstanding shares of Series C Convertible Preferred that are
		entitled to vote thereon, at which time (I) the special right of the Holders so
		to vote as a class for the election of directors and (II) the term of office of
		the directors elected by the Holders shall each terminate and such persons
		shall cease to be members of the Board of Directors. At any time after voting
		power to elect directors shall have become vested and be continuing in the
		Holders pursuant to paragraph (f)(iii) hereof, or if vacancies shall exist in
		the offices of directors elected by such Holders, a proper officer of the
		Corporation may, and upon the written request of Holders of at least 25% of the
		then outstanding shares of Series C Convertible Preferred addressed to the
		secretary of the Corporation shall, call a special meeting of the Holders, for
		the purpose of electing the directors which the Holders are entitled to elect.
		If such meeting shall not be called by a proper officer of the Corporation
		within 20 days after personal service of said written request upon the
		secretary of the Corporation, or within 20 days after mailing the same within
		the United States by certified mail, addressed to the secretary of the
		Corporation at its principal executive offices, then Holders of at least 25% of
		the then outstanding shares of Series C Convertible Preferred may designate in
		writing one of their number to call such meeting at the reasonable expense of
		the Corporation, and such meeting may be called by the Holder so designated
		upon the notice required for the annual meetings of stockholders of the
		Corporation and shall be held at the place for holding the annual meetings of
		stockholders. Any Holder of Series C Convertible Preferred so designated shall
		have, and the Corporation shall provide, access to the lists of stockholders to
		be called pursuant to the provisions hereof.
	 

	 
		 
	 

	 
		 
	 

	 
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		(C) At any meeting held for the purpose of
		electing directors at which the Holders shall have the right, voting together
		as a separate class, to elect directors as aforesaid, the presence in person or
		by proxy of Holders of at least a majority of the then outstanding shares of
		Series C Convertible Preferred shall be required to constitute a quorum of such
		Series C Convertible Preferred.
	 

	 
		(D) Any vacancy occurring in the office of a
		director elected by the Holders may be filled by the remaining director (if
		any) elected by the Holders unless and until such vacancy shall be filled by
		the Holders.
	 

	 
		(E) The provisions of this paragraph
		(f)(iii) shall apply only to those Holders, if any, that would be permitted to
		vote in the election of directors of the Corporation pursuant to applicable
		laws and regulations of the FCC, with such Holders together being treated as
		the class of Holders entitled to exercise such rights. The determination as to
		whether any Holder would not be permitted to exercise such voting rights shall
		be made jointly by any such Holder(s) and the Corporation.
	 

	 
		(iv) In any case in which the Holders shall
		be entitled to vote pursuant to this paragraph (f) or pursuant to the General
		Corporation Law of the State of Delaware, each Holder entitled to vote with
		respect to such matter shall be entitled to one vote for each then outstanding
		share of Series C Convertible Preferred so held.
	 

	 
		(g) Conversion.
	 

	 
		(i) Optional Conversion. Each share of the Series C Convertible Preferred is
		convertible at the option of the Holder thereof, at any time and from time to
		time, into (A) a number of Conversion Shares equal to the Issue Price of the
		shares of Series C Convertible Preferred surrendered for conversion plus
		accrued and unpaid dividends thereon, divided by (B) the Conversion Price then
		in effect, except that if shares of Series C Convertible Preferred are called
		for redemption the conversion right will terminate at the close of business on
		the Redemption Date. No fractional shares or securities representing fractional
		shares will be issued upon conversion; in lieu of fractional shares the
		Corporation will pay a cash adjustment based upon the Common Stock Value as of
		the close of business on the first Business Day preceding the date of
		conversion. The Series C Convertible Preferred shall be converted by the holder
		thereof by surrendering the certificate or certificates representing the shares
		of Series C Convertible Preferred to be converted, appropriately completed, to
		the transfer agent for the Common Stock. The transfer agent shall issue one or
		more certificates representing the Conversion Shares in the name or names
		requested by such Holder. The transfer agent will deliver to such Holder a new
		certificate representing the shares of Series C Convertible Preferred in excess
		of those being surrendered for conversion. The conversion rights stated herein
		are subject to compliance by the Holder with all applicable laws and
		regulations, including, without limitation, the Communications Act, and as a
		condition precedent to the Corporation’s obligation to issue Conversion
		Shares to a Holder or its designee(s), the Corporation may require that such
		Holder deliver to the Corporation an opinion of legal counsel reasonably
		acceptable to the Corporation to the
	 

	 
		 
	 

	 
		 
	 

	 
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		effect that the issuance of Conversion
		Shares to such Holder or its designee(s) upon conversion will not violate or
		conflict with the Communications Act.
	 

	 
		(ii) Mandatory Conversion. At any time following the first anniversary of the
		Issue Date, upon the occurrence of a Mandatory Conversion Event, including a
		Mandatory Conversion Event that occurs after the Redemption Date to the extent
		any share of Series C Convertible Preferred remains outstanding after the
		Redemption Date, unless previously converted at the option of Holders in
		accordance with the provisions hereof, each outstanding share of Series C
		Convertible Preferred shall, without notice to Holders, convert automatically
		(the “Mandatory
		Conversion”) into (A) a number of
		Conversion Shares equal to the Issue Price of the shares of Series C
		Convertible Preferred so converted plus accrued and unpaid dividends thereon,
		divided by the (B) Conversion Price then in effect. No fractional shares or
		securities representing fractional shares will be issued upon conversion; in
		lieu of fractional shares the Corporation will pay a cash adjustment based upon
		the Common Stock Value as of the close of business on the first Business Day
		preceding the date of the occurrence of such Mandatory Conversion Event.
		Promptly following a Mandatory Conversion Event, written notice (the
		“Mandatory Conversion
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice or any
		deficiency therein shall affect the validity of the procedures for the
		Mandatory Conversion as to the Holder or Holders to whom the Corporation has
		failed to give said notice or to whom such notice was effected. Each Holder
		shall surrender the certificate or certificates representing all shares of
		Series C Convertible Preferred held by such Holder to the Corporation, duly
		endorsed (or otherwise in proper form for transfer, as determined by the
		Corporation) and the Corporation shall issue to such Holder that number of
		shares of Class A Common Stock to which such Holder is entitled, as calculated
		in accordance with this paragraph; provided,
		however, that if a Holder shall notify the Corporation within
		five (5) Business Days of receipt of the Mandatory Conversion Notice that it
		wishes to receive Class C Common Stock in accordance with this paragraph, the
		Corporation shall issue such Holder an equal number of shares of Class C Common
		Stock to which such Holder is entitled as calculated in accordance with this
		paragraph.
	 

	 
		(iii) (A) In case the Corporation shall (I)
		pay a dividend or distribution in shares of Class A Common Stock on its shares
		of Class A Common Stock, (II) subdivide its outstanding shares of Class A
		Common Stock into a greater number of shares, (III) combine its outstanding
		shares of Class A Common Stock into a smaller number of shares, or (IV) issue,
		by reclassification of its shares of Class A Common Stock, any shares of its
		Capital Stock (each such transaction being called a “Stock
		Transaction”), then and in each
		such case, the Conversion Price in effect immediately prior thereto shall be
		adjusted so that the Holder of a share of Series C Convertible Preferred
		surrendered for conversion after the record date fixing stockholders to be
		affected by such Stock Transaction shall be entitled to receive upon conversion
		the number of Conversion Shares which such Holder would have been entitled to
		receive after the happening of such event had such share of Series C
		Convertible Preferred been converted immediately prior to such record date.
		Such adjustment shall be made
	 

	 
		 
	 

	 
		 
	 

	 
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		whenever any Stock Transaction occurs, but
		shall also be effective retroactively as to shares of Series C Convertible
		Preferred converted between such record date and the date of the happening of
		any such Stock Transaction.
	 

	 
		(B) If the Corporation shall, at any time or
		from time to time while any shares of Series C Convertible Preferred are
		outstanding, issue or sell any right or warrant to purchase, acquire or
		subscribe for shares of Class A Common Stock (including a right or warrant with
		respect to any security convertible into or exchangeable for shares of Class A
		Common Stock) generally to holders of its Common Stock (including by way of a
		reclassification of shares or a recapitalization of the Corporation), for a
		consideration on the date of such issuance or sale less than the Common Stock
		Value of the shares of Class A Common Stock underlying such rights or warrants
		on the date of such issuance or sale, then and in each such case, the
		Conversion Price shall be adjusted by multiplying such Conversion Price by a
		fraction, the numerator of which shall be the sum of (I) the Common Stock Value
		per share of Class A Common Stock on the first Business Day after the date of
		the public announcement of the actual terms (including the price terms) of such
		issuance or sale multiplied by the number of shares of Class A Common Stock
		outstanding immediately prior to such issuance or sale plus (II) the aggregate
		Fair Market Value of the consideration to be received by the Corporation in
		connection with the issuance or sale of the rights or warrants plus the
		aggregate consideration to be received in respect of the purchase of the shares
		of Class A Common Stock underlying such rights or warrants, and the denominator
		of which shall be the Common Stock Value per share of Class A Common Stock on
		the Business Day immediately preceding the public announcement of the actual
		terms (including the price terms) of such issuance or sale multiplied by the
		aggregate number of shares of Class A Common Stock (I) outstanding immediately
		prior to such issuance or sale plus (II) underlying such rights or warrants at
		the time of such issuance or sale. For the purposes of the preceding sentence,
		the aggregate consideration receivable by the Corporation in connection with
		the issuance or sale of any such right or warrant shall be deemed to be equal
		to the sum of the aggregate offering price (before deduction of reasonable
		underwriting discounts or commissions and expenses) of all such rights or
		warrants. No adjustment to the Conversion Price pursuant to this paragraph (B)
		shall be made if, in conjunction with any such issuance or sale by the
		Corporation generally to holders of its Common Stock, the Corporation issues or
		offers to sell to the Holders such rights or warrants on the same basis as the
		Holders would have received had their shares of Series C Convertible Preferred
		been converted into shares of Class A Common Stock (or Class C Common Stock, as
		the case may be) immediately prior to the such issuance or sale. Upon the
		expiration or termination of any such rights or warrants without the exercise
		of such rights or warrants, the Conversion Price then in effect shall be
		adjusted immediately to the Conversion Price which would have been in effect at
		the time of such expiration or termination had such rights or warrants, to the
		extent outstanding immediately prior to such expiration or termination, never
		been issued, although such adjustment shall not effect previously converted
		shares.
	 

	 
		(C) In the event the Corporation shall at
		any time or from time to time while any shares of Series C Convertible
		Preferred are outstanding declare, order, pay or make a dividend or other
		distribution generally to holders of its Common Stock in stock or other
		securities or rights or warrants to subscribe for securities of the Corporation
		or 
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		any of its subsidiaries or evidences of
		Indebtedness of the Corporation or any other person or pay any Extraordinary
		Cash Dividend (other than any dividend or distribution on the Class A Common
		Stock (I) referred to in paragraphs (A) or (B) above or (II) if in conjunction
		therewith the Corporation declares and pays or makes a dividend or distribution
		on each share of Series C Convertible Preferred which is the same as the
		dividend or distribution that would have been made or paid with respect to such
		share of Series C Convertible Preferred had such share been converted into
		shares of Class A Common Stock immediately prior to the record date for any
		such dividend or distribution on the Class A Common Stock), then, and in each
		such case, an appropriate adjustment to the Conversion Price shall be made so
		that the Holder of each share of Series C Convertible Preferred shall be
		entitled to receive, upon the conversion thereof, the number of shares of Class
		A Common Stock determined by multiplying (x) the number of shares of Class A
		Common Stock into which such share was convertible on the day immediately prior
		to the record date fixed for the determination of stockholders entitled to
		receive such dividend or distribution by (y) a fraction, the numerator of which
		shall be the Common Stock Value per share of Class A Common Stock as of such
		record date, and the denominator of which shall be such Common Stock Value per
		share of Class A Common Stock less the Fair Market Value per share of Class A
		Common Stock of such dividend or distribution (as determined in good faith by
		the Board of Directors, as evidenced by a Board Resolution mailed to each
		holder of Series C Convertible Preferred). An adjustment made pursuant to this
		paragraph (C) shall be made upon the opening of business on the next Business
		Day following the date on which any such dividend or distribution is made and
		shall be effective retroactively to the close of business on the record date
		fixed for the determination of stockholders entitled to receive such dividend
		or distribution.
	 

	 
		(D) In the event the Company shall, at any
		time or from time to time while any shares of Series C Convertible Preferred
		are outstanding, repurchase (a “Repurchase”) any portion of the Class A Common Stock from
		holders generally at a premium over the Common Stock Value thereof on the next
		trading day immediately preceding the consummation of such Repurchase, then and
		in the case of each Repurchase the Conversion Price in effect immediately prior
		thereto shall be adjusted by multiplying such Conversion Price by the fraction
		the numerator of which is (I) the product of (x) the number of shares of Class
		A Common Stock outstanding immediately before such Repurchase multiplied by (y)
		the Common Stock Value per share of Class A Common Stock on the next trading
		day immediately following the consummation of such Repurchase minus (II) the
		aggregate purchase price of the Repurchase and the denominator of which shall
		be the product of (x) the number of shares of Class A Common Stock outstanding
		immediately before such Repurchase minus the number of shares of Class A Common
		Stock Repurchased by the Company multiplied by (y) the Common Stock Value per
		share of Class A Common Stock on the next trading day immediately following the
		consummation of such Repurchase. Such adjustment shall be made whenever any
		such Repurchase occurs, but shall also be effective retroactively as to shares
		of Series C Convertible Preferred converted between such record date and the
		date of the happening of any such Repurchase. 
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		(iv) No adjustment in the Conversion Price
		will be required to be made in any case until cumulative adjustments amount to
		1% or more of the Conversion Price, but any such adjustment that would
		otherwise be required to be made shall be carried forward and taken into
		account in any subsequent adjustment.
	 

	 
		(v) In the event of any capital
		reorganization (other than a capital reorganization covered by paragraph
		(ii)(C) above) or reclassification of outstanding shares of Common Stock of the
		Corporation (other than a reclassification covered by paragraph (ii)(A) above),
		or in case of any merger, consolidation or other corporate combination of the
		Corporation with or into another corporation, or in case of any sale or
		conveyance to another corporation of the property of the Corporation as an
		entirety or substantially as an entirety (each of the foregoing being referred
		to as a “Transaction”), each share of Series C Convertible Preferred
		shall continue to remain outstanding if the Corporation is the Surviving Person
		(as defined below) of such Transaction, and shall be subject to all the
		provisions hereof, as in effect prior to such Transaction, or if the
		Corporation is not the Surviving Person, each share of Series C Convertible
		Preferred shall be exchanged in such Transaction for a new series of
		convertible preferred stock of the Surviving Person, or in the case of a
		Surviving Person other than a corporation, comparable securities of such
		Surviving Person, in either case having economic terms as nearly equivalent as
		possible to, and with the same voting and other rights as, the Series C
		Convertible Preferred, including entitling the holder thereof to receive, upon
		presentation of the certificate therefor to the Surviving Person subsequent to
		the consummation of such Transaction, the kind and amount of shares of stock
		and other securities and property receivable (including cash) upon the
		consummation of such Transaction by a holder of that number of shares of Class
		A Common Stock into which one share of Series C Convertible Preferred was
		convertible immediately prior to such Transaction. In case securities or
		property other than Common Stock shall be issuable or deliverable upon
		conversion as aforesaid, then all references in this paragraph (v) shall be
		deemed to apply, so far as appropriate and as nearly as may be, to such other
		securities or property. If the holders of Class A Common Stock have the
		opportunity to elect the form of consideration to be received by them in such
		Transaction, then from and after the effective date of such Transaction, the
		Series C Convertible Preferred shall be convertible into the consideration that
		a majority of the holders of the Class A Common Stock who made such election
		received in such Transaction. 
	 

	 
		Notwithstanding anything contained herein to
		the contrary, the Corporation will not effect any Transaction unless, prior to
		the consummation thereof, proper provision is made to ensure that the holders
		of shares of Series C Convertible Preferred will be entitled to receive the
		benefits afforded by this paragraph (v).
	 

	 
		For purposes of this paragraph (v),
		“Surviving Person” shall mean the continuing or surviving Person of
		a merger, consolidation or other corporate combination, the Person receiving a
		transfer of all or substantially all of the properties and assets of the
		Corporation, or the Person consolidating with or merging into the Corporation
		in a merger, consolidation or other corporate combination in which the
		Corporation is the continuing or surviving Person, but in connection with which
		the Series C Convertible 
	 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		Preferred or Common Stock of the Corporation
		is exchanged, converted or reclassified into the securities of any other Person
		or cash or any other property.
	 

	 
		(vi) The conversion price shall initially
		equal $0.75 per share, and shall increase from and after the Issue Date at a
		rate equal to the dividend rate on the Series C Convertible Preferred as set
		forth in paragraph (c)(i) (the “Conversion Price”). The Conversion Price shall be subject to
		adjustment as provided in this paragraph (g).
	 

	 
		(vii) From and after an Initial Public
		Offering, the Corporation shall cause the shares of Class A Common Stock
		issuable upon conversion of the Series C Convertible Preferred (or in the case
		of a Holder’s election to convert into Class C Common Stock, upon
		conversion of such Class C Common Stock) to be approved for listing on the
		principal securities exchange on which the Class A Common Stock may at the time
		be listed for trading, subject to official notification of issuance, prior to
		the date of issuance thereof. Notwithstanding anything in this Certificate of
		Designation to the contrary, no Holders shall be entitled to exercise the
		conversion rights set forth in this paragraph (g) until such time as any
		conditions for listing the Class A Common Stock issuable upon conversion of the
		Series C Convertible Preferred on the principal securities exchange on which
		the Class A Common Stock may be listed for trading, if any and if applicable,
		have been satisfied.
	 

	 
		(viii) Notwithstanding anything to the
		contrary contained in this paragraph (g), there shall be no adjustment to the
		Conversion Price in connection with any issuance of additional shares of Series
		C Convertible Preferred or any other securities that are or may be or become
		issued or issuable in connection with the transactions contemplated by the
		Master Transaction Agreement.
	 

	 
		(h) Reissuance of Series C Convertible
		Preferred. Shares of Series C
		Convertible Preferred that have been issued and reacquired in any manner,
		including shares purchased or redeemed or exchanged, shall (upon compliance
		with any applicable provisions of the General Corporation Law of the State of
		Delaware) have the status of authorized and unissued shares of Preferred Stock
		undesignated as to series and may be redesignated and reissued as part of any
		series of Preferred Stock; provided that
		any issuance of such shares as Series C Convertible Preferred must be in
		compliance with the terms hereof.
	 

	 
		(i) Business Day. If
		any payment or redemption shall be required by the terms hereof to be made on a
		day that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.
	 

	 
		 
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
	 

	 

	 
		(j) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.
	 

	 
		(k) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:
	 

	 
		“Board of Directors” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Board Resolution” means a copy of a resolution certified pursuant
		to an Officers’ Certificate to have been duly adopted by the Board of
		Directors and to be in full force and effect.
	 

	 
		“Business Day” means any day except a Saturday, a Sunday, or any
		day on which banking institutions in New York, New York are required or
		authorized by law or other governmental action to be closed.
	 

	 
		“Capital Stock” means (i) with respect to any Person that is a
		corporation, any and all shares, interests, participations or other equivalents
		(however designated) of capital stock, including each class of common stock and
		preferred stock of such Person and (ii) with respect to any Person that is not
		a corporation, any and all partnership, membership or other equity interests of
		such Person.
	 

	 
		“Capitalized Lease Obligation” means, as to any Person, the obligation of such
		Person to pay rent or other amounts under a lease to which such Person is a
		party that is required to be classified and accounted for as capital lease
		obligations under GAAP and, for purposes of this definition, the amount of such
		obligations at any date shall be the capitalized amount of such obligations at
		such date, determined in accordance with GAAP. 
	 

	 
		“Certificate of Incorporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Class A Common Stock” means the Class A Common Stock, par value $.001
		per share, of the Corporation.
	 

	 
		“Class C Common Stock” means the Class C Non-Voting Common Stock, par
		value $.001 per share, of the Corporation. 
	 

	 
		“Class D Common Stock” means the Class D Non-Voting Common Stock, par
		value $.001 per share, of the Corporation. 
	 

	 
		“Commission”
		means the Securities and Exchange Commission.
	 

	 
		 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		“Common Stock” of any Person means any and all shares, interests
		or other participations in, and other equivalents (however designated and
		whether voting or non-voting) of, such Person’s common stock, whether
		outstanding on the Issue Date or issued after the Issue Date, and includes,
		without limitation, all series and classes of such common stock.
	 

	 
		“Common Stock Value” on any date means, with respect to the Class A
		Common Stock or the Class D Common Stock, the last sale price for the Class A
		Common Stock or the Class D Common Stock, regular way, or, in case no such sale
		takes place on such date, the average of the closing bid and asked prices,
		regular way, for the Class A Common Stock or the Class D Common Stock, in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal national securities exchange on which the
		Class A Common Stock or the Class D Common Stock is listed or admitted to
		trading or, if neither the Class A Common Stock nor the Class D Common Stock is
		listed or admitted to trading on any national securities exchange, the last
		quoted price, or, if not so quoted, the average of the high bid and low asked
		prices in the over-the-counter market, as reported by the principal automated
		quotation system that may then be in use or, if neither the Class A Common
		Stock nor the Class D Common Stock is quoted by any such organization, the
		average of the closing bid and asked prices as furnished by a professional
		market maker making a market in the Class A Common Stock or the Class D Common
		Stock selected by the Board of Directors or, in the event that no trading price
		is available for the Class A Common Stock or the Class D Common Stock, the fair
		market value of the Class A Common Stock, as determined in good faith by the
		Board of Directors.
	 

	 
		“Communications Act” means the Communications Act of 1934, as amended
		(including, without limitation, the Cable Communications Policy Act of 1984 and
		the Cable Television Consumer Protection and Competition Act of 1992) and all
		rules and regulations of the FCC, in each case as from time to time in
		effect.
	 

	 
		“Consolidated EBITDA” means, for any Person, for any period, an amount
		equal to (a) the sum of Consolidated Net Income for such period, plus, to the
		extent deducted from the revenues of such Person in determining Consolidated
		Net Income, (i) the provision for taxes for such period based on income or
		profits and any provision for taxes utilized in computing a loss in
		Consolidated Net Income above, plus (ii) Consolidated Interest Expense, net of
		interest income earned on cash or cash equivalents for such period (including,
		for this purpose, dividends on preferred stock only to the extent that such
		dividends were deducted in determining Consolidated Net Income), plus (iii)
		depreciation for such period on a consolidated basis, plus (iv) amortization of
		intangibles and broadcast program licenses for such period on a consolidated
		basis, minus (b) scheduled payments relating to broadcast program license
		liabilities, except that with respect to the Corporation each of the foregoing
		items shall be determined on a consolidated basis with respect to the
		Corporation and its Subsidiaries only; provided,
		however, that, for purposes of calculating Consolidated EBITDA
		during
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		any fiscal quarter, cash income from a
		particular Investment of such Person shall be included only if cash income has
		been received by such Person as a result of the operation of the business in
		which such Investment has been made in the ordinary course without giving
		effect to any extraordinary, unusual and non-recurring gains.
	 

	 
		“Consolidated Interest Expense” means, with respect to any Person, for any
		period, the aggregate amount of interest which, in conformity with GAAP, would
		be set forth opposite the caption “interest expense” or any like
		caption on an income statement for such Person and its Subsidiaries on a
		consolidated basis, including, but not limited to, imputed interest included in
		Capitalized Lease Obligations, all commissions, discounts and other fees and
		charges owed with respect to letters of credit and bankers’ acceptance
		financing, the net costs associated with hedging obligations, amortization of
		other financing fees and expenses, the interest portion of any deferred payment
		obligation, amortization of discount or premium, if any, and all other non-cash
		interest expense (other than interest amortized to cost of sales) plus, without
		duplication, all net capitalized interest for such period and all interest
		incurred or paid under any guarantee of indebtedness (including a guarantee of
		principal, interest or any combination thereof) of any Person, and all time
		brokerage fees relating to financing of television stations which the
		Corporation has an agreement or option to acquire.
	 

	 
		“Consolidated Net Income” means, with respect to any Person, for any
		period, the aggregate of the net income (or loss) of such Person and its
		Subsidiaries for such period, on a consolidated basis, determined in accordance
		with GAAP; provided, however, that
		(a) the net income of any Person (the “other Person”) in which the
		Person in question or any of its Subsidiaries has less than a 100% interest
		(which interest does not cause the net income of such other Person to be
		consolidated into the net income of the Person in question in accordance with
		GAAP) shall be included only to the extent of the amount of dividends or
		distributions paid to the Person in question or to the Subsidiary, (b) the net
		income of any Subsidiary of the Person in question that is subject to any
		restriction or limitation on the payment of dividends or the making of other
		distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity entitlements granted to employees of the
		Corporation and its Subsidiaries) increasing and decreasing Consolidated Net
		Income and not otherwise included in the definition of Consolidated EBITDA
		shall be excluded.
	 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		“Conversion Price” has the meaning ascribed to it in paragraph
		(g)(vi) hereof.
	 

	 
		“Conversion Shares” means (i) the number of shares of Class A Common
		Stock or (ii) with respect to any Holder, if such Holder determines, after
		consultation with its outside legal counsel, that such Holder is prevented
		under the Communications Act from holding shares of Class A Common Stock
		issuable upon conversion of such Holder’s shares of Series C Convertible
		Preferred, an equal number of shares of Class C Common Stock of the Corporation
		(such Class C Common Stock shall, (1) upon disposition by such Holder to any
		other Person that such Holder determines is not prevented under the
		Communications Act from holding shares of Class A Common Stock or (2) upon the
		determination by such Holder that the Communications Act no longer prohibits
		such Holder from holding shares of Class A Common Stock, in either case, after
		consultation by such Person with outside legal counsel and, if required by the
		Corporation, delivery by such Person to the Corporation an Opinion of Counsel
		reasonably acceptable to the Corporation to the effect that the Conversion of
		such Class C Common Stock to Class A Common Stock will not violate or conflict
		with the Communications Act, automatically be converted into an equal number of
		shares of Class A Common Stock), into which the Series C Convertible Preferred
		is from time to time convertible.
	 

	 
		“Corporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Designated Investment Bank” means an investment bank selected by the
		Purchasing Party from a list of three internationally recognized investment
		banks provided to the Purchasing Party by the Company pursuant to Section 2.07
		of the Master Transaction Agreement.
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended, and the rules and regulations promulgated thereunder.
	 

	 
		“Extraordinary Cash Dividend” means cash dividends with respect to the Class A
		Common Stock the aggregate amount of which in any fiscal year exceeds 10% of
		Consolidated EBITDA of the Corporation and its subsidiaries for the fiscal year
		immediately preceding the payment of such dividend.
	 

	 
		“Fair Market Value” of any consideration other than cash or of any
		securities shall mean the amount which a willing buyer would pay to a willing
		seller in an arm’s-length transaction as determined by an independent
		investment banking or appraisal firm experienced in the valuation of such
		securities or property selected in good faith by the Board of Directors or a
		committee thereof.
	 

	 
		“FCC” means
		the Federal Communications Commission and any successor governmental entity
		performing functions similar to those performed by the Federal Communications
		Commission on the Issue Date.
	 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
	 

	 

	 
		“GAAP” means
		generally accepted accounting principles consistently applied as in effect in
		the United States from time to time.
	 

	 
		“Holder”
		means a holder of then outstanding shares of Series C Convertible Preferred as
		reflected in the stock books of the Corporation.
	 

	 
		“Initial Public Offering” means the initial underwritten sale of equity
		securities of the Corporation occurring after the Issue Date pursuant to an
		effective registration statement under the Securities Act.
	 

	 
		“Issue Date”
		means the date of the issuance of Series C Convertible Preferred.
	 

	 
		“Issue Price” means $10,000 per share of Series C Convertible
		Preferred.
	 

	 
		“Junior Preferred Stock” means, collectively, (i) 93⁄4% Preferred,
		(ii) Series B Convertible Preferred, (iii) Series C Preferred Stock
		(iv) Series D Convertible Preferred, (v) Series E-1 Convertible
		Preferred, (vi) Series E-2 Convertible Preferred and (vii) Series F
		Non-Convertible Preferred, in each case as defined in the Master Transaction
		Agreement. 
	 

	 
		“Junior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Liquidation Preference” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Mandatory Conversion” has the meaning ascribed to it in paragraph
		(g)(ii) hereof.
	 

	 
		“Mandatory Conversion Event” means the earlier to occur of: (i) the date on
		which the last sale price for the Class A Common Stock or Class D Common Stock,
		regular way, or, in case no such sale takes place on such date, the average of
		the closing bid and asked prices, regular way, for the Class A Common Stock or
		Class D Common Stock, in either case as reported in the principal consolidated
		transaction reporting system with respect to the principal national securities
		exchange on which the Class A Common Stock or Class D Common Stock is listed or
		admitted to trading, or, if neither Class A Common Stock nor Class D Common
		Stock is listed or admitted to trading on any national securities exchange, the
		last quoted price, or, if not so quoted, the average of the high bid and low
		asked prices in the over-the-counter market, as reported by the principal
		automated quotation system that may then be in use, for the Class A Common
		Stock or Class D Common Stock for fifteen (15) consecutive trading days is
		equal to or greater than the Mandatory Conversion Trigger Price as then in
		effect; and (ii) the issuance by the Corporation of Common Stock at an issue
		price per share not less than the Mandatory Conversion Trigger Price as then in
		effect for aggregate gross proceeds (before deduction of underwriting
		commissions and other expenses of sale) of not less than $75,000,000, provided
		that if such issuance is made to a Purchasing Party, the Designated Investment
		Bank shall 
	 

	 
		 
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
	 

	 

	 
		have provided an opinion in customary form
		to the Company to the effect that the issue price per share of Common Stock is
		at or higher than the fair market value of a share of Common Stock.
	 

	 
		“Mandatory Conversion Notice” has the meaning ascribed to it in paragraph
		(g)(ii) hereof.
	 

	 
		“Mandatory
		Conversion Trigger Price” means
		(A) in the event the Mandatory Conversion Event occurs on or after the first
		anniversary but prior to the second anniversary of the Issue Date, 102% of the
		Conversion Price, (B) in the event the Mandatory Conversion Event occurs on or
		after the second anniversary but prior to the third anniversary of the Issue
		Date, 101% of the Conversion Price, or (C) in the event the Mandatory
		Conversion Event occurs on or after the third anniversary of the Issue Date,
		the Conversion Price.
	 

	 
		“Master Transaction Agreement” means the Master Transaction Agreement dated as
		of May 3, 2007 among the Corporation, NBC Universal, Inc., NBC Palm Beach
		Investment I, Inc., NBC Palm Beach Investment II, Inc., and CIG Media LLC, as
		may be amended, modified or restated from time to time. 
	 

	 
		“Obligations” means all obligations for principal, premium,
		interest, penalties, fees, indemnifications, reimbursements, damages and other
		liabilities payable under the documentation governing, or otherwise relating
		to, any Indebtedness.
	 

	 
		“Officers’ Certificate” means a certificate signed by two officers or by
		an officer and either an Assistant Treasurer or an Assistant Secretary of the
		Corporation which certificate shall include a statement that, in the opinion of
		such signers all conditions precedent to be performed by the Corporation prior
		to the taking of any proposed action have been taken. In addition, such
		certificate shall include (i) a statement that the signatories have read the
		relevant covenant or condition, (ii) a brief statement of the nature and scope
		of such examination or investigation upon which the statements are based, (iii)
		a statement that, in the opinion of such signatories, they have made such
		examination or investigation as is reasonably necessary to express an informed
		opinion and (iv) a statement as to whether or not, in the opinion of the
		signatories, such relevant conditions or covenants have been complied
		with.
	 

	 
		“Opinion of Counsel” means an opinion of counsel that, in such
		counsel’s opinion, all conditions precedent to be performed by the
		Corporation prior to the taking of any proposed action have been taken. Such
		opinion shall also include the statements called for in the second sentence
		under “Officers’ Certificate”.
	 

	 
		“Pari Passu Preferred Stock” means the 141⁄4% Preferred as defined in the
		Master Transaction Agreement.
	 

	 
		“Parity Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
	 

	 

	 
		“Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.
	 

	 
		“Purchasing Party” means CIG Media LLC, NBC Universal, Inc. and
		their respective Affiliates. 
	 

	 
		“Preferred Stock” of any Person means any Capital Stock of such
		Person that has preferential rights to any other Capital Stock of such Person
		with respect to dividends or redemption or upon liquidation.
	 

	 
		“Redemption Date” has the meaning ascribed to it in
		paragraph (e)(i) hereof.
	 

	 
		“Redemption Notice” has the meaning ascribed to it in paragraph
		(e)(ii) hereof.
	 

	 
		“Redemption Price” means the Issue Price plus (as applicable) all
		accrued and unpaid dividends through and including the date of
		redemption.
	 

	 
		“Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinanced” and “Refinancing” has the
		correlative meaning. 
	 

	 
		“Repurchase”
		has the meaning ascribed to it in paragraph (g)(iii)(D) hereof. 
	 

	 
		“Securities Act” means the Securities Act of 1933, as amended, and
		the rules and regulations promulgated thereunder.
	 

	 
		“Senior Preferred Stock” means collectively, (i) Series A-1
		Convertible Preferred, (ii) Series A-2 Preferred Stock, and (iii) Series
		A-3 Convertible Preferred, in each case as defined in the Master Transaction
		Agreement. 
	 

	 
		“Senior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Series C Convertible Preferred” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Subsidiary”, with respect to any Person, means (i) any
		corporation of which the outstanding Capital Stock having at least a majority
		of the votes
	 

	 
		 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
	 

	 

	 
		entitled to be cast in the election of
		directors under ordinary circumstances shall at the time be owned, directly or
		indirectly, by such Person or (ii) any other Person of which at least a
		majority of the voting interest under ordinary circumstances is at the time,
		directly or indirectly, owned by such Person.
	 

	 
		“Stock Transaction” has the meaning ascribed to it in paragraph
		(g)(iii) hereof.
	 

	 
		“Surviving Person” has the meaning ascribed to it in paragraph
		(g)(v) hereof.
	 

	 
		“Transaction” has the meaning ascribed to it in paragraph
		(g)(v) hereof.
	 

	 
		“Voting Rights Triggering Event” has the meaning ascribed to it in paragraph
		(f)(iii)(A) hereof.
	 

	 
		“Wholly-Owned Subsidiary” means any Subsidiary all of the outstanding
		voting securities (other than directors’ qualifying shares) of which are
		owned, directly or indirectly, by the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, said ION Media Networks,
		Inc. has caused this Certificate to be signed by its duly authorized officer
		this ___ day of May, 2007.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ION MEDIA NETWORKS, INC.
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Certificate of Designation
	 

	 
		 
	 

  
	 

	 EXHIBIT
		K to the Master Transaction Agreement

	  

	 Series
		C Preferred Stock Certificate of Designation

	  

	 
 
	 
		Exhibit K to the
	 

	 
		Master Transaction Agreement
	 

	 
		Series C Preferred Stock Certificate of
		Designation
	 

	 
		CERTIFICATE OF DESIGNATION OF THE
		POWERS,
	 

	 
		PREFERENCES AND RELATIVE,
		PARTICIPATING,
	 

	 
		OPTIONAL AND OTHER SPECIAL RIGHTS OF 

	 

	 
		8% SERIES C NON-CONVERTIBLE PREFERRED
		STOCK
	 

	 
		AND QUALIFICATIONS, LIMITATIONS AND
		RESTRICTIONS THEREOF
	 

	 
		Pursuant to Section 151 of the
	 

	 
		General Corporation Law of the State of
		Delaware
	 

	 
		ION Media Networks, Inc. (the
		“Corporation”), a corporation organized and existing under the
		General Corporation Law of the State of Delaware, does hereby certify that,
		pursuant to the authority conferred upon the board of directors of the
		Corporation (the “Board of
		Directors”) by the Certificate of
		Incorporation of the Corporation, as amended (hereinafter referred to as the
		“Certificate of
		Incorporation”), and pursuant to
		the provisions of Section 151 of the General Corporation Law of the State of
		Delaware, the Board of Directors, on May 3, 2007, duly approved and adopted the
		following resolution:
	 

	 
		RESOLVED, that, pursuant to the authority
		vested in the Board of Directors by the Certificate of Incorporation, the Board
		of Directors does hereby create, authorize and provide for the issuance of 8%
		Series C Non-Convertible Preferred Stock, par value $.001 per share, with a
		liquidation preference of $10,000 per share, consisting of 6,000 shares, having
		the designations, preferences, relative, participating, optional and other
		special rights and the qualifications, limitations and restrictions thereof
		that are set forth in the Certificate of Incorporation and in this resolution
		as follows:
	 

	 
		(a) Designation.
		There is hereby created out of the authorized and unissued shares of Preferred
		Stock of the Corporation a series of Preferred Stock designated as the “8%
		Series C Non-Convertible Preferred Stock.” The number of shares
		constituting such series shall be 6,000 and are referred to as the “Series
		C Non-Convertible Preferred Stock.” The liquidation preference of the
		Series C Non-Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).
	 

	 
		(b) Rank. The Series
		C Non-Convertible Preferred shall, with respect to dividends and distributions
		upon liquidation, winding up or dissolution of the Corporation, rank
		(i) senior to all Junior Preferred Stock and all classes of Common Stock
		of the Corporation and to each other class of Capital Stock of the Corporation
		or series of Preferred Stock of the Corporation hereafter created, the terms of
		which do not expressly provide that it ranks senior to, or on a parity with,
		the Series C Non-Convertible Preferred as to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation (collectively
		referred to, together with all classes of Common Stock of the Corporation, as
		“Junior Securities”); (ii) on a parity with the Pari Passu Preferred
		Stock and with any class of Capital Stock of the Corporation or series of
		Preferred Stock of the Corporation hereafter created the terms of which
		expressly provide
	 

	 
		 
	 

	 
	 

	 

	 
		that such class or series will rank on a
		parity with the Series C Non-Convertible Preferred as to dividends and
		distributions upon liquidation, winding up or dissolution of the Corporation
		(collectively referred to as “Parity Securities”), provided that any such Parity Securities not
		issued in accordance with the requirements of paragraph (f)(i) hereof shall be
		deemed to be Junior Securities and not Parity Securities; and (iii) junior to
		the Senior Preferred Stock and to each other class of Capital Stock of the
		Corporation or series of Preferred Stock of the Corporation hereafter created
		the terms of which expressly provide that such class or series will rank senior
		to the Series C Non-Convertible Preferred as to dividends and distributions
		upon liquidation, winding up or dissolution of the Corporation (collectively
		referred to as “Senior
		Securities”), provided that any
		such Senior Securities not issued in accordance with the requirements of
		paragraph (f)(i) hereof shall be deemed to be Junior Securities and not Senior
		Securities.
	 

	 
		(c) Dividends.
		
	 

	 
		(i) Beginning on the Issue Date, the Holders
		shall be entitled to receive, when, as and if declared by the Board of
		Directors, out of funds legally available therefor, dividends on each share of
		Series C Non-Convertible Preferred at a rate per annum equal to 8% of the Issue
		Price. All dividends shall accrue and be cumulative, whether or not earned or
		declared, on a quarterly basis, in arrears, from the Issue Date, but shall be
		payable only at such time or times as may be fixed by the Board of Directors or
		as otherwise provided herein and shall not compound. Dividends shall be payable
		to those Holders who are Holders on such dates as the Board of Directors may
		determine with respect to such dividends. Dividends shall cease to accrue and
		accumulate in respect of shares of the Series C Non-Convertible Preferred on
		the date of the redemption of such shares unless the Corporation shall have
		failed to pay or make available for payment the relevant redemption price on
		the date fixed for redemption.
	 

	 
		(ii) All dividends paid with respect to
		shares of the Series C Non-Convertible Preferred pursuant to paragraph (c)(i)
		shall be paid in cash pro rata to the Holders entitled thereto.
	 

	 
		(d) Liquidation.
	 

	 
		(i) In the event of any voluntary or
		involuntary liquidation, dissolution or winding up of the affairs of the
		Corporation, each Holder shall be entitled to be paid, out of the assets of the
		Corporation available for distribution to its stockholders and before any
		distribution shall be made or any assets distributed to the holders of any of
		the Junior Securities, including, without limitation, the Common Stock of the
		Corporation, an amount in cash equal to the Liquidation Preference for each
		outstanding share of Series C Non-Convertible Preferred, plus, without
		duplication, an amount in cash equal to accumulated and unpaid dividends
		thereon to the date fixed for such liquidation, dissolution or winding up.
		Except as provided in the preceding sentence, Holders of Series C
		Non-Convertible Preferred shall not be entitled to any distribution in the
		event of any liquidation, dissolution or winding up of the affairs of the
		Corporation. If the assets of the Corporation are not sufficient to pay in full
		the liquidation payments payable to the Holders and to any holders of all other
		Parity Securities, then such assets shall be
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		distributed among the Holders and any
		holders of such other Parity Securities ratably in accordance with the
		respective amounts that would be payable on such shares of Series C
		Non-Convertible Preferred and any such shares of other Parity Securities if all
		amounts payable thereon were paid in full.
	 

	 
		(A) For the purposes of this paragraph (d),
		neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
		securities or other consideration) of all or substantially all of the property
		or assets of the Corporation nor the consolidation or merger of the Corporation
		with or into one or more entities shall be deemed to be a liquidation,
		dissolution or winding up of the affairs of the Corporation.
	 

	 
		(e) Redemption.
	 

	 
		(i) Mandatory Redemption. The Corporation shall redeem, in the manner provided
		for in paragraph (e)(ii) hereof, and out of funds legally available therefor
		all of the outstanding shares of Series C Non-Convertible Preferred for cash on
		August 31, 2013 (the “Redemption
		Date”), at a price per share equal
		to the Redemption Price.
	 

	 
		(ii) Procedures for Redemption. (A) At least 90 days prior to the Redemption Date,
		written notice (the “Redemption
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice nor any
		deficiency therein shall affect the validity of the procedure for the
		redemption of any shares of Series C Non-Convertible Preferred as to the Holder
		or Holders to whom the Corporation has failed to give said notice or to whom
		such notice was defective. The Redemption Notice shall state:
	 

	 
		(1) the Redemption Price;
	 

	 
		(2) that the Holder is to surrender to the
		Corporation, in the manner, at the place or places and at the price designated,
		its certificate or certificates representing the shares of Series C
		Non-Convertible Preferred; and
	 

	 
		(3) that dividends on the shares of the
		Series C Non-Convertible Preferred shall cease to accumulate on such Redemption
		Date unless the Corporation defaults in the payment of the Redemption
		Price.
	 

	 
		(B) Each Holder shall surrender the
		certificate or certificates representing all shares of Series C Non-Convertible
		Preferred held by such Holder to the Corporation, duly endorsed (or otherwise
		in proper form for transfer, as determined by the Corporation), in the manner
		and at the place or places designated in the Redemption Notice, and on the
		Redemption Date the full Redemption Price for such shares shall be payable in
		cash to the Person whose name appears on such certificate or certificates as
		the owner thereof, and each surrendered certificate shall be canceled and
		retired. 
	 

	 
		(C) On and after the Redemption Date, unless
		the Corporation defaults in the payment in full of the Redemption Price,
		dividends on the Series C Non-Convertible Preferred shall cease to accumulate
		on the Redemption Date, and all rights of the Holders shall terminate with
		respect to the Series C 
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		Non-Convertible Preferred on the Redemption
		Date, other than the right to receive the Redemption Price, without interest;
		provided, however, that if
		the Redemption Notice shall have been given and the funds necessary for
		redemption (including an amount in respect of all dividends that will accrue to
		the Redemption Date) shall have been segregated and irrevocably deposited in
		trust for the equal and ratable benefit of the Holders, then, at the close of
		business on the day on which such funds are segregated and set aside, the
		Holders shall cease to be stockholders of the Corporation and shall be entitled
		only to receive the Redemption Price.
	 

	 
		(f) Voting Rights.
		 Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.
	 

	 
		(i) (A) So long as any shares of the Series
		C Non-Convertible Preferred are outstanding, the Corporation may not issue any
		additional shares of Series C Non-Convertible Preferred or any new class of
		Parity Securities or Senior Securities (or amend the provisions of any existing
		class of Capital Stock to make such class of Capital Stock Parity Securities or
		Senior Securities) without the approval of Holders holding at least a majority
		of the then outstanding shares of Series C Non-Convertible Preferred, voting or
		consenting, as the case may be, together as one class given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting; provided, however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		C Non-Convertible Preferred or prohibit the redemption by the Corporation of
		the Series C Non-Convertible Preferred pursuant to paragraph (e)(i) above, in
		an amount sufficient to Refinance any series of Senior Securities, in whole or
		in part, with such shares being issued no sooner than the date the Corporation
		Refinances such series of Senior Securities.
	 

	 
		(B) So long as any shares of the Series C
		Non-Convertible Preferred are outstanding, the Corporation shall not amend this
		Certificate of Designation so as to affect materially and adversely the rights,
		preferences or privileges of Holders without the affirmative vote or consent of
		Holders holding at least a majority of the then outstanding shares of Series C
		Non-Convertible Preferred, voting or consenting, as the case may be, as one
		class, given in person or by proxy, either in writing or by resolution adopted
		at an annual or special meeting.
	 

	 
		(C) Except as set forth in paragraph
		(f)(i)(A) above, the creation, authorization or issuance of any shares of any
		Junior Securities, Parity Securities or Senior Securities or the increase or
		decrease in the amount of authorized Capital Stock of 
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		any class, including Preferred Stock, shall
		not require the consent of Holders and shall not be deemed to affect adversely
		the rights, preferences or privileges of such Holders.
	 

	 
		(ii) Without the affirmative vote or consent
		of Holders holding at least a majority of the then outstanding shares of Series
		C Non-Convertible Preferred, voting or consenting, as the case may be, as a
		separate class, given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting, the Corporation shall not, in a single
		transaction or series of related transactions, consolidate or merge with or
		into, or sell, assign, transfer, lease, convey or otherwise dispose of all or
		substantially all of the Corporation’s assets (as an entirety or
		substantially as an entirety in one transaction or series of related
		transactions) to, another Person (other than a Wholly-Owned Subsidiary with,
		into or to another Wholly-Owned Subsidiary) or adopt a plan of liquidation
		unless (A) either (I) the Corporation is the surviving or continuing Person or
		(II) the Person (if other than the Corporation) formed by such consolidation or
		into which the Corporation is merged or the Person that acquires by conveyance,
		transfer or lease the properties and assets of the Corporation substantially as
		an entirety or, in the case of a plan of liquidation, the Person to which
		assets of the Corporation have been transferred shall be a corporation
		incorporated and existing under the laws of the United States or any State
		thereof or the District of Columbia; (B) the Series C Non-Convertible Preferred
		shall be converted into or exchanged for and shall become shares of such
		successor, transferee or resulting Person with the same powers, preferences and
		relative, participating, optional or other special rights and the
		qualifications, limitations or restrictions thereon, that the Series C
		Non-Convertible Preferred had immediately prior to such transaction; (C)
		immediately after giving effect to such transactions, no Voting Rights
		Triggering Event shall have occurred or shall have occurred after the Issue
		Date and be continuing; and (D) the Corporation has delivered to the transfer
		agent for the Series C Non-Convertible Preferred prior to the consummation of
		the proposed transaction an Officers’ Certificate and an Opinion of
		Counsel, each stating that such consolidation, merger or transfer complies with
		the terms hereof and that all conditions precedent herein relating to such
		transaction have been satisfied. For purposes of the foregoing, the transfer
		(by lease, assignment, sale or otherwise, in a single transaction or series of
		related transactions) of all or substantially all of the properties and assets
		of one or more Subsidiaries of the Corporation, the Capital Stock of which
		constitutes all or substantially all of the properties and assets of the
		Corporation shall be deemed to be the transfer of all or substantially all of
		the properties and assets of the Corporation.
	 

	 
		(iii) (A) If the Corporation fails to
		discharge the redemption obligation with respect to the Series C
		Non-Convertible Preferred (such failure being a “Voting Rights Triggering Event”), then, subject to paragraph (f)(iii)(E) below,
		Holders of at least a majority of the then outstanding shares of Series C
		Non-Convertible Preferred, voting separately and as one class, shall have the
		exclusive right to elect the lesser of two directors and that number of
		directors constituting 25% of the members of the Board of Directors, at a
		meeting called for such purpose following the occurrence of such Voting Rights
		Triggering Event, and at every subsequent meeting at which the terms of office
		of the directors so elected by the Holders expire (other than as described in
		(f)(iii)(B) below), and the number of directors constituting the Board of
		Directors shall be increased by the number of directors so elected by the
		Holders. The voting rights provided herein 
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		shall be the exclusive remedy at law or in
		equity of the Holders for any Voting Rights Triggering Event.
	 

	 
		(B) The right of the Holders voting together
		as a separate class to elect members of the Board of Directors as set forth in
		paragraph (f)(iii)(A) above shall continue until such time as in all other
		cases, the failure, breach or default giving rise to such Voting Rights
		Triggering Event is remedied, cured or waived by Holders of at least a majority
		of the then outstanding shares of Series C Non-Convertible Preferred that are
		entitled to vote thereon, at which time (I) the special right of the Holders so
		to vote as a class for the election of directors and (II) the term of office of
		the directors elected by the Holders shall each terminate and such persons
		shall cease to be members of the Board of Directors. At any time after voting
		power to elect directors shall have become vested and be continuing in the
		Holders pursuant to paragraph (f)(iii) hereof, or if vacancies shall exist in
		the offices of directors elected by such Holders, a proper officer of the
		Corporation may, and upon the written request of Holders of at least 25% of the
		then outstanding shares of Series C Non-Convertible Preferred addressed to the
		secretary of the Corporation shall, call a special meeting of the Holders, for
		the purpose of electing the directors which the Holders are entitled to elect.
		If such meeting shall not be called by a proper officer of the Corporation
		within 20 days after personal service of said written request upon the
		secretary of the Corporation, or within 20 days after mailing the same within
		the United States by certified mail, addressed to the secretary of the
		Corporation at its principal executive offices, then Holders of at least 25% of
		the then outstanding shares of Series C Non-Convertible Preferred may designate
		in writing one of their number to call such meeting at the reasonable expense
		of the Corporation, and such meeting may be called by the Holder so designated
		upon the notice required for the annual meetings of stockholders of the
		Corporation and shall be held at the place for holding the annual meetings of
		stockholders. Any Holder of Series C Non-Convertible Preferred so designated
		shall have, and the Corporation shall provide, access to the lists of
		stockholders to be called pursuant to the provisions hereof.
	 

	 
		(C) At any meeting held for the purpose of
		electing directors at which the Holders shall have the right, voting together
		as a separate class, to elect directors as aforesaid, the presence in person or
		by proxy of Holders of at least a majority of the then outstanding shares of
		Series C Non-Convertible Preferred shall be required to constitute a quorum of
		such Series C Non-Convertible Preferred.
	 

	 
		(D) Any vacancy occurring in the office of a
		director elected by the Holders may be filled by the remaining director (if
		any) elected by the Holders unless and until such vacancy shall be filled by
		the Holders.
	 

	 
		(E) The provisions of this paragraph
		(f)(iii) shall apply only to those Holders, if any, that would be permitted to
		vote in the election of directors of the Corporation pursuant to applicable
		laws and regulations of the FCC, with such Holders together being treated as
		the class of Holders entitled to exercise such rights. The determination as to
		whether any Holder would not be permitted to exercise such voting rights shall
		be made jointly by any such Holder(s) and the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		(iv) In any case in which the Holders shall
		be entitled to vote pursuant to this paragraph (f) or pursuant to the General
		Corporation Law of the State of Delaware, each Holder entitled to vote with
		respect to such matter shall be entitled to one vote for each then outstanding
		share of Series C Non-Convertible Preferred so held.
	 

	 
		(g) Reissuance of Series C Non-Convertible
		Preferred. Shares of Series C
		Non-Convertible Preferred that have been issued and reacquired in any manner,
		including shares purchased or redeemed or exchanged, shall (upon compliance
		with any applicable provisions of the General Corporation Law of the State of
		Delaware) have the status of authorized and unissued shares of Preferred Stock
		undesignated as to series and may be redesignated and reissued as part of any
		series of Preferred Stock; provided that
		any issuance of such shares as Series C Non-Convertible Preferred must be in
		compliance with the terms hereof.
	 

	 
		(h) Business Day. If
		any payment or redemption shall be required by the terms hereof to be made on a
		day that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.
	 

	 
		(i) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.
	 

	 
		(j) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:
	 

	 
		“Board of Directors” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Board Resolution” means a copy of a resolution certified pursuant
		to an Officers’ Certificate to have been duly adopted by the Board of
		Directors and to be in full force and effect.
	 

	 
		“Business Day” means any day except a Saturday, a Sunday, or any
		day on which banking institutions in New York, New York are required or
		authorized by law or other governmental action to be closed.
	 

	 
		“Capital Stock” means (i) with respect to any Person that is a
		corporation, any and all shares, interests, participations or other equivalents
		(however designated) of capital stock, including each class of common stock and
		preferred stock of such Person and (ii) with respect to any Person that is not
		a corporation, any and all partnership, membership or other equity interests of
		such Person.
	 

	 
		“Certificate of Incorporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		“Commission”
		means the Securities and Exchange Commission. 
	 

	 
		“Common Stock” of any Person means any and all shares, interests
		or other participations in, and other equivalents (however designated and
		whether voting or non-voting) of, such Person’s common stock, whether
		outstanding on the Issue Date or issued after the Issue Date, and includes,
		without limitation, all series and classes of such common stock.
	 

	 
		“Corporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended, and the rules and regulations promulgated thereunder. 
	 

	 
		“Holder”
		means a holder of then outstanding shares of Series C Non-Convertible Preferred
		as reflected in the stock books of the Corporation.
	 

	 
		“Issue Date”
		means the date of the issuance of Series C Non-Convertible Preferred.
	 

	 
		“Issue Price” means $10,000 per share of Series C
		Non-Convertible Preferred.
	 

	 
		“Junior Preferred Stock” means collectively, (i) Series D Convertible
		Preferred, (ii) Series E-1 Convertible Preferred, (iii) Series E-2
		Convertible Preferred, and (iv) Series F Non-Convertible Preferred, in each
		case as defined in the Master Transaction Agreement. 
	 

	 
		“Junior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Liquidation Preference” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Master Transaction Agreement” means the Master Transaction Agreement dated as
		of May 3, 2007 among the Corporation, NBC Universal, Inc., NBC Palm Beach
		Investment I, Inc., NBC Palm Beach Investment II, Inc., and CIG Media LLC, as
		may be amended, modified or restated from time to time. 
	 

	 
		“Officers’ Certificate” means a certificate signed by two officers or by
		an officer and either an Assistant Treasurer or an Assistant Secretary of the
		Corporation which certificate shall include a statement that, in the opinion of
		such signers all conditions precedent to be performed by the Corporation prior
		to the taking of any proposed action have been taken. In addition, such
		certificate shall include (i) a statement that the signatories have read the
		relevant covenant or condition, (ii) a brief statement of the nature and scope
		of such examination or investigation upon which the statements are based, (iii)
		a statement that, in the opinion of such signatories, they have made such
		examination or investigation as is reasonably necessary to express an informed
		opinion and (iv) a statement as to 
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		whether or not, in the opinion of the
		signatories, such relevant conditions or covenants have been complied
		with.
	 

	 
		“Opinion of Counsel” means an opinion of counsel that, in such
		counsel’s opinion, all conditions precedent to be performed by the
		Corporation prior to the taking of any proposed action have been taken. Such
		opinion shall also include the statements called for in the second sentence
		under “Officers’ Certificate”.
	 

	 
		“Pari Passu Preferred Stock” means collectively, the Series B Convertible
		Preferred and the Series C Convertible Preferred. 
	 

	 
		“Parity Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.
	 

	 
		“Preferred Stock” of any Person means any Capital Stock of such
		Person that has preferential rights to any other Capital Stock of such Person
		with respect to dividends or redemption or upon liquidation.
	 

	 
		“Redemption Date” has the meaning ascribed to it in
		paragraph (e)(i) hereof.
	 

	 
		“Redemption Notice” has the meaning ascribed to it in paragraph
		(e)(ii) hereof.
	 

	 
		“Redemption Price” means the Issue Price plus (as applicable) all
		accrued and unpaid dividends through and including the date of
		redemption.
	 

	 
		 “Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinancing” has the correlative meaning. 
	 

	 
		“Senior Preferred Stock” means collectively, (i) Series A-1 Convertible
		Preferred, (ii) Series A-2 Preferred Stock, (iii) Series A-3 Convertible
		Preferred, (iv) 141⁄4% Preferred, and (v) 93⁄4% Preferred, in each
		case as defined in the Master Transaction Agreement. 
	 

	 
		“Senior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		“Series
		C Non-Convertible Preferred” has
		the meaning ascribed to it in paragraph (a) hereof.
	 

	 
		“Subsidiary”, with respect to any Person, means (i) any
		corporation of which the outstanding Capital Stock having at least a majority
		of the votes entitled to be cast in the election of directors under ordinary
		circumstances shall at the time be owned, directly or indirectly, by such
		Person or (ii) any other Person of which at least a majority of the voting
		interest under ordinary circumstances is at the time, directly or indirectly,
		owned by such Person.
	 

	 
		“Voting Rights Triggering Event” has the meaning ascribed to it in paragraph
		(f)(iii)(A) hereof. 
	 

	 
		“Wholly-Owned Subsidiary” means any Subsidiary all of the outstanding
		voting securities (other than directors’ qualifying shares) of which are
		owned, directly or indirectly, by the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, said ION Media Networks,
		Inc. has caused this Certificate to be signed by its duly authorized officer
		this 4th day of May, 2007.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ION MEDIA NETWORKS, INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Richard Garcia
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Richard Garcia
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Chief Financial
				  Officer
				

			 

 

	 
		Certificate of Designation
	 

	 
		 
	 

	 
	 

	 
	  

	 EXHIBIT
		L to the Master Transaction Agreement

	  

	 Series
		D Convertible Preferred Certificate of Designation 

	  

	 

	 
	 

	  

	 Exhibit
		L to the

	 Master
		Transaction Agreement

	  

	 Series
		D Convertible Preferred Certificate of Designation

	  

	 CERTIFICATE
		OF DESIGNATION OF THE POWERS,

	 PREFERENCES
		AND RELATIVE, PARTICIPATING,

	 OPTIONAL
		AND OTHER SPECIAL RIGHTS OF 

	 8%
		SERIES D MANDATORILY CONVERTIBLE PREFERRED STOCK

	 AND
		QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF

	  

	 Pursuant
		to Section 151 of the

	 General
		Corporation Law of the State of Delaware

	  

	 ION
		Media Networks, Inc. (the “Corporation”),
		a corporation organized and existing under the General Corporation Law of the
		State of Delaware, does hereby certify that, pursuant to the authority
		conferred upon the board of directors of the Corporation (the
		“Board
		of Directors”)
		by the Certificate of Incorporation of the Corporation, as amended (hereinafter
		referred to as the “Certificate
		of Incorporation”),
		and pursuant to the provisions of Section 151 of the General Corporation Law of
		the State of Delaware, the Board of Directors, on May 3, 2007, duly approved
		and adopted the following resolution:

	  

	 RESOLVED,
		that, pursuant to the authority vested in the Board of Directors by the
		Certificate of Incorporation, the Board of Directors does hereby create,
		authorize and provide for the issuance of 8% Series D Mandatorily Convertible
		Preferred Stock, par value $.001 per share, with a liquidation preference of
		$10,000 per share, consisting of 39,000 shares, having the designations,
		preferences, relative, participating, optional and other special rights and the
		qualifications, limitations and restrictions thereof that are set forth in the
		Certificate of Incorporation and in this resolution as follows:

	  

	 (a) Designation. There
		is hereby created out of the authorized and unissued shares of Preferred Stock
		of the Corporation a series of Preferred Stock designated as the “8%
		Series D Mandatorily Convertible Preferred Stock.” The number of shares
		constituting such series shall be 39,000 and are referred to as the
		“Series D Convertible Preferred.” The liquidation preference of the
		Series D Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).

	  

	 (b) Rank. The
		Series D Convertible Preferred shall, with respect to dividends and
		distributions upon liquidation, winding up or dissolution of the Corporation,
		rank (i) senior to the Junior Preferred Stock, to all classes of Common
		Stock of the Corporation and to each other class of Capital Stock of the
		Corporation or series of Preferred Stock of the Corporation hereafter created,
		the terms of which do not expressly provide that it ranks senior to, or on a
		parity with, the Series D Convertible Preferred as to dividends and
		distributions upon liquidation, winding up or dissolution of the 

	  

	 1

	  

          

	 
	 

	 

	  

	 Corporation
		(collectively referred to, together with all classes of Common Stock of the
		Corporation, as “Junior
		Securities”);
		(ii) on a parity with any class of Capital Stock of the Corporation or series
		of Preferred Stock of the Corporation hereafter created the terms of which
		expressly provide that such class or series will rank on a parity with the
		Series D Convertible Preferred as to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation (collectively
		referred to as “Parity
		Securities”),
		provided that any such Parity Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Parity Securities; and (iii) junior to the Senior Preferred Stock and
		to each other class of Capital Stock of the Corporation or series of Preferred
		Stock of the Corporation hereafter created the terms of which expressly provide
		that such class or series will rank senior to the Series D Convertible
		Preferred as to dividends and distributions upon liquidation, winding up or
		dissolution of the Corporation (collectively referred to as “Senior
		Securities”),
		provided that any such Senior Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Senior Securities.

	  

	 (c) Dividends.
		

	  

	 (i) Beginning
		on the Issue Date, the Holders shall be entitled to receive, when, as and if
		declared by the Board of Directors, out of funds legally available therefor,
		dividends on each share of Series D Convertible Preferred at the higher of (x)
		a rate per annum equal to 8% of the Issue Price and (y) the aggregate cash
		dividends per share paid on the Class A Common Stock from (A) the later of the
		Issue Date or the date of the last payment of a cash dividend on the Class A
		Common Stock to (B) the date of such determination, multiplied by the number of
		shares of Class A Common Stock into which each share of Series D Convertible
		Preferred is convertible. All dividends shall accrue and be cumulative, whether
		or not earned or declared, on a quarterly basis, in arrears, from the Issue
		Date, but shall be payable only at such time or times as may be fixed by the
		Board of Directors or as otherwise provided herein and shall not compound.
		Dividends shall be payable to those Holders who are Holders on such dates as
		the Board of Directors may determine with respect to such dividends. Dividends
		shall cease to accrue and accumulate in respect of shares of the Series D
		Convertible Preferred on the date of conversion of such shares or the date of
		the redemption of such shares unless the Corporation shall have failed to pay
		or make available for payment the relevant redemption price on the date fixed
		for redemption.

	  

	 (ii) All
		dividends paid with respect to shares of the Series D Convertible Preferred
		pursuant to paragraph (c)(i) shall be paid in cash pro rata to the Holders
		entitled thereto.

	  

	 (d) Liquidation.

	  

	 (i) In the
		event of any voluntary or involuntary liquidation, dissolution or winding up of
		the affairs of the Corporation, each Holder shall be entitled to be paid, out
		of the assets of the Corporation available for distribution to its stockholders
		and before any distribution shall be made or any assets distributed to the
		holders of any of the Junior Securities, including, without limitation, the
		Common Stock of the Corporation, an 

	 
		 

		2

		 

            

		
		

		

	 

	  

	 amount
		in cash equal to the greater of (A) the Liquidation Preference for each
		outstanding share of Series D Convertible Preferred, plus, without duplication,
		an amount in cash equal to accumulated and unpaid dividends thereon to the date
		fixed for such liquidation, dissolution or winding up, and (B) the amount per
		share which would have been payable upon such liquidation, dissolution or
		winding up to the holders of shares of Class A Common Stock or such other class
		or series of stock into which the Series D Convertible Preferred is then
		convertible (assuming the conversion of each share of then convertible Series D
		Convertible Preferred and without deduction for the Liquidation Preference
		otherwise payable pursuant to clause (A) hereof), multiplied by the number of
		shares of Class A Common Stock into which such shares of Series D Convertible
		Preferred are then convertible. Except as provided in the preceding sentence,
		Holders of Series D Convertible Preferred shall not be entitled to any
		distribution in the event of any liquidation, dissolution or winding up of the
		affairs of the Corporation. If the assets of the Corporation are not sufficient
		to pay in full the liquidation payments payable to the Holders and to any
		holders of all other Parity Securities, then such assets shall be distributed
		among the Holders and any holders of such other Parity Securities ratably in
		accordance with the respective amounts that would be payable on such shares of
		Series D Convertible Preferred and any such shares of other Parity Securities
		if all amounts payable thereon were paid in full.

	  

	 (ii) For the
		purposes of this paragraph (d), neither the sale, conveyance, exchange or
		transfer (for cash, shares of stock, securities or other consideration) of all
		or substantially all of the property or assets of the Corporation nor the
		consolidation or merger of the Corporation with or into one or more entities
		shall be deemed to be a liquidation, dissolution or winding up of the affairs
		of the Corporation.

	  

	 (e) Redemption.

	  

	 (i) Mandatory
		Redemption. The
		Corporation shall redeem, in the manner provided for in paragraph (e)(ii)
		hereof, and out of funds legally available therefor all of the outstanding
		shares of Series D Convertible Preferred for cash on August 31, 2013 (the
		“Redemption
		Date”),
		at a price per share equal to the Redemption Price.

	  

	 (ii) Procedures
		for Redemption.
		(A) At
		least 90 days prior to the Redemption Date, written notice (the
		“Redemption
		Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice nor any deficiency therein shall affect the validity of the
		procedure for the redemption of any shares of Series D Convertible Preferred as
		to the Holder or Holders to whom the Corporation has failed to give said notice
		or to whom such notice was defective. The Redemption Notice shall
		state:

	  

	 (1) the
		Redemption Price;

	 
		 

		3

		 

            

		
		

		

	 

	  

	 (2) that the
		Holder is to surrender to the Corporation, in the manner, at the place or
		places and at the price designated, its certificate or certificates
		representing the shares of Series D Convertible Preferred; and

	  

	 (3) that
		dividends on the shares of the Series D Convertible Preferred shall cease to
		accumulate on such Redemption Date unless the Corporation defaults in the
		payment of the Redemption Price.

	  

	 (B) Each
		Holder shall surrender the certificate or certificates representing all shares
		of Series D Convertible Preferred held by such Holder to the Corporation, duly
		endorsed (or otherwise in proper form for transfer, as determined by the
		Corporation), in the manner and at the place or places designated in the
		Redemption Notice, and on the Redemption Date the full Redemption Price for
		such shares shall be payable in cash to the Person whose name appears on such
		certificate or certificates as the owner thereof, and each surrendered
		certificate shall be canceled and retired. 

	  

	 (C) On and
		after the Redemption Date, unless the Corporation defaults in the payment in
		full of the Redemption Price, dividends on the Series D Convertible Preferred
		shall cease to accumulate on the Redemption Date, and all rights of the Holders
		shall terminate with respect to the Series D Convertible Preferred on the
		Redemption Date, other than the right to receive the Redemption Price, without
		interest; provided,
		however, that
		if the Redemption Notice shall have been given and the funds necessary for
		redemption (including an amount in respect of all dividends that will accrue to
		the Redemption Date) shall have been segregated and irrevocably deposited in
		trust for the equal and ratable benefit of the Holders, then, at the close of
		business on the day on which such funds are segregated and set aside, the
		Holders shall cease to be stockholders of the Corporation and shall be entitled
		only to receive the Redemption Price.

	  

	 (f) Voting
		Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.

	  

	 (i) (A) So long
		as any shares of the Series D Convertible Preferred are outstanding, the
		Corporation may not issue any additional shares of Series D Convertible
		Preferred or any new class of Parity Securities or Senior Securities (or amend
		the provisions of any existing class of Capital Stock to make such class of
		Capital Stock Parity Securities or Senior Securities) without the approval of
		Holders holding at least a majority of the then outstanding shares of Series D
		Convertible Preferred, voting or consenting, as the case may be, together as
		one class given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting; provided,
		however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		D  

	 
		 

		4

		 

            

		
		

		

	 

	  

	 Convertible
		Preferred or prohibit the redemption by the Corporation of the Series D
		Convertible Preferred pursuant to paragraph (e)(i) above, in an amount
		sufficient to Refinance any series of Senior Securities, in whole or in part,
		with such shares being issued no sooner than the date the Corporation
		Refinances such series of Senior Securities.

	  

	 (B) So long
		as any shares of the Series D Convertible Preferred are outstanding, the
		Corporation shall not amend this Certificate of Designation so as to affect
		materially and adversely the rights, preferences or privileges of Holders
		without the affirmative vote or consent of Holders holding at least a majority
		of the then outstanding shares of Series D Convertible Preferred, voting or
		consenting, as the case may be, as one class, given in person or by proxy,
		either in writing or by resolution adopted at an annual or special
		meeting.

	  

	 (C) Except
		as set forth in paragraph (f)(i)(A) above, the creation, authorization or
		issuance of any shares of any Junior Securities, Parity Securities or Senior
		Securities or the increase or decrease in the amount of authorized Capital
		Stock of any class, including Preferred Stock, shall not require the consent of
		Holders and shall not be deemed to affect adversely the rights, preferences or
		privileges of such Holders.

	  

	 (ii) Without
		the affirmative vote or consent of Holders holding at least a majority of the
		then outstanding shares of Series D Convertible Preferred, voting or
		consenting, as the case may be, as a separate class, given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting, the Corporation shall not, in a single transaction or series of
		related transactions, consolidate or merge with or into, or sell, assign,
		transfer, lease, convey or otherwise dispose of all or substantially all of the
		Corporation’s assets (as an entirety or substantially as an entirety in
		one transaction or series of related transactions) to, another Person (other
		than a Wholly-Owned Subsidiary with, into or to another Wholly-Owned
		Subsidiary) or adopt a plan of liquidation unless (A) either (I) the
		Corporation is the surviving or continuing Person or (II) the Person (if other
		than the Corporation) formed by such consolidation or into which the
		Corporation is merged or the Person that acquires by conveyance, transfer or
		lease the properties and assets of the Corporation substantially as an entirety
		or, in the case of a plan of liquidation, the Person to which assets of the
		Corporation have been transferred shall be organized and existing under the
		laws of the United States or any State thereof or the District of Columbia; (B)
		the Series D Convertible Preferred shall be converted into or exchanged for and
		shall become shares of such successor, transferee or resulting Person with the
		same powers, preferences and relative, participating, optional or other special
		rights and the qualifications, limitations or restrictions thereon, that the
		Series D Convertible Preferred had immediately prior to such transaction; (C)
		immediately after giving effect to such transactions, no Voting Rights
		Triggering Event shall have occurred or shall have occurred after the Issue
		Date and be continuing; and (D) the Corporation has delivered to the transfer
		agent for the Series D Convertible Preferred prior to the consummation of the
		proposed transaction an Officers’ Certificate and an Opinion of Counsel,
		each stating that such consolidation, merger or transfer complies with the
		terms hereof and that all conditions precedent herein relating to such
		transaction have been satisfied. For purposes of the foregoing, the transfer
		(by lease, assignment, sale or 

	 
		 

		5

		 

            

		
		

		

	 

	  

	 otherwise,
		in a single transaction or series of related transactions) of all or
		substantially all of the properties and assets of one or more Subsidiaries of
		the Corporation, the Capital Stock of which constitutes all or substantially
		all of the properties and assets of the Corporation shall be deemed to be the
		transfer of all or substantially all of the properties and assets of the
		Corporation.

	  

	 (iii) (A) If the
		Corporation fails to discharge any redemption or conversion obligation with
		respect to the Series D Convertible Preferred (such failure being a
		“Voting
		Rights Triggering Event”),
		then, subject to paragraph (f)(iii)(E) below, Holders of at least a majority of
		the then outstanding shares of Series D Convertible Preferred, voting
		separately and as one class, shall have the exclusive right to elect the lesser
		of two directors and that number of directors constituting 25% of the members
		of the Board of Directors, at a meeting called for such purpose following the
		occurrence of such Voting Rights Triggering Event, and at every subsequent
		meeting at which the terms of office of the directors so elected by the Holders
		expire (other than as described in (f)(iii)(B) below), and the number of
		directors constituting the Board of Directors shall be increased by the number
		of directors so elected by the Holders. The voting rights provided herein shall
		be the exclusive remedy at law or in equity of the Holders for any Voting
		Rights Triggering Event.

	  

	 (B) The
		right of the Holders voting together as a separate class to elect members of
		the Board of Directors as set forth in paragraph (f)(iii)(A) above shall
		continue until such time as in all other cases, the failure, breach or default
		giving rise to such Voting Rights Triggering Event is remedied, cured or waived
		by Holders of at least a majority of the then outstanding shares of Series D
		Convertible Preferred that are entitled to vote thereon, at which time (I) the
		special right of the Holders so to vote as a class for the election of
		directors and (II) the term of office of the directors elected by the Holders
		shall each terminate and such persons shall cease to be members of the Board of
		Directors. At any time after voting power to elect directors shall have become
		vested and be continuing in the Holders pursuant to paragraph (f)(iii) hereof,
		or if vacancies shall exist in the offices of directors elected by such
		Holders, a proper officer of the Corporation may, and upon the written request
		of Holders of at least 25% of the then outstanding shares of Series D
		Convertible Preferred addressed to the secretary of the Corporation shall, call
		a special meeting of the Holders, for the purpose of electing the directors
		which the Holders are entitled to elect. If such meeting shall not be called by
		a proper officer of the Corporation within 20 days after personal service of
		said written request upon the secretary of the Corporation, or within 20 days
		after mailing the same within the United States by certified mail, addressed to
		the secretary of the Corporation at its principal executive offices, then
		Holders of at least 25% of the then outstanding shares of Series D Convertible
		Preferred may designate in writing one of their number to call such meeting at
		the reasonable expense of the Corporation, and such meeting may be called by
		the Holder so designated upon the notice required for the annual meetings of
		stockholders of the Corporation and shall be held at the place for holding the
		annual meetings of stockholders. Any Holder of Series D Convertible Preferred
		so designated shall have, and the Corporation shall provide, access to the
		lists of stockholders to be called pursuant to the provisions
		hereof.

	 
		 

		6

		 

            

		
		

		

	 

	  

	 (C) At any
		meeting held for the purpose of electing directors at which the Holders shall
		have the right, voting together as a separate class, to elect directors as
		aforesaid, the presence in person or by proxy of Holders of at least a majority
		of the then outstanding shares of Series D Convertible Preferred shall be
		required to constitute a quorum of such Series D Convertible
		Preferred.

	  

	 (D) Any
		vacancy occurring in the office of a director elected by the Holders may be
		filled by the remaining director (if any) elected by the Holders unless and
		until such vacancy shall be filled by the Holders.

	  

	 (E) The
		provisions of this paragraph (f)(iii) shall apply only to those Holders, if
		any, that would be permitted to vote in the election of directors of the
		Corporation pursuant to applicable laws and regulations of the FCC, with such
		Holders together being treated as the class of Holders entitled to exercise
		such rights. The determination as to whether any Holder would not be permitted
		to exercise such voting rights shall be made jointly by any such Holder(s) and
		the Corporation.

	  

	 (iv) In any
		case in which the Holders shall be entitled to vote pursuant to this paragraph
		(f) or pursuant to the General Corporation Law of the State of Delaware, each
		Holder entitled to vote with respect to such matter shall be entitled to one
		vote for each then outstanding share of Series D Convertible Preferred so
		held.

	  

	 (g) Conversion.

	  

	 (i) Optional
		Conversion. Each
		share of the Series D Convertible Preferred is convertible at the option of the
		Holder thereof, at any time and from time to time, into (A) a number of
		Conversion Shares equal to the Issue Price of the shares of Series D
		Convertible Preferred surrendered for conversion plus accrued and unpaid
		dividends thereon, divided by (B) the Conversion Price then in effect, except
		that if shares of Series D Convertible Preferred are called for redemption the
		conversion right will terminate at the close of business on the Redemption
		Date. No fractional shares or securities representing fractional shares will be
		issued upon conversion; in lieu of fractional shares the Corporation will pay a
		cash adjustment based upon the Common Stock Value as of the close of business
		on the first Business Day preceding the date of conversion. The Series D
		Convertible Preferred shall be converted by the holder thereof by surrendering
		the certificate or certificates representing the shares of Series D Convertible
		Preferred to be converted, appropriately completed, to the transfer agent for
		the Common Stock. The transfer agent shall issue one or more certificates
		representing the Conversion Shares in the name or names requested by such
		Holder. The transfer agent will deliver to such Holder a new certificate
		representing the shares of Series D Convertible Preferred in excess of those
		being surrendered for conversion. The conversion rights stated herein are
		subject to compliance by the Holder with all applicable laws and regulations,
		including, without limitation, the Communications Act, and as a condition
		precedent to the Corporation’s obligation to issue Conversion Shares to a
		Holder or its designee(s), the Corporation may require that such Holder deliver
		to the Corporation an opinion of legal counsel reasonably acceptable to the
		Corporation to the 

	 
		 

		7

		 

            

		
		

		

	 

	  

	 effect
		that the issuance of Conversion Shares to such Holder or its designee(s) upon
		conversion will not violate or conflict with the Communications
		Act.

	  

	 (ii) Mandatory
		Conversion. At any
		time following the first anniversary of the Issue Date, upon the occurrence of
		a Mandatory Conversion Event, including a Mandatory Conversion Event that
		occurs after the Redemption Date to the extent any share of Series D
		Convertible Preferred remains outstanding after the Redemption Date, unless
		previously converted at the option of Holders in accordance with the provisions
		hereof, each outstanding share of Series D Convertible Preferred shall, without
		notice to Holders, convert automatically (the “Mandatory
		Conversion”)
		into (A) a number of Conversion Shares equal to the Issue Price of the shares
		of Series D Convertible Preferred so converted plus accrued and unpaid
		dividends thereon, divided by the (B) Conversion Price then in effect. No
		fractional shares or securities representing fractional shares will be issued
		upon conversion; in lieu of fractional shares the Corporation will pay a cash
		adjustment based upon the Common Stock Value as of the close of business on the
		first Business Day preceding the date of the occurrence of such Mandatory
		Conversion Event. Promptly following a Mandatory Conversion Event, written
		notice (the “Mandatory
		Conversion Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice or any deficiency therein shall affect the validity of the
		procedures for the Mandatory Conversion as to the Holder or Holders to whom the
		Corporation has failed to give said notice or to whom such notice was effected.
		Each Holder shall surrender the certificate or certificates representing all
		shares of Series D Convertible Preferred held by such Holder to the
		Corporation, duly endorsed (or otherwise in proper form for transfer, as
		determined by the Corporation) and the Corporation shall issue to such Holder
		that number of shares of Class A Common Stock to which such Holder is entitled,
		as calculated in accordance with this paragraph; provided,
		however, that
		if a Holder shall notify the Corporation within five (5) Business Days of
		receipt of the Mandatory Conversion Notice that it wishes to receive Class C
		Common Stock in accordance with this paragraph, the Corporation shall issue
		such Holder an equal number of shares of Class C Common Stock to which such
		Holder is entitled as calculated in accordance with this
		paragraph.

	  

	 (iii) (A) In
		case the Corporation shall (I) pay a dividend or distribution in shares of
		Class A Common Stock on its shares of Class A Common Stock, (II) subdivide its
		outstanding shares of Class A Common Stock into a greater number of shares,
		(III) combine its outstanding shares of Class A Common Stock into a smaller
		number of shares, or (IV) issue, by reclassification of its shares of Class A
		Common Stock, any shares of its Capital Stock (each such transaction being
		called a “Stock
		Transaction”),
		then and in each such case, the Conversion Price in effect immediately prior
		thereto shall be adjusted so that the Holder of a share of Series D Convertible
		Preferred surrendered for conversion after the record date fixing stockholders
		to be affected by such Stock Transaction shall be entitled to receive upon
		conversion the number of Conversion Shares which such Holder would have been
		entitled to receive after the happening of such event had such share of Series
		D Convertible Preferred been converted immediately prior to such record date.
		Such adjustment shall be made 

	 
		 

		8

		 

            

		
		

		

	 

	  

	 whenever
		any Stock Transaction occurs, but shall also be effective retroactively as to
		shares of Series D Convertible Preferred converted between such record date and
		the date of the happening of any such Stock Transaction.

	  

	 (B) If the
		Corporation shall, at any time or from time to time while any shares of Series
		D Convertible Preferred are outstanding, issue or sell any right or warrant to
		purchase, acquire or subscribe for shares of Class A Common Stock (including a
		right or warrant with respect to any security convertible into or exchangeable
		for shares of Class A Common Stock) generally to holders of its Common Stock
		(including by way of a reclassification of shares or a recapitalization of the
		Corporation), for a consideration on the date of such issuance or sale less
		than the Common Stock Value of the shares of Class A Common Stock underlying
		such rights or warrants on the date of such issuance or sale, then and in each
		such case, the Conversion Price shall be adjusted by multiplying such
		Conversion Price by a fraction, the numerator of which shall be the sum of (I)
		the Common Stock Value per share of Class A Common Stock on the first Business
		Day after the date of the public announcement of the actual terms (including
		the price terms) of such issuance or sale multiplied by the number of shares of
		Class A Common Stock outstanding immediately prior to such issuance or sale
		plus (II) the aggregate Fair Market Value of the consideration to be received
		by the Corporation in connection with the issuance or sale of the rights or
		warrants plus the aggregate consideration to be received in respect of the
		purchase of the shares of Class A Common Stock underlying such rights or
		warrants, and the denominator of which shall be the Common Stock Value per
		share of Class A Common Stock on the Business Day immediately preceding the
		public announcement of the actual terms (including the price terms) of such
		issuance or sale multiplied by the aggregate number of shares of Class A Common
		Stock (I) outstanding immediately prior to such issuance or sale plus (II)
		underlying such rights or warrants at the time of such issuance or sale. For
		the purposes of the preceding sentence, the aggregate consideration receivable
		by the Corporation in connection with the issuance or sale of any such right or
		warrant shall be deemed to be equal to the sum of the aggregate offering price
		(before deduction of reasonable underwriting discounts or commissions and
		expenses) of all such rights or warrants. No adjustment to the Conversion Price
		pursuant to this paragraph (B) shall be made if, in conjunction with any such
		issuance or sale by the Corporation generally to holders of its Common Stock,
		the Corporation issues or offers to sell to the Holders such rights or warrants
		on the same basis as the Holders would have received had their shares of Series
		D Convertible Preferred been converted into shares of Class A Common Stock (or
		Class C Common Stock, as the case may be) immediately prior to the such
		issuance or sale. Upon the expiration or termination of any such rights or
		warrants without the exercise of such rights or warrants, the Conversion Price
		then in effect shall be adjusted immediately to the Conversion Price which
		would have been in effect at the time of such expiration or termination had
		such rights or warrants, to the extent outstanding immediately prior to such
		expiration or termination, never been issued, although such adjustment shall
		not effect previously converted shares.

	  

	 (C) In the
		event the Corporation shall at any time or from time to time while any shares
		of Series D Convertible Preferred are outstanding declare, order, pay or make a
		dividend or other distribution generally to holders of its Common Stock in
		stock or other securities or rights or warrants to subscribe for securities of
		the Corporation or 

	 
		 

		9

		 

            

		
		

		

	 

	  

	 any of
		its subsidiaries or evidences of Indebtedness of the Corporation or any other
		person or pay any Extraordinary Cash Dividend (other than any dividend or
		distribution on the Class A Common Stock (I) referred to in paragraphs (A) or
		(B) above or (II) if in conjunction therewith the Corporation declares and pays
		or makes a dividend or distribution on each share of Series D Convertible
		Preferred which is the same as the dividend or distribution that would have
		been made or paid with respect to such share of Series D Convertible Preferred
		had such share been converted into shares of Class A Common Stock immediately
		prior to the record date for any such dividend or distribution on the Class A
		Common Stock), then, and in each such case, an appropriate adjustment to the
		Conversion Price shall be made so that the Holder of each share of Series D
		Convertible Preferred shall be entitled to receive, upon the conversion
		thereof, the number of shares of Class A Common Stock determined by multiplying
		(x) the number of shares of Class A Common Stock into which such share was
		convertible on the day immediately prior to the record date fixed for the
		determination of stockholders entitled to receive such dividend or distribution
		by (y) a fraction, the numerator of which shall be the Common Stock Value per
		share of Class A Common Stock as of such record date, and the denominator of
		which shall be such Common Stock Value per share of Class A Common Stock less
		the Fair Market Value per share of Class A Common Stock of such dividend or
		distribution (as determined in good faith by the Board of Directors, as
		evidenced by a Board Resolution mailed to each holder of Series D Convertible
		Preferred). An adjustment made pursuant to this paragraph (C) shall be made
		upon the opening of business on the next Business Day following the date on
		which any such dividend or distribution is made and shall be effective
		retroactively to the close of business on the record date fixed for the
		determination of stockholders entitled to receive such dividend or
		distribution.

	  

	 (D) In the
		event the Company shall, at any time or from time to time while any shares of
		Series D Convertible Preferred are outstanding, repurchase (a
		“Repurchase”)
		any portion of the Class A Common Stock from holders generally at a premium
		over the Common Stock Value thereof on the next trading day immediately
		preceding the consummation of such Repurchase, then and in the case of each
		Repurchase the Conversion Price in effect immediately prior thereto shall be
		adjusted by multiplying such Conversion Price by the fraction the numerator of
		which is (I) the product of (x) the number of shares of Class A Common Stock
		outstanding immediately before such Repurchase multiplied by (y) the Common
		Stock Value per share of Class A Common Stock on the next trading day
		immediately following the consummation of such Repurchase minus (II) the
		aggregate purchase price of the Repurchase and the denominator of which shall
		be the product of (x) the number of shares of Class A Common Stock outstanding
		immediately before such Repurchase minus the number of shares of Class A Common
		Stock Repurchased by the Company multiplied by (y) the Common Stock Value per
		share of Class A Common Stock on the next trading day immediately following the
		consummation of such Repurchase. Such adjustment shall be made whenever any
		such Repurchase occurs, but shall also be effective retroactively as to shares
		of Series D Convertible Preferred converted between such record date and the
		date of the happening of any such Repurchase. 

	 
		 

		10

		 

            

		
		

		

	 

	  

	 (iv) No
		adjustment in the Conversion Price will be required to be made in any case
		until cumulative adjustments amount to 1% or more of the Conversion Price, but
		any such adjustment that would otherwise be required to be made shall be
		carried forward and taken into account in any subsequent
		adjustment.

	  

	 (v) In the
		event of any capital reorganization (other than a capital reorganization
		covered by paragraph (ii)(C) above) or reclassification of outstanding shares
		of Common Stock of the Corporation (other than a reclassification covered by
		paragraph (ii)(A) above), or in case of any merger, consolidation or other
		corporate combination of the Corporation with or into another corporation, or
		in case of any sale or conveyance to another corporation of the property of the
		Corporation as an entirety or substantially as an entirety (each of the
		foregoing being referred to as a “Transaction”),
		each share of Series D Convertible Preferred shall continue to remain
		outstanding if the Corporation is the Surviving Person (as defined below) of
		such Transaction, and shall be subject to all the provisions hereof, as in
		effect prior to such Transaction, or if the Corporation is not the Surviving
		Person, each share of Series D Convertible Preferred shall be exchanged in such
		Transaction for a new series of convertible preferred stock of the Surviving
		Person, or in the case of a Surviving Person other than a corporation,
		comparable securities of such Surviving Person, in either case having economic
		terms as nearly equivalent as possible to, and with the same voting and other
		rights as, the Series D Convertible Preferred, including entitling the holder
		thereof to receive, upon presentation of the certificate therefor to the
		Surviving Person subsequent to the consummation of such Transaction, the kind
		and amount of shares of stock and other securities and property receivable
		(including cash) upon the consummation of such Transaction by a holder of that
		number of shares of Class A Common Stock into which one share of Series D
		Convertible Preferred was convertible immediately prior to such Transaction. In
		case securities or property other than Common Stock shall be issuable or
		deliverable upon conversion as aforesaid, then all references in this paragraph
		(v) shall be deemed to apply, so far as appropriate and as nearly as may be, to
		such other securities or property. If the holders of Class A Common Stock have
		the opportunity to elect the form of consideration to be received by them in
		such Transaction, then from and after the effective date of such Transaction,
		the Series D Convertible Preferred shall be convertible into the consideration
		that a majority of the holders of the Class A Common Stock who made such
		election received in such Transaction. 

	  

	 Notwithstanding
		anything contained herein to the contrary, the Corporation will not effect any
		Transaction unless, prior to the consummation thereof, proper provision is made
		to ensure that the holders of shares of Series D Convertible Preferred will be
		entitled to receive the benefits afforded by this paragraph (v).

	  

	 For
		purposes of this paragraph (v), “Surviving
		Person”
		shall mean the continuing or surviving Person of a merger, consolidation or
		other corporate combination, the Person receiving a transfer of all or
		substantially all of the properties and assets of the Corporation, or the
		Person consolidating with or merging into the Corporation in a merger,
		consolidation or other corporate combination in which the Corporation is the
		continuing or surviving Person, but in connection with which the Series D
		Convertible 

	 
		 

		11

		 

            

		
		

		

	 

	  

	 Preferred
		or Common Stock of the Corporation is exchanged, converted or reclassified into
		the securities of any other Person or cash or any other property.

	  

	 (vi) The
		conversion price shall initially equal $0.75 per share, and shall increase from
		and after the Issue Date at a rate equal to the dividend rate on the Series D
		Convertible Preferred as set forth in paragraph (c)(i) (the “Conversion
		Price”).
		The Conversion Price shall be subject to adjustment as provided in this
		paragraph (g).

	  

	 (vii) From and
		after an Initial Public Offering, the Corporation shall cause the shares of
		Class A Common Stock issuable upon conversion of the Series D Convertible
		Preferred (or in the case of a Holder’s election to convert into Class C
		Common Stock, upon conversion of such Class C Common Stock) to be approved for
		listing on the principal securities exchange on which the Class A Common Stock
		may at the time be listed for trading, subject to official notification of
		issuance, prior to the date of issuance thereof. Notwithstanding anything in
		this Certificate of Designation to the contrary, no Holders shall be entitled
		to exercise the conversion rights set forth in this paragraph (g) until such
		time as any conditions for listing the Class A Common Stock issuable upon
		conversion of the Series D Convertible Preferred on the principal securities
		exchange on which the Class A Common Stock may be listed for trading, if any
		and if applicable, have been satisfied.

	  

	 (viii) Notwithstanding
		anything to the contrary contained in this paragraph (g), there shall be no
		adjustment to the Conversion Price in connection with any issuance of
		additional shares of Series D Convertible Preferred or any other securities
		that are or may be or become issued or issuable in connection with the
		transactions contemplated by the Master Transaction Agreement.

	  

	 (h) Reissuance
		of Series D Convertible Preferred. Shares
		of Series D Convertible Preferred that have been issued and reacquired in any
		manner, including shares purchased or redeemed or exchanged, shall (upon
		compliance with any applicable provisions of the General Corporation Law of the
		State of Delaware) have the status of authorized and unissued shares of
		Preferred Stock undesignated as to series and may be redesignated and reissued
		as part of any series of Preferred Stock; provided that
		any issuance of such shares as Series D Convertible Preferred must be in
		compliance with the terms hereof.

	  

	 (i) Business
		Day. If any
		payment or redemption shall be required by the terms hereof to be made on a day
		that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.

	 
		 

		12

		 

            

		
		

		

	 

	  

	 (j) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.

	  

	 (k) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:

	  

	 “Board
		of Directors”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Board
		Resolution”
		means a copy of a resolution certified pursuant to an Officers’
		Certificate to have been duly adopted by the Board of Directors and to be in
		full force and effect.

	  

	 “Business
		Day”
		means any day except a Saturday, a Sunday, or any day on which banking
		institutions in New York, New York are required or authorized by law or other
		governmental action to be closed.

	  

	 “Capital
		Stock”
		means (i) with respect to any Person that is a corporation, any and all shares,
		interests, participations or other equivalents (however designated) of capital
		stock, including each class of common stock and preferred stock of such Person
		and (ii) with respect to any Person that is not a corporation, any and all
		partnership, membership or other equity interests of such Person.

	  

	 “Capitalized
		Lease Obligation”
		means, as to any Person, the obligation of such Person to pay rent or other
		amounts under a lease to which such Person is a party that is required to be
		classified and accounted for as capital lease obligations under GAAP and, for
		purposes of this definition, the amount of such obligations at any date shall
		be the capitalized amount of such obligations at such date, determined in
		accordance with GAAP. 

	  

	 “Certificate
		of Incorporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Class
		A Common Stock”
		means the Class A Common Stock, par value $.001 per share, of the
		Corporation.

	  

	 “Class
		C Common Stock”
		means the Class C Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 “Class
		D Common Stock”
		means the Class D Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 “Commission”
		means the Securities and Exchange Commission.

	 
		 

		13

		 

            

		
		

		

	 

	  

	 “Common
		Stock”
		of any Person means any and all shares, interests or other participations in,
		and other equivalents (however designated and whether voting or non-voting) of,
		such Person’s common stock, whether outstanding on the Issue Date or
		issued after the Issue Date, and includes, without limitation, all series and
		classes of such common stock.

	  

	 “Common
		Stock Value”
		on any date means, with respect to the Class A Common Stock or the Class D
		Common Stock, the last sale price for the Class A Common Stock or the Class D
		Common Stock, regular way, or, in case no such sale takes place on such date,
		the average of the closing bid and asked prices, regular way, for the Class A
		Common Stock or the Class D Common Stock, in either case as reported in the
		principal consolidated transaction reporting system with respect to the
		principal national securities exchange on which the Class A Common Stock or the
		Class D Common Stock is listed or admitted to trading or, if neither the Class
		A Common Stock nor the Class D Common Stock is listed or admitted to trading on
		any national securities exchange, the last quoted price, or, if not so quoted,
		the average of the high bid and low asked prices in the over-the-counter
		market, as reported by the principal automated quotation system that may then
		be in use or, if neither the Class A Common Stock nor the Class D Common Stock
		is quoted by any such organization, the average of the closing bid and asked
		prices as furnished by a professional market maker making a market in the Class
		A Common Stock or the Class D Common Stock selected by the Board of Directors
		or, in the event that no trading price is available for the Class A Common
		Stock or the Class D Common Stock, the fair market value of the Class A Common
		Stock, as determined in good faith by the Board of Directors.

	  

	 “Communications
		Act”
		means the Communications Act of 1934, as amended (including, without
		limitation, the Cable Communications Policy Act of 1984 and the Cable
		Television Consumer Protection and Competition Act of 1992) and all rules and
		regulations of the FCC, in each case as from time to time in
		effect.

	  

	 “Consolidated
		EBITDA”
		means, for any Person, for any period, an amount equal to (a) the sum of
		Consolidated Net Income for such period, plus, to the extent deducted from the
		revenues of such Person in determining Consolidated Net Income, (i) the
		provision for taxes for such period based on income or profits and any
		provision for taxes utilized in computing a loss in Consolidated Net Income
		above, plus (ii) Consolidated Interest Expense, net of interest income earned
		on cash or cash equivalents for such period (including, for this purpose,
		dividends on preferred stock only to the extent that such dividends were
		deducted in determining Consolidated Net Income), plus (iii) depreciation for
		such period on a consolidated basis, plus (iv) amortization of intangibles and
		broadcast program licenses for such period on a consolidated basis, minus (b)
		scheduled payments relating to broadcast program license liabilities, except
		that with respect to the Corporation each of the foregoing items shall be
		determined on a consolidated basis with respect to the Corporation and its
		Subsidiaries only; provided,
		however, that,
		for purposes of calculating Consolidated EBITDA during 

	 
		 

		14

		 

            

		
		

		

	 

	  

	 any
		fiscal quarter, cash income from a particular Investment of such Person shall
		be included only if cash income has been received by such Person as a result of
		the operation of the business in which such Investment has been made in the
		ordinary course without giving effect to any extraordinary, unusual and
		non-recurring gains.

	  

	 “Consolidated
		Interest Expense”
		means, with respect to any Person, for any period, the aggregate amount of
		interest which, in conformity with GAAP, would be set forth opposite the
		caption “interest expense” or any like caption on an income statement
		for such Person and its Subsidiaries on a consolidated basis, including, but
		not limited to, imputed interest included in Capitalized Lease Obligations, all
		commissions, discounts and other fees and charges owed with respect to letters
		of credit and bankers’ acceptance financing, the net costs associated with
		hedging obligations, amortization of other financing fees and expenses, the
		interest portion of any deferred payment obligation, amortization of discount
		or premium, if any, and all other non-cash interest expense (other than
		interest amortized to cost of sales) plus, without duplication, all net
		capitalized interest for such period and all interest incurred or paid under
		any guarantee of indebtedness (including a guarantee of principal, interest or
		any combination thereof) of any Person, and all time brokerage fees relating to
		financing of television stations which the Corporation has an agreement or
		option to acquire.

	  

	 “Consolidated
		Net Income”
		means, with respect to any Person, for any period, the aggregate of the net
		income (or loss) of such Person and its Subsidiaries for such period, on a
		consolidated basis, determined in accordance with GAAP; provided,
		however, that
		(a) the net income of any Person (the “other Person”) in which the
		Person in question or any of its Subsidiaries has less than a 100% interest
		(which interest does not cause the net income of such other Person to be
		consolidated into the net income of the Person in question in accordance with
		GAAP) shall be included only to the extent of the amount of dividends or
		distributions paid to the Person in question or to the Subsidiary, (b) the net
		income of any Subsidiary of the Person in question that is subject to any
		restriction or limitation on the payment of dividends or the making of other
		distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity entitlements granted to employees of the
		Corporation and its Subsidiaries) increasing and decreasing Consolidated Net
		Income and not otherwise included in the definition of Consolidated EBITDA
		shall be excluded.

	 
		 

		15

		 

            

		
		

		

	 

	  

	 “Conversion
		Price”
		has the meaning ascribed to it in paragraph (g)(vi) hereof.

	  

	 “Conversion
		Shares”
		means (i) the number of shares of Class A Common Stock or (ii) with respect to
		any Holder, if such Holder determines, after consultation with its outside
		legal counsel, that such Holder is prevented under the Communications Act from
		holding shares of Class A Common Stock issuable upon conversion of such
		Holder’s shares of Series D Convertible Preferred, an equal number of
		shares of Class C Common Stock of the Corporation (such Class C Common Stock
		shall, (1) upon disposition by such Holder to any other Person that such Holder
		determines is not prevented under the Communications Act from holding shares of
		Class A Common Stock or (2) upon the determination by such Holder that the
		Communications Act no longer prohibits such Holder from holding shares of Class
		A Common Stock, in either case, after consultation by such Person with outside
		legal counsel and, if required by the Corporation, delivery by such Person to
		the Corporation an Opinion of Counsel reasonably acceptable to the Corporation
		to the effect that the Conversion of such Class C Common Stock to Class A
		Common Stock will not violate or conflict with the Communications Act,
		automatically be converted into an equal number of shares of Class A Common
		Stock), into which the Series D Convertible Preferred is from time to time
		convertible.

	  

	 “Corporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Designated
		Investment Bank”
		means an investment bank selected by the Purchasing Party from a list of three
		internationally recognized investment banks provided to the Purchasing Party by
		the Company pursuant to Section 2.07 of the Master Transaction
		Agreement.

	  

	 “Exchange
		Act”
		means the Securities Exchange Act of 1934, as amended, and the rules and
		regulations promulgated thereunder.

	  

	 “Extraordinary
		Cash Dividend”
		means cash dividends with respect to the Class A Common Stock the aggregate
		amount of which in any fiscal year exceeds 10% of Consolidated EBITDA of the
		Corporation and its subsidiaries for the fiscal year immediately preceding the
		payment of such dividend.

	  

	 “Fair
		Market Value”
		of any consideration other than cash or of any securities shall mean the amount
		which a willing buyer would pay to a willing seller in an arm’s-length
		transaction as determined by an independent investment banking or appraisal
		firm experienced in the valuation of such securities or property selected in
		good faith by the Board of Directors or a committee thereof.

	  

	 “FCC”
		means the Federal Communications Commission and any successor governmental
		entity performing functions similar to those performed by the Federal
		Communications Commission on the Issue Date.

	 
		 

		16

		 

            

		
		

		

	 

	  

	 “GAAP”
		means generally accepted accounting principles consistently applied as in
		effect in the United States from time to time.

	  

	 “Holder”
		means a holder of then outstanding shares of Series D Convertible Preferred as
		reflected in the stock books of the Corporation.

	  

	 “Initial
		Public Offering”
		means the initial underwritten sale of equity securities of the Corporation
		occurring after the Issue Date pursuant to an effective registration statement
		under the Securities Act.

	  

	 “Issue
		Date”
		means the date of the issuance of Series D Convertible Preferred.

	  

	 “Issue
		Price”
		means $10,000 per share of Series D Convertible Preferred.

	  

	 “Junior
		Preferred Stock”
		means, collectively, (i) Series E-1 Convertible Preferred, (ii) Series E-2
		Convertible Preferred and (iii) Series F Non-Convertible Preferred, in each
		case as defined in the Master Transaction Agreement. 

	  

	 “Junior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Liquidation
		Preference”
		has the meaning ascribed to it in paragraph (a) hereof.

	  

	 “Mandatory
		Conversion”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Event”
		means the earlier to occur of: (i) the date on which the last sale price for
		the Class A Common Stock or Class D Common Stock, regular way, or, in case no
		such sale takes place on such date, the average of the closing bid and asked
		prices, regular way, for the Class A Common Stock or Class D Common Stock, in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal national securities exchange on which the
		Class A Common Stock or Class D Common Stock is listed or admitted to trading,
		or, if neither Class A Common Stock nor Class D Common Stock is listed or
		admitted to trading on any national securities exchange, the last quoted price,
		or, if not so quoted, the average of the high bid and low asked prices in the
		over-the-counter market, as reported by the principal automated quotation
		system that may then be in use, for the Class A Common Stock or Class D Common
		Stock for fifteen (15) consecutive trading days is equal to or greater than the
		Mandatory Conversion Trigger Price as then in effect; and (ii) the issuance by
		the Corporation of Common Stock at an issue price per share not less than the
		Mandatory Conversion Trigger Price as then in effect for aggregate gross
		proceeds (before deduction of underwriting commissions and other expenses of
		sale) of not less than $75,000,000, provided that if such issuance is made to a
		Purchasing Party, the Designated Investment Bank shall have provided an opinion
		in customary form to the Company to the effect that the 

	 
		 

		17

		 

            

		
		

		

	 

	  

	 issue
		price per share of Common Stock is at or higher than the fair market value of a
		share of Common Stock.

	  

	 “Mandatory
		Conversion Notice”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Trigger Price”
		means (A) in the event the Mandatory Conversion Event occurs on or after the
		first anniversary but prior to the second anniversary of the Issue Date, 102%
		of the Conversion Price, (B) in the event the Mandatory Conversion Event occurs
		on or after the second anniversary but prior to the third anniversary of the
		Issue Date, 101% of the Conversion Price, or (C) in the event the Mandatory
		Conversion Event occurs on or after the third anniversary of the Issue Date,
		the Conversion Price.

	  

	 “Master
		Transaction Agreement”
		means the Master Transaction Agreement dated as of May 3, 2007 among the
		Corporation, NBC Universal, Inc., NBC Palm Beach Investment I, Inc., NBC Palm
		Beach Investment II, Inc., and CIG Media LLC, as may be amended, modified or
		restated from time to time. 

	  

	 “Obligations”
		means all obligations for principal, premium, interest, penalties, fees,
		indemnifications, reimbursements, damages and other liabilities payable under
		the documentation governing, or otherwise relating to, any
		Indebtedness.

	  

	 “Officers’
		Certificate”
		means a certificate signed by two officers or by an officer and either an
		Assistant Treasurer or an Assistant Secretary of the Corporation which
		certificate shall include a statement that, in the opinion of such signers all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. In addition, such certificate shall
		include (i) a statement that the signatories have read the relevant covenant or
		condition, (ii) a brief statement of the nature and scope of such examination
		or investigation upon which the statements are based, (iii) a statement that,
		in the opinion of such signatories, they have made such examination or
		investigation as is reasonably necessary to express an informed opinion and
		(iv) a statement as to whether or not, in the opinion of the signatories, such
		relevant conditions or covenants have been complied with.

	  

	 “Opinion
		of Counsel”
		means an opinion of counsel that, in such counsel’s opinion, all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. Such opinion shall also include the
		statements called for in the second sentence under “Officers’
		Certificate”.

	  

	 “Parity
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.

	 
		 

		18

		 

            

		
		

		

	 

	  

	 “Preferred
		Stock”
		of any Person means any Capital Stock of such Person that has preferential
		rights to any other Capital Stock of such Person with respect to dividends or
		redemption or upon liquidation.

	  

	 “Purchasing
		Party”
		means CIG Media LLC, NBC Universal, Inc. and their respective Affiliates.
		

	  

	 “Redemption
		Date”
		has the meaning ascribed to it in paragraph (e)(i) hereof.

	  

	 “Redemption
		Notice”
		has the meaning ascribed to it in paragraph (e)(ii) hereof.

	  

	 “Redemption
		Price”
		means the Issue Price plus (as applicable) all accrued and unpaid dividends
		through and including the date of redemption.

	  

	 “Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinanced” and “Refinancing” has the
		correlative meaning. 

	  

	 “Repurchase”
		has the meaning ascribed to it in paragraph (g)(iii)(D) hereof.
		

	  

	 “Securities
		Act”
		means the Securities Act of 1933, as amended, and the rules and regulations
		promulgated thereunder.

	  

	 “Senior
		Preferred Stock”
		means collectively, (i) Series A-1 Convertible Preferred, (ii) Series A-2
		Preferred Stock, (iii) Series A-3 Convertible Preferred, (iv) 141⁄4%
		Preferred, (v) 93⁄4% Preferred, (vi) Series B Convertible Preferred, (vii)
		Series C Preferred Stock and (viii) Series C Convertible Preferred, in each
		case as defined in the Master Transaction Agreement. 

	  

	 “Senior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Series
		D Convertible Preferred”
		has the meaning ascribed to it in paragraph (a) hereof.

	  

	 “Subsidiary”,
		with respect to any Person, means (i) any corporation of which the outstanding
		Capital Stock having at least a majority of the votes entitled to be cast in
		the election of directors under ordinary circumstances shall at the time be
		owned, directly or indirectly, by such Person or (ii) any other Person
		

	 
		 

		19

		 

            

		
		

		

	 

	  

	 of which
		at least a majority of the voting interest under ordinary circumstances is at
		the time, directly or indirectly, owned by such Person.

	  

	 “Stock
		Transaction”
		has the meaning ascribed to it in paragraph (g)(iii) hereof.

	  

	 “Surviving
		Person”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Transaction”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Voting
		Rights Triggering Event”
		has the meaning ascribed to it in paragraph (f)(iii)(A) hereof.

	  

	 “Wholly-Owned
		Subsidiary”
		means any Subsidiary all of the outstanding voting securities (other than
		directors’ qualifying shares) of which are owned, directly or indirectly,
		by the Corporation.

	  

	 
		 

		20

		 

            

		
		

		

	 

	 

	 IN
		WITNESS WHEREOF, said ION Media Networks, Inc. has caused this Certificate to
		be signed by its duly authorized officer this 4th day of May,
		2007.

	  

	 
			 	 	 
	 	ION MEDIA NETWORKS,
				INC.
	 
 	 
 	 
 
	 	By:  	 /s/ Richard
				Garcia
	 	
				

				
	 	Name: Richard
				Garcia
Title: Chief Financial Officer

 

	  

	 Certificate
		of Designation

	  

      

  
	 

	 EXHIBIT
		M to the Master Transaction Agreement

	  

	 Series
		E-1 Convertible Preferred Certificate of Designation

	  

	 
 
	 

	 Exhibit
		M to the

	 Master
		Transaction Agreement

	  

	 Series
		E-1 Convertible Preferred Certificate of Designation

	  

	 CERTIFICATE
		OF DESIGNATION OF THE POWERS,

	 PREFERENCES
		AND RELATIVE, PARTICIPATING,

	 OPTIONAL
		AND OTHER SPECIAL RIGHTS OF 

	 SERIES
		E-1 MANDATORILY CONVERTIBLE PREFERRED STOCK

	 AND
		QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF

	  

	 Pursuant
		to Section 151 of the

	 General
		Corporation Law of the State of Delaware

	  

	 ION
		Media Networks, Inc. (the “Corporation”),
		a corporation organized and existing under the General Corporation Law of the
		State of Delaware, does hereby certify that, pursuant to the authority
		conferred upon the board of directors of the Corporation (the
		“Board
		of Directors”)
		by the Certificate of Incorporation of the Corporation, as amended (hereinafter
		referred to as the “Certificate
		of Incorporation”),
		and pursuant to the provisions of Section 151 of the General Corporation Law of
		the State of Delaware, the Board of Directors, on May 3, 2007, duly approved
		and adopted the following resolution:

	  

	 RESOLVED,
		that, pursuant to the authority vested in the Board of Directors by the
		Certificate of Incorporation, the Board of Directors does hereby create,
		authorize and provide for the issuance of Series E-1 Mandatorily Convertible
		Preferred Stock, par value $.001 per share, with a liquidation preference of
		$10,000 per share, consisting of 4,500 shares, having the designations,
		preferences, relative, participating, optional and other special rights and the
		qualifications, limitations and restrictions thereof that are set forth in the
		Certificate of Incorporation and in this resolution as follows:

	  

	 (a) Designation. There
		is hereby created out of the authorized and unissued shares of Preferred Stock
		of the Corporation a series of Preferred Stock designated as the “Series
		E-1 Mandatorily Convertible Preferred Stock.” The number of shares
		constituting such series shall be 4,500 and are referred to as the “Series
		E-1 Convertible Preferred.” The liquidation preference of the Series E-1
		Convertible Preferred shall be $10,000.00 per share (the “Liquidation
		Preference”).

	  

	 (b) Rank. The
		Series E-1 Convertible Preferred shall, with respect to distributions upon
		liquidation, winding up or dissolution of the Corporation, rank (i) senior
		to the Junior Preferred Stock, to all classes of Common Stock of the
		Corporation and to each other class of Capital Stock of the Corporation or
		series of Preferred Stock of the Corporation hereafter created, the terms of
		which do not expressly provide that it ranks senior to, or on a parity with,
		the Series E-1 Convertible Preferred as to distributions upon liquidation,
		winding up or dissolution of the Corporation

	  

	 1

	  

        

	 
	 

	 

	  

	 (collectively
		referred to, together with all classes of Common Stock of the Corporation, as
		“Junior
		Securities”);
		(ii) on a parity with the Pari Passu Preferred Stock and with any class of
		Capital Stock of the Corporation or series of Preferred Stock of the
		Corporation hereafter created the terms of which expressly provide that such
		class or series will rank on a parity with the Series E-1 Convertible Preferred
		as to distributions upon liquidation, winding up or dissolution of the
		Corporation (collectively referred to as “Parity
		Securities”),
		provided that any such Parity Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Parity Securities; and (iii) junior to the Senior Preferred Stock and
		to each other class of Capital Stock of the Corporation or series of Preferred
		Stock of the Corporation hereafter created the terms of which expressly provide
		that such class or series will rank senior to the Series E-1 Convertible
		Preferred as to distributions upon liquidation, winding up or dissolution of
		the Corporation (collectively referred to as “Senior
		Securities”),
		provided that any such Senior Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Senior Securities.

	  

	 (c) Dividends. The
		Holders shall not be entitled to receive dividends.

	  

	 (d) Liquidation.

	  

	 (i) In the
		event of any voluntary or involuntary liquidation, dissolution or winding up of
		the affairs of the Corporation, each Holder shall be entitled to be paid, out
		of the assets of the Corporation available for distribution to its stockholders
		and before any distribution shall be made or any assets distributed to the
		holders of any of the Junior Securities, including, without limitation, the
		Common Stock of the Corporation, an amount in cash equal to the greater of (A)
		the Liquidation Preference for each outstanding share of Series E-1 Convertible
		Preferred and (B) the amount per share which would have been payable upon such
		liquidation, dissolution or winding up to the holders of shares of Class A
		Common Stock or such other class or series of stock into which the Series E-1
		Convertible Preferred is then convertible (assuming the conversion of each
		share of then convertible Series E-1 Convertible Preferred and without
		deduction for the Liquidation Preference otherwise payable pursuant to clause
		(A) hereof), multiplied by the number of shares of Class A Common Stock into
		which such shares of Series E-1 Convertible Preferred are then convertible.
		Except as provided in the preceding sentence, Holders of Series E-1 Convertible
		Preferred shall not be entitled to any distribution in the event of any
		liquidation, dissolution or winding up of the affairs of the Corporation. If
		the assets of the Corporation are not sufficient to pay in full the liquidation
		payments payable to the Holders and to any holders of all other Parity
		Securities, then such assets shall be distributed among the Holders and any
		holders of such other Parity Securities ratably in accordance with the
		respective amounts that would be payable on such shares of Series E-1
		Convertible Preferred and any such shares of other Parity Securities if all
		amounts payable thereon were paid in full.

	  

	 (ii) For the
		purposes of this paragraph (d), neither the sale, conveyance, exchange or
		transfer (for cash, shares of stock, securities or other consideration) of all
		or substantially all of the property or assets of the Corporation nor
		

	 
		 

		2

		 
 

          

	 
	 

	 

	  

	 the
		consolidation or merger of the Corporation with or into one or more entities
		shall be deemed to be a liquidation, dissolution or winding up of the affairs
		of the Corporation.

	  

	 (e) Redemption.

	  

	 (i) Mandatory
		Redemption. The
		Corporation shall redeem, in the manner provided for in paragraph (e)(ii)
		hereof, and out of funds legally available therefor all of the outstanding
		shares of Series E-1 Convertible Preferred for cash on August 31, 2013 (the
		“Redemption
		Date”),
		at a price per share equal to the Redemption Price.

	  

	 (ii) Procedures
		for Redemption.
		(A) At
		least 90 days prior to the Redemption Date, written notice (the
		“Redemption
		Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice nor any deficiency therein shall affect the validity of the
		procedure for the redemption of any shares of Series E-1 Convertible Preferred
		as to the Holder or Holders to whom the Corporation has failed to give said
		notice or to whom such notice was defective. The Redemption Notice shall
		state:

	  

	 (1) the
		Redemption Price; and

	  

	 (2) that the
		Holder is to surrender to the Corporation, in the manner, at the place or
		places and at the price designated, its certificate or certificates
		representing the shares of Series E-1 Convertible Preferred.

	  

	 (B) Each
		Holder shall surrender the certificate or certificates representing all shares
		of Series E-1 Convertible Preferred held by such Holder to the Corporation,
		duly endorsed (or otherwise in proper form for transfer, as determined by the
		Corporation), in the manner and at the place or places designated in the
		Redemption Notice, and on the Redemption Date the full Redemption Price for
		such shares shall be payable in cash to the Person whose name appears on such
		certificate or certificates as the owner thereof, and each surrendered
		certificate shall be canceled and retired. 

	  

	 (C) On and
		after the Redemption Date, unless the Corporation defaults in the payment in
		full of the Redemption Price, all rights of the Holders shall terminate with
		respect to the Series E-1 Convertible Preferred on the Redemption Date, other
		than the right to receive the Redemption Price, without interest; provided,
		however, that
		if the Redemption Notice shall have been given and the funds necessary for
		redemption shall have been segregated and irrevocably deposited in trust for
		the equal and ratable benefit of the Holders, then, at the close of business on
		the day on which such funds are segregated and set aside, the Holders shall
		cease to be stockholders of the Corporation and shall be entitled only to
		receive the Redemption Price.

	  

	 (f) Voting
		Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.

	 
		 

		3

		 

          

		
		

		

		 
 

	 (i) (A) So long
		as any shares of the Series E-1 Convertible Preferred are outstanding, the
		Corporation may not issue any additional shares of Series E-1 Convertible
		Preferred or any new class of Parity Securities or Senior Securities (or amend
		the provisions of any existing class of Capital Stock to make such class of
		Capital Stock Parity Securities or Senior Securities) without the approval of
		Holders holding at least a majority of the then outstanding shares of Series
		E-1 Convertible Preferred, voting or consenting, as the case may be, together
		as one class given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting; provided,
		however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		E-1 Convertible Preferred or prohibit the redemption by the Corporation of the
		Series E-1 Convertible Preferred pursuant to paragraph (e)(i) above, in an
		amount sufficient to Refinance any series of Senior Securities, in whole or in
		part, with such shares being issued no sooner than the date the Corporation
		Refinances such series of Senior Securities.

	  

	 (B) So long
		as any shares of the Series E-1 Convertible Preferred are outstanding, the
		Corporation shall not amend this Certificate of Designation so as to affect
		materially and adversely the rights, preferences or privileges of Holders
		without the affirmative vote or consent of Holders holding at least a majority
		of the then outstanding shares of Series E-1 Convertible Preferred, voting or
		consenting, as the case may be, as one class, given in person or by proxy,
		either in writing or by resolution adopted at an annual or special
		meeting.

	  

	 (C) Except
		as set forth in paragraph (f)(i)(A) above, the creation, authorization or
		issuance of any shares of any Junior Securities, Parity Securities or Senior
		Securities or the increase or decrease in the amount of authorized Capital
		Stock of any class, including Preferred Stock, shall not require the consent of
		Holders and shall not be deemed to affect adversely the rights, preferences or
		privileges of such Holders.

	  

	 (ii) Without
		the affirmative vote or consent of Holders holding at least a majority of the
		then outstanding shares of Series E-1 Convertible Preferred, voting or
		consenting, as the case may be, as a separate class, given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting, the Corporation shall not, in a single transaction or series of
		related transactions, consolidate or merge with or into, or sell, assign,
		transfer, lease, convey or otherwise dispose of all or substantially all of the
		Corporation’s assets (as an entirety or substantially as an entirety in
		one transaction or series of related transactions) to, another Person (other
		than a Wholly-Owned Subsidiary with, into or to another Wholly-Owned
		Subsidiary) or adopt a plan of liquidation unless (A) either (I) the
		Corporation is the surviving or continuing Person or (II) the Person (if other
		than the Corporation) formed by such consolidation or into which the
		Corporation is merged or the Person that acquires by conveyance, transfer or
		lease the

	 
		 

		4

		 
 

          

	 
	 

	 

	  

	 properties
		and assets of the Corporation substantially as an entirety or, in the case of a
		plan of liquidation, the Person to which assets of the Corporation have been
		transferred shall be organized and existing under the laws of the United States
		or any State thereof or the District of Columbia; (B) the Series E-1
		Convertible Preferred shall be converted into or exchanged for and shall become
		shares of such successor, transferee or resulting Person with the same powers,
		preferences and relative, participating, optional or other special rights and
		the qualifications, limitations or restrictions thereon, that the Series E-1
		Convertible Preferred had immediately prior to such transaction; (C)
		immediately after giving effect to such transactions, no Voting Rights
		Triggering Event shall have occurred or shall have occurred after the Issue
		Date and be continuing; and (D) the Corporation has delivered to the transfer
		agent for the Series E-1 Convertible Preferred prior to the consummation of the
		proposed transaction an Officers’ Certificate and an Opinion of Counsel,
		each stating that such consolidation, merger or transfer complies with the
		terms hereof and that all conditions precedent herein relating to such
		transaction have been satisfied. For purposes of the foregoing, the transfer
		(by lease, assignment, sale or otherwise, in a single transaction or series of
		related transactions) of all or substantially all of the properties and assets
		of one or more Subsidiaries of the Corporation, the Capital Stock of which
		constitutes all or substantially all of the properties and assets of the
		Corporation shall be deemed to be the transfer of all or substantially all of
		the properties and assets of the Corporation.

	  

	 (iii) (A) If the
		Corporation fails to discharge any redemption or conversion obligation with
		respect to the Series E-1 Convertible Preferred (such failure being a
		“Voting
		Rights Triggering Event”),
		then, subject to paragraph (f)(iii)(E) below, Holders of at least a majority of
		the then outstanding shares of Series E-1 Convertible Preferred, voting
		separately and as one class, shall have the exclusive right to elect the lesser
		of two directors and that number of directors constituting 25% of the members
		of the Board of Directors, at a meeting called for such purpose following the
		occurrence of such Voting Rights Triggering Event, and at every subsequent
		meeting at which the terms of office of the directors so elected by the Holders
		expire (other than as described in (f)(iii)(B) below), and the number of
		directors constituting the Board of Directors shall be increased by the number
		of directors so elected by the Holders. The voting rights provided herein shall
		be the exclusive remedy at law or in equity of the Holders for any Voting
		Rights Triggering Event.

	  

	 (B) The
		right of the Holders voting together as a separate class to elect members of
		the Board of Directors as set forth in paragraph (f)(iii)(A) above shall
		continue until such time as in all other cases, the failure, breach or default
		giving rise to such Voting Rights Triggering Event is remedied, cured or waived
		by Holders of at least a majority of the then outstanding shares of Series E-1
		Convertible Preferred that are entitled to vote thereon, at which time (I) the
		special right of the Holders so to vote as a class for the election of
		directors and (II) the term of office of the directors elected by the Holders
		shall each terminate and such persons shall cease to be members of the Board of
		Directors. At any time after voting power to elect directors shall have become
		vested and be continuing in the Holders pursuant to paragraph (f)(iii) hereof,
		or if vacancies shall exist in the offices of directors elected by such
		Holders, a proper officer of the Corporation may, and upon the written request
		of Holders of at least 25% of the then 

	 
		 

		5

		 
 

          

	 
	 

	 

	  

	 outstanding
		shares of Series E-1 Convertible Preferred addressed to the secretary of the
		Corporation shall, call a special meeting of the Holders, for the purpose of
		electing the directors which the Holders are entitled to elect. If such meeting
		shall not be called by a proper officer of the Corporation within 20 days after
		personal service of said written request upon the secretary of the Corporation,
		or within 20 days after mailing the same within the United States by certified
		mail, addressed to the secretary of the Corporation at its principal executive
		offices, then Holders of at least 25% of the then outstanding shares of Series
		E-1 Convertible Preferred may designate in writing one of their number to call
		such meeting at the reasonable expense of the Corporation, and such meeting may
		be called by the Holder so designated upon the notice required for the annual
		meetings of stockholders of the Corporation and shall be held at the place for
		holding the annual meetings of stockholders. Any Holder of Series E-1
		Convertible Preferred so designated shall have, and the Corporation shall
		provide, access to the lists of stockholders to be called pursuant to the
		provisions hereof.

	  

	 (C) At any
		meeting held for the purpose of electing directors at which the Holders shall
		have the right, voting together as a separate class, to elect directors as
		aforesaid, the presence in person or by proxy of Holders of at least a majority
		of the then outstanding shares of Series E-1 Convertible Preferred shall be
		required to constitute a quorum of such Series E-1 Convertible
		Preferred.

	  

	 (D) Any
		vacancy occurring in the office of a director elected by the Holders may be
		filled by the remaining director (if any) elected by the Holders unless and
		until such vacancy shall be filled by the Holders.

	  

	 (E) The
		provisions of this paragraph (f)(iii) shall apply only to those Holders, if
		any, that would be permitted to vote in the election of directors of the
		Corporation pursuant to applicable laws and regulations of the FCC, with such
		Holders together being treated as the class of Holders entitled to exercise
		such rights. The determination as to whether any Holder would not be permitted
		to exercise such voting rights shall be made jointly by any such Holder(s) and
		the Corporation.

	  

	 (iv) In any
		case in which the Holders shall be entitled to vote pursuant to this paragraph
		(f) or pursuant to the General Corporation Law of the State of Delaware, each
		Holder entitled to vote with respect to such matter shall be entitled to one
		vote for each then outstanding share of Series E-1 Convertible Preferred so
		held.

	  

	 (g) Conversion.

	  

	 (i) Optional
		Conversion. Each
		share of the Series E-1 Convertible Preferred is convertible at the option of
		the Holder thereof, at any time and from time to time, into (A) a number of
		Conversion Shares equal to the Issue Price of the shares of Series E-1
		Convertible Preferred surrendered for conversion, divided by (B) the Conversion
		Price then in effect, except that if shares of Series E-1 Convertible Preferred
		are called for redemption the conversion right will terminate at the close of
		business on the Redemption Date. No fractional shares or securities
		representing fractional shares will be issued upon conversion; in lieu of
		fractional shares the Corporation will pay a 

	 
		 

		6

		 
 

          

	 
	 

	 

	  

	 cash
		adjustment based upon the Common Stock Value as of the close of business on the
		first Business Day preceding the date of conversion. The Series E-1 Convertible
		Preferred shall be converted by the holder thereof by surrendering the
		certificate or certificates representing the shares of Series E-1 Convertible
		Preferred to be converted, appropriately completed, to the transfer agent for
		the Common Stock. The transfer agent shall issue one or more certificates
		representing the Conversion Shares in the name or names requested by such
		Holder. The transfer agent will deliver to such Holder a new certificate
		representing the shares of Series E-1 Convertible Preferred in excess of those
		being surrendered for conversion. The conversion rights stated herein are
		subject to compliance by the Holder with all applicable laws and regulations,
		including, without limitation, the Communications Act, and as a condition
		precedent to the Corporation’s obligation to issue Conversion Shares to a
		Holder or its designee(s), the Corporation may require that such Holder deliver
		to the Corporation an opinion of legal counsel reasonably acceptable to the
		Corporation to the effect that the issuance of Conversion Shares to such Holder
		or its designee(s) upon conversion will not violate or conflict with the
		Communications Act.

	  

	 (ii) Mandatory
		Conversion. At any
		time following the first anniversary of the Issue Date, upon the occurrence of
		a Mandatory Conversion Event, including a Mandatory Conversion Event that
		occurs after the Redemption Date to the extent any share of Series E-1
		Convertible Preferred remains outstanding after the Redemption Date, unless
		previously converted at the option of Holders in accordance with the provisions
		hereof, each outstanding share of Series E-1 Convertible Preferred shall,
		without notice to Holders, convert automatically (the “Mandatory
		Conversion”)
		into (A) a number of Conversion Shares equal to the Issue Price of the shares
		of Series E-1 Convertible Preferred so converted, divided by the (B) Conversion
		Price then in effect. No fractional shares or securities representing
		fractional shares will be issued upon conversion; in lieu of fractional shares
		the Corporation will pay a cash adjustment based upon the Common Stock Value as
		of the close of business on the first Business Day preceding the date of the
		occurrence of such Mandatory Conversion Event. Promptly following a Mandatory
		Conversion Event, written notice (the “Mandatory
		Conversion Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice or any deficiency therein shall affect the validity of the
		procedures for the Mandatory Conversion as to the Holder or Holders to whom the
		Corporation has failed to give said notice or to whom such notice was effected.
		Each Holder shall surrender the certificate or certificates representing all
		shares of Series E-1 Convertible Preferred held by such Holder to the
		Corporation, duly endorsed (or otherwise in proper form for transfer, as
		determined by the Corporation) and the Corporation shall issue to such Holder
		that number of shares of Class A Common Stock to which such Holder is entitled,
		as calculated in accordance with this paragraph; provided,
		however, that
		if a Holder shall notify the Corporation within five (5) Business Days of
		receipt of the Mandatory Conversion Notice that it wishes to receive Class C
		Common Stock in accordance with this paragraph, the Corporation shall issue
		such Holder an equal number of shares of Class C Common Stock to which such
		Holder is entitled as calculated in accordance with this
		paragraph.

	 
		 

		7

		 

          

		
		

		

	 

	 (iii) (A) In
		case the Corporation shall (I) pay a dividend or distribution in shares of
		Class A Common Stock on its shares of Class A Common Stock, (II) subdivide its
		outstanding shares of Class A Common Stock into a greater number of shares,
		(III) combine its outstanding shares of Class A Common Stock into a smaller
		number of shares, or (IV) issue, by reclassification of its shares of Class A
		Common Stock, any shares of its Capital Stock (each such transaction being
		called a “Stock
		Transaction”),
		then and in each such case, the Conversion Price in effect immediately prior
		thereto shall be adjusted so that the Holder of a share of Series E-1
		Convertible Preferred surrendered for conversion after the record date fixing
		stockholders to be affected by such Stock Transaction shall be entitled to
		receive upon conversion the number of Conversion Shares which such Holder would
		have been entitled to receive after the happening of such event had such share
		of Series E-1 Convertible Preferred been converted immediately prior to such
		record date. Such adjustment shall be made whenever any Stock Transaction
		occurs, but shall also be effective retroactively as to shares of Series E-1
		Convertible Preferred converted between such record date and the date of the
		happening of any such Stock Transaction.

	  

	 (B) If the
		Corporation shall, at any time or from time to time while any shares of Series
		E-1 Convertible Preferred are outstanding, issue or sell any right or warrant
		to purchase, acquire or subscribe for shares of Class A Common Stock (including
		a right or warrant with respect to any security convertible into or
		exchangeable for shares of Class A Common Stock) generally to holders of its
		Common Stock (including by way of a reclassification of shares or a
		recapitalization of the Corporation), for a consideration on the date of such
		issuance or sale less than the Common Stock Value of the shares of Class A
		Common Stock underlying such rights or warrants on the date of such issuance or
		sale, then and in each such case, the Conversion Price shall be adjusted by
		multiplying such Conversion Price by a fraction, the numerator of which shall
		be the sum of (I) the Common Stock Value per share of Class A Common Stock on
		the first Business Day after the date of the public announcement of the actual
		terms (including the price terms) of such issuance or sale multiplied by the
		number of shares of Class A Common Stock outstanding immediately prior to such
		issuance or sale plus (II) the aggregate Fair Market Value of the consideration
		to be received by the Corporation in connection with the issuance or sale of
		the rights or warrants plus the aggregate consideration to be received in
		respect of the purchase of the shares of Class A Common Stock underlying such
		rights or warrants, and the denominator of which shall be the Common Stock
		Value per share of Class A Common Stock on the Business Day immediately
		preceding the public announcement of the actual terms (including the price
		terms) of such issuance or sale multiplied by the aggregate number of shares of
		Class A Common Stock (I) outstanding immediately prior to such issuance or sale
		plus (II) underlying such rights or warrants at the time of such issuance or
		sale. For the purposes of the preceding sentence, the aggregate consideration
		receivable by the Corporation in connection with the issuance or sale of any
		such right or warrant shall be deemed to be equal to the sum of the aggregate
		offering price (before deduction of reasonable underwriting discounts or
		commissions and expenses) of all such rights or warrants. No adjustment to the
		Conversion Price pursuant to this paragraph (B) shall be made if, in
		conjunction with any such issuance or sale by the Corporation generally to
		holders of its Common Stock, the Corporation issues or offers to sell to the
		Holders such rights or warrants on the same basis as the Holders 

	  

	 
		 

		8

		 
 

          

	 
	 

	 

	  

	 would
		have received had their shares of Series E-1 Convertible Preferred been
		converted into shares of Class A Common Stock (or Class C Common Stock, as the
		case may be) immediately prior to the such issuance or sale. Upon the
		expiration or termination of any such rights or warrants without the exercise
		of such rights or warrants, the Conversion Price then in effect shall be
		adjusted immediately to the Conversion Price which would have been in effect at
		the time of such expiration or termination had such rights or warrants, to the
		extent outstanding immediately prior to such expiration or termination, never
		been issued, although such adjustment shall not effect previously converted
		shares.

	  

	 (C) In the
		event the Corporation shall at any time or from time to time while any shares
		of Series E-1 Convertible Preferred are outstanding declare, order, pay or make
		a dividend or other distribution generally to holders of its Common Stock in
		stock or other securities or rights or warrants to subscribe for securities of
		the Corporation or any of its subsidiaries or evidences of Indebtedness of the
		Corporation or any other person or pay any Extraordinary Cash Dividend (other
		than any dividend or distribution on the Class A Common Stock (I) referred to
		in paragraphs (A) or (B) above or (II) if in conjunction therewith the
		Corporation declares and pays or makes a distribution on each share of Series
		E-1 Convertible Preferred which is the same as the distribution that would have
		been made or paid with respect to such share of Series E-1 Convertible
		Preferred had such share been converted into shares of Class A Common Stock
		immediately prior to the record date for any such dividend or distribution on
		the Class A Common Stock), then, and in each such case, an appropriate
		adjustment to the Conversion Price shall be made so that the Holder of each
		share of Series E-1 Convertible Preferred shall be entitled to receive, upon
		the conversion thereof, the number of shares of Class A Common Stock determined
		by multiplying (x) the number of shares of Class A Common Stock into which such
		share was convertible on the day immediately prior to the record date fixed for
		the determination of stockholders entitled to receive such distribution by (y)
		a fraction, the numerator of which shall be the Common Stock Value per share of
		Class A Common Stock as of such record date, and the denominator of which shall
		be such Common Stock Value per share of Class A Common Stock less the Fair
		Market Value per share of Class A Common Stock of such dividend or distribution
		(as determined in good faith by the Board of Directors, as evidenced by a Board
		Resolution mailed to each holder of Series E-1 Convertible Preferred). An
		adjustment made pursuant to this paragraph (C) shall be made upon the opening
		of business on the next Business Day following the date on which any such
		dividend or distribution is made and shall be effective retroactively to the
		close of business on the record date fixed for the determination of
		stockholders entitled to receive such dividend or distribution.

	  

	 (D) In the
		event the Company shall, at any time or from time to time while any shares of
		Series E-1 Convertible Preferred are outstanding, repurchase (a
		“Repurchase”)
		any portion of the Class A Common Stock from holders generally at a premium
		over the Common Stock Value thereof on the next trading day immediately
		preceding the consummation of such Repurchase, then and in the case of each
		Repurchase the Conversion Price in effect immediately prior thereto shall be
		adjusted by multiplying such Conversion Price by the fraction the numerator of
		which is (I) the product of (x) the number of shares of Class A Common Stock
		outstanding immediately before such Repurchase multiplied by (y) the Common
		Stock Value per share of Class A Common Stock on the next trading day
		immediately following the consummation of such Repurchase minus (II) the
		aggregate purchase price of the Repurchase and the denominator of which shall
		be the product of (x) the number of shares of Class A Common Stock outstanding
		immediately 

	 
		 

		9

		 
 

          

	 
	 

	 

	  

	 before
		such Repurchase minus the number of shares of Class A Common Stock Repurchased
		by the Company multiplied by (y) the Common Stock Value per share of Class A
		Common Stock on the next trading day immediately following the consummation of
		such Repurchase. Such adjustment shall be made whenever any such Repurchase
		occurs, but shall also be effective retroactively as to shares of Series E-1
		Convertible Preferred converted between such record date and the date of the
		happening of any such Repurchase. 

	  

	 (iv) No
		adjustment in the Conversion Price will be required to be made in any case
		until cumulative adjustments amount to 1% or more of the Conversion Price, but
		any such adjustment that would otherwise be required to be made shall be
		carried forward and taken into account in any subsequent
		adjustment.

	  

	 (v) In the
		event of any capital reorganization (other than a capital reorganization
		covered by paragraph (ii)(C) above) or reclassification of outstanding shares
		of Common Stock of the Corporation (other than a reclassification covered by
		paragraph (ii)(A) above), or in case of any merger, consolidation or other
		corporate combination of the Corporation with or into another corporation, or
		in case of any sale or conveyance to another corporation of the property of the
		Corporation as an entirety or substantially as an entirety (each of the
		foregoing being referred to as a “Transaction”),
		each share of Series E-1 Convertible Preferred shall continue to remain
		outstanding if the Corporation is the Surviving Person (as defined below) of
		such Transaction, and shall be subject to all the provisions hereof, as in
		effect prior to such Transaction, or if the Corporation is not the Surviving
		Person, each share of Series E-1 Convertible Preferred shall be exchanged in
		such Transaction for a new series of convertible preferred stock of the
		Surviving Person, or in the case of a Surviving Person other than a
		corporation, comparable securities of such Surviving Person, in either case
		having economic terms as nearly equivalent as possible to, and with the same
		voting and other rights as, the Series E-1 Convertible Preferred, including
		entitling the holder thereof to receive, upon presentation of the certificate
		therefor to the Surviving Person subsequent to the consummation of such
		Transaction, the kind and amount of shares of stock and other securities and
		property receivable (including cash) upon the consummation of such Transaction
		by a holder of that number of shares of Class A Common Stock into which one
		share of Series E-1 Convertible Preferred was convertible immediately prior to
		such Transaction. In case securities or property other than Common Stock shall
		be issuable or deliverable upon conversion as aforesaid, then all references in
		this paragraph (v) shall be deemed to apply, so far as appropriate and as
		nearly as may be, to such other securities or property. If the holders of Class
		A Common Stock have the opportunity to elect the form of consideration to be
		received by them in such Transaction, then from and after the effective date of
		such Transaction, the Series E-1 Convertible Preferred shall be convertible
		into the consideration that a majority of the holders of the Class A Common
		Stock who made such election received in such Transaction. 

	 
		 

		10

		 
 

          

	 
	 

	 

	  

	 Notwithstanding
		anything contained herein to the contrary, the Corporation will not effect any
		Transaction unless, prior to the consummation thereof, proper provision is made
		to ensure that the holders of shares of Series E-1 Convertible Preferred will
		be entitled to receive the benefits afforded by this paragraph
		(v).

	  

	 For
		purposes of this paragraph (v), “Surviving
		Person”
		shall mean the continuing or surviving Person of a merger, consolidation or
		other corporate combination, the Person receiving a transfer of all or
		substantially all of the properties and assets of the Corporation, or the
		Person consolidating with or merging into the Corporation in a merger,
		consolidation or other corporate combination in which the Corporation is the
		continuing or surviving Person, but in connection with which the Series E-1
		Convertible Preferred or Common Stock of the Corporation is exchanged,
		converted or reclassified into the securities of any other Person or cash or
		any other property.

	  

	 (vi) The
		conversion price shall initially equal $0.75 per share (the “Conversion
		Price”).
		The Conversion Price shall be subject to adjustment as provided in this
		paragraph (g).

	  

	 (vii) From and
		after an Initial Public Offering, the Corporation shall cause the shares of
		Class A Common Stock issuable upon conversion of the Series E-1 Convertible
		Preferred (or in the case of a Holder’s election to convert into Class C
		Common Stock, upon conversion of such Class C Common Stock) to be approved for
		listing on the principal securities exchange on which the Class A Common Stock
		may at the time be listed for trading, subject to official notification of
		issuance, prior to the date of issuance thereof. Notwithstanding anything in
		this Certificate of Designation to the contrary, no Holders shall be entitled
		to exercise the conversion rights set forth in this paragraph (g) until such
		time as any conditions for listing the Class A Common Stock issuable upon
		conversion of the Series E-1 Convertible Preferred on the principal securities
		exchange on which the Class A Common Stock may be listed for trading, if any
		and if applicable, have been satisfied.

	  

	 (viii) Notwithstanding
		anything to the contrary contained in this paragraph (g), there shall be no
		adjustment to the Conversion Price in connection with any issuance of
		additional shares of Series E-1 Convertible Preferred or any other securities
		that are or may be or become issued or issuable in connection with the
		transactions contemplated by the Master Transaction Agreement.

	  

	 (h) Reissuance
		of Series E-1 Convertible Preferred. Shares
		of Series E-1 Convertible Preferred that have been issued and reacquired in any
		manner, including shares purchased or redeemed or exchanged, shall (upon
		compliance with any applicable provisions of the General Corporation Law of the
		State of Delaware) have the status of authorized and unissued shares of
		Preferred Stock undesignated as to series and may be redesignated and reissued
		as part of any series of Preferred Stock; provided that
		any issuance of such shares as Series E-1 Convertible Preferred must be in
		compliance with the terms hereof.

	 
		 

		11

		 
 

          

	 
	 

	 

	  

	 (i) Business
		Day. If any
		payment or redemption shall be required by the terms hereof to be made on a day
		that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.

	  

	 (j) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.

	  

	 (k) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:

	  

	 “Board
		of Directors”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Board
		Resolution”
		means a copy of a resolution certified pursuant to an Officers’
		Certificate to have been duly adopted by the Board of Directors and to be in
		full force and effect.

	  

	 “Business
		Day”
		means any day except a Saturday, a Sunday, or any day on which banking
		institutions in New York, New York are required or authorized by law or other
		governmental action to be closed.

	  

	 “Capital
		Stock”
		means (i) with respect to any Person that is a corporation, any and all shares,
		interests, participations or other equivalents (however designated) of capital
		stock, including each class of common stock and preferred stock of such Person
		and (ii) with respect to any Person that is not a corporation, any and all
		partnership, membership or other equity interests of such Person.

	  

	 “Capitalized
		Lease Obligation”
		means, as to any Person, the obligation of such Person to pay rent or other
		amounts under a lease to which such Person is a party that is required to be
		classified and accounted for as capital lease obligations under GAAP and, for
		purposes of this definition, the amount of such obligations at any date shall
		be the capitalized amount of such obligations at such date, determined in
		accordance with GAAP. 

	  

	 “Certificate
		of Incorporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Class
		A Common Stock”
		means the Class A Common Stock, par value $.001 per share, of the
		Corporation.

	  

	 “Class
		C Common Stock”
		means the Class C Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	 
		 

		12

		 
 

          

	 
	 

	 

	  

	 “Class
		D Common Stock”
		means the Class D Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 “Commission”
		means the Securities and Exchange Commission.

	  

	 “Common
		Stock”
		of any Person means any and all shares, interests or other participations in,
		and other equivalents (however designated and whether voting or non-voting) of,
		such Person’s common stock, whether outstanding on the Issue Date or
		issued after the Issue Date, and includes, without limitation, all series and
		classes of such common stock.

	  

	 “Common
		Stock Value”
		on any date means, with respect to the Class A Common Stock or the Class D
		Common Stock, the last sale price for the Class A Common Stock or the Class D
		Common Stock, regular way, or, in case no such sale takes place on such date,
		the average of the closing bid and asked prices, regular way, for the Class A
		Common Stock or the Class D Common Stock, in either case as reported in the
		principal consolidated transaction reporting system with respect to the
		principal national securities exchange on which the Class A Common Stock or the
		Class D Common Stock is listed or admitted to trading or, if neither the Class
		A Common Stock nor the Class D Common Stock is listed or admitted to trading on
		any national securities exchange, the last quoted price, or, if not so quoted,
		the average of the high bid and low asked prices in the over-the-counter
		market, as reported by the principal automated quotation system that may then
		be in use or, if neither the Class A Common Stock nor the Class D Common Stock
		is quoted by any such organization, the average of the closing bid and asked
		prices as furnished by a professional market maker making a market in the Class
		A Common Stock or the Class D Common Stock selected by the Board of Directors
		or, in the event that no trading price is available for the Class A Common
		Stock or the Class D Common Stock, the fair market value of the Class A Common
		Stock, as determined in good faith by the Board of Directors.

	  

	 “Communications
		Act”
		means the Communications Act of 1934, as amended (including, without
		limitation, the Cable Communications Policy Act of 1984 and the Cable
		Television Consumer Protection and Competition Act of 1992) and all rules and
		regulations of the FCC, in each case as from time to time in
		effect.

	  

	 “Consolidated
		EBITDA”
		means, for any Person, for any period, an amount equal to (a) the sum of
		Consolidated Net Income for such period, plus, to the extent deducted from the
		revenues of such Person in determining Consolidated Net Income, (i) the
		provision for taxes for such period based on income or profits and any
		provision for taxes utilized in computing a loss in Consolidated Net Income
		above, plus (ii) Consolidated Interest Expense, net of interest income earned
		on cash or cash equivalents for such period (including, for this purpose,
		dividends on preferred stock only to the extent that such dividends were
		deducted in determining Consolidated Net Income), plus (iii) depreciation for
		such period on a consolidated basis, plus (iv) amortization of intangibles and
		

	  

	 13

    

	 
	 

	 

	 
		 

		broadcast program licenses for such period on a consolidated basis, minus (b)
		scheduled payments relating to broadcast program license liabilities, except
		that with respect to the Corporation each of the foregoing items shall be
		determined on a consolidated basis with respect to the Corporation and its
		Subsidiaries only; provided,
		however, that,
		for purposes of calculating Consolidated EBITDA during any fiscal quarter, cash
		income from a particular Investment of such Person shall be included only if
		cash income has been received by such Person as a result of the operation of
		the business in which such Investment has been made in the ordinary course
		without giving effect to any extraordinary, unusual and non-recurring
		gains.

	  

	 “Consolidated
		Interest Expense”
		means, with respect to any Person, for any period, the aggregate amount of
		interest which, in conformity with GAAP, would be set forth opposite the
		caption “interest expense” or any like caption on an income statement
		for such Person and its Subsidiaries on a consolidated basis, including, but
		not limited to, imputed interest included in Capitalized Lease Obligations, all
		commissions, discounts and other fees and charges owed with respect to letters
		of credit and bankers’ acceptance financing, the net costs associated with
		hedging obligations, amortization of other financing fees and expenses, the
		interest portion of any deferred payment obligation, amortization of discount
		or premium, if any, and all other non-cash interest expense (other than
		interest amortized to cost of sales) plus, without duplication, all net
		capitalized interest for such period and all interest incurred or paid under
		any guarantee of indebtedness (including a guarantee of principal, interest or
		any combination thereof) of any Person, and all time brokerage fees relating to
		financing of television stations which the Corporation has an agreement or
		option to acquire.

	  

	 “Consolidated
		Net Income”
		means, with respect to any Person, for any period, the aggregate of the net
		income (or loss) of such Person and its Subsidiaries for such period, on a
		consolidated basis, determined in accordance with GAAP; provided,
		however, that
		(a) the net income of any Person (the “other Person”) in which the
		Person in question or any of its Subsidiaries has less than a 100% interest
		(which interest does not cause the net income of such other Person to be
		consolidated into the net income of the Person in question in accordance with
		GAAP) shall be included only to the extent of the amount of dividends or
		distributions paid to the Person in question or to the Subsidiary, (b) the net
		income of any Subsidiary of the Person in question that is subject to any
		restriction or limitation on the payment of dividends or the making of other
		distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity 

	  

	 14

	  

        

	 
	 

	 

	  

	 entitlements
		granted to employees of the Corporation and its Subsidiaries) increasing and
		decreasing Consolidated Net Income and not otherwise included in the definition
		of Consolidated EBITDA shall be excluded.

	  

	 “Conversion
		Price”
		has the meaning ascribed to it in paragraph (g)(vi) hereof.

	  

	 “Conversion
		Shares”
		means (i) the number of shares of Class A Common Stock or (ii) with respect to
		any Holder, if such Holder determines, after consultation with its outside
		legal counsel, that such Holder is prevented under the Communications Act from
		holding shares of Class A Common Stock issuable upon conversion of such
		Holder’s shares of Series E-1 Convertible Preferred, an equal number of
		shares of Class C Common Stock of the Corporation (such Class C Common Stock
		shall, (1) upon disposition by such Holder to any other Person that such Holder
		determines is not prevented under the Communications Act from holding shares of
		Class A Common Stock or (2) upon the determination by such Holder that the
		Communications Act no longer prohibits such Holder from holding shares of Class
		A Common Stock, in either case, after consultation by such Person with outside
		legal counsel and, if required by the Corporation, delivery by such Person to
		the Corporation an Opinion of Counsel reasonably acceptable to the Corporation
		to the effect that the Conversion of such Class C Common Stock to Class A
		Common Stock will not violate or conflict with the Communications Act,
		automatically be converted into an equal number of shares of Class A Common
		Stock), into which the Series E-1 Convertible Preferred is from time to time
		convertible.

	  

	 “Corporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Designated
		Investment Bank”
		means an investment bank selected by the Purchasing Party from a list of three
		internationally recognized investment banks provided to the Purchasing Party by
		the Company pursuant to Section 2.07 of the Master Transaction
		Agreement.

	  

	 “Exchange
		Act”
		means the Securities Exchange Act of 1934, as amended, and the rules and
		regulations promulgated thereunder.

	  

	 “Extraordinary
		Cash Dividend”
		means cash dividends with respect to the Class A Common Stock the aggregate
		amount of which in any fiscal year exceeds 10% of Consolidated EBITDA of the
		Corporation and its subsidiaries for the fiscal year immediately preceding the
		payment of such dividend.

	  

	 “Fair
		Market Value”
		of any consideration other than cash or of any securities shall mean the amount
		which a willing buyer would pay to a willing seller in an arm’s-length
		transaction as determined by an independent investment banking or appraisal
		firm experienced in the valuation of such securities or property selected in
		good faith by the Board of Directors or a committee thereof.

	  

	 15

	  

        

	 
	 

	 

	  

	  

	 “FCC”
		means the Federal Communications Commission and any successor governmental
		entity performing functions similar to those performed by the Federal
		Communications Commission on the Issue Date.

	  

	 “GAAP”
		means generally accepted accounting principles consistently applied as in
		effect in the United States from time to time.

	  

	 “Holder”
		means a holder of then outstanding shares of Series E-1 Convertible Preferred
		as reflected in the stock books of the Corporation.

	  

	 “Initial
		Public Offering”
		means the initial underwritten sale of equity securities of the Corporation
		occurring after the Issue Date pursuant to an effective registration statement
		under the Securities Act.

	  

	 “Issue
		Date”
		means the date of the issuance of Series E-1 Convertible
		Preferred.

	  

	 “Issue
		Price”
		means $10,000 per share of Series E-1 Convertible Preferred.

	  

	 “Junior
		Preferred Stock”
		means Series F Non-Convertible Preferred as defined in the Master Transaction
		Agreement. 

	  

	 “Junior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Liquidation
		Preference”
		has the meaning ascribed to it in paragraph (a) hereof.

	  

	 “Mandatory
		Conversion”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Event”
		means the earlier to occur of: (i) the date on which the last sale price for
		the Class A Common Stock or Class D Common Stock, regular way, or, in case no
		such sale takes place on such date, the average of the closing bid and asked
		prices, regular way, for the Class A Common Stock or Class D Common Stock, in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal national securities exchange on which the
		Class A Common Stock or Class D Common Stock is listed or admitted to trading,
		or, if neither Class A Common Stock nor Class D Common Stock is listed or
		admitted to trading on any national securities exchange, the last quoted price,
		or, if not so quoted, the average of the high bid and low asked prices in the
		over-the-counter market, as reported by the principal automated quotation
		system that may then be in use, for the Class A Common Stock or Class D Common
		Stock for fifteen (15) consecutive trading days is equal to or greater than the
		Mandatory Conversion Trigger Price as then in effect; and (ii) the issuance by
		the Corporation of Common Stock at an issue price per share not less than the
		Mandatory Conversion Trigger Price as then in effect for aggregate gross
		proceeds (before deduction of underwriting commissions and 

	  

	 16

	  

        

	 
	 

	 

	  

	 other
		expenses of sale) of not less than $75,000,000, provided that if such issuance
		is made to a Purchasing Party, the Designated Investment Bank shall have
		provided an opinion in customary form to the Company to the effect that the
		issue price per share of Common Stock is at or higher than the fair market
		value of a share of Common Stock.

	  

	 “Mandatory
		Conversion Notice”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Trigger Price”
		means (A) in the event the Mandatory Conversion Event occurs on or after the
		first anniversary but prior to the second anniversary of the Issue Date, 102%
		of the Conversion Price, (B) in the event the Mandatory Conversion Event occurs
		on or after the second anniversary but prior to the third anniversary of the
		Issue Date, 101% of the Conversion Price, or (C) in the event the Mandatory
		Conversion Event occurs on or after the third anniversary of the Issue Date,
		the Conversion Price.

	  

	 “Master
		Transaction Agreement”
		means the Master Transaction Agreement dated as of May 3, 2007 among the
		Corporation, NBC Universal, Inc., NBC Palm Beach Investment I, Inc., NBC Palm
		Beach Investment II, Inc., and CIG Media LLC, as may be amended, modified or
		restated from time to time. 

	  

	 “Obligations”
		means all obligations for principal, premium, interest, penalties, fees,
		indemnifications, reimbursements, damages and other liabilities payable under
		the documentation governing, or otherwise relating to, any
		Indebtedness.

	  

	 “Officers’
		Certificate”
		means a certificate signed by two officers or by an officer and either an
		Assistant Treasurer or an Assistant Secretary of the Corporation which
		certificate shall include a statement that, in the opinion of such signers all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. In addition, such certificate shall
		include (i) a statement that the signatories have read the relevant covenant or
		condition, (ii) a brief statement of the nature and scope of such examination
		or investigation upon which the statements are based, (iii) a statement that,
		in the opinion of such signatories, they have made such examination or
		investigation as is reasonably necessary to express an informed opinion and
		(iv) a statement as to whether or not, in the opinion of the signatories, such
		relevant conditions or covenants have been complied with.

	  

	 “Opinion
		of Counsel”
		means an opinion of counsel that, in such counsel’s opinion, all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. Such opinion shall also include the
		statements called for in the second sentence under “Officers’
		Certificate”.

	  

	 “Pari
		Passu Preferred Stock”
		means the Series E-2 Convertible Preferred as defined in the Master Transaction
		Agreement.

	  

	 17

	  

        

	 
	 

	 

	  

	 “Parity
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.

	  

	 “Purchasing
		Party”
		means CIG Media LLC, NBC Universal, Inc. and their respective Affiliates.
		

	  

	 “Preferred
		Stock”
		of any Person means any Capital Stock of such Person that has preferential
		rights to any other Capital Stock of such Person with respect to dividends or
		redemption or upon liquidation.

	  

	 “Redemption
		Date”
		has the meaning ascribed to it in paragraph (e)(i) hereof.

	  

	 “Redemption
		Notice”
		has the meaning ascribed to it in paragraph (e)(ii) hereof.

	  

	 “Redemption
		Price”
		means the Issue Price.

	  

	 “Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinanced” and “Refinancing” has the
		correlative meaning. 

	  

	 “Repurchase”
		has the meaning ascribed to it in paragraph (g)(iii)(D) hereof.
		

	  

	 “Securities
		Act”
		means the Securities Act of 1933, as amended, and the rules and regulations
		promulgated thereunder.

	  

	 “Senior
		Preferred Stock”
		means collectively, (i) Series A-1 Convertible Preferred, (ii) Series A-2
		Preferred Stock, (iii) Series A-3 Convertible Preferred, (iv) 141⁄4%
		Preferred, (v) 93⁄4% Preferred, (vi) Series B Convertible Preferred, (vii)
		Series C Preferred Stock, (viii) Series C Convertible Preferred and (ix) Series
		D Convertible Preferred, in each case as defined in the Master Transaction
		Agreement. 

	  

	 “Senior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 18

	  

        

	 
	 

	 

	  

	 “Series
		E-1 Convertible Preferred”
		has the meaning ascribed to it in paragraph (a) hereof.

	  

	 “Subsidiary”,
		with respect to any Person, means (i) any corporation of which the outstanding
		Capital Stock having at least a majority of the votes entitled to be cast in
		the election of directors under ordinary circumstances shall at the time be
		owned, directly or indirectly, by such Person or (ii) any other Person of which
		at least a majority of the voting interest under ordinary circumstances is at
		the time, directly or indirectly, owned by such Person.

	  

	 “Stock
		Transaction”
		has the meaning ascribed to it in paragraph (g)(iii) hereof.

	  

	 “Surviving
		Person”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Transaction”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Voting
		Rights Triggering Event”
		has the meaning ascribed to it in paragraph (f)(iii)(A) hereof.

	  

	 “Wholly-Owned
		Subsidiary”
		means any Subsidiary all of the outstanding voting securities (other than
		directors’ qualifying shares) of which are owned, directly or indirectly,
		by the Corporation.

	  

	 19

	  

	 
          

		
		

		

		 
 

	 IN
		WITNESS WHEREOF, said ION Media Networks, Inc. has caused this Certificate to
		be signed by its duly authorized officer this 4th day of May,
		2007.

	  

	  

	  

	 
			 	 	 
	 	
				ION
				  MEDIA NETWORKS, INC.
 
	 
 	 
 	 
 
	 	By:  	 /s/ Richard Garcia
	 	
				

				Name:
				  Richard Garcia 
 
	 	
				Title:
				  Chief Financial Officer 
 

 

	  

	 Certificate
		of Designation

	  

	 
		
            

		
 

	 
	 

	 
	  

	 EXHIBIT
		N to the Master Transaction Agreement

	  

	 Series
		E-2 Convertible Preferred Certificate of Designation

	  

	 

	 
	 

	 
	  

	 Exhibit
		N to the

	 Master
		Transaction Agreement

	                                                                         

	 Series
		E-2 Convertible Preferred Certificate of Designation

	  

	 CERTIFICATE
		OF DESIGNATION OF THE POWERS,

	 PREFERENCES
		AND RELATIVE, PARTICIPATING,

	 OPTIONAL
		AND OTHER SPECIAL RIGHTS OF 

	 SERIES
		E-2 MANDATORILY CONVERTIBLE PREFERRED STOCK

	 AND
		QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF

	  

	 Pursuant
		to Section 151 of the

	 General
		Corporation Law of the State of Delaware

	  

	 ION
		Media Networks, Inc. (the “Corporation”),
		a corporation organized and existing under the General Corporation Law of the
		State of Delaware, does hereby certify that, pursuant to the authority
		conferred upon the board of directors of the Corporation (the
		“Board
		of Directors”)
		by the Certificate of Incorporation of the Corporation, as amended (hereinafter
		referred to as the “Certificate
		of Incorporation”),
		and pursuant to the provisions of Section 151 of the General Corporation Law of
		the State of Delaware, the Board of Directors, on May 3, 2007, duly approved
		and adopted the following resolution:

	  

	 RESOLVED,
		that, pursuant to the authority vested in the Board of Directors by the
		Certificate of Incorporation, the Board of Directors does hereby create,
		authorize and provide for the issuance of Series E-2 Mandatorily Convertible
		Preferred Stock, par value $.001 per share, with a liquidation preference of
		$10,000 per share, consisting of 21,000 shares, having the designations,
		preferences, relative, participating, optional and other special rights and the
		qualifications, limitations and restrictions thereof that are set forth in the
		Certificate of Incorporation and in this resolution as follows:

	  

	 (a) Designation. There
		is hereby created out of the authorized and unissued shares of Preferred Stock
		of the Corporation a series of Preferred Stock designated as the “Series
		E-2 Mandatorily Convertible Preferred Stock.” The number of shares
		constituting such series shall be 21,000 and are referred to as the
		“Series E-2 Convertible Preferred.” The liquidation preference of the
		Series E-2 Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).

	  

	 (b) Rank. The
		Series E-2 Convertible Preferred shall, with respect to distributions upon
		liquidation, winding up or dissolution of the Corporation, rank (i) senior
		to the Junior Preferred Stock, to all classes of Common Stock of the
		Corporation and to each other class of Capital Stock of the Corporation or
		series of Preferred Stock of the Corporation hereafter created, the terms of
		which do not expressly provide that it ranks senior to, or on a parity with,
		the Series E-2 Convertible Preferred as to distributions upon liquidation,
		winding up or dissolution of the Corporation 

	  

	 1

	  

    

	 
	 

	 

	  

	 (collectively
		referred to, together with all classes of Common Stock of the Corporation, as
		“Junior
		Securities”);
		(ii) on a parity with the Pari Passu Preferred Stock and with any class of
		Capital Stock of the Corporation or series of Preferred Stock of the
		Corporation hereafter created the terms of which expressly provide that such
		class or series will rank on a parity with the Series E-2 Convertible Preferred
		as to distributions upon liquidation, winding up or dissolution of the
		Corporation (collectively referred to as “Parity
		Securities”),
		provided that any such Parity Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Parity Securities; and (iii) junior to the Senior Preferred Stock and
		to each other class of Capital Stock of the Corporation or series of Preferred
		Stock of the Corporation hereafter created the terms of which expressly provide
		that such class or series will rank senior to the Series E-2 Convertible
		Preferred as to distributions upon liquidation, winding up or dissolution of
		the Corporation (collectively referred to as “Senior
		Securities”),
		provided that any such Senior Securities not issued in accordance with the
		requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities
		and not Senior Securities.

	  

	 (c) Dividends. The
		Holders shall not be entitled to receive dividends.

	  

	 (d) Liquidation.

	  

	 (i) In the
		event of any voluntary or involuntary liquidation, dissolution or winding up of
		the affairs of the Corporation, each Holder shall be entitled to be paid, out
		of the assets of the Corporation available for distribution to its stockholders
		and before any distribution shall be made or any assets distributed to the
		holders of any of the Junior Securities, including, without limitation, the
		Common Stock of the Corporation, an amount in cash equal to the greater of (A)
		the Liquidation Preference for each outstanding share of Series E-2 Convertible
		Preferred and (B) the amount per share which would have been payable upon such
		liquidation, dissolution or winding up to the holders of shares of Class A
		Common Stock or such other class or series of stock into which the Series E-2
		Convertible Preferred is then convertible (assuming the conversion of each
		share of then convertible Series E-2 Convertible Preferred and without
		deduction for the Liquidation Preference otherwise payable pursuant to clause
		(A) hereof), multiplied by the number of shares of Class A Common Stock into
		which such shares of Series E-2 Convertible Preferred are then convertible.
		Except as provided in the preceding sentence, Holders of Series E-2 Convertible
		Preferred shall not be entitled to any distribution in the event of any
		liquidation, dissolution or winding up of the affairs of the Corporation. If
		the assets of the Corporation are not sufficient to pay in full the liquidation
		payments payable to the Holders and to any holders of all other Parity
		Securities, then such assets shall be distributed among the Holders and any
		holders of such other Parity Securities ratably in accordance with the
		respective amounts that would be payable on such shares of Series E-2
		Convertible Preferred and any such shares of other Parity Securities if all
		amounts payable thereon were paid in full.

	  

	 (ii) For the
		purposes of this paragraph (d), neither the sale, conveyance, exchange or
		transfer (for cash, shares of stock, securities or other consideration) of all
		or substantially all of the property or assets of the Corporation
		nor

	  

	 2

	  

    

	 
	 

	 

	  

	  the
		consolidation or merger of the Corporation with or into one or more entities
		shall be deemed to be a liquidation, dissolution or winding up of the affairs
		of the Corporation.

	  

	 (e) Redemption.

	  

	 (i) Mandatory
		Redemption. The
		Corporation shall redeem, in the manner provided for in paragraph (e)(ii)
		hereof, and out of funds legally available therefor all of the outstanding
		shares of Series E-2 Convertible Preferred for cash on August 31, 2013 (the
		“Redemption
		Date”),
		at a price per share equal to the Redemption Price.

	  

	 (ii) Procedures
		for Redemption.
		(A) At
		least 90 days prior to the Redemption Date, written notice (the
		“Redemption
		Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice nor any deficiency therein shall affect the validity of the
		procedure for the redemption of any shares of Series E-2 Convertible Preferred
		as to the Holder or Holders to whom the Corporation has failed to give said
		notice or to whom such notice was defective. The Redemption Notice shall
		state:

	  

	 (1) the
		Redemption Price; and

	  

	 (2) that the
		Holder is to surrender to the Corporation, in the manner, at the place or
		places and at the price designated, its certificate or certificates
		representing the shares of Series E-2 Convertible Preferred.

	  

	 (B) Each
		Holder shall surrender the certificate or certificates representing all shares
		of Series E-2 Convertible Preferred held by such Holder to the Corporation,
		duly endorsed (or otherwise in proper form for transfer, as determined by the
		Corporation), in the manner and at the place or places designated in the
		Redemption Notice, and on the Redemption Date the full Redemption Price for
		such shares shall be payable in cash to the Person whose name appears on such
		certificate or certificates as the owner thereof, and each surrendered
		certificate shall be canceled and retired. 

	  

	 (C) On and
		after the Redemption Date, unless the Corporation defaults in the payment in
		full of the Redemption Price, all rights of the Holders shall terminate with
		respect to the Series E-2 Convertible Preferred on the Redemption Date, other
		than the right to receive the Redemption Price, without interest; provided,
		however, that
		if the Redemption Notice shall have been given and the funds necessary for
		redemption shall have been segregated and irrevocably deposited in trust for
		the equal and ratable benefit of the Holders, then, at the close of business on
		the day on which such funds are segregated and set aside, the Holders shall
		cease to be stockholders of the Corporation and shall be entitled only to
		receive the Redemption Price.

	  

	 (f) Voting
		Rights.
		Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.

	  

	 3

	  

	 
	 

	 

	  

	 (i) (A) So long
		as any shares of the Series E-2 Convertible Preferred are outstanding, the
		Corporation may not issue any additional shares of Series E-2 Convertible
		Preferred or any new class of Parity Securities or Senior Securities (or amend
		the provisions of any existing class of Capital Stock to make such class of
		Capital Stock Parity Securities or Senior Securities) without the approval of
		Holders holding at least a majority of the then outstanding shares of Series
		E-2 Convertible Preferred, voting or consenting, as the case may be, together
		as one class given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting; provided,
		however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Parity Securities or Senior Securities (including shares issued in
		payment of dividends thereon in accordance with their respective certificates
		of designation) and which Senior Securities or Parity Securities do not require
		the Corporation to pay dividends thereon on a current basis in cash, or require
		cash dividends to be paid at a rate not in excess of three percentage points
		greater than the dividend rate borne by any series of Senior Securities and
		which do not prohibit the payment of dividends other than in cash on the Series
		E-2 Convertible Preferred or prohibit the redemption by the Corporation of the
		Series E-2 Convertible Preferred pursuant to paragraph (e)(i) above, in an
		amount sufficient to Refinance any series of Senior Securities, in whole or in
		part, with such shares being issued no sooner than the date the Corporation
		Refinances such series of Senior Securities.

	  

	 (B) So long
		as any shares of the Series E-2 Convertible Preferred are outstanding, the
		Corporation shall not amend this Certificate of Designation so as to affect
		materially and adversely the rights, preferences or privileges of Holders
		without the affirmative vote or consent of Holders holding at least a majority
		of the then outstanding shares of Series E-2 Convertible Preferred, voting or
		consenting, as the case may be, as one class, given in person or by proxy,
		either in writing or by resolution adopted at an annual or special
		meeting.

	  

	 (C) Except
		as set forth in paragraph (f)(i)(A) above, the creation, authorization or
		issuance of any shares of any Junior Securities, Parity Securities or Senior
		Securities or the increase or decrease in the amount of authorized Capital
		Stock of any class, including Preferred Stock, shall not require the consent of
		Holders and shall not be deemed to affect adversely the rights, preferences or
		privileges of such Holders.

	  

	 (ii) Without
		the affirmative vote or consent of Holders holding at least a majority of the
		then outstanding shares of Series E-2 Convertible Preferred, voting or
		consenting, as the case may be, as a separate class, given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting, the Corporation shall not, in a single transaction or series of
		related transactions, consolidate or merge with or into, or sell, assign,
		transfer, lease, convey or otherwise dispose of all or substantially all of the
		Corporation’s assets (as an entirety or substantially as an entirety in
		one transaction or series of related transactions) to, another Person (other
		than a Wholly-Owned Subsidiary with, into or to another Wholly-Owned
		Subsidiary) or adopt a plan of liquidation unless (A) either (I) the
		Corporation is the surviving or continuing Person or (II) the Person (if other
		than the Corporation) formed by such consolidation or into which the
		Corporation is merged or the Person that acquires by conveyance, transfer or
		lease the 

	  

	 4

	  

      

	 
	 

	 

	  

	  

	 properties
		and assets of the Corporation substantially as an entirety or, in the case of a
		plan of liquidation, the Person to which assets of the Corporation have been
		transferred shall be organized and existing under the laws of the United States
		or any State thereof or the District of Columbia; (B) the Series E-2
		Convertible Preferred shall be converted into or exchanged for and shall become
		shares of such successor, transferee or resulting Person with the same powers,
		preferences and relative, participating, optional or other special rights and
		the qualifications, limitations or restrictions thereon, that the Series E-2
		Convertible Preferred had immediately prior to such transaction; (C)
		immediately after giving effect to such transactions, no Voting Rights
		Triggering Event shall have occurred or shall have occurred after the Issue
		Date and be continuing; and (D) the Corporation has delivered to the transfer
		agent for the Series E-2 Convertible Preferred prior to the consummation of the
		proposed transaction an Officers’ Certificate and an Opinion of Counsel,
		each stating that such consolidation, merger or transfer complies with the
		terms hereof and that all conditions precedent herein relating to such
		transaction have been satisfied. For purposes of the foregoing, the transfer
		(by lease, assignment, sale or otherwise, in a single transaction or series of
		related transactions) of all or substantially all of the properties and assets
		of one or more Subsidiaries of the Corporation, the Capital Stock of which
		constitutes all or substantially all of the properties and assets of the
		Corporation shall be deemed to be the transfer of all or substantially all of
		the properties and assets of the Corporation.

	  

	 (iii) (A) If the
		Corporation fails to discharge any redemption or conversion obligation with
		respect to the Series E-2 Convertible Preferred (such failure being a
		“Voting
		Rights Triggering Event”),
		then, subject to paragraph (f)(iii)(E) below, Holders of at least a majority of
		the then outstanding shares of Series E-2 Convertible Preferred, voting
		separately and as one class, shall have the exclusive right to elect the lesser
		of two directors and that number of directors constituting 25% of the members
		of the Board of Directors, at a meeting called for such purpose following the
		occurrence of such Voting Rights Triggering Event, and at every subsequent
		meeting at which the terms of office of the directors so elected by the Holders
		expire (other than as described in (f)(iii)(B) below), and the number of
		directors constituting the Board of Directors shall be increased by the number
		of directors so elected by the Holders. The voting rights provided herein shall
		be the exclusive remedy at law or in equity of the Holders for any Voting
		Rights Triggering Event.

	  

	 (B) The
		right of the Holders voting together as a separate class to elect members of
		the Board of Directors as set forth in paragraph (f)(iii)(A) above shall
		continue until such time as in all other cases, the failure, breach or default
		giving rise to such Voting Rights Triggering Event is remedied, cured or waived
		by Holders of at least a majority of the then outstanding shares of Series E-2
		Convertible Preferred that are entitled to vote thereon, at which time (I) the
		special right of the Holders so to vote as a class for the election of
		directors and (II) the term of office of the directors elected by the Holders
		shall each terminate and such persons shall cease to be members of the Board of
		Directors. At any time after voting power to elect directors shall have become
		vested and be continuing in the Holders pursuant to paragraph (f)(iii) hereof,
		or if vacancies shall exist in the offices of directors elected by such
		Holders, a proper officer of the Corporation may, and upon the written request
		of Holders of at least 25% of the then 

	  

	 5

	  

      

	 
	 

	 

	 
		 
 

	 outstanding
		shares of Series E-2 Convertible Preferred addressed to the secretary of the
		Corporation shall, call a special meeting of the Holders, for the purpose of
		electing the directors which the Holders are entitled to elect. If such meeting
		shall not be called by a proper officer of the Corporation within 20 days after
		personal service of said written request upon the secretary of the Corporation,
		or within 20 days after mailing the same within the United States by certified
		mail, addressed to the secretary of the Corporation at its principal executive
		offices, then Holders of at least 25% of the then outstanding shares of Series
		E-2 Convertible Preferred may designate in writing one of their number to call
		such meeting at the reasonable expense of the Corporation, and such meeting may
		be called by the Holder so designated upon the notice required for the annual
		meetings of stockholders of the Corporation and shall be held at the place for
		holding the annual meetings of stockholders. Any Holder of Series E-2
		Convertible Preferred so designated shall have, and the Corporation shall
		provide, access to the lists of stockholders to be called pursuant to the
		provisions hereof.

	  

	 (C) At any
		meeting held for the purpose of electing directors at which the Holders shall
		have the right, voting together as a separate class, to elect directors as
		aforesaid, the presence in person or by proxy of Holders of at least a majority
		of the then outstanding shares of Series E-2 Convertible Preferred shall be
		required to constitute a quorum of such Series E-2 Convertible
		Preferred.

	  

	 (D) Any
		vacancy occurring in the office of a director elected by the Holders may be
		filled by the remaining director (if any) elected by the Holders unless and
		until such vacancy shall be filled by the Holders.

	  

	 (E) The
		provisions of this paragraph (f)(iii) shall apply only to those Holders, if
		any, that would be permitted to vote in the election of directors of the
		Corporation pursuant to applicable laws and regulations of the FCC, with such
		Holders together being treated as the class of Holders entitled to exercise
		such rights. The determination as to whether any Holder would not be permitted
		to exercise such voting rights shall be made jointly by any such Holder(s) and
		the Corporation.

	  

	 (iv) In any
		case in which the Holders shall be entitled to vote pursuant to this paragraph
		(f) or pursuant to the General Corporation Law of the State of Delaware, each
		Holder entitled to vote with respect to such matter shall be entitled to one
		vote for each then outstanding share of Series E-2 Convertible Preferred so
		held.

	  

	 (g) Conversion.

	  

	 (i) Optional
		Conversion. Each
		share of the Series E-2 Convertible Preferred is convertible at the option of
		the Holder thereof, at any time and from time to time, into (A) a number of
		Conversion Shares equal to the Issue Price of the shares of Series E-2
		Convertible Preferred surrendered for conversion, divided by (B) the Conversion
		Price then in effect, except that if shares of Series E-2 Convertible Preferred
		are called for redemption the conversion right will terminate at the close of
		business on the Redemption Date. No fractional shares or securities
		representing fractional shares will be issued upon conversion; in lieu of
		fractional shares the Corporation will pay a 

	  

	 6

	  

        

	 
	 

	 

	 
		
		   
 
 

	 cash
		adjustment based upon the Common Stock Value as of the close of business on the
		first Business Day preceding the date of conversion. The Series E-2 Convertible
		Preferred shall be converted by the holder thereof by surrendering the
		certificate or certificates representing the shares of Series E-2 Convertible
		Preferred to be converted, appropriately completed, to the transfer agent for
		the Common Stock. The transfer agent shall issue one or more certificates
		representing the Conversion Shares in the name or names requested by such
		Holder. The transfer agent will deliver to such Holder a new certificate
		representing the shares of Series E-2 Convertible Preferred in excess of those
		being surrendered for conversion. The conversion rights stated herein are
		subject to compliance by the Holder with all applicable laws and regulations,
		including, without limitation, the Communications Act, and as a condition
		precedent to the Corporation’s obligation to issue Conversion Shares to a
		Holder or its designee(s), the Corporation may require that such Holder deliver
		to the Corporation an opinion of legal counsel reasonably acceptable to the
		Corporation to the effect that the issuance of Conversion Shares to such Holder
		or its designee(s) upon conversion will not violate or conflict with the
		Communications Act.

	  

	 (ii) Mandatory
		Conversion. At any
		time following the first anniversary of the Issue Date, upon the occurrence of
		a Mandatory Conversion Event, including a Mandatory Conversion Event that
		occurs after the Redemption Date to the extent any share of Series E-2
		Convertible Preferred remains outstanding after the Redemption Date, unless
		previously converted at the option of Holders in accordance with the provisions
		hereof, each outstanding share of Series E-2 Convertible Preferred shall,
		without notice to Holders, convert automatically (the “Mandatory
		Conversion”)
		into (A) a number of Conversion Shares equal to the Issue Price of the shares
		of Series E-2 Convertible Preferred so converted, divided by the (B) Conversion
		Price then in effect. No fractional shares or securities representing
		fractional shares will be issued upon conversion; in lieu of fractional shares
		the Corporation will pay a cash adjustment based upon the Common Stock Value as
		of the close of business on the first Business Day preceding the date of the
		occurrence of such Mandatory Conversion Event. Promptly following a Mandatory
		Conversion Event, written notice (the “Mandatory
		Conversion Notice”)
		shall be given by first class mail, postage prepaid, to each Holder who is a
		Holder on the date such notice is given at such Holder’s address as it
		appears on the stock books of the Corporation, provided that no failure to give
		such notice or any deficiency therein shall affect the validity of the
		procedures for the Mandatory Conversion as to the Holder or Holders to whom the
		Corporation has failed to give said notice or to whom such notice was effected.
		Each Holder shall surrender the certificate or certificates representing all
		shares of Series E-2 Convertible Preferred held by such Holder to the
		Corporation, duly endorsed (or otherwise in proper form for transfer, as
		determined by the Corporation) and the Corporation shall issue to such Holder
		that number of shares of Class A Common Stock to which such Holder is entitled,
		as calculated in accordance with this paragraph; provided,
		however, that
		if a Holder shall notify the Corporation within five (5) Business Days of
		receipt of the Mandatory Conversion Notice that it wishes to receive Class C
		Common Stock in accordance with this paragraph, the Corporation shall issue
		such Holder an equal number of shares of Class C Common Stock to which such
		Holder is entitled as calculated in accordance with this
		paragraph.

	  

	 7

	  

        

	 
	 

	 

	 
		
		   
 
 

	 (iii) (A) In
		case the Corporation shall (I) pay a dividend or distribution in shares of
		Class A Common Stock on its shares of Class A Common Stock, (II) subdivide its
		outstanding shares of Class A Common Stock into a greater number of shares,
		(III) combine its outstanding shares of Class A Common Stock into a smaller
		number of shares, or (IV) issue, by reclassification of its shares of Class A
		Common Stock, any shares of its Capital Stock (each such transaction being
		called a “Stock
		Transaction”),
		then and in each such case, the Conversion Price in effect immediately prior
		thereto shall be adjusted so that the Holder of a share of Series E-2
		Convertible Preferred surrendered for conversion after the record date fixing
		stockholders to be affected by such Stock Transaction shall be entitled to
		receive upon conversion the number of Conversion Shares which such Holder would
		have been entitled to receive after the happening of such event had such share
		of Series E-2 Convertible Preferred been converted immediately prior to such
		record date. Such adjustment shall be made whenever any Stock Transaction
		occurs, but shall also be effective retroactively as to shares of Series E-2
		Convertible Preferred converted between such record date and the date of the
		happening of any such Stock Transaction.

	  

	 (B) If the
		Corporation shall, at any time or from time to time while any shares of Series
		E-2 Convertible Preferred are outstanding, issue or sell any right or warrant
		to purchase, acquire or subscribe for shares of Class A Common Stock (including
		a right or warrant with respect to any security convertible into or
		exchangeable for shares of Class A Common Stock) generally to holders of its
		Common Stock (including by way of a reclassification of shares or a
		recapitalization of the Corporation), for a consideration on the date of such
		issuance or sale less than the Common Stock Value of the shares of Class A
		Common Stock underlying such rights or warrants on the date of such issuance or
		sale, then and in each such case, the Conversion Price shall be adjusted by
		multiplying such Conversion Price by a fraction, the numerator of which shall
		be the sum of (I) the Common Stock Value per share of Class A Common Stock on
		the first Business Day after the date of the public announcement of the actual
		terms (including the price terms) of such issuance or sale multiplied by the
		number of shares of Class A Common Stock outstanding immediately prior to such
		issuance or sale plus (II) the aggregate Fair Market Value of the consideration
		to be received by the Corporation in connection with the issuance or sale of
		the rights or warrants plus the aggregate consideration to be received in
		respect of the purchase of the shares of Class A Common Stock underlying such
		rights or warrants, and the denominator of which shall be the Common Stock
		Value per share of Class A Common Stock on the Business Day immediately
		preceding the public announcement of the actual terms (including the price
		terms) of such issuance or sale multiplied by the aggregate number of shares of
		Class A Common Stock (I) outstanding immediately prior to such issuance or sale
		plus (II) underlying such rights or warrants at the time of such issuance or
		sale. For the purposes of the preceding sentence, the aggregate consideration
		receivable by the Corporation in connection with the issuance or sale of any
		such right or warrant shall be deemed to be equal to the sum of the aggregate
		offering price (before deduction of reasonable underwriting discounts or
		commissions and expenses) of all such rights or warrants. No adjustment to the
		Conversion Price pursuant to this paragraph (B) shall be made if, in
		conjunction with any such issuance or sale by the Corporation generally to
		holders of its Common Stock, the Corporation issues or offers to sell to the
		Holders such rights or warrants on the same basis as the Holders 

	  

	 
		
		  8

		   
 
 

        

	 
	 

	 

	  

	 would
		have received had their shares of Series E-2 Convertible Preferred been
		converted into shares of Class A Common Stock (or Class C Common Stock, as the
		case may be) immediately prior to the such issuance or sale. Upon the
		expiration or termination of any such rights or warrants without the exercise
		of such rights or warrants, the Conversion Price then in effect shall be
		adjusted immediately to the Conversion Price which would have been in effect at
		the time of such expiration or termination had such rights or warrants, to the
		extent outstanding immediately prior to such expiration or termination, never
		been issued, although such adjustment shall not effect previously converted
		shares.

	  

	 (C) In the
		event the Corporation shall at any time or from time to time while any shares
		of Series E-2 Convertible Preferred are outstanding declare, order, pay or make
		a dividend or other distribution generally to holders of its Common Stock in
		stock or other securities or rights or warrants to subscribe for securities of
		the Corporation or any of its subsidiaries or evidences of Indebtedness of the
		Corporation or any other person or pay any Extraordinary Cash Dividend (other
		than any dividend or distribution on the Class A Common Stock (I) referred to
		in paragraphs (A) or (B) above or (II) if in conjunction therewith the
		Corporation declares and pays or makes a distribution on each share of Series
		E-2 Convertible Preferred which is the same as the distribution that would have
		been made or paid with respect to such share of Series E-2 Convertible
		Preferred had such share been converted into shares of Class A Common Stock
		immediately prior to the record date for any such dividend or distribution on
		the Class A Common Stock), then, and in each such case, an appropriate
		adjustment to the Conversion Price shall be made so that the Holder of each
		share of Series E-2 Convertible Preferred shall be entitled to receive, upon
		the conversion thereof, the number of shares of Class A Common Stock determined
		by multiplying (x) the number of shares of Class A Common Stock into which such
		share was convertible on the day immediately prior to the record date fixed for
		the determination of stockholders entitled to receive such distribution by (y)
		a fraction, the numerator of which shall be the Common Stock Value per share of
		Class A Common Stock as of such record date, and the denominator of which shall
		be such Common Stock Value per share of Class A Common Stock less the Fair
		Market Value per share of Class A Common Stock of such dividend or distribution
		(as determined in good faith by the Board of Directors, as evidenced by a Board
		Resolution mailed to each holder of Series E-2 Convertible Preferred). An
		adjustment made pursuant to this paragraph (C) shall be made upon the opening
		of business on the next Business Day following the date on which any such
		dividend or distribution is made and shall be effective retroactively to the
		close of business on the record date fixed for the determination of
		stockholders entitled to receive such dividend or distribution.

	  

	 (D) In the
		event the Company shall, at any time or from time to time while any shares of
		Series E-2 Convertible Preferred are outstanding, repurchase (a
		“Repurchase”)
		any portion of the Class A Common Stock from holders generally at a premium
		over the Common Stock Value thereof on the next trading day immediately
		preceding the consummation of such Repurchase, then and in the case of each
		Repurchase the Conversion Price in effect immediately prior thereto shall be
		adjusted by multiplying such Conversion Price by the fraction the numerator of
		which is (I) the product of (x) the number of shares of Class A Common Stock
		outstanding immediately 

	  

	 9

	  

	 
		 
 

        

	 
	 

	 

	  

	 before
		such Repurchase multiplied by (y) the Common Stock Value per share of Class A
		Common Stock on the next trading day immediately following the consummation of
		such Repurchase minus (II) the aggregate purchase price of the Repurchase and
		the denominator of which shall be the product of (x) the number of shares of
		Class A Common Stock outstanding immediately before such Repurchase minus the
		number of shares of Class A Common Stock Repurchased by the Company multiplied
		by (y) the Common Stock Value per share of Class A Common Stock on the next
		trading day immediately following the consummation of such Repurchase. Such
		adjustment shall be made whenever any such Repurchase occurs, but shall also be
		effective retroactively as to shares of Series E-2 Convertible Preferred
		converted between such record date and the date of the happening of any such
		Repurchase. 

	  

	 (iv) No
		adjustment in the Conversion Price will be required to be made in any case
		until cumulative adjustments amount to 1% or more of the Conversion Price, but
		any such adjustment that would otherwise be required to be made shall be
		carried forward and taken into account in any subsequent
		adjustment.

	  

	 (v) In the
		event of any capital reorganization (other than a capital reorganization
		covered by paragraph (ii)(C) above) or reclassification of outstanding shares
		of Common Stock of the Corporation (other than a reclassification covered by
		paragraph (ii)(A) above), or in case of any merger, consolidation or other
		corporate combination of the Corporation with or into another corporation, or
		in case of any sale or conveyance to another corporation of the property of the
		Corporation as an entirety or substantially as an entirety (each of the
		foregoing being referred to as a “Transaction”),
		each share of Series E-2 Convertible Preferred shall continue to remain
		outstanding if the Corporation is the Surviving Person (as defined below) of
		such Transaction, and shall be subject to all the provisions hereof, as in
		effect prior to such Transaction, or if the Corporation is not the Surviving
		Person, each share of Series E-2 Convertible Preferred shall be exchanged in
		such Transaction for a new series of convertible preferred stock of the
		Surviving Person, or in the case of a Surviving Person other than a
		corporation, comparable securities of such Surviving Person, in either case
		having economic terms as nearly equivalent as possible to, and with the same
		voting and other rights as, the Series E-2 Convertible Preferred, including
		entitling the holder thereof to receive, upon presentation of the certificate
		therefor to the Surviving Person subsequent to the consummation of such
		Transaction, the kind and amount of shares of stock and other securities and
		property receivable (including cash) upon the consummation of such Transaction
		by a holder of that number of shares of Class A Common Stock into which one
		share of Series E-2 Convertible Preferred was convertible immediately prior to
		such Transaction. In case securities or property other than Common Stock shall
		be issuable or deliverable upon conversion as aforesaid, then all references in
		this paragraph (v) shall be deemed to apply, so far as appropriate and as
		nearly as may be, to such other securities or property. If the holders of Class
		A Common Stock have the opportunity to elect the form of consideration to be
		received by them in such Transaction, then from and after the effective date of
		such Transaction, the Series E-2 Convertible Preferred shall be convertible
		into the consideration that a majority of the holders of the Class A Common
		Stock who made such election received in such Transaction. 

	  

	 10

	  

	 
		 
 

        

	 
	 

	 

	  

	 Notwithstanding
		anything contained herein to the contrary, the Corporation will not effect any
		Transaction unless, prior to the consummation thereof, proper provision is made
		to ensure that the holders of shares of Series E-2 Convertible Preferred will
		be entitled to receive the benefits afforded by this paragraph
		(v).

	  

	 For
		purposes of this paragraph (v), “Surviving
		Person”
		shall mean the continuing or surviving Person of a merger, consolidation or
		other corporate combination, the Person receiving a transfer of all or
		substantially all of the properties and assets of the Corporation, or the
		Person consolidating with or merging into the Corporation in a merger,
		consolidation or other corporate combination in which the Corporation is the
		continuing or surviving Person, but in connection with which the Series E-2
		Convertible Preferred or Common Stock of the Corporation is exchanged,
		converted or reclassified into the securities of any other Person or cash or
		any other property.

	  

	 (vi) The
		conversion price shall initially equal $0.89 per share (the “Conversion
		Price”).
		The Conversion Price shall be subject to adjustment as provided in this
		paragraph (g).

	  

	 (vii) From and
		after an Initial Public Offering, the Corporation shall cause the shares of
		Class A Common Stock issuable upon conversion of the Series E-2 Convertible
		Preferred (or in the case of a Holder’s election to convert into Class C
		Common Stock, upon conversion of such Class C Common Stock) to be approved for
		listing on the principal securities exchange on which the Class A Common Stock
		may at the time be listed for trading, subject to official notification of
		issuance, prior to the date of issuance thereof. Notwithstanding anything in
		this Certificate of Designation to the contrary, no Holders shall be entitled
		to exercise the conversion rights set forth in this paragraph (g) until such
		time as any conditions for listing the Class A Common Stock issuable upon
		conversion of the Series E-2 Convertible Preferred on the principal securities
		exchange on which the Class A Common Stock may be listed for trading, if any
		and if applicable, have been satisfied.

	  

	 (viii) Notwithstanding
		anything to the contrary contained in this paragraph (g), there shall be no
		adjustment to the Conversion Price in connection with any issuance of
		additional shares of Series E-2 Convertible Preferred or any other securities
		that are or may be or become issued or issuable in connection with the
		transactions contemplated by the Master Transaction Agreement.

	  

	 (h) Reissuance
		of Series E-2 Convertible Preferred. Shares
		of Series E-2 Convertible Preferred that have been issued and reacquired in any
		manner, including shares purchased or redeemed or exchanged, shall (upon
		compliance with any applicable provisions of the General Corporation Law of the
		State of Delaware) have the status of authorized and unissued shares of
		Preferred Stock undesignated as to series and may be redesignated and reissued
		as part of any series of Preferred Stock; provided that
		any issuance of such shares as Series E-2 Convertible Preferred must be in
		compliance with the terms hereof.

	  

	 11

	  

	 
		 
 

        

	 
	 

	 

	  

	 (i) Business
		Day. If any
		payment or redemption shall be required by the terms hereof to be made on a day
		that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.

	  

	 (j) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.

	  

	 (k) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:

	  

	 “Board
		of Directors”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Board
		Resolution”
		means a copy of a resolution certified pursuant to an Officers’
		Certificate to have been duly adopted by the Board of Directors and to be in
		full force and effect.

	  

	 “Business
		Day”
		means any day except a Saturday, a Sunday, or any day on which banking
		institutions in New York, New York are required or authorized by law or other
		governmental action to be closed.

	  

	 “Capital
		Stock”
		means (i) with respect to any Person that is a corporation, any and all shares,
		interests, participations or other equivalents (however designated) of capital
		stock, including each class of common stock and preferred stock of such Person
		and (ii) with respect to any Person that is not a corporation, any and all
		partnership, membership or other equity interests of such Person.

	  

	 “Capitalized
		Lease Obligation”
		means, as to any Person, the obligation of such Person to pay rent or other
		amounts under a lease to which such Person is a party that is required to be
		classified and accounted for as capital lease obligations under GAAP and, for
		purposes of this definition, the amount of such obligations at any date shall
		be the capitalized amount of such obligations at such date, determined in
		accordance with GAAP. 

	  

	 “Certificate
		of Incorporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Class
		A Common Stock”
		means the Class A Common Stock, par value $.001 per share, of the
		Corporation.

	  

	 “Class
		C Common Stock”
		means the Class C Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 12

	  

	 
		 
 

        

	 
	 

	 

	  

	 “Class
		D Common Stock”
		means the Class D Non-Voting Common Stock, par value $.001 per share, of the
		Corporation. 

	  

	 “Commission”
		means the Securities and Exchange Commission.

	  

	 “Common
		Stock”
		of any Person means any and all shares, interests or other participations in,
		and other equivalents (however designated and whether voting or non-voting) of,
		such Person’s common stock, whether outstanding on the Issue Date or
		issued after the Issue Date, and includes, without limitation, all series and
		classes of such common stock.

	  

	 “Common
		Stock Value”
		on any date means, with respect to the Class A Common Stock or the Class D
		Common Stock, the last sale price for the Class A Common Stock or the Class D
		Common Stock, regular way, or, in case no such sale takes place on such date,
		the average of the closing bid and asked prices, regular way, for the Class A
		Common Stock or the Class D Common Stock, in either case as reported in the
		principal consolidated transaction reporting system with respect to the
		principal national securities exchange on which the Class A Common Stock or the
		Class D Common Stock is listed or admitted to trading or, if neither the Class
		A Common Stock nor the Class D Common Stock is listed or admitted to trading on
		any national securities exchange, the last quoted price, or, if not so quoted,
		the average of the high bid and low asked prices in the over-the-counter
		market, as reported by the principal automated quotation system that may then
		be in use or, if neither the Class A Common Stock nor the Class D Common Stock
		is quoted by any such organization, the average of the closing bid and asked
		prices as furnished by a professional market maker making a market in the Class
		A Common Stock or the Class D Common Stock selected by the Board of Directors
		or, in the event that no trading price is available for the Class A Common
		Stock or the Class D Common Stock, the fair market value of the Class A Common
		Stock, as determined in good faith by the Board of Directors.

	  

	 “Communications
		Act”
		means the Communications Act of 1934, as amended (including, without
		limitation, the Cable Communications Policy Act of 1984 and the Cable
		Television Consumer Protection and Competition Act of 1992) and all rules and
		regulations of the FCC, in each case as from time to time in
		effect.

	  

	 “Consolidated
		EBITDA”
		means, for any Person, for any period, an amount equal to (a) the sum of
		Consolidated Net Income for such period, plus, to the extent deducted from the
		revenues of such Person in determining Consolidated Net Income, (i) the
		provision for taxes for such period based on income or profits and any
		provision for taxes utilized in computing a loss in Consolidated Net Income
		above, plus (ii) Consolidated Interest Expense, net of interest income earned
		on cash or cash equivalents for such period (including, for this purpose,
		dividends on preferred stock only to the extent that such dividends were
		deducted in determining Consolidated Net Income), plus (iii) depreciation for
		such period on a consolidated basis, plus (iv) amortization of intangibles and
		

	  

	 13

	  

    

	 
	 

	 

	  

	 
		
		  broadcast
			 program
			 licenses for such period on a consolidated basis, minus (b) scheduled payments
			 relating to broadcast program license liabilities, except that with respect to
			 the Corporation each of the foregoing items shall be determined on a
			 consolidated basis with respect to the Corporation and its Subsidiaries only;
			 provided,
			 however, that,
			 for purposes of calculating Consolidated EBITDA during any fiscal quarter, cash
			 income from a particular Investment of such Person shall be included only if
			 cash income has been received by such Person as a result of the operation of
			 the business in which such Investment has been made in the ordinary course
			 without giving effect to any extraordinary, unusual and non-recurring
			 gains.
 
 

	  

	 “Consolidated
		Interest Expense”
		means, with respect to any Person, for any period, the aggregate amount of
		interest which, in conformity with GAAP, would be set forth opposite the
		caption “interest expense” or any like caption on an income statement
		for such Person and its Subsidiaries on a consolidated basis, including, but
		not limited to, imputed interest included in Capitalized Lease Obligations, all
		commissions, discounts and other fees and charges owed with respect to letters
		of credit and bankers’ acceptance financing, the net costs associated with
		hedging obligations, amortization of other financing fees and expenses, the
		interest portion of any deferred payment obligation, amortization of discount
		or premium, if any, and all other non-cash interest expense (other than
		interest amortized to cost of sales) plus, without duplication, all net
		capitalized interest for such period and all interest incurred or paid under
		any guarantee of indebtedness (including a guarantee of principal, interest or
		any combination thereof) of any Person, and all time brokerage fees relating to
		financing of television stations which the Corporation has an agreement or
		option to acquire.

	  

	 “Consolidated
		Net Income”
		means, with respect to any Person, for any period, the aggregate of the net
		income (or loss) of such Person and its Subsidiaries for such period, on a
		consolidated basis, determined in accordance with GAAP; provided,
		however, that
		(a) the net income of any Person (the “other Person”) in which the
		Person in question or any of its Subsidiaries has less than a 100% interest
		(which interest does not cause the net income of such other Person to be
		consolidated into the net income of the Person in question in accordance with
		GAAP) shall be included only to the extent of the amount of dividends or
		distributions paid to the Person in question or to the Subsidiary, (b) the net
		income of any Subsidiary of the Person in question that is subject to any
		restriction or limitation on the payment of dividends or the making of other
		distributions shall be excluded to the extent of such restriction or
		limitation, (c) (i) the net income of any Person acquired in a pooling of
		interests transaction for any period prior to the date of such acquisition and
		(ii) any net gain (but not loss) resulting from an asset sale by the Person in
		question or any of its Subsidiaries other than in the ordinary course of
		business shall be excluded, (d) extraordinary, unusual and non-recurring gains
		and losses shall be excluded, (e) losses associated with discontinued and
		terminated operations in an amount not to exceed $1,000,000 per annum shall be
		excluded and (f) all non-cash items (including, without limitation, cumulative
		effects of changes in GAAP and equity 

	  

	 14

	  

    

	 
	 

	 

	  

	 entitlements
		granted to employees of the Corporation and its Subsidiaries) increasing and
		decreasing Consolidated Net Income and not otherwise included in the definition
		of Consolidated EBITDA shall be excluded.

	  

	 “Conversion
		Price”
		has the meaning ascribed to it in paragraph (g)(vi) hereof.

	  

	 “Conversion
		Shares”
		means (i) the number of shares of Class A Common Stock or (ii) with respect to
		any Holder, if such Holder determines, after consultation with its outside
		legal counsel, that such Holder is prevented under the Communications Act from
		holding shares of Class A Common Stock issuable upon conversion of such
		Holder’s shares of Series E-2 Convertible Preferred, an equal number of
		shares of Class C Common Stock of the Corporation (such Class C Common Stock
		shall, (1) upon disposition by such Holder to any other Person that such Holder
		determines is not prevented under the Communications Act from holding shares of
		Class A Common Stock or (2) upon the determination by such Holder that the
		Communications Act no longer prohibits such Holder from holding shares of Class
		A Common Stock, in either case, after consultation by such Person with outside
		legal counsel and, if required by the Corporation, delivery by such Person to
		the Corporation an Opinion of Counsel reasonably acceptable to the Corporation
		to the effect that the Conversion of such Class C Common Stock to Class A
		Common Stock will not violate or conflict with the Communications Act,
		automatically be converted into an equal number of shares of Class A Common
		Stock), into which the Series E-2 Convertible Preferred is from time to time
		convertible.

	  

	 “Corporation”
		has the meaning ascribed to it in the first paragraph of this Certificate of
		Designation.

	  

	 “Designated
		Investment Bank”
		means an investment bank selected by the Purchasing Party from a list of three
		internationally recognized investment banks provided to the Purchasing Party by
		the Company pursuant to Section 2.07 of the Master Transaction
		Agreement.

	  

	 “Exchange
		Act”
		means the Securities Exchange Act of 1934, as amended, and the rules and
		regulations promulgated thereunder.

	  

	 “Extraordinary
		Cash Dividend”
		means cash dividends with respect to the Class A Common Stock the aggregate
		amount of which in any fiscal year exceeds 10% of Consolidated EBITDA of the
		Corporation and its subsidiaries for the fiscal year immediately preceding the
		payment of such dividend.

	  

	 “Fair
		Market Value”
		of any consideration other than cash or of any securities shall mean the amount
		which a willing buyer would pay to a willing seller in an arm’s-length
		transaction as determined by an independent investment banking or appraisal
		firm experienced in the valuation of such securities or property selected in
		good faith by the Board of Directors or a committee thereof.

	  

	 15

	  

    

	 
	 

	 

	  

	 “FCC”
		means the Federal Communications Commission and any successor governmental
		entity performing functions similar to those performed by the Federal
		Communications Commission on the Issue Date.

	  

	 “GAAP”
		means generally accepted accounting principles consistently applied as in
		effect in the United States from time to time.

	  

	 “Holder”
		means a holder of then outstanding shares of Series E-2 Convertible Preferred
		as reflected in the stock books of the Corporation.

	  

	 “Initial
		Public Offering”
		means the initial underwritten sale of equity securities of the Corporation
		occurring after the Issue Date pursuant to an effective registration statement
		under the Securities Act.

	  

	 “Issue
		Date”
		means the date of the issuance of Series E-2 Convertible
		Preferred.

	  

	 “Issue
		Price”
		means $10,000 per share of Series E-2 Convertible Preferred.

	  

	 “Junior
		Preferred Stock”
		means Series F Non-Convertible Preferred as defined in the Master Transaction
		Agreement. 

	  

	 “Junior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Liquidation
		Preference”
		has the meaning ascribed to it in paragraph (a) hereof.

	  

	 “Mandatory
		Conversion”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Event”
		means the earlier to occur of: (i) the date on which the last sale price for
		the Class A Common Stock or Class D Common Stock, regular way, or, in case no
		such sale takes place on such date, the average of the closing bid and asked
		prices, regular way, for the Class A Common Stock or Class D Common Stock, in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal national securities exchange on which the
		Class A Common Stock or Class D Common Stock is listed or admitted to trading,
		or, if neither Class A Common Stock nor Class D Common Stock is listed or
		admitted to trading on any national securities exchange, the last quoted price,
		or, if not so quoted, the average of the high bid and low asked prices in the
		over-the-counter market, as reported by the principal automated quotation
		system that may then be in use, for the Class A Common Stock or Class D Common
		Stock for fifteen (15) consecutive trading days is equal to or greater than the
		Mandatory Conversion Trigger Price as then in effect; and (ii) the issuance by
		the Corporation of Common Stock at an issue price per share not less than the
		Mandatory Conversion Trigger Price as then in effect for aggregate gross
		proceeds (before deduction of underwriting commissions and

	  

	 16

	  

    

	 
	 

	 

	  

	 other
		expenses of sale) of not less than $75,000,000, provided that if such issuance
		is made to a Purchasing Party, the Designated Investment Bank shall have
		provided an opinion in customary form to the Company to the effect that the
		issue price per share of Common Stock is at or higher than the fair market
		value of a share of Common Stock.

	  

	 “Mandatory
		Conversion Notice”
		has the meaning ascribed to it in paragraph (g)(ii) hereof.

	  

	 “Mandatory
		Conversion Trigger Price”
		means (A) in the event the Mandatory Conversion Event occurs on or after the
		first anniversary but prior to the second anniversary of the Issue Date, 102%
		of the Conversion Price, (B) in the event the Mandatory Conversion Event occurs
		on or after the second anniversary but prior to the third anniversary of the
		Issue Date, 101% of the Conversion Price, or (C) in the event the Mandatory
		Conversion Event occurs on or after the third anniversary of the Issue Date,
		the Conversion Price.

	  

	 “Master
		Transaction Agreement”
		means the Master Transaction Agreement dated as of May 3, 2007 among the
		Corporation, NBC Universal, Inc., NBC Palm Beach Investment I, Inc., NBC Palm
		Beach Investment II, Inc., and CIG Media LLC, as may be amended, modified or
		restated from time to time. 

	  

	 “Obligations”
		means all obligations for principal, premium, interest, penalties, fees,
		indemnifications, reimbursements, damages and other liabilities payable under
		the documentation governing, or otherwise relating to, any
		Indebtedness.

	  

	 “Officers’
		Certificate”
		means a certificate signed by two officers or by an officer and either an
		Assistant Treasurer or an Assistant Secretary of the Corporation which
		certificate shall include a statement that, in the opinion of such signers all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. In addition, such certificate shall
		include (i) a statement that the signatories have read the relevant covenant or
		condition, (ii) a brief statement of the nature and scope of such examination
		or investigation upon which the statements are based, (iii) a statement that,
		in the opinion of such signatories, they have made such examination or
		investigation as is reasonably necessary to express an informed opinion and
		(iv) a statement as to whether or not, in the opinion of the signatories, such
		relevant conditions or covenants have been complied with.

	  

	 “Opinion
		of Counsel”
		means an opinion of counsel that, in such counsel’s opinion, all
		conditions precedent to be performed by the Corporation prior to the taking of
		any proposed action have been taken. Such opinion shall also include the
		statements called for in the second sentence under “Officers’
		Certificate”.

	  

	 “Pari
		Passu Preferred Stock”
		means the Series E-1 Convertible Preferred as defined in the Master Transaction
		Agreement.

	  

	 17

	  

    

	 
	 

	 

	  

	 “Parity
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 “Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.

	  

	 “Purchasing
		Party”
		means CIG Media LLC, NBC Universal, Inc. and their respective Affiliates.
		

	  

	 “Preferred
		Stock”
		of any Person means any Capital Stock of such Person that has preferential
		rights to any other Capital Stock of such Person with respect to dividends or
		redemption or upon liquidation.

	  

	 “Redemption
		Date”
		has the meaning ascribed to it in paragraph (e)(i) hereof.

	  

	 “Redemption
		Notice”
		has the meaning ascribed to it in paragraph (e)(ii) hereof.

	  

	 “Redemption
		Price”
		means the Issue Price.

	  

	 “Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinanced” and “Refinancing” has the
		correlative meaning. 

	  

	 “Repurchase”
		has the meaning ascribed to it in paragraph (g)(iii)(D) hereof.
		

	  

	 “Securities
		Act”
		means the Securities Act of 1933, as amended, and the rules and regulations
		promulgated thereunder.

	  

	 “Senior
		Preferred Stock”
		means collectively, (i) Series A-1 Convertible Preferred, (ii) Series A-2
		Preferred Stock, (iii) Series A-3 Convertible Preferred, (iv) 141⁄4%
		Preferred, (v) 93⁄4% Preferred, (vi) Series B Convertible Preferred, (vii)
		Series C Preferred Stock, (viii) Series C Convertible Preferred and (ix) Series
		D Convertible Preferred, in each case as defined in the Master Transaction
		Agreement. 

	  

	 “Senior
		Securities”
		has the meaning ascribed to it in paragraph (b) hereof.

	  

	 18

	  

    

	 
	 

	 

	  

	 “Series
		E-2 Convertible Preferred”
		has the meaning ascribed to it in paragraph (a) hereof.

	  

	 “Subsidiary”,
		with respect to any Person, means (i) any corporation of which the outstanding
		Capital Stock having at least a majority of the votes entitled to be cast in
		the election of directors under ordinary circumstances shall at the time be
		owned, directly or indirectly, by such Person or (ii) any other Person of which
		at least a majority of the voting interest under ordinary circumstances is at
		the time, directly or indirectly, owned by such Person.

	  

	 “Stock
		Transaction”
		has the meaning ascribed to it in paragraph (g)(iii) hereof.

	  

	 “Surviving
		Person”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Transaction”
		has the meaning ascribed to it in paragraph (g)(v) hereof.

	  

	 “Voting
		Rights Triggering Event”
		has the meaning ascribed to it in paragraph (f)(iii)(A) hereof.

	  

	 “Wholly-Owned
		Subsidiary”
		means any Subsidiary all of the outstanding voting securities (other than
		directors’ qualifying shares) of which are owned, directly or indirectly,
		by the Corporation.

	  

	 19

	  

      

	 
	 

	 

	 IN
		WITNESS WHEREOF, said ION Media Networks, Inc. has caused this Certificate to
		be signed by its duly authorized officer this 4th day of May,
		2007.

	 
			 	 	 
	 	
				ION
				  MEDIA NETWORKS, INC.
 
	 
 	 
 	 
 
	 	By:  	 /s/ Richard Garcia
	 	
				
Name: Richard Garcia
	 	Title Chief
				Financial Officer

 

	  
		Certificate
		  of Designation
 

	  

	 
      

	 

	 
	 

	 
	 

	 EXHIBIT
		O to the Master Transaction Agreement

	  

	 Series
		F Non-Convertible Preferred Certificate of
		Designation

	  

	 
 
	 
		Exhibit O
	 

	 
		to the Master Transaction
		Agreement
	 

	 
		 
	 

	 
		Series F Non-Convertible Preferred
		Certificate of Designation
	 

	 
		CERTIFICATE OF DESIGNATION OF THE
		POWERS,
	 

	 
		PREFERENCES AND RELATIVE,
		PARTICIPATING,
	 

	 
		OPTIONAL AND OTHER SPECIAL RIGHTS OF 

	 

	 
		8% SERIES F NON-CONVERTIBLE PREFERRED
		STOCK
	 

	 
		AND QUALIFICATIONS, LIMITATIONS AND
		RESTRICTIONS THEREOF
	 

	 
		Pursuant to Section 151 of the
	 

	 
		General Corporation Law of the State of
		Delaware
	 

	 
		ION Media Networks, Inc. (the
		“Corporation”), a corporation organized and existing under the
		General Corporation Law of the State of Delaware, does hereby certify that,
		pursuant to the authority conferred upon the board of directors of the
		Corporation (the “Board of
		Directors”) by the Certificate of
		Incorporation of the Corporation, as amended (hereinafter referred to as the
		“Certificate of
		Incorporation”), and pursuant to
		the provisions of Section 151 of the General Corporation Law of the State of
		Delaware, the Board of Directors, on May 3, 2007, duly approved and adopted the
		following resolution:
	 

	 
		RESOLVED, that, pursuant to the authority
		vested in the Board of Directors by the Certificate of Incorporation, the Board
		of Directors does hereby create, authorize and provide for the issuance of 8%
		Series F Non-Convertible Preferred Stock, par value $.001 per share, with a
		liquidation preference of $10,000 per share, consisting of 22,000 shares,
		having the designations, preferences, relative, participating, optional and
		other special rights and the qualifications, limitations and restrictions
		thereof that are set forth in the Certificate of Incorporation and in this
		resolution as follows:
	 

	 
		(a) Designation.
		There is hereby created out of the authorized and unissued shares of Preferred
		Stock of the Corporation a series of Preferred Stock designated as the “8%
		Series F Non-Convertible Preferred Stock.” The number of shares
		constituting such series shall be 22,000 and are referred to as the
		“Series F Non-Convertible Preferred.” The liquidation preference of
		the Series F Non-Convertible Preferred shall be $10,000.00 per share (the
		“Liquidation
		Preference”).
	 

	 
		(b) Rank. The Series
		F Non-Convertible Preferred shall, with respect to dividends and distributions
		upon liquidation, winding up or dissolution of the Corporation, rank
		(i) senior to all classes of Common Stock of the Corporation and to each
		other class of Capital Stock of the Corporation or series of Preferred Stock of
		the Corporation hereafter created, the terms of which do not expressly provide
		that it ranks senior to, or on a parity with, the Series F Non-Convertible
		Preferred as to dividends and distributions upon liquidation, winding up or
		dissolution of the Corporation (collectively referred to, together with all
		classes of Common Stock of the Corporation, as “Junior Securities”); (ii) on a parity with any class of Capital
		Stock of the Corporation or series of Preferred Stock of the Corporation
		hereafter created the terms of which expressly provide that such class or
		series will rank on a parity with the Series F Non-Convertible Preferred

	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		as to dividends and distributions upon
		liquidation, winding up or dissolution of the Corporation (collectively
		referred to as “Parity
		Securities”), provided that any
		such Parity Securities not issued in accordance with the requirements of
		paragraph (f)(i) hereof shall be deemed to be Junior Securities and not Parity
		Securities; and (iii) junior to the Senior Preferred Stock and to each other
		class of Capital Stock of the Corporation or series of Preferred Stock of the
		Corporation hereafter created the terms of which expressly provide that such
		class or series will rank senior to the Series F Non-Convertible Preferred as
		to dividends and distributions upon liquidation, winding up or dissolution of
		the Corporation (collectively referred to as “Senior Securities”), provided that any such Senior Securities not
		issued in accordance with the requirements of paragraph (f)(i) hereof shall be
		deemed to be Junior Securities and not Senior Securities.
	 

	 
		(c) Dividends.
		
	 

	 
		(i) Beginning on the Issue Date, the Holders
		shall be entitled to receive, when, as and if declared by the Board of
		Directors, out of funds legally available therefor, dividends on each share of
		Series F Non-Convertible Preferred at a rate per annum equal to 8% of the Issue
		Price. All dividends shall accrue and be cumulative, whether or not earned or
		declared, on a quarterly basis, in arrears, from the Issue Date, but shall be
		payable only at such time or times as may be fixed by the Board of Directors or
		as otherwise provided herein and shall not compound. Dividends shall be payable
		to those Holders who are Holders on such dates as the Board of Directors may
		determine with respect to such dividends. Dividends shall cease to accrue and
		accumulate in respect of shares of the Series F Non-Convertible Preferred on
		the date of the redemption of such shares unless the Corporation shall have
		failed to pay or make available for payment the relevant redemption price on
		the date fixed for redemption.
	 

	 
		(ii) All dividends paid with respect to
		shares of the Series F Non-Convertible Preferred pursuant to paragraph (c)(i)
		shall be paid in cash pro rata to the Holders entitled thereto.
	 

	 
		(d) Liquidation.
	 

	 
		(i) In the event of any voluntary or
		involuntary liquidation, dissolution or winding up of the affairs of the
		Corporation, each Holder shall be entitled to be paid, out of the assets of the
		Corporation available for distribution to its stockholders and before any
		distribution shall be made or any assets distributed to the holders of any of
		the Junior Securities, including, without limitation, the Common Stock of the
		Corporation, an amount in cash equal to the Liquidation Preference for each
		outstanding share of Series F Non-Convertible Preferred, plus, without
		duplication, an amount in cash equal to accumulated and unpaid dividends
		thereon to the date fixed for such liquidation, dissolution or winding up.
		Except as provided in the preceding sentence, Holders of Series F
		Non-Convertible Preferred shall not be entitled to any distribution in the
		event of any liquidation, dissolution or winding up of the affairs of the
		Corporation. If the assets of the Corporation are not sufficient to pay in full
		the liquidation payments payable to the Holders and to any holders of all other
		Parity Securities, then such assets shall be distributed among the Holders and
		any holders of such other Parity Securities ratably in 
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		accordance with the respective amounts that
		would be payable on such shares of Series F Non-Convertible Preferred and any
		such shares of other Parity Securities if all amounts payable thereon were paid
		in full.
	 

	 
		(A) For the purposes of this paragraph (d),
		neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
		securities or other consideration) of all or substantially all of the property
		or assets of the Corporation nor the consolidation or merger of the Corporation
		with or into one or more entities shall be deemed to be a liquidation,
		dissolution or winding up of the affairs of the Corporation.
	 

	 
		(e) Redemption.
	 

	 
		(i) Mandatory Redemption. The Corporation shall redeem, in the manner provided
		for in paragraph (e)(ii) hereof, and out of funds legally available therefor
		all of the outstanding shares of Series F Non-Convertible Preferred for cash on
		August 31, 2013 (the “Redemption
		Date”), at a price per share equal
		to the Redemption Price.
	 

	 
		(ii) Procedures for Redemption. (A) At least 90 days prior to the Redemption Date,
		written notice (the “Redemption
		Notice”) shall be given by first
		class mail, postage prepaid, to each Holder who is a Holder on the date such
		notice is given at such Holder’s address as it appears on the stock books
		of the Corporation, provided that no failure to give such notice nor any
		deficiency therein shall affect the validity of the procedure for the
		redemption of any shares of Series F Non-Convertible Preferred as to the Holder
		or Holders to whom the Corporation has failed to give said notice or to whom
		such notice was defective. The Redemption Notice shall state:
	 

	 
		(1) the Redemption Price;
	 

	 
		(2) that the Holder is to surrender to the
		Corporation, in the manner, at the place or places and at the price designated,
		its certificate or certificates representing the shares of Series F
		Non-Convertible Preferred; and
	 

	 
		(3) that dividends on the shares of the
		Series F Non-Convertible Preferred shall cease to accumulate on such Redemption
		Date unless the Corporation defaults in the payment of the Redemption
		Price.
	 

	 
		(B) Each Holder shall surrender the
		certificate or certificates representing all shares of Series F Non-Convertible
		Preferred held by such Holder to the Corporation, duly endorsed (or otherwise
		in proper form for transfer, as determined by the Corporation), in the manner
		and at the place or places designated in the Redemption Notice, and on the
		Redemption Date the full Redemption Price for such shares shall be payable in
		cash to the Person whose name appears on such certificate or certificates as
		the owner thereof, and each surrendered certificate shall be canceled and
		retired. 
	 

	 
		(C) On and after the Redemption Date, unless
		the Corporation defaults in the payment in full of the Redemption Price,
		dividends on the Series F Non-Convertible Preferred shall cease to accumulate
		on the Redemption Date, and all rights of
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		the Holders shall terminate with respect to
		the Series F Non-Convertible Preferred on the Redemption Date, other than the
		right to receive the Redemption Price, without interest; provided,
		however, that if the Redemption Notice shall have been given
		and the funds necessary for redemption (including an amount in respect of all
		dividends that will accrue to the Redemption Date) shall have been segregated
		and irrevocably deposited in trust for the equal and ratable benefit of the
		Holders, then, at the close of business on the day on which such funds are
		segregated and set aside, the Holders shall cease to be stockholders of the
		Corporation and shall be entitled only to receive the Redemption Price.
	 

	 
		(f) Voting Rights.
		 Holders shall have no voting rights, except as required by the General
		Corporation Law of the State of Delaware, and as expressly provided in this
		Certificate of Designation.
	 

	 
		(i) (A) So long as any shares of the Series
		F Non-Convertible Preferred are outstanding, the Corporation may not issue any
		additional shares of Series F Non-Convertible Preferred or any new class of
		Parity Securities or Senior Securities (or amend the provisions of any existing
		class of Capital Stock to make such class of Capital Stock Parity Securities or
		Senior Securities) without the approval of Holders holding at least a majority
		of the then outstanding shares of Series F Non-Convertible Preferred, voting or
		consenting, as the case may be, together as one class given in person or by
		proxy, either in writing or by resolution adopted at an annual or special
		meeting; provided, however, that
		the Corporation may, without the approval of such Holders issue additional
		shares of Senior Preferred Stock, Parity Securities or Senior Securities
		(including shares issued in payment of dividends thereon in accordance with
		their respective certificates of designation), which Senior Securities are
		pari passu with the Senior Preferred Stock, and which Senior
		Securities or Parity Securities do not require the Corporation to pay dividends
		thereon on a current basis in cash, or require cash dividends to be paid at a
		rate not in excess of three percentage points greater than the dividend rate
		borne by any series of the Senior Preferred Stock (as existing on the Issue
		Date) and which do not prohibit the payment of dividends other than in cash on
		the Series F Non-Convertible Preferred or prohibit the redemption by the
		Corporation of the Series F Non-Convertible Preferred pursuant to paragraph
		(e)(i) above, in an amount sufficient to Refinance any series of the Senior
		Preferred Stock, in whole or in part, with such shares being issued no sooner
		than the date the Corporation Refinances such series of the Senior Preferred
		Stock.
	 

	 
		(B) So long as any shares of the Series F
		Non-Convertible Preferred are outstanding, the Corporation shall not amend this
		Certificate of Designation so as to affect materially and adversely the rights,
		preferences or privileges of Holders without the affirmative vote or consent of
		Holders holding at least a majority of the then outstanding shares of Series F
		Non-Convertible Preferred, voting or consenting, as the case may be, as one
		class, given in person or by proxy, either in writing or by resolution adopted
		at an annual or special meeting.
	 

	 
		(C) Except as set forth in paragraph
		(f)(i)(A) above, the creation, authorization or issuance of any shares of any
		Junior Securities, Parity Securities or Senior Securities or the increase or
		decrease in the amount of authorized Capital Stock of
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		any class, including Preferred Stock, shall
		not require the consent of Holders and shall not be deemed to affect adversely
		the rights, preferences or privileges of such Holders.
	 

	 
		(ii) Without the affirmative vote or consent
		of Holders holding at least a majority of the then outstanding shares of Series
		F Non-Convertible Preferred, voting or consenting, as the case may be, as a
		separate class, given in person or by proxy, either in writing or by resolution
		adopted at an annual or special meeting, the Corporation shall not, in a single
		transaction or series of related transactions, consolidate or merge with or
		into, or sell, assign, transfer, lease, convey or otherwise dispose of all or
		substantially all of the Corporation’s assets (as an entirety or
		substantially as an entirety in one transaction or series of related
		transactions) to, another Person (other than a Wholly-Owned Subsidiary with,
		into or to another Wholly-Owned Subsidiary) or adopt a plan of liquidation
		unless (A) either (I) the Corporation is the surviving or continuing Person or
		(II) the Person (if other than the Corporation) formed by such consolidation or
		into which the Corporation is merged or the Person that acquires by conveyance,
		transfer or lease the properties and assets of the Corporation substantially as
		an entirety or, in the case of a plan of liquidation, the Person to which
		assets of the Corporation have been transferred shall be a corporation
		incorporated and existing under the laws of the United States or any State
		thereof or the District of Columbia; (B) the Series F Non-Convertible Preferred
		shall be converted into or exchanged for and shall become shares of such
		successor, transferee or resulting Person with the same powers, preferences and
		relative, participating, optional or other special rights and the
		qualifications, limitations or restrictions thereon, that the Series F
		Non-Convertible Preferred had immediately prior to such transaction; (C)
		immediately after giving effect to such transactions, no Voting Rights
		Triggering Event shall have occurred or shall have occurred after the Issue
		Date and be continuing; and (D) the Corporation has delivered to the transfer
		agent for the Series F Non-Convertible Preferred prior to the consummation of
		the proposed transaction an Officers’ Certificate and an Opinion of
		Counsel, each stating that such consolidation, merger or transfer complies with
		the terms hereof and that all conditions precedent herein relating to such
		transaction have been satisfied. For purposes of the foregoing, the transfer
		(by lease, assignment, sale or otherwise, in a single transaction or series of
		related transactions) of all or substantially all of the properties and assets
		of one or more Subsidiaries of the Corporation, the Capital Stock of which
		constitutes all or substantially all of the properties and assets of the
		Corporation shall be deemed to be the transfer of all or substantially all of
		the properties and assets of the Corporation.
	 

	 
		(iii) (A) If the Corporation fails to
		discharge the redemption obligation with respect to the Series F
		Non-Convertible Preferred (such failure being a “Voting Rights Triggering Event”), then, subject to paragraph (f)(iii)(E) below,
		Holders of at least a majority of the then outstanding shares of Series F
		Non-Convertible Preferred, voting separately and as one class, shall have the
		exclusive right to elect the lesser of two directors and that number of
		directors constituting 25% of the members of the Board of Directors, at a
		meeting called for such purpose following the occurrence of such Voting Rights
		Triggering Event, and at every subsequent meeting at which the terms of office
		of the directors so elected by the Holders expire (other than as described in
		(f)(iii)(B) below), and the number of directors constituting the Board of
		Directors shall be increased by the number of directors so elected by the
		Holders. The voting rights provided herein
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		shall be the exclusive remedy at law or in
		equity of the Holders for any Voting Rights Triggering Event.
	 

	 
		(B) The right of the Holders voting together
		as a separate class to elect members of the Board of Directors as set forth in
		paragraph (f)(iii)(A) above shall continue until such time as in all other
		cases, the failure, breach or default giving rise to such Voting Rights
		Triggering Event is remedied, cured or waived by Holders of at least a majority
		of the then outstanding shares of Series F Non-Convertible Preferred that are
		entitled to vote thereon, at which time (I) the special right of the Holders so
		to vote as a class for the election of directors and (II) the term of office of
		the directors elected by the Holders shall each terminate and such persons
		shall cease to be members of the Board of Directors. At any time after voting
		power to elect directors shall have become vested and be continuing in the
		Holders pursuant to paragraph (f)(iii) hereof, or if vacancies shall exist in
		the offices of directors elected by such Holders, a proper officer of the
		Corporation may, and upon the written request of Holders of at least 25% of the
		then outstanding shares of Series F Non-Convertible Preferred addressed to the
		secretary of the Corporation shall, call a special meeting of the Holders, for
		the purpose of electing the directors which the Holders are entitled to elect.
		If such meeting shall not be called by a proper officer of the Corporation
		within 20 days after personal service of said written request upon the
		secretary of the Corporation, or within 20 days after mailing the same within
		the United States by certified mail, addressed to the secretary of the
		Corporation at its principal executive offices, then Holders of at least 25% of
		the then outstanding shares of Series F Non-Convertible Preferred may designate
		in writing one of their number to call such meeting at the reasonable expense
		of the Corporation, and such meeting may be called by the Holder so designated
		upon the notice required for the annual meetings of stockholders of the
		Corporation and shall be held at the place for holding the annual meetings of
		stockholders. Any Holder of Series F Non-Convertible Preferred so designated
		shall have, and the Corporation shall provide, access to the lists of
		stockholders to be called pursuant to the provisions hereof.
	 

	 
		(C) At any meeting held for the purpose of
		electing directors at which the Holders shall have the right, voting together
		as a separate class, to elect directors as aforesaid, the presence in person or
		by proxy of Holders of at least a majority of the then outstanding shares of
		Series F Non-Convertible Preferred shall be required to constitute a quorum of
		such Series F Non-Convertible Preferred.
	 

	 
		(D) Any vacancy occurring in the office of a
		director elected by the Holders may be filled by the remaining director (if
		any) elected by the Holders unless and until such vacancy shall be filled by
		the Holders.
	 

	 
		(E) The provisions of this paragraph
		(f)(iii) shall apply only to those Holders, if any, that would be permitted to
		vote in the election of directors of the Corporation pursuant to applicable
		laws and regulations of the FCC, with such Holders together being treated as
		the class of Holders entitled to exercise such rights. The determination as to
		whether any Holder would not be permitted to exercise such voting rights shall
		be made jointly by any such Holder(s) and the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		(iv) In any case in which the Holders shall
		be entitled to vote pursuant to this paragraph (f) or pursuant to the General
		Corporation Law of the State of Delaware, each Holder entitled to vote with
		respect to such matter shall be entitled to one vote for each then outstanding
		share of Series F Non-Convertible Preferred so held.
	 

	 
		(g) Reissuance of Series F Non-Convertible
		Preferred. Shares of Series F
		Non-Convertible Preferred that have been issued and reacquired in any manner,
		including shares purchased or redeemed or exchanged, shall (upon compliance
		with any applicable provisions of the General Corporation Law of the State of
		Delaware) have the status of authorized and unissued shares of Preferred Stock
		undesignated as to series and may be redesignated and reissued as part of any
		series of Preferred Stock; provided that
		any issuance of such shares as Series F Non-Convertible Preferred must be in
		compliance with the terms hereof.
	 

	 
		(h) Business Day. If
		any payment or redemption shall be required by the terms hereof to be made on a
		day that is not a Business Day, such payment or redemption shall be made on the
		immediately succeeding Business Day.
	 

	 
		(i) Reports. If the
		Corporation is no longer required to file annual or quarterly reports with the
		Commission pursuant to the Exchange Act, the Corporation will provide to the
		Holders such annual and quarterly financial statements as the Corporation would
		have been required to file with the Commission pursuant to Sections 13 and
		15(d) of the Exchange Act had it been so subject without cost to the
		Holders.
	 

	 
		(j) Definitions. As
		used in this Certificate of Designation, the following terms shall have the
		following meanings (with terms defined in the singular having comparable
		meanings when used in the plural and vice versa), unless the context otherwise
		requires:
	 

	 
		“Board of Directors” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Board Resolution” means a copy of a resolution certified pursuant
		to an Officers’ Certificate to have been duly adopted by the Board of
		Directors and to be in full force and effect.
	 

	 
		“Business Day” means any day
		except a Saturday, a Sunday, or any day on which banking institutions in New
		York, New York are required or authorized by law or other governmental action
		to be closed.
	 

	 
		“Capital Stock” means (i) with
		respect to any Person that is a corporation, any and all shares, interests,
		participations or other equivalents (however designated) of capital stock,
		including each class of common stock and preferred stock of such Person and
		(ii) with respect to any Person that is not a corporation, any and all
		partnership, membership or other equity interests of such Person.
	 

	 
		“Certificate of Incorporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		“Commission”
		means the Securities and Exchange Commission. 
	 

	 
		“Common Stock” of any Person means any and all shares, interests
		or other participations in, and other equivalents (however designated and
		whether voting or non-voting) of, such Person’s common stock, whether
		outstanding on the Issue Date or issued after the Issue Date, and includes,
		without limitation, all series and classes of such common stock.
	 

	 
		“Corporation” has the meaning ascribed to it in the first
		paragraph of this Certificate of Designation.
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended, and the rules and regulations promulgated thereunder. 
	 

	 
		“Holder”
		means a holder of then outstanding shares of Series F Non-Convertible Preferred
		as reflected in the stock books of the Corporation.
	 

	 
		“Issue Date”
		means the date of the issuance of Series F
		Non-Convertible Preferred.
	 

	 
		“Issue Price” means $10,000 per share of Series F
		Non-Convertible Preferred.
	 

	 
		“Junior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Liquidation Preference” has the meaning ascribed to it in paragraph (a)
		hereof.
	 

	 
		“Master Transaction Agreement” means the Master Transaction Agreement dated as
		of May 3, 2007 among the Corporation, NBC Universal, Inc., NBC Palm Beach
		Investment I, Inc., NBC Palm Beach Investment II, Inc., and CIG Media LLC, as
		may be amended, modified or restated from time to time. 
	 

	 
		“Officers’ Certificate” means a certificate signed by two officers or by
		an officer and either an Assistant Treasurer or an Assistant Secretary of the
		Corporation which certificate shall include a statement that, in the opinion of
		such signers all conditions precedent to be performed by the Corporation prior
		to the taking of any proposed action have been taken. In addition, such
		certificate shall include (i) a statement that the signatories have read the
		relevant covenant or condition, (ii) a brief statement of the nature and scope
		of such examination or investigation upon which the statements are based, (iii)
		a statement that, in the opinion of such signatories, they have made such
		examination or investigation as is reasonably necessary to express an informed
		opinion and (iv) a statement as to whether or not, in the opinion of the
		signatories, such relevant conditions or covenants have been complied
		with.
	 

	 
		“Opinion of Counsel” means an opinion of counsel that, in such
		counsel’s opinion, all conditions precedent to be performed by the
		Corporation prior to the
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		taking of any proposed action have been
		taken. Such opinion shall also include the statements called for in the second
		sentence under “Officers’ Certificate”.
	 

	 
		“Parity Securities” has the meaning ascribed to it in
		paragraph (b) hereof.
	 

	 
		“Person”
		means an individual, partnership, limited liability company, corporation,
		unincorporated organization, trust or joint venture, or a governmental agency
		or political subdivision thereof.
	 

	 
		“Preferred Stock” of any Person means any Capital Stock of
		such Person that has preferential rights to any other Capital Stock of such
		Person with respect to dividends or redemption or upon liquidation.
	 

	 
		“Redemption Date” has the meaning ascribed to it in
		paragraph (e)(i) hereof.
	 

	 
		“Redemption Notice” has the meaning ascribed to it in paragraph
		(e)(ii) hereof.
	 

	 
		“Redemption Price” means the Issue Price plus (as applicable) all
		accrued and unpaid dividends through and including the date of
		redemption.
	 

	 
		 “Refinance”
		means, in respect of any security, to refinance, extend, renew, refund, repay,
		prepay, redeem, defease or retire, or to issue a security in exchange or
		replacement for, or to amend the terms of, such security, in whole or in part,
		for any amount up to and including the greater of the redemption price of such
		security pursuant to the terms of such security or the face value of such
		security on the date of any such Refinancing, plus (without duplication) the
		amount of any accrued dividends on such security, the amount of any premium
		required to be paid under the terms of such security and the amount of
		reasonable expenses incurred by the Corporation in connection with such
		Refinancing. “Refinancing” has the correlative meaning. 
	 

	 
		“Senior Preferred Stock” means collectively, (i) Series A-1 Convertible
		Preferred, (ii) Series A-2 Preferred Stock, (iii) Series A-3 Convertible
		Preferred, (iv) 141⁄4% Preferred, (v) 93⁄4% Preferred, (vi) Series B
		Convertible Preferred, (vii) Series C Preferred Stock, (viii) Series C
		Convertible Preferred, (ix) Series D Convertible Preferred, (x) Series E-1
		Convertible Preferred and (xi) Series E-2 Convertible Preferred, in each case
		as defined in the Master Transaction Agreement. 
	 

	 
		“Senior Securities” has the meaning ascribed to it in paragraph (b)
		hereof.
	 

	 
		“Series
		F Non-Convertible Preferred” has
		the meaning ascribed to it in paragraph (a) hereof.
	 

	 
		“Subsidiary”, with respect to any Person, means (i) any
		corporation of which the outstanding Capital Stock having at least a majority
		of the votes entitled to be cast in the election of directors under ordinary
		circumstances shall at the time be
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		owned, directly or indirectly, by such
		Person or (ii) any other Person of which at least a majority of the voting
		interest under ordinary circumstances is at the time, directly or indirectly,
		owned by such Person.
	 

	 
		“Voting Rights Triggering Event” has the meaning ascribed to it in paragraph
		(f)(iii)(A) hereof. 
	 

	 
		“Wholly-Owned
		Subsidiary” means any Subsidiary
		all of the outstanding voting securities (other than directors’ qualifying
		shares) of which are owned, directly or indirectly, by the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, said ION Media Networks,
		Inc. has caused this Certificate to be signed by its duly authorized officer
		this 4th day of May, 2007.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ION MEDIA NETWORKS, INC.
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	/s/ Richard Garcia
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Richard Garcia
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Chief Financial
				  Officer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Certificate of Designation
	 

	 
		 
	 

	 
		 
	 

   
	  

	 EXHIBIT
		P to the Master Transaction Agreement

	  

	 New
		Stockholders’ Agreement

	  

	 

	 
	 

	 
	 Exhibit
		P to the

	 Master
		Transaction Agreement

	 

	 New
		Stockholders’ Agreement

	 
 

	 STOCKHOLDERS’
		AGREEMENT

	  

	 by and
		among

	  

	 ION
		MEDIA NETWORKS, INC.,

	  

	 CIG
		MEDIA LLC 

	  

	 and
		

	  

	 NBC
		UNIVERSAL, INC.

	  

	 

	 Dated as
		of May 4, 2007

	  

	 

	 
	 

	 
	 TABLE
		OF CONTENTS

	  

	 Table
		of Contents

	 

		
		  	 	 	 	
				  Page

				  
	
				  Section
					 1. 
 	 	
				  Definitions

				  	
				  1

				  
	
				  Section
					 2. 
 	 	
				  Methodology
					 for Calculations; Effective Date
 	
				  11

				  
	
				  Section
					 3. 
 	 	
				  Corporate
					 Governance
 	
				  11

				  
	
				  3.1.

				  	 	
				  Board of
					 Directors
 	
				  11

				  
	
				  3.2.

				  	 	
				  Committees

				  	
				  13

				  
	
				  3.3.

				  	 	
				  Vacancies;
					 Resignation; Removal
 	
				  14

				  
	
				  3.4.

				  	 	
				  Cooperation

				  	
				  15

				  
	
				  3.5.

				  	 	
				  Expenses

				  	
				  15

				  
	
				  3.6.

				  	 	
				  Directors’
					 Indemnification
 	
				  15

				  
	
				  Section
					 4. 
 	 	
				  Right of
					 First Offer and Last Offer
 	
				  15

				  
	
				  Section
					 5. 
 	 	
				  Approval
					 of Certain Matters
 	
				  16

				  
	
				  Section
					 6. 
 	 	
				  Other
					 Company Covenants
 	
				  18

				  
	
				  Section
					 7.
 	 	
				  Financial
					 Statements and Other Reports
 	
				  21

				  
	
				  7.1

				  	 	
				  Delivery
					 of Financial Statements and Other Reports:
 	
				  21

				  
	
				  7.2

				  	 	
				  Provision
					 of Information
 	
				  24

				  
	
				  Section
					 8.
 	 	
				  Transactions
					 with Affiliates
 	
				  24

				  
	
				  Section
					 9.
 	 	
				  NBCU
					 Right of First Refusal
 	
				  24

				  
	
				  Section
					 10.
 	 	
				  Company
					 Equity Issuances
 	
				  25

				  
	
				  Section
					 11.
 	 	
				  Legend

				  	
				  26

				  
	
				  Section
					 12.
 	 	
				  Representations
					 and Warranties
 	
				  27

				  
	
				  Section
					 13.
 	 	
				  Competitive
					 Opportunities
 	
				  28

				  
	
				  Section
					 14.
 	 	
				  Duration
					 of Agreement
 	
				  28

				  
	
				  Section
					 15.
 	 	
				  Further
					 Assurances
 	
				  28

				  
	
				  Section
					 16.
 	 	
				  Amendment
					 and Waiver
 	
				  29

				  
	
				  Section
					 17.
 	 	
				  Entire
					 Agreement
 	
				  29

				  
	
				  Section
					 18.
 	 	
				  Successors
					 and Assigns
 	
				  29

				  
	
				  Section
					 19.
 	 	
				  Severability

				  	
				  29

				  
	
				  Section
					 20.
 	 	
				  Remedies

				  	
				  30

				  
	
				  Section
					 21.
 	 	
				  Notices

				  	
				  30

				  
	
				  Section
					 22.
 	 	
				  Governing
					 Law; Submission to Jurisdiction; Waiver of Jury Trial
 	
				  32

				  
	
				  Section
					 23.
 	 	
				  Construction

				  	
				  32

				  
	
				  Section
					 24.
 	 	
				  Survival
					 of Representations and Warranties
 	
				  32

				  
	
				  Section
					 25.
 	 	
				  Conflicting
					 Agreements
 	
				  32

				  
	
				  Section
					 26.
 	 	
				  Counterparts

				  	
				  33

				  

 
 

	  

	 i

	 
 
		

		
		

		 

	 STOCKHOLDERS’
		AGREEMENT

	  

	 This
		STOCKHOLDERS’ AGREEMENT (this “Agreement”)
		is made as of May 4, 2007 by and among ION
		Media Networks, Inc., a Delaware corporation (“the “Company”),
		CIG Media LLC, a Delaware limited liability company (“CIG
		Media”),
		and NBC Universal, Inc., a Delaware corporation (“NBCU”).
		

	  

	 RECITALS

	  

	 WHEREAS,
		the Company, CIG Media, NBC Palm Beach Investment I, Inc., NBC Palm Beach
		Investment II, Inc. and NBCU entered into a Master Transaction Agreement, dated
		as of May 3, 2007 (as such agreement may be amended, modified, supplemented or
		restated from time to time, the “Master
		Agreement”),
		pursuant to which the parties agreed to undertake various transactions to
		restructure the Company’s ownership and capital structure (the
		“Transactions”);
		and

	  

	 WHEREAS,
		as an integral part of the Transactions, the parties hereto deem it to be in
		their best interests and in the best interests of the Company to enter into an
		agreement establishing and setting forth their agreement with respect to
		certain rights and obligations associated with ownership of shares of capital
		stock of the Company and the governance and operation of the
		Company.

	  

	 NOW,
		THEREFORE, in consideration of the premises and of the mutual covenants and
		obligations hereinafter set forth, the receipt and sufficiency of which are
		hereby acknowledged, the parties hereto hereby agree as follows:

	  

	 Section
		1. Definitions. As
		used herein, the following terms shall have the following
		meanings:

	  

	 “Acceptance
		Notice”
		has the meaning ascribed to such term in Section 10(a). 

	  

	 “Accepted
		Shares”
		has the meaning ascribed to such term in Section 10(a).

	  

	 “Affiliate”
		means, with respect to any Person, any other Person that, directly or
		indirectly, controls, is controlled by, or is under common control with, such
		Person. As used in this definition, “control” (including its
		correlative meanings, “controlled by” and “under common control
		with”) means the possession, directly or indirectly, of power to direct or
		cause the direction of management or policies (whether through ownership of
		securities or partnership or other ownership interests, by contract or
		otherwise); provided,
		however, that,
		for purposes hereof, neither the Company nor any Person controlled by the
		Company shall be deemed to be an Affiliate of any Stockholder.

	  

	 “Agreement”
		means this Stockholders’ Agreement, as amended, modified, supplemented or
		restated from time to time.

	  

	 “Approval
		Stockholder”
		has the meaning ascribed to such term in Section 5.

	  

	 

	 
	 

	 
	 “Asset
		Sale”
		means the Sale (other than to the Company or any of its Subsidiaries) in any
		single transaction or series of related transactions involving assets with a
		fair market value in excess of $2,000,000 of (i) any capital stock of or other
		equity interest in any Subsidiary of the Company, (ii) the assets of the
		Company or of any Subsidiary of the Company, (iii) real property, (iv) the
		assets of any media property or part thereof owned by the Company or any
		Subsidiary of the Company, or a division, line of business or comparable
		business segment of the Company or any Subsidiary of the Company or (v) any
		transaction involving the assignment of an FCC license or transfer of control
		of an FCC licensee for a Company Station; provided, that
		“Asset
		Sales”
		shall not include Sales to the Company or to a wholly-owned Subsidiary of the
		Company or to any other Person if after giving effect to such Sale, such other
		Person becomes a wholly-owned Subsidiary of the Company.

	  

	 “Board”
		means the board of directors of the Company as constituted from time to
		time.

	  

	 “Budget”
		means for any fiscal year, the annual operating budget for the Company,
		including the Network (but specifically excluding all Company Station
		operations and programming, except for Same Market Stations), which shall
		include Network programming items (including capital expenditures, general
		corporate overhead expenses and other operating expenses), prepared by the
		Company; provided, that
		if the Company, the CIG Media Parties and the NBCU Parties fail to agree on an
		annual operating budget for any fiscal year, the Budget shall be the Budget for
		the previous year. 

	  

	 “Business
		Day”
		means any day, other than a Saturday, Sunday or a day on which commercial banks
		in New York, New York are authorized or obligated by law to close.

	  

	 “Call
		Shares”
		means the 15,455,062 shares of Class A Common Stock and the 8,311,639 shares of
		Class B Common Stock to be acquired by CIG Media pursuant to the Master
		Agreement and the Call Agreement, dated November 7, 2005, among Mr. Lowell W.
		Paxson, Second Crystal Diamond Limited Partnership, Paxson Enterprises, Inc.
		and NBC Palm Beach Investment II, Inc. 

	  

	 “CIG
		Media”
		has the meaning ascribed to such term in the Preamble.

	  

	 “CIG
		Media Directors”
		has the meaning ascribed to such term in Section 3.1(b)(i).

	  

	 “CIG
		Media Observers”
		has the meaning ascribed to such term in Section 3.1(b)(iii).

	  

	 “CIG
		Media Parties”
		means CIG Media and any of its Affiliates that owns any Stock.

	  

	 “Class A
		Common Stock”
		means Class A common stock, par value $0.001 per share, of the Company.
		

	  

	 “Class B
		Common Stock”
		means Class B common stock, par value $0.001 per share, of the Company.
		

	 
		 

		2

		

		
		

		 

	 “Class C
		Common Stock”
		means Class C non-voting common stock, par value $0.001 per share, of the
		Company.

	  

	 “Class D
		Common Stock”
		means Class D non-voting common stock, par value $0.001 per share, of the
		Company. 

	  

	 “Closing
		Date”
		has the meaning ascribed to such term in Section 1.01 of the Master
		Agreement.

	  

	 “CM
		Selling Stockholder”
		has the meaning ascribed to such term in Section 4.

	  

	 “Code”
		means
		the United States Internal Revenue Code of 1986, as amended, and the rules and
		regulations promulgated and rulings issued thereunder.

	  

	 “Common
		Stock”
		means the Class A Common Stock, the Class B Common Stock, the Class C Common
		Stock, the Class D Common Stock, any other class of common stock of the Company
		hereafter created and any other securities of the Company into which such
		Common Stock may be reclassified, exchanged or converted pursuant to a merger,
		consolidation, stock split, stock dividend, restructuring or recapitalization
		of the Company or otherwise.

	  

	 “Common
		Stock Equivalents”
		means, with respect to any Person, securities issued by such Person which are
		convertible into, or exchangeable or exercisable for, shares of capital stock
		or other Equity Securities of such Person (including any option, warrant, or
		other right to subscribe for, purchase or otherwise acquire, or any note or
		debt security convertible into or exchangeable for, shares of capital stock or
		other Equity Securities of such Person).

	  

	 “Communications
		Act”
		means the Communications Act of 1934, as amended (including, without
		limitation, the Cable Communications Policy Act of 1984, the Cable Television
		Consumer Protection and Competition Act of 1992 and the Telecommunications Act
		of 1996), and all rules and regulations of the FCC, in each case as from time
		to time in effect. 

	  

	 “Company”
		has the meaning ascribed to such term in the Preamble.

	  

	 “Company
		Benefit Plan”
		means each “employee benefit plan” within the meaning of Section 3(3)
		of ERISA, other than Multiemployer Plans, and each other stock purchase, stock
		option, restricted stock, severance, retention, employment, consulting,
		change-of-control, collective bargaining, bonus, incentive, deferred
		compensation, employee loan, fringe benefit and other benefit plan, agreement,
		program, policy, commitment or other arrangement, whether or not subject to
		ERISA (including any related funding mechanism now in effect or required in the
		future), whether formal or informal, oral or written, in each case under which
		any past or present director, officer, employee, consultant or independent
		contractor of the Company or any of its Subsidiaries has any present or future
		right to benefits. 

	  

	 “Company
		Stations”
		means, collectively, each full-power television, low-power television and
		television translator station owned and operated by the Company or any
		Subsidiary of the Company. 

	 
		
		   

		  3

		  

		  
		  

		   
 

	 “Competitive
		Opportunity”
		means an investment or business opportunity or prospective economic or
		competitive advantage in which the Company or any of its Subsidiaries could
		have an interest or expectancy.

	  

	 “DMA”
		means a designated market area as determined by Nielsen Media Research or such
		successor designation of television markets that may in the future be
		recognized by the FCC for determining television markets.

	  

	 “Effective
		Date”
		means the earlier of the date on which (i) the aggregate number of shares of
		Class A Common Stock owned by the CIG Media Parties (including the shares of
		Class A Common Stock owned by the CIG Media Parties prior to the Commencement
		Date and the shares of Class A Common Stock accepted for payment by CIG Media
		in the Tender Offer) represents a majority of the shares of Class A Common
		Stock outstanding or (ii) Mr. Lowell W. Paxson and his Affiliates no longer
		beneficially own any Call Shares; provided,
		however, that
		in the event the Effective Date is as described in clause (i) of this
		definition, Sections 3, 5, 9 and 10 shall not become effective until the Call
		Closing (as defined in the Master Agreement). 

	  

	 “Environmental
		Laws”
		means all applicable federal, state, local and foreign laws, statutes,
		ordinances, codes, rules, standards and regulations, now or hereafter in
		effect, in each case as amended from time to time, and any applicable judicial
		or administrative interpretation thereof, including any applicable judicial or
		administrative order, consent decree, order or judgment, imposing liability or
		standards of conduct for or relating to the regulation and protection of human
		health, safety, the environment and natural resources (including ambient air,
		surface water, groundwater, wetlands, land surface or subsurface strata,
		wildlife, aquatic species and vegetation). 

	  

	 “Environmental
		Liabilities”
		means, with respect to any Person, all liabilities, obligations,
		responsibilities, response, remedial and removal costs, investigation and
		feasibility study costs, capital costs, operation and maintenance costs,
		losses, damages, punitive damages, property damages, natural resource damages,
		consequential damages, treble damages, costs and expenses (including all fees,
		disbursements and expenses of counsel, experts and consultants), fines,
		penalties, sanctions and interest incurred as a result of or related to any
		claim, suit, action, investigation, proceeding or demand by any Person, whether
		based in contract, tort, implied or express warranty, strict liability,
		criminal or civil statute or common law, including any arising under or related
		to any Environmental Laws, Environmental Permits, or in connection with any
		Release or threatened Release or presence of a Hazardous Material whether on,
		at, in, under, from or about or in the vicinity of any real or personal
		property.

	  

	 “Environmental
		Permits”
		means all permits, licenses, authorizations, certificates, approvals or
		registrations required by any Governmental Entity under any Environmental
		Laws.

	  

	 “Equity
		Securities”
		means, with respect to any Person, any capital stock or other equity security
		of such Person, including any Common Stock Equivalents of such
		Person.

	  

	 “ERISA”
		means the Employee Retirement Income Security Act of 1974 (and any
		sections of the Code), as amended, and all rules and regulations
		promulgated and rulings issued thereunder. 

	 
		
		   

		  4

		  

		  
		  

		   
 

	 “ERISA
		Affiliate”
		means any trade or business (whether or not incorporated) under common control
		with the Company, any Subsidiary of the Company, or which, together with the
		Company or such Subsidiary of the Company, is treated as a single employer
		within the meaning of Sections 414(b), (c), (m) or (o) of the
		Code.

	  

	 “ERISA
		Event”
		means (i) the occurrence of any event described in Section 4043(c) of
		ERISA with respect to a Title IV Plan; (ii) the
		requirement that notice be provided pursuant to Section 4043(b) of ERISA; (iii)
		the application for a minimum funding waiver with respect to a Title IV Plan;
		(iv) the cessation of operations at a facility of the Company or any ERISA
		Affiliate in the circumstances described in Section 4062(e) of ERISA; (v) the
		conditions for imposition of a Lien under Section 302(f) of ERISA have been met
		with respect to any Title IV Plan; (vi) the adoption of an amendment to a Title
		IV Plan requiring the provision of security thereto pursuant to Section 307 of
		ERISA; (vii) the
		withdrawal of the Company, any Subsidiary of the Company or any ERISA Affiliate
		from a Title IV Plan subject to Section 4063 of ERISA during a plan year
		in which it was a substantial employer, as defined in Section 4001(a)(2)
		of ERISA; (viii) the complete or partial withdrawal of the Company, any
		Subsidiary of the Company or any ERISA Affiliate from any Multiemployer Plan;
		(ix) the filing of a notice of intent to terminate a Title IV Plan or the
		treatment of a plan amendment as a termination under Section 4041 of
		ERISA; (x) the institution of proceedings to terminate a Title IV Plan or
		Multiemployer Plan by the PBGC; (xi) the failure by the Company, any
		Subsidiary of the Company or any ERISA Affiliate to make when due required
		contributions to a Multiemployer Plan or Title IV Plan unless such failure is
		cured within 30 days; (xii) any other event or condition which might
		reasonably be expected to constitute grounds under Section 4042 of ERISA
		for the termination of, or the appointment of a trustee to administer, any
		Title IV Plan or Multiemployer Plan or for the imposition of liability under
		Section 4069 or 4212(c) of ERISA; (xiii) the termination of a
		Multiemployer Plan under Section 4041A of ERISA or the reorganization or
		insolvency of a Multiemployer Plan under Section 4241 of ERISA;
		(xiv) the loss of a Qualified Plan’s qualification or tax-exempt
		status; or (xv) the termination of a Company Benefit Plan described in
		Section 4064 of ERISA. 

	  

	 “Exchange
		Act”
		means the Securities Exchange Act of 1934, as amended, and the rules and
		regulations promulgated thereunder.

	  

	 “Excluded
		Securities”
		means (i) options issued by the Company pursuant to any Company Benefit
		Plan (and any Equity Securities issuable upon exercise thereof or thereunder)
		and any Equity Securities issued by the Company to any employee of the Company
		or any of its Subsidiaries or to any member of the Board pursuant to any
		Company Benefit Plan, in each case as approved by the Board in connection with,
		or after, the consummation of the Transactions; (ii) any Equity Securities
		of the Company or any of its Subsidiaries (and any Common Stock issuable
		thereunder) issued by the Company in connection with any transaction determined
		by the Board to be a strategic transaction; provided, that
		none of any of the CIG Media Parties or the NBCU Parties is acquiring such
		Equity Securities of the Company or any of its Subsidiaries in any such
		transaction and that such transaction has been approved by the CIG Media
		Parties and the NBCU Parties prior to the issuance of such Equity Securities;
		(iii) shares of Common Stock issued in connection with an IPO and (iv) any
		shares of Common Stock issued upon conversion of any Convertible Securities (as
		defined in the Master Agreement).

	 
		
		   

		  5

		  

		  
		  

		   
 

	 “FCC”
		means the Federal Communications Commission or any successor Governmental
		Entity performing functions similar to those performed by the Federal
		Communications Commission on the date hereof.

	  

	 “Hazardous
		Material”
		means any substance, material or waste which is regulated by, or forms the
		basis of liability now or hereafter under, any Environmental Laws, including
		any material or substance which is (i) defined as a “solid waste,”
		“hazardous waste,” “hazardous material,” “hazardous
		substance,” “extremely hazardous waste,” “restricted
		hazardous waste,” “pollutant,” “contaminant,”
		hazardous constituent,” “special waste,” toxic substance”
		or other similar term or phrase under any Environmental Laws or (ii) petroleum
		or any fraction or by product thereof, asbestos, polychlorinated biphenyls
		(PCBs), or any radioactive substance.

	  

	 “GAAP”
		means generally accepted accounting principles in the United States of America
		in effect from time to time. 

	  

	 “Governmental
		Entity”
		means any federal, national, supranational, state, provincial, local or other
		government, governmental, regulatory or administrative authority, agency or
		commission or any court, tribunal, or judicial or arbitral body.

	  

	 “Group”
		has the meaning ascribed to such term in subsection 13(d)(3) of the Exchange
		Act.

	  

	 “HSR
		Act”
		means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and
		the rules and regulations promulgated thereunder.

	  

	 “IPO”
		means the initial underwritten offering pursuant to which the Common Stock
		becomes registered under Section 12 of the Exchange Act.

	  

	 “Issuance
		Period”
		has the meaning ascribed to such term in Section 10(b).

	  

	 “Issuance
		Stock”
		has the meaning ascribed to such term in Section 10.

	  

	 “Lien”
		means any mortgage, pledge, hypothecation, assignment, encumbrance, lien
		(statutory or other) or security agreement of any kind or nature whatsoever
		(including, without limitation, any conditional sale or other title retention
		agreement or any financing lease having substantially the same effect as any of
		the foregoing). 

	  

	 “Material
		Adverse Effect”
		means any event, change, circumstance or effect that, individually or when
		taken together with all other such events, changes, circumstances or effects,
		is or is reasonably expected to (i) with respect to the Company, be materially
		adverse to the business, assets, liabilities, results of operations or
		financial condition of the Company and its Subsidiaries, taken as a whole or
		(ii) with respect to any party to any Transaction Agreement, have a
		material adverse effect on the ability of such party to perform its obligations
		under such Transaction Agreement to which it is a party. 

	  

	 “Master
		Agreement”
		has the meaning ascribed to such term in the Recitals.

	  

	 “Minimum
		Investment”
		means 10% of the outstanding Voting Shares.

	 
		
		   

		  6

		  

		  
		  

		   
 

	 “Multiemployer
		Plan”
		means a “multiemployer
		plan”
		as defined in Section 4001(a)(3) of ERISA and to which the Company, any
		Subsidiary of the Company or any ERISA Affiliate is making (i) is obligated to
		make, or has made or been obligated to make, contributions on behalf of
		participants who are or were employed by any of them or (ii) could have
		liability under Section 4064 or 4069 of ERISA in the event such plan has been
		or were to be terminated. 

	  

	 “National
		Coverage”
		means, with respect to any television network, the percentage of national
		television households that receive such network’s broadcast as listed in
		the Nielsen Television Index or such successor measure of coverage equivalent
		thereto generally adopted by the television industry. 

	  

	 “NBCU”
		has the meaning ascribed to such term in the Preamble.

	  

	 “NBCU
		Directors”
		has the meaning ascribed to such term in Section 3.1(b)(ii). 

	  

	 “NBCU
		Option I”
		means the option granted to NBC Palm Beach Investment II, Inc. to purchase all
		of the Call Shares from CIG Media pursuant to the Option I Call
		Agreement.

	  

	 “NBCU
		Option II”
		means the option granted to NBC Palm Beach Investment I, Inc. to purchase
		26,688,361 shares of Class B Common Stock from the Company pursuant to the
		Option II Call Agreement.

	  

	 “NBCU
		Parties”
		means NBCU and any if its Affiliates that own any Stock.

	  

	 “NBCU
		Observers”
		has the meaning ascribed to such term in Section 3.1(b)(iii).

	  

	 “Network”
		means any television broadcast network owned by the Company. 

	  

	 “Observers”
		has the meaning ascribed to such term in Section 3.1(b)(iii).

	  

	 “Option
		I Call Agreement”
		means the Call Agreement, dated May 4, 2007, between the CIG Media and NBC Palm
		Beach Investment II, Inc., as such agreement may be amended, modified,
		supplemented or restated from time to time.

	  

	 “Option
		II Call Agreement”
		means the Call Agreement, dated May 4, 2007, among the Company and NBC Palm
		Beach Investment I, Inc., as such agreement may be amended, modified,
		supplemented or restated from time to time.

	  

	 “PBGC”
		means the Pension Benefit Guaranty Corporation or any successor
		thereto.

	  

	 “Permitted
		Liens”
		means (i) mechanics’, carriers’, repairmen’s or other like Liens
		arising or incurred in the ordinary course of business, (ii) Liens arising
		under original purchase price conditioned sales contracts and equipment leases
		with third parties entered into in the ordinary course of business consistent
		with past practice, (iii) statutory Liens for Taxes not yet due and payable,
		(iv) Liens securing the indebtedness included as “long-term debt” on
		the financial statements of the Company or securing any indebtedness that
		replaces or refinances any 

	 
		
		   

		  7

		  

		  
		  

		   
 

	 of such
		indebtedness and (v) other encumbrances or restrictions or imperfections of
		title which do not materially impair the continued use and operation of the
		assets to which they relate.

	  

	 “Person”
		means an individual, corporation, unincorporated association, partnership,
		Group, trust, joint stock company, joint venture, business trust or
		unincorporated organization, limited liability company, Governmental Entity or
		any other entity of whatever nature. 

	  

	 “Plan
		Options”
		means options, restricted stock and any other stock-based compensation awards
		issued or issuable under any stock-based compensation plan approved by the
		Board or any employment, consulting or similar agreements in effect as of the
		date hereof or entered into after the date hereof and approved by the Board.
		

	  

	 “Preemptive
		Acceptance Period”
		has the meaning ascribed to such term in Section 10(a).

	  

	 “Preemptive
		Offer”
		has the meaning ascribed to such term in Section 10(a).

	  

	 “Preemptive
		Offer Notice”
		has the meaning ascribed to such term in Section 10(a).

	  

	 “Preemptive
		Percentage”
		means, as to each Preemptive Stockholder, the quotient obtained (expressed as a
		percentage) by dividing (i) the number of shares of Stock owned by the
		Preemptive Stockholder on the date of the Preemptive Offer (assuming for this
		purpose that all Common Stock Equivalents of the Company then owned by such
		Preemptive Stockholder are fully exercised, converted or exchanged for shares
		of Common Stock) by (ii) the total number of shares of Stock owned by all
		Preemptive Stockholders on the date of the Preemptive Offer (assuming for this
		purpose that all Common Stock Equivalents of the Company then outstanding are
		fully exercised, converted or exchanged for shares of Common Stock). For
		purposes of calculating the Preemptive Percentage of any Preemptive
		Stockholder, no Preemptive Stockholder shall be treated as owning the shares of
		Common Stock held by Affiliates of such Preemptive Stockholder but rather such
		Affiliates shall be treated as owning such shares of Common Stock.

	  

	 “Preemptive
		Stockholders”
		has the meaning ascribed to such term in Section 10(a).

	  

	 “Prior
		Stockholder Agreement”
		means the Stockholder Agreement, dated November 7, 2005, among Mr. Lowell W.
		Paxson, certain of his Affiliates, the Company and NBCU.

	  

	 “Public
		Sale”
		means a Sale of Stock pursuant to a bona fide underwritten public offering
		pursuant to an effective registration statement filed under the Securities Act
		or pursuant to Rule 144 under the Securities Act (other than in a privately
		negotiated Sale).

	  

	 “Qualified
		Plan”
		means a Company Benefit Plan which is intended to be tax-qualified under
		Section 401(a) of the Code. 

	 
		
		   

		  8

		  

		  
		  

		   
 

	 “Release”
		means any release, threatened release, spill, emission, leaking, pumping,
		pouring, emitting, emptying, escape, injection, deposit, disposal, discharge,
		dispersal, dumping, leaching or migration of Hazardous Material in the indoor
		or outdoor environment, including the movement of Hazardous Material through or
		in the air, soil, surface water, ground water or property.

	  

	 “Same
		Market Station”
		means any Company Station (i) in which any Person that holds the Minimum
		Investment would be permitted to have an attributable interest under the
		ownership rules adopted by the FCC, as such rules may be amended from time to
		time, and (ii) which, even if such Person were deemed to have an attributable
		interest therein, would not increase such Person’s national broadcast
		coverage as calculated under the FCC’s national ownership rules because
		such Person has an attributable interest in a television station in the same
		DMA. 

	  

	 “SEC”
		means the Securities and Exchange Commission or such other federal agency which
		at such time administers the Securities Act.

	  

	 “Securities
		Act”
		means the Securities Act of 1933, as amended, and the rules and regulations
		promulgated thereunder.

	  

	 “Sell”
		means (i) for purposes of this Agreement other than Section 10, to sell,
		transfer, lease, convey, assign, distribute, pledge, encumber or otherwise
		dispose of (but excluding any Sale to an Affiliate), either directly or
		indirectly, voluntarily or involuntarily, or by merger, sale, consolidation or
		otherwise, and (ii) for purposes of Section 10, to issue or directly or
		indirectly sell or exchange, or agree to issue, sell or exchange; and the terms
		“Sale”
		and “Sold”
		shall have meanings correlative to the foregoing.

	  

	 “Senior
		Preferred Stock”
		means the
		131⁄4% Cumulative Junior Exchangeable Preferred Stock, par value $0.001
		per share (currently accruing dividends at the rate of 141⁄4%), of the
		Company, with a liquidation preference of $10,000 per share and the 93⁄4%
		Series A Convertible Preferred Stock, par value $0.001 per share, of the
		Company, with a liquidation preference of $10,000 per share, in each case as
		may be amended, modified, supplemented or restated from time to
		time.

	  

	 “Series
		B Preferred Stock”
		means the 11% Series B Convertible Exchangeable Preferred Stock, par value
		$0.001 per share, of the Company, with a liquidation preference of $10,000 per
		share, as it may be amended, modified, supplemented or restated from time to
		time.

	  

	 “Station
		Offer Notice”
		has the meaning ascribed to such term in Section 9.1(a).

	  

	 “Station
		Offer Price”
		has the meaning ascribed to such term in Section 9.1(a).

	  

	 “Station
		Third Party”
		has the meaning ascribed to such term in Section 9.1(a).

	  

	 “Station
		Transfer”
		has the meaning ascribed to such term in Section 5(f).

	 
		
		   

		  9

		  

		  
		  

		   
 

	 “Stock”
		(including references to “shares
		of Stock”)
		means (i) any shares of Common Stock and (ii) any Common Stock
		Equivalents of the Company, in each case, whether outstanding on the date
		hereof or created hereafter.

	  

	 “Stockholders”
		means the CIG Media Parties, the NBCU Parties and any other holder of Stock who
		acquires shares of Stock from the NBCU Parties or the CIG Media Parties and as
		a condition precedent to the consummation of such acquisition, executes and
		delivers to the Company a joinder agreement, in the form attached hereto as
		Exhibit A.

	  

	 “Subsidiary”
		means, with respect to the Company, a corporation, partnership, limited
		liability company, joint venture or other entity of which shares of stock or
		other ownership interests having ordinary voting power (other than stock or
		such other ownership interests having such power only by reason of the
		happening of a contingency) to elect a majority of the board of directors or
		other managers of such corporation, partnership or other entity are at the time
		owned, directly or indirectly, through one or more intermediaries (including,
		without limitation, other Subsidiaries), or both, by the Company.

	  

	 “Tax”
		means, with respect to any Person, all taxes, assessments and other
		governmental charges, duties, impositions and liabilities (including any tax on
		or based upon net income, gross income, or income as specially defined, or
		earnings, profits, or selected items of income, earnings or profits) and all
		alternative or add-on minimum tax, profits or excess profits tax, franchise
		tax, gross income, gross receipts tax, license, employment related tax, real or
		personal property tax or ad valorem tax, sales, social service, goods and
		services or use tax, customs, excise tax, stamp tax, land transfer tax, any
		withholding or backup withholding tax, value added tax, customs duties, capital
		stock, severance tax, prohibited transaction tax, premiums tax, environmental,
		windfall profits, occupation tax, capital tax, together with any interest and
		any penalty, additions to tax or additional amount imposed by any Governmental
		Entity on such person and any obligations under any legally binding agreements
		or arrangements with any other person with respect to such amounts and
		including any liability for the aforementioned taxes of a predecessor
		entity.

	  

	 “Title
		IV Plan”
		means an employee pension benefit plan, as defined in Section 3(2) of ERISA
		(other than a Multiemployer Plan), which is covered by Title IV of ERISA, and
		which the Company, any Subsidiary of the Company or any ERISA Affiliate (i)
		maintains, contributes to or has an obligation to contribute to on behalf of
		participants who are or were employed by any of them or (ii) could have had
		liability under Section 4069 of ERISA in the event such plan has been or were
		to be terminated. 

	  

	 “Transactions”
		has the meaning ascribed to such term in the Recitals.

	  

	 “Transaction
		Agreements”
		has the meaning ascribed to such term in Section 1.01 of the Master
		Agreement.

	  

	 “Unapproved
		Items”
		has the meaning ascribed to such term in Section 5(c). 

	  

	 “Voting
		Shares”
		means the shares of Class A Common Stock, Class B Common Stock and any other
		Stock of the Company having the ordinary power to vote in the election of
		members of the Board.

	 
		
		   

		  10

		  

		  
		  

		   
 

	 Section
		2. Methodology
		for Calculations;
		Effective Date.

	  

	 (a) Except
		as otherwise expressly provided in this Agreement, for purposes of calculating
		(i) the number of Voting Shares as of any particular date and
		(ii) the number of outstanding Voting Shares owned by a Person hereunder
		(and the percentage of the Voting Shares owned by a Person), such number of
		Voting Shares shall be calculated as though each Common Stock Equivalent of the
		Company had been on such date converted into, or exchanged or exercised for,
		the number of Voting Shares which such Common Stock Equivalent would be
		entitled to be converted into or exchanged or exercised for. In the event of
		any stock split, stock dividend, reverse stock split, any combination of Voting
		Shares or any similar event, with respect to all references in this Agreement
		to a Stockholder or Stockholders holding a number of Voting Shares, the
		applicable number shall be appropriately adjusted to give effect to such stock
		split, stock dividend, reverse stock split, any combination of Voting Shares or
		any similar event). For purposes of calculating any Person’s outstanding
		voting power of the Company pursuant to Sections 3.1(b)(i) and 3.1(b)(ii), at
		any time prior to the exercise of the NBCU Option II pursuant to the Option II
		Call Agreement, the NBCU Option II shall not be deemed as converted into, or
		exchanged or exercised for, the number of Voting Shares which such NBCU Option
		II would be entitled to be converted, exchanged or exercised. 

	  

	 (b) As of
		the Effective Date, this Agreement shall become effective and the Investment
		Agreement, dated November 7, 2005, between the Company and NBCU shall terminate
		in its entirety and shall have no further force or effect. As of the date on
		which Mr. Lowell W. Paxson and his Affiliates no longer beneficially own any
		Call Shares, the Prior Stockholder Agreement shall terminate in its entirety
		and shall have no further force or effect. In the event the Effective Date
		occurs prior to the termination of the Prior Stockholder Agreement, to the
		extent that any of the terms hereof are inconsistent with the rights of the
		NBCU Parties or the obligations of the Company under the Prior Stockholder
		Agreement but do not otherwise adversely affect the rights of Mr. Lowell W.
		Paxson and his Affiliates under the Prior Stockholder Agreement, this Agreement
		shall govern. 

	  

	 Section
		3. Corporate
		Governance

	  

	 3.1. Board
		of Directors

	  

	 (a) The
		Company shall cause its by-laws to be duly amended to provide that the Board
		shall be comprised of 13 directors or such other number of directors as may
		from time to time be determined by the Board and approved in accordance with
		Section 5(k). Until the date the shares of Class A Common Stock are delisted
		from the American Stock Exchange and deregistered with the SEC, each of the
		Company, the CIG Media Parties and the NBCU Parties shall use its reasonable
		best efforts to ensure that the composition of the Board and of each committee
		of the Board satisfies the listing requirements of the American Stock
		Exchange. 

	  

	 (b) Without
		limiting the generality of Section 3.1(a), and subject to any restrictions
		imposed by applicable law, including the Communications Act:

	  

	 (i) for so
		long as the CIG Media Parties hold greater than 50% of the outstanding
		voting
		power of the Company, the CIG Media Parties shall have the 

	 
		
		   

		  11

		  

		  
		  

		   
 

	 right to
		designate seven members of the Board; provided,
		that if at
		such time at which the CIG Media Parties hold less than 50% of the outstanding
		voting power of the Company but more than 20% of the number of outstanding
		Voting Shares, the CIG Media Parties shall have the right to designate two
		members of the Board (the
		persons from time to time designated by the CIG Media Parties in accordance
		with this Section 3.1(b)(i) being referred to herein as the “CIG
		Media Directors”).

	  

	 (ii) if at
		any time, the NBCU Parties hold a number of outstanding Voting Shares that is
		more than 20% of the number of outstanding Voting Shares, the NBCU Parties
		shall have the right to nominate two members of the Board; provided, that
		if at such time the NBCU Parties hold greater than 50% of the outstanding
		voting power of the Company, the NBCU Parties shall have the right to nominate
		seven members of the Board (the persons from time to time nominated by the NBCU
		Parties in accordance with this Section 3.1(b)(ii) and elected to the Board
		being referred to herein as the “NBCU
		Directors”).
		For the avoidance of doubt, until such time as NBCU determines, in its
		reasonable discretion, that the Communications Act permits the NBCU Parties to
		nominate an employee of NBCU or any of its Affiliates to be an NBCU Director,
		no individual nominated by the NBCU Parties to be an NBCU Director shall be an
		employee of NBCU or any of its Affiliates. 

	  

	 (iii) if at
		any time, for any reason, no CIG Media Directors serve as members of the Board,
		the CIG Media Parties may appoint two representatives (the “CIG
		Media Observers”),
		and if at any time, for any reason, no NBCU Directors serve as members of the
		Board, the NBCU Parties may appoint two representatives (the “NBCU
		Observers”
		and, together with CIG Media Observers, the “Observers”);
		provided, that
		the right to appoint the Observers in accordance with this Section 3.1(b)(iii)
		shall terminate with respect to the CIG Media Parties or the NBCU Parties, as
		the case may be, if such Person holds less than 10% of the number of
		outstanding Voting Shares. Each of the Observers shall be entitled to receive
		notice of and have the right to attend any and all meetings of the Board and
		any of its standing committees in an observer capacity, and the Company shall
		provide each Observer with copies of all notices, minutes, consents and other
		material at the same time as such materials are distributed to members of the
		Board and shall be entitled to participate in discussions and consult with, and
		make proposals and furnish advice to, the Board; provided, that
		(A) the CIG Media Parties and the NBCU Parties, as applicable, shall cause
		their respective Observers to agree to hold in confidence and trust and to act
		in a fiduciary manner with respect to all information provided to him pursuant
		hereto and (B) the Company and the Board shall have the right to withhold any
		information and to exclude any Observer from any meeting or portion thereof (1)
		if doing so is, in the Board’s reasonable discretion, advisable or
		necessary to protect the attorney-client privilege between the Company and its
		counsel or (2) if the Board determines in good faith that fiduciary
		requirements under applicable law would prohibit attendance by such Observer.
		The Observers shall have no right to vote on any matters presented to the
		Board. 

	 
		
		   

		  12

		  

		  
		  

		   
 

	 (iv) for so
		long as Mr. Brandon Burgess is entitled to be a director of the Company under
		the terms of his employment agreement with the Company, he shall be designated
		to serve as a member of the Board. At such time as Mr.  Burgess shall no
		longer serve as chief executive officer of the Company, any subsequent chief
		executive officer of the Company shall, subject to the prior written consent of
		the NBCU Parties and the CIG Media Parties, be designated to serve as a member
		of the Board.

	  

	 (c) Subject
		to Sections 3.3(b) and 3.3(d), at any regular or special meeting of
		stockholders of the Company called for the purpose of electing members to serve
		on the Board, or, to the extent permitted by the certificate of incorporation
		of the Company, in any written consent electing members to serve on the Board
		executed in lieu of such a meeting, each of the Stockholders agrees to vote all
		Voting Shares held by them, and to take all other necessary action, to cause
		the individuals designated by the CIG Media Parties in accordance with
		Section 3.1(b)(i) to be directors of the Company. 

	  

	 (d) Except
		as required by applicable law and subject to Section 5, the business and
		affairs of the Company shall be managed by or under the direction of the Board.
		At all meetings of the Board, a quorum shall consist of not less than a
		majority of the total number of the members of the Board then holding office.
		All actions of the Board shall require the affirmative vote of at least a
		majority of the members of the Board present at a meeting at which a quorum is
		present. Subject to applicable law, any action that may be taken at a meeting
		of the Board may also be taken by written consent of all of the members of the
		Board in lieu of a meeting.

	  

	 3.2. Committees

	  

	 (a) The
		Board shall appoint and maintain an executive committee, an audit committee, a
		compensation committee and such other committees as may be approved by the
		Board.

	  

	 (b) Subject
		to Sections 3.1(b) and 3.3(d) and any restrictions imposed by applicable law,
		the Company shall, (i) if requested by the CIG Media Parties, take all actions
		necessary to cause each CIG Media Director to be appointed to any committee of
		the Board or to any committee of the board of directors or other similar
		managing body of any Subsidiary of the Company on which the CIG Media Parties
		request that such appointment be made and (ii) if requested by the NBCU
		Parties, take all actions necessary to cause each NBCU Director to be appointed
		to any committee of the Board or to any committee of the board of directors or
		other similar managing body of any Subsidiary of the Company on which the NBCU
		Parties request that such appointment be made; provided, that
		in no event shall the percentage of the CIG Media Directors and the NBCU
		Directors, as the case may be, serving on each such committee exceed the
		percentage of the CIG Media Directors and the NBCU Directors, as the case may
		be, serving on the Board at such time.

	  

	 (c) Subject
		to Sections 3.1(b) and 3.3(d) and any restrictions imposed by applicable law,
		the Company shall, (i) if requested by the CIG Media Parties, take all actions
		necessary to cause each CIG Media Director to be appointed to the board of
		directors or other 

	 
		
		   

		  13

		  

		  
		  

		   
 

	 similar
		managing body of any Subsidiary of the Company on which the CIG Media Parties
		request that such appointment be made and (ii) if requested by the NBCU
		Parties, take all actions necessary to cause each NBCU Director to be appointed
		to the board of directors or other similar managing body of any Subsidiary of
		the Company on which the NBCU Parties request that such appointment be
		made.

	  

	 3.3. Vacancies;
		Resignation; Removal

	  

	 (a) Subject
		to Sections 3.3(d) and 3.3(e), each director shall hold his office until
		the annual meeting of the stockholders of the Company for the year in which his
		term expires and until his successor shall be duly elected and qualified,
		subject, however, to prior death, resignation, retirement, disqualification or
		removal from office. 

	  

	 (b) If any
		CIG Media Director shall cease for any reason to serve as a director of the
		Company for any reason, the vacancy resulting thereby shall be filled by
		another individual selected by the CIG Media Parties to replace such director.
		If any CIG Media Director serving on any committee of the Board or on any board
		of directors or other similar managing body (and any committee thereof) of any
		Subsidiary of the Company shall cease for any reason to serve as a member of
		any such committee, board of directors, or other similar managing body, as the
		case may be, he shall be succeeded by another CIG Media Director selected by
		the CIG Media Parties if the CIG Media Parties are then entitled to designate a
		CIG Media Director to replace such director. 

	  

	 (c) If any
		NBCU Director shall cease for any reason to serve as a director of the Company
		for any reason, the vacancy resulting thereby shall be filled by another
		individual selected by the NBCU Parties to replace such director. If any NBCU
		Director serving on any committee of the Board or on any board of directors or
		other similar managing body (and any committee thereof) of any Subsidiary of
		the Company shall cease for any reason to serve as a member of any such
		committee, board of directors, or other similar managing body, as the case may
		be, he shall be succeeded by another NBCU Director selected by the NBCU Parties
		if the NBCU Parties are then entitled to designate an NBCU Director to replace
		such director. 

	  

	 (d) In the
		event that the CIG Media Parties or the NBCU Parties, as the case may be, lose
		their right to designate one or more directors pursuant to Section 3.1(b)
		as a result of ceasing to hold the requisite percentage ownership of Voting
		Shares or as a result of any restrictions imposed by applicable law, including
		the Communications Act, the CIG Media Parties or the NBCU Parties, as the case
		may be, shall cause one or more of such their designees to resign from the
		Board (and any committee thereof) and from any board of directors or other
		similar managing body (and any committee thereof) of any Subsidiary of the
		Company; provided, that
		if the CIG Media Parties or the NBCU Parties, as the case may be, retain the
		right to designate any directors pursuant to Section 3.1(b), such parties
		shall have the right to select which of their designee or designees shall
		resign pursuant to this Section 3.3(d) and which of their designee or
		designees will continue to serve on the Board.

	  

	 (e) Subject
		to Section 3.3(d), the removal from the Board of any CIG Media Director or
		the NBCU Director, as the case may be, shall be only at the written request of
		the CIG Media Parties or the NBCU Parties, as the case may be. Upon receipt of
		any such written 

	 
		
		   

		  14

		  

		  
		  

		   
 

	 request
		by the Board, the Board and the Stockholders shall promptly take all such
		action necessary or desirable to cause the removal of such director from
		office.

	  

	 3.4. Cooperation

	  

	 Each
		Stockholder shall vote all of its Voting Shares and shall take all other
		necessary or desirable actions within its control (including attending all
		meetings in person or by proxy for purposes of obtaining a quorum and executing
		all written consents in lieu of meetings, as applicable) and the Company shall
		take all necessary and desirable actions within its control (including
		providing therefor in its organizational documents and calling special Board
		and stockholder meetings) to effectuate the provisions of Section 3.
		

	  

	 3.5. Expenses

	  

	 The
		Company shall pay and reimburse all reasonable out-of-pocket expenses incurred
		by each member of the Board in connection with performing his duties as a
		member of the Board, including reasonable out-of-pocket expenses incurred by
		such person for attending meetings of the Board, and meetings of any committee
		of the Board and any board of directors or other similar managing body
		(including any committee thereof) of any Subsidiary of the Company of which
		such individual is a member. 

	  

	 3.6. Directors’
		Indemnification

	  

	 (a) The
		certificate of incorporation, bylaws and other organizational documents of the
		Company and each of its Subsidiaries shall at all times, to the fullest extent
		permitted by law, provide for indemnification of, advancement of expenses to,
		and limitation of the personal liability of, the members of the Board and the
		members of the boards of directors or other similar managing bodies of each of
		the Company’s Subsidiaries and such other persons, if any, who, pursuant
		to a provision of such certificate of incorporation, bylaws or other
		organizational documents, exercise or perform any of the powers or duties
		otherwise conferred or imposed upon members of the Board or the boards of
		directors or other similar managing bodies of each of the Company’s
		Subsidiaries. Such provisions may not be amended, repealed or otherwise
		modified in any manner adverse to any member of the Board or any member of the
		boards of directors or other similar managing bodies of any of the
		Company’s Subsidiaries, until at least six years following the date that
		neither the CIG Media Parties nor the NBCU Parties are not entitled to
		designate any director pursuant to this Agreement and, with respect to any
		director, until at least six years following the date such director ceases to
		serve as a director of the Company or any of the Company’s Subsidiaries
		(including following the Sale of the Company).

	  

	 (b) Each
		member of the Board is intended to be a third-party beneficiary of the
		obligations of the Company pursuant to this Section 3.6, and the
		obligations of the Company pursuant to this Section 3.6 shall be
		enforceable by each member of the Board, the CIG Media Parties and the NBCU
		Parties.

	  

	 Section
		4. [Intentionally
		Omitted]

	 
		
		   

		  15

		  

		  
		  

		   
 

	 Section
		5. Approval
		of Certain Matters

	  

	 The
		Company shall not, and shall not permit any of its Subsidiaries to, directly or
		indirectly, take any of the following actions without the prior written
		approval of both the CIG Media Parties and the NBCU Parties (for purposes of
		this Section 5 and Section 14, all of the CIG Media Parties are deemed to be
		one Stockholder and all of the NBCU Parties are deemed to be one Stockholder);
		provided that in
		the event the CIG Media Parties or the NBCU Parties, as the case may be, hold
		less than 25% of the number of outstanding Voting Shares, such
		Stockholder’s prior written approval pursuant to this Section 5 shall not
		be required (a Stockholder whose prior written approval is required pursuant to
		this Section 5 being an “Approval
		Stockholder”):

	  

	 (a) adopt
		any shareholders rights plan or enter into any agreement that is material to
		the Company and its Subsidiaries taken as a whole, the provisions of which,
		upon the acquisition of Stock by the CIG Media Parties or the NBCU Parties: (i)
		would be violated or breached, would require a consent or approval thereunder,
		or would result in a default thereof (or an event which, with notice or lapse
		of time or both, would constitute a default), (ii) would result in the
		termination thereof or accelerate the performance required thereby, or result
		in a right of termination or acceleration thereunder, (iii) would result in the
		creation of any Lien (except Permitted Liens) upon any of the properties or
		assets of the Company or any Subsidiary of the Company thereunder, (iv) would
		disadvantage the CIG Media Parties or the NBCU Parties relative to other
		stockholders of the Company on the basis of the size of their shareholdings, or
		(v) would otherwise restrict or impede the ability of the CIG Media Parties or
		the NBCU Parties to acquire additional shares of Stock, or Sell Stock, in any
		manner permitted by the Transaction Agreements; provided, that
		the Company may (A) enter into senior loan agreements that contain customary
		provisions permitting acceleration of the related indebtedness upon a change of
		control or (B) issue debt securities or preferred stock that contain customary
		change of control provisions permitting the holders of such debt securities or
		preferred stock to demand repurchase of their debt securities or preferred
		stock upon a change of control of the Company;
		

	  

	 (b) take any
		action that would cause any ownership interest in any of the following to be
		attributable to the CIG Media Parties (only if at the time of such action, the
		CIG Media Parties do not have any attributable interest in the Company but such
		action would otherwise cause the CIG Media Parties to have an attributable
		interest in the Company) or the NBCU Parties for purposes of FCC regulations:
		(i) a U.S. broadcast radio or television station (other than the Same Market
		Stations), (ii) a U.S. cable television system, (iii) a U.S. “daily
		newspaper” (as such term is defined in Section 73.3555 of the rules and
		regulations of the FCC), (iv) any U.S. communications facility operated
		pursuant to a license granted by the FCC and subject to the provisions of
		Section 310(b) of the Communications Act, or (v) any other business which is
		subject to FCC regulations under which the ownership of a Person may be subject
		to limitation or restriction as a result of the interest in such business being
		attributed to such Person. 

	  

	 (c) approve
		(such approval not to be unreasonably withheld) (i) a Budget, (ii) any
		expenditures that materially exceed budgeted amounts or (iii) any amendments to
		a Budget; provided,
		however, that
		any Approval Stockholder may withhold its approval of any proposed Budget by
		identifying those items of the proposed Budget which are not approved (the
		“Unapproved
		Items”)
		and providing in writing to the Company such party’s basis for
		

	 
		
		   

		  16

		  

		  
		  

		   
 

	 withholding
		such approval and, in such event, the portions of such proposed Budget which
		are not identified as unapproved, shall be deemed to be approved under this
		Section 5; provided,
		further, that
		if the Approval Stockholders fail to approve any Unapproved Item within 30 days
		(during which period the Approval Stockholders shall negotiate in good faith
		with respect to such Unapproved Item) after an Approval Stockholder identifies
		an Unapproved Item, such Unapproved Item shall (notwithstanding such failure to
		be approved) be deemed to be approved in the amount reflected in the Budget for
		the previous year; 

	  

	 (d) enter
		into any agreement or arrangement relating to the digital spectrum of all or
		any of the Company Stations, except for any agreement which (i) has a term of
		not more than 14 months or (ii) is terminable on not more than 14 months notice
		without payment of any material penalty or any other material adverse
		consequence suffered by the Company; 

	  

	 (e) amend
		the Company’s certificate of incorporation or by-laws in any material
		respect, except as may be necessary in connection with (i) the Transactions
		contemplated by the Transaction Agreements or (ii) issuances of Stock permitted
		under this Agreement and any other Transaction Agreements to which the Company
		is a party; 

	  

	 (f) other
		than any low-power television stations that do not expand the coverage and
		cable carriage of any Company Station, Sell (i) more than 50% of the stock of
		any Subsidiary of the Company that owns the primary operating assets of, or a
		FCC license of, a Company Station or (ii) the primary operating assets of, or
		any FCC license of, a Company Station (each, a “Station
		Transfer”),
		in each case, if such Company Station is located in any of the 50 largest DMAs
		as of the date of such disposition; 

	  

	 (g) except
		for any transactions permitted pursuant to Section 5(f), (i) Sell assets
		involving, together with all other Sales of assets during any 12-month period,
		assets with a fair market value greater than 20% of the book value of the
		Company’s consolidated assets reflected on the most recent balance sheet
		provided pursuant to Section 7.1(b), (ii) acquire assets, including pursuant to
		a merger, consolidation or other business combination, if the consideration
		payable for such assets in any single transaction exceeds 5% of the book value
		of the Company’s consolidated assets reflected on the most recent balance
		sheet provided pursuant to Section 7.1(b) or if the aggregate consideration
		payable for such transaction, together with the consideration paid for all such
		acquisitions in any 12-month period, exceeds 10% of the book value of the
		Company’s consolidated assets reflected on the most recent balance sheet
		provided pursuant to Section 7.1(b) (excluding, in each case, transactions
		involving issuances of Stock that have been approved pursuant to this Section
		5) or (iii) engage in any merger or business combination transaction where the
		Company is not the surviving entity or where there is a change of control of
		the Company (other than as contemplated by the Transaction
		Agreements); 

	  

	 (h) create,
		designate, authorize, issue, Sell or grant, or enter into any agreement
		providing for the issuance (contingent or otherwise) of, any Stock except for
		Stock issued (i) upon the conversion, exchange or exercise of any Plan Option,
		(ii) upon conversion of the Senior Preferred Stock and the Series B Preferred
		Stock (iii) pursuant to the Transaction Agreements; provided, that
		the number of shares of Stock issued or issuable pursuant to clause (i) of this
		Section 5(h) shall not exceed 52,000,000 shares (comprised of 24,436,363 shares
		in respect of the Company Stock Plans (as defined in Master Agreement) and
		24,563,637 shares in respect of any stock-based compensation plan entered into
		after the date hereof and approved by the Board); provided,
		further, the
		approval of the NBCU Parties shall not be required for the issuance of any
		Stock that results in a Mandatory 

	 
		
		   

		  17

		  

		  
		  

		   
 

	 Conversion
		Event (as defined in the Certificate of Designation or Indenture, as
		applicable) for all of the Convertible Securities (as defined in the Master
		Agreement);

	  

	 (i) split,
		combine or reclassify any of its Stock in any manner adverse to the CIG Media
		Parties or the NBCU Parties, as applicable;

	  

	 (j) except
		as provided in the Transaction Agreements, enter into any employment,
		compensation or other agreement with an employee or director of the Company or
		any of its Subsidiaries (other than station managers) that (i) provides for
		cash compensation (excluding bonus) reasonably expected to be in excess of
		$400,000 per year or (ii) has longer than a three-year term; 

	  

	 (k) increase
		the size of the Board other than any increases as a result of a Voting Rights
		Triggering Event (as defined in the certificates of designation relating to the
		Senior Preferred Stock);

	  

	 (l) file any
		voluntary bankruptcy, wind up of the Company or file for protection under Title
		11, U.S. Code or any similar federal or state law for the relief of debtors;
		or 

	  

	 (m) enter
		into any joint sales, joint services, time brokerage, local marketing or
		similar agreement or arrangement (other than agreements or arrangements that
		may be terminated at no cost to the Company upon six-months’ notice), but
		only if after entering into such agreement or arrangement, Company Stations
		representing 20% or more of the Company’s National Coverage would be
		subject to such agreements or arrangements. 

	  

	 Section
		6. Other
		Company Covenants

	  

	 (a) Maintenance
		of Existence and Property; FCC Licenses. 

	  

	 The
		Company shall do or cause to be done all things necessary to preserve and keep
		in full force and effect its corporate existence and its rights and franchises
		material to its business. The Company and each Subsidiary of the Company shall
		maintain in good repair, working order and condition all of the properties that
		are material to the Company and its Subsidiaries taken as a whole, used or
		useful in the business of such Person and from time to time shall make or cause
		to be made all appropriate (as reasonably determined by such Person) repairs,
		renewals and replacements thereof. The Company shall, and shall cause each
		Subsidiary of the Company to, use its best efforts to keep in full force and
		effect all of its material FCC licenses and shall provide the CIG Media Parties
		and the NBCU Parties with a copy of any (or, in the event of any notice based
		on knowledge of such Person, a brief description of such default and the basis
		of such knowledge) notice from the FCC of any violation with respect to any
		material FCC license received by it (or with respect to which such Person may
		have any knowledge). 

	  

	 (b) Payment
		of Obligations. 

	  

	 Except
		as disclosed in the Company’s SEC filings prior to the date hereof, the
		Company shall pay and discharge or cause to be paid and discharged before any
		penalty accrues 

	 
		
		   

		  18

		  

		  
		  

		   
 

	 thereon
		all material Taxes payable by it or any of its Subsidiaries. Notwithstanding
		the foreging, the Company and each Subsidiary of the Company may in good faith
		contest, by appropriate proceedings, the validity or amount of any Taxes
		described in this Section 6(b); provided, that
		(i) adequate reserves with respect to such contest are maintained on the books
		of such Person, in accordance with GAAP and (ii) such Person shall promptly pay
		or discharge such contested Taxes and all additional charges, interest,
		penalties and expenses, if any, if such contest is terminated or discontinued
		adversely to such Person or the conditions set forth in this Section 6(b) are
		no longer met.

	  

	 (c) Books
		and Records. 

	  

	 The
		Company shall, and shall cause each Subsidiary of the Company to, keep adequate
		books and records with respect to its business activities in which proper
		entries, reflecting all financial transactions, are made in accordance with
		GAAP and any applicable law and on a basis consistent with the Company’s
		audited financial statements for the twelve-month period ended December 31,
		2006. 

	  

	 (d) Insurance. 

	  

	 The
		Company shall, and shall cause each Subsidiary of the Company to, maintain or
		cause to be maintained, with financially sound and reputable insurers,
		insurance with respect to its business and properties, including business
		interruption insurance, insurance on fixed assets and directors and
		officers’ liability insurance, against loss or damage of the kinds
		customarily carried or maintained under similar circumstances by entities of
		established reputation engaged in similar businesses.

	  

	 (e) Compliance
		with Laws, Etc.

	  

	 The
		Company shall, and shall cause each Subsidiary of the Company to, comply in all
		material respects with all (i) federal, state, local and foreign laws and
		regulations applicable to it, including those relating to the Communications
		Act, ERISA and labor matters and Environmental Laws and Environmental Permits,
		and (ii) provisions of all FCC licenses, certifications and permits,
		franchises, or other permits and authorizations relating to the operation of
		the Company’s business and all other material agreements, licenses or
		leases to which it is a party or of which it is a beneficiary and suffer no
		loss or forfeiture thereof or thereunder.

	  

	 (f) Environmental
		Matters.

	  

	 The
		Company shall, and shall cause each Subsidiary of the Company to, and shall
		cause each Person within its control to: (i) conduct its operations and
		keep and maintain its real estate in compliance with all Environmental Laws and
		Environmental Permits other than noncompliance which could not reasonably be
		expected to have a Material Adverse Effect; (ii) implement any and all
		investigation, remediation, removal and response actions which are appropriate
		or necessary to comply with Environmental Laws and Environmental Permits
		pertaining to the presence, generation, treatment, storage, use, disposal,
		transportation or Release of any Hazardous Material on, at, in, under, above,
		to, from or about any of its real estate, except as could not reasonably be
		expected to have a Material Adverse Effect; (iii) notify the CIG
		

	 
		
		   

		  19

		  

		  
		  

		   
 

	 Media
		Parties and the NBCU Parties promptly after such Person becomes aware of any
		material violation of Environmental Laws or Environmental Permits or any
		Release on, at, in, under, above, to, from or about any of its real estate
		which is reasonably likely to have a Material Adverse Effect; and (iv) promptly
		forward to the CIG Media Parties and the NBCU Parties a copy of any order,
		notice, request for information or any communication or report received by such
		Person in connection with any such violation, Release or any other matter
		relating to any Environmental Laws or Environmental Permits that could
		reasonably be expected to have a Material Adverse Effect, in each case whether
		or not the Environmental Protection Agency or any Governmental Entity has taken
		or threatened any action in connection with any such violation, Release or
		other matter. The Company shall not, and shall not cause or permit any of its
		Subsidiaries to, cause or permit a Release of any Hazardous Material on, at,
		in, under, above, to, from or about any of its real estate where such Release
		would violate in any material respect, or form the basis for any material
		Environmental Liabilities under, any Environmental Laws or Environmental
		Permits.

	  

	 (g) Material
		Adverse Effect.

	  

	 The
		Company shall not make any changes in any of its business objectives, purposes
		or operations which could reasonably be expected to have or result in a
		Material Adverse Effect on the Company’s ability to perform its
		obligations under this Agreement or any other Transaction Agreements to which
		the Company is a party.

	  

	 (h) ERISA.

	  

	 The
		Company shall not, and shall not cause or permit any ERISA Affiliate to, cause
		or permit to occur an event which could result in the imposition of a Lien
		under Section 412 of the Code or Section 302 or 4068 of ERISA or cause or
		permit to occur an ERISA Event to the extent such ERISA Event could reasonably
		be expected to have a Material Adverse Effect.

	  

	 (i) No
		Impairment of Intercompany Transfers.

	  

	 Except
		in connection with any transaction contemplated in any of the Transaction
		Agreements, the Company shall not permit any of its Subsidiaries to directly or
		indirectly enter into or become bound by any agreement, instrument, indenture
		or other obligation which could directly or indirectly restrict, prohibit or
		require the consent of any Person with respect to the payment of dividends or
		distributions or the making or repayment of intercompany loans by any of its
		Subsidiaries to another Subsidiary of the Company or the Company.

	  

	 (j) Limitation
		on Certain Asset Sales. 

	  

	 The
		Company shall not, and shall not permit any Subsidiary of the Company to,
		consummate an Asset Sale unless (i) the Company or such Subsidiary of the
		Company, as the case may be, receives consideration at the time of such sale or
		other disposition at least equal to the fair market value thereof on the date
		the Company or the Subsidiary of the Company (as applicable) entered into the
		agreement to consummate such Asset Sale (as determined in good faith by the
		Board, and evidenced by a resolution of the Board); (ii) not less than 75% of
		the consideration received by the Company or such Subsidiary of the Company, as
		the case may be, is in the form of cash or cash equivalents other than in the
		case where the Company is 

	 
		
		   

		  20

		  

		  
		  

		   
 

	 exchanging
		all or substantially all of the assets of one or more media properties operated
		by the Company (including by way of the transfer of capital stock) for all or
		substantially all of the assets (including by way of transfer of capital stock)
		constituting one or more media properties operated by another Person,
		provided that at
		least 75% of the consideration received by the Company in such exchange, other
		than the media properties, is in the form of cash or cash equivalents; and
		(iii) the proceeds of such Asset Sale received by the Company or such
		Subsidiary of the Company are applied first, to the extent the Company elects
		or is required, to prepay, repay or purchase debt under any then existing
		indebtedness of the Company or any Subsidiary of the Company within 180 days
		following the receipt of the proceeds of such Asset Sale and second, to the
		extent of the balance of the proceeds of such Asset Sale after application as
		described above, to the extent the Company elects, to make an investment in
		assets (including capital stock or other securities purchased in connection
		with the acquisition of capital stock or property of another Person) used or
		useful in businesses similar or ancillary to the business of the Company or any
		Subsidiary of the Company as conducted at the time of such Asset Sale,
		provided that
		such investment occurs or the Company or any Subsidiary of the Company enters
		into contractual commitments to make such investment, subject only to customary
		conditions (other than the obtaining of financing), on or prior to the 181st
		day following receipt of the proceeds of such Asset Sale and the proceeds of
		such Asset Sale contractually committed are so applied within 360 days
		following the receipt of the proceeds of such Asset Sale.

	  

	 Section
		7. Financial Statements and Other Reports

	  

	 7.1
		 Delivery
		of Financial Statements and Other Reports. The
		Company shall deliver, or cause to be delivered, to each
		Stockholder:

	  

	 (a)
		 Monthly
		Financials: as
		soon as practicable and in any event within 30 days after the end of each
		calendar month of the Company, copies of all monthly financial reports prepared
		for the chief executive officer or the chief operating officer of the Company
		with respect to the Company and its consolidated Subsidiaries for and as of the
		end of such month, including, without limitation, a monthly balance sheet and
		income statement and a comparison of the income statement to the
		budget;

	  

	 (b)
		 Quarterly
		Financials: as
		soon as practicable and in any event within five days after it files them with
		the SEC (to the extent applicable), a consolidated balance sheet of the Company
		and its consolidated Subsidiaries as at the end of such period, and the related
		unaudited consolidated statements of income and of cash flows, as contained in
		the Form 10-Q for such fiscal quarter provided by the Company to the SEC, and
		if such Form 10-Q is not required to be so provided by the Company, then the
		Company shall provide each Stockholder, within 45 days after the end of each
		fiscal quarter of the Company, with comparable financial statements, certified
		by the chief financial officer of the Company that they fairly present the
		financial position and results of operations of the Company and its
		consolidated Subsidiaries, as appropriate, as at the end of such periods and
		for such periods, subject to changes resulting from audit and normal year-end
		adjustments;

	  

	 (c)
		 Year-End
		Financials: as
		soon as practicable and in any event within five days after it files them with
		the SEC (to the extent applicable), or if the Company is not required to file
		such statements with the SEC, within 90 days after the end of each fiscal year
		of the 

	 
		
		   

		  21

		  

		  
		  

		   
 

	 Company,
		the audited consolidated balance sheet of the Company and its consolidated
		Subsidiaries, as at the end of such year, and the related consolidated
		statements of income, shareholders’ equity and cash flows of the Company
		and its consolidated Subsidiaries for such fiscal year, (i) accompanied by a
		report thereon of independent certified public accountants selected by the
		Company, which report shall state that the examination by such accountants in
		connection with such financial statements has been made in accordance with
		generally accepted auditing standards without any limitations being imposed on
		the scope of such examination and (ii) certified by the chief financial officer
		of the Company that they fairly present the financial position and results of
		operations of the Company and its consolidated Subsidiaries, as at the dates
		and for the periods indicated, as appropriate;

	  

	 (d)
		 Reconciliation
		Statement: if, as
		a result of any change in accounting principles and policies from those used in
		the preparation of the financial statements, the financial statements of the
		Company and its consolidated Subsidiaries delivered pursuant to subsections
		(b), (c) or (f) of this Section 7.1 differ in any material respect from the
		financial statements that would have been delivered pursuant to such
		subsections had no such change in accounting principles and policies been made,
		then, together with the first delivery of financial statements pursuant to
		subsection (b), (c) or (f) following such change, financial statements of the
		Company and its consolidated Subsidiaries prepared on a pro forma basis, for
		(i) the current year to the effective date of such change and (ii) the one full
		fiscal year immediately preceding the fiscal year in which such change is made,
		as if such change had been in effect during such period;

	  

	 (e)
		 Accountants’
		Certification: so
		long as not contrary to the then current recommendations of the American
		Institute of Certified Public Accountants, the year-end financial statements
		delivered pursuant to this Section 7.1 shall be accompanied by a written
		statement of the Company’s independent certified public accountants that
		in making the examination necessary for certification of such financial
		statements nothing has come to their attention which would lead them to believe
		that the Company is not in compliance with the terms of the instruments
		governing its outstanding debt or, if any such violation has occurred,
		specifying the nature and period of existence thereof, it being understood that
		such accountants shall not be liable directly or indirectly for any failure to
		obtain knowledge of any such violation;

	  

	 (f)
		 Accountants’
		Reports:
		promptly upon receipt thereof (unless restricted by applicable professional
		standards), copies of all significant reports submitted to the Company by
		independent public accountants in connection with each annual, interim or
		special audit of the financial statements of the Company made by such
		accountants, including, without limitation, the comment letter submitted by
		such accountants to management in connection with their annual
		audit;

	  

	 (g)
		 Reports
		and Filings: within
		five days after the same are sent, copies of all financial statements and
		reports which the Company sends to its stockholders, and within five days after
		the same are filed, copies of all financials statements and reports which the
		Company may make to, or file with, the SEC;

	  

	 (h)
		 Events
		of Default etc.:
		promptly upon, but in any event no later than five Business Days after, any
		executive officer of the Company obtaining knowledge (i) of any 

	 
		
		   

		  22

		  

		  
		  

		   
 

	 condition
		or event that constitutes a violation or default, or becoming aware that any
		lender has given any notice or taken any other action with respect to a claimed
		violation or default under the instruments governing then outstanding debt and
		preferred stock, (ii) that any Person has given any notice to the Company or
		any of its Subsidiaries or taken any other action with respect to a claimed
		default or event or condition that would be required to be disclosed in a
		Current Report on Form 8-K filed by the Company with the SEC or (iii) of any
		condition or event which has had or could reasonably be expected to have a
		Material Adverse Effect, an officer’s certificate specifying the nature
		and period of existence of such condition or event, or specifying the notice
		given or action taken by such holder or Person and the nature of such claimed
		violation, default, event or condition, and what action the Company has taken,
		is taking and proposes to take with respect thereto;

	  

	 (i)
		 Litigation:
		promptly upon any executive officer of the Company obtaining knowledge of (i)
		the institution of any action, suit, proceeding, governmental investigation or
		arbitration against or affecting the Company or any Subsidiary of the Company
		not previously disclosed by the Company to the Stockholders or (ii) any
		material adverse development in any such action, suit, proceeding, governmental
		investigation or arbitration that, in each case involves claims in excess of
		$5,000,000 in the aggregate or would reasonably be expected to cause a Material
		Adverse Effect, the Company shall promptly give notice thereof to each
		Stockholder and provide such other information as may be reasonably available
		to the Company or its Subsidiaries to enable the Stockholders and their
		respective counsel to evaluate such matters; provided that
		the Company shall not be required to provide any information or documents to
		the extent they are protected by the attorney-client privilege;

	  

	 (j)
		 ERISA
		Events: (i)
		promptly upon (and in any event within 10 days after) becoming aware of the
		occurrence of or forthcoming occurrence of any ERISA Event, with a written
		notice specifying the nature thereof, what action the Company or any ERISA
		Affiliate has taken, is taking or proposes to take with respect thereto and,
		when known, any action taken or threatened by the Internal Revenue Service, the
		Department of Labor or the PBGC with respect thereto and (ii) within two
		Business Days after receipt of any notice from the PBGC stating the PBCG’s
		intent to terminate a Title IV Plan or to have a trustee appointed to
		administer a Title IV Plan, a copy of such notice;

	  

	 (k)
		 ERISA
		Notices: with
		reasonable promptness, copies of (i) all notices, records, documents and other
		information received by the Company or any of its ERISA Affiliates from the
		PBGC relating to an ERISA Event, (ii) each Schedule B (Actuarial Information)
		to the annual report (Form 5500 Series) filed by the Company or any of its
		ERISA Affiliates with the Internal Revenue Service with respect to each Title
		IV Plan, if any, (iii) within 10 days after receipt, all notices received by
		the Company or any of its ERISA Affiliates from a Multiemployer Plan sponsor
		concerning an ERISA Event and (iv) each notice of the amount of liability
		incurred or may be incurred by the Company or an ERISA Affiliate upon an event
		set forth in (iii) of this Section 7.1(k);

	  

	 (l)
		 Financial
		Plans: as
		soon as practicable after delivered to the Board, any budget and financial
		forecast for the Company and its Subsidiaries, including (i) a forecasted
		operating cash flows statement of the Company and its Subsidiaries for the next
		succeeding 

	 
		
		   

		  23

		  

		  
		  

		   
 

	 fiscal
		year and (ii) forecasted operating cash flows statement of the Company and its
		Subsidiaries for each fiscal quarter of the next succeeding fiscal year;
		and

	  

	 (m)
		 Other
		Information: with
		reasonable promptness, such other information and data with respect to the
		Company or any of its Subsidiaries or Affiliates as from time to time may be
		reasonably requested by the CIG Media Parties or the NBCU Parties.

	  

	 Notwithstanding
		the foregoing, the Company shall not be required to provide any information or
		document pursuant to subsections (h) through (k) of this Section 7.1 to the
		extent such information or document is included in a Current Report on Form 8-K
		filed by the Company with the SEC and the Company delivers such 8-K to the
		Stockholders, including by means of email transmission, within one Business Day
		following such filing.

	  

	 7.2
		Provision of Information

	  

	 Each
		Stockholder shall provide the Company with such information regarding itself
		and its Affiliates, directors, partners, officers and employees as the Company
		may from time to time reasonably request in connection with filings to be made
		or information to be provided to accrediting bodies and regulatory
		bodies.

	  

	 Section
		8.  Transactions with Affiliates

	  

	 Except
		for transactions and agreements contemplated by this Agreement or any of the
		Transaction Agreements, the Company shall not, nor shall it permit any of its
		Subsidiaries to, directly or indirectly, enter into any transaction or
		agreement with one or more of (A) the Company’s directors or officers or
		with any Person in which one or more of the Company’s directors or
		officers are directors or officers or have a financial or other interest, (B)
		the Company’s Affiliates or the directors, officers and Affiliates of such
		Persons or (C) the Stockholders or their respective directors, officers and
		Affiliates, unless such transaction or agreement has been approved by the Board
		in accordance with the laws of the State of Delaware applicable to such
		transaction and agreement.

	  

	 Section
		9.  NBCU Right of First Offer 

	  

	 (a)
		 So long
		as the NBCU Parties own the Minimum Investment, if the Company or any of its
		Subsidiaries at any time intends to effect a Station Transfer to any Person
		other than a wholly-owned Subsidiary of the Company (a “Station
		Third Party”),
		the Company shall first give written notice (a “Station
		Offer Notice”)
		to the NBCU Parties, stating the Company’s intention to make such a
		Station Transfer, the assets or securities proposed to be transferred, the
		proposed consideration sought for such assets or securities (the
		“Station
		Offer Price”)
		and in reasonable detail all other material terms and conditions upon which
		such Station Transfer is proposed. Notwithstanding the foregoing, the NBCU
		Parties shall not be entitled to a right of first offer with respect to the
		assets or securities of any Company Station that is not located in one of the
		fifty largest DMAs. 

	  

	 (b)
		 Upon
		receipt of the Station Offer Notice, the NBCU Parties shall have an option to
		purchase all of the assets or securities proposed to be transferred at the
		Station Offer Price and on the other material terms and condition set forth in
		the Station Offer Notice, which 

	 
		
		   

		  24

		  

		  
		  

		   
 

	 option
		may be exercised by written notice to the Company given within 45 days of the
		NBCU Parties’ receipt of the Station Offer Notice. 

	  

	 (c)
		 If the
		NBCU Parties exercise its option pursuant to Section 9.1(b), the closing of
		such purchase shall take place within 45 days of the date the NBCU Parties give
		notice of such exercise, except to the extent FCC approval is required or
		reasonably advisable for the transaction, in which case the closing shall take
		place as soon as practicable after receipt of final, non-appealable approval
		from the FCC. 

	  

	 (d)
		 If the
		NBCU Parties determine not to exercise its option, then for a period of 45 days
		from the earlier of (i) the expiration of the offer to the NBCU Parties and
		(ii) the receipt of written notice from the NBCU Parties stating that the NBCU
		Parties do not intend to exercise its option, or for such longer period
		required or reasonably advisable for FCC approval, the Company shall be free to
		sell the proposed assets or securities to the Station Third Party at a price
		equal to or greater than the Station Offer Price and on substantially the same
		terms as set forth in the Station Offer Notice. 

	  

	 Section
		10. Company Equity Issuances

	  

	 In the
		event the Approval Stockholders approve a Sale of Stock by the Company pursuant
		to Section 5(h), the Company shall Sell such Stock (other than Excluded
		Securities) (“Issuance
		Stock”)
		only in accordance with the following procedures and any purported Sale of
		Issuance Stock by the Company in violation of this Section 10 shall be null and
		void: 

	  

	 (a) The
		Company shall deliver to the CIG Media Parties and the NBCU Parties
		(collectively, the “Preemptive
		Stockholders”)
		a written notice (a “Preemptive
		Offer Notice”)
		which shall (i) state the Company’s intention to Sell shares of Issuance
		Stock to one or more Persons, the amount and type of Issuance Stock to be Sold,
		the purchase price therefor and all other material terms of the proposed Sale
		and (ii) offer (the “Preemptive
		Offer”)
		each of the Preemptive Stockholders the option to acquire all or any part of
		Issuance Stock; provided that
		the Company need not deliver a Preemptive Offer Notice or make a Preemptive
		Offer in connection with a Sale of Issuance Stock if each of the CIG Media
		Parties and the NBCU Parties notifies the Company that it will not elect to
		purchase any portion of its Preemptive Percentage of Issuance Stock pursuant to
		such Preemptive Offer. The Preemptive Offer shall remain open and irrevocable
		for a period of 20 days after receipt of the Preemptive Offer Notice by
		each Preemptive Stockholder (the “Preemptive
		Acceptance Period”)
		(and, to the extent the Preemptive Offer is accepted during the Preemptive
		Acceptance Period, until the consummation of the Sale contemplated by the
		Preemptive Offer). Each Preemptive Stockholder shall have the right and option
		to accept the Preemptive Offer for all or any portion of its Preemptive
		Percentage of Issuance Stock at the price and on the terms and subject to the
		conditions set forth in the Preemptive Offer Notice, by delivering to the
		Company within the Preemptive Acceptance Period a written notice (the
		“Acceptance
		Notice”)
		specifying its Preemptive Percentage and the number of shares of Issuance Stock
		such Preemptive Stockholder will purchase (the “Accepted
		Shares”).

	  

	 (b) In the
		event the Company does not receive the Acceptance Notices from the Preemptive
		Stockholders during the Preemptive Acceptance period with respect to all of
		

	 
		
		   

		  25

		  

		  
		  

		   
 

	 Issuance
		Stock offered for Sale pursuant to the Preemptive Offer Notice, the Company may
		Sell all or any portion of such Issuance Stock so offered for Sale and not so
		accepted, at a price not less than the price and on terms not more favorable to
		the purchaser thereof than the terms, in each case as set forth in the
		Preemptive Offer Notice, at any time within 90 days after the expiration
		of the Preemptive Acceptance Period (the “Issuance
		Period”);
		provided that,
		in connection with and as a condition to such Sale, each purchaser or recipient
		of such Issuance Stock who is not then a Stockholder shall execute and deliver
		to the Company (which the Company shall then deliver to all of the
		Stockholders) a joinder agreement in the form attached hereto as Exhibit A. In
		the event that all of Issuance Stock is not so Sold by the Company during the
		Issuance Period, the right of the Company to Sell such unsold Issuance Stock
		shall expire and the obligations of this Section 10 shall be reinstated
		and such Issuance Stock shall not be Sold unless first reoffered to the
		Stockholders in accordance with this Section 10.

	  

	 (c) All
		Sales of
		Issuance Stock to the Preemptive Stockholders subject
		to any Preemptive Offer Notice shall be consummated contemporaneously at the
		offices of the Company on the later of (i) a mutually satisfactory
		Business Day within 15 days after the expiration of the Preemptive
		Acceptance Period or (ii) the fifth Business Day following the expiration
		or termination of all waiting periods under the HSR Act and receipt of all
		necessary FCC and other regulatory approvals applicable to such Sale, or at
		such other time or place as the Company and the Preemptive Stockholders may
		mutually agree. The delivery by the Company to the Preemptive Stockholders of
		certificates or other instruments evidencing such Issuance Stock shall be made
		on such date upon receipt of payment of the purchase price for such Issuance
		Stock by the Company from such Preemptive Stockholders.

	  

	 Section
		11.  Legend. Each
		Stockholder and the Company shall take all such action necessary (including
		surrendering to the Company certificates representing shares of Stock issued
		prior to the date hereof) to cause each certificate representing outstanding
		shares of Stock owned by a Stockholder to bear a legend containing the
		following words:

	  

	 “THE
		SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
		SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES HAVE BEEN ACQUIRED FOR
		INVESTMENT AND MAY NOT BE OFFERED, SOLD, PLEDGED, EXCHANGED, TRANSFERRED OR
		OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH SUCH ACT AND APPLICABLE STATE
		SECURITIES LAWS.”

	  

	 “THE
		SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE RESTRICTIONS ON
		TRANSFER, VOTING AND THE OTHER TERMS SET FORTH IN THE STOCKHOLDERS’
		AGREEMENT DATED AS OF MAY 4, 2007 AMONG THE COMPANY, CIG MEDIA LLC AND NBC
		UNIVERSAL, INC., THE PUT/CALL AGREEMENT DATED AS OF MAY 4, 2007 BETWEEN CIG
		MEDIA LLC AND NBC UNIVERSAL, INC., THE CALL AGREEMENT DATED MAY 4, 2007 BETWEEN
		CIG MEDIA LLC AND NBC PALM 

	 
		
		   

		  26

		  

		  
		  

		   
 

	 BEACH
		INVESTMENT II, INC., AND THE CALL AGREEMENT DATED MAY 4, 2007 BETWEEN THE
		COMPANY AND NBC PALM BEACH INVESTMENT I, INC., IN EACH CASE, AS THE SAME MAY BE
		AMENDED OR AMENDED AND RESTATED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE
		IN THE OFFICE OF THE COMPANY.”

	  

	 The
		requirement that the above securities legend be placed upon certificates
		evidencing shares of Stock owned by a Stockholder shall cease and terminate
		upon the earliest of the following events: (i) when such shares are Sold
		in a Public Sale, (ii) when such shares are Sold pursuant to Rule 144
		under the Securities Act or (iii) when such shares are Sold in any other
		transaction if such Stockholder delivers to the Company an opinion of its
		counsel, which counsel and opinion shall be reasonably satisfactory to the
		Company, or a “no-action” letter from the staff of the SEC, in either
		case to the effect that such legend is no longer necessary in order to protect
		the Company against a violation by it of the Securities Act upon any Sale of
		such shares without registration thereunder. Upon the occurrence of any of the
		foregoing events, the Company, upon the surrender by such Stockholder of
		certificates containing such legend, shall, at its own expense, promptly
		deliver to such Stockholder of any such shares as to which the requirement for
		such legend shall have terminated, one or more new certificates evidencing such
		shares not bearing such legend.

	  

	 Section
		12.  Representations and Warranties. Each
		party hereto represents and warrants to the other parties hereto as
		follows:

	  

	 (a) Such
		party has been duly organized and is validly existing and in good standing
		under the laws of its jurisdiction of organization and has all requisite power
		and authority to carry on its business as presently conducted and proposed to
		be conducted.

	  

	 (b) Such
		party has full power and authority to execute and deliver this Agreement and
		perform its obligations hereunder.

	  

	 (c) This
		Agreement has been duly and validly authorized, executed and delivered by such
		party, and constitutes a valid and binding obligation of such party,
		enforceable against such party in accordance with its terms.

	  

	 (d) The
		execution, delivery and performance of this Agreement by such party does not
		and will not (A) violate, conflict with, or constitute a breach of or default
		under such party’s organizational documents or (B) violate any law,
		regulation, order, writ, judgment, injunction or decree applicable to such
		party.

	  

	 (e) The
		execution, delivery and performance of this Agreement by it does not and will
		not (A) require it to obtain any consent, approval, authorization or other
		order of, or to make any filing, registration or qualification with any court,
		regulatory body, administrative agency or other governmental body (except such
		as may have previously been obtained or is permitted to be, and will be, filed
		or made promptly following the date hereof) or (B) violate, conflict with
		(subject to Section 2(b)), constitute a breach or default under, or result in
		the 

	 
		
		   

		  27

		  

		  
		  

		   
 

	 imposition
		of a Lien on any of such party’s material properties pursuant to, any
		agreement, arrangement, commitment or undertaking to which such party is a
		party or by which such party is bound and which would adversely affect such
		party’s ability to perform its obligations hereunder. 

	  

	 (f) Except
		as provided in Section 12(e), such party is not a party to any agreement which
		is inconsistent with the rights of any party hereunder or otherwise conflicts
		with the provisions hereof.

	  

	 Section
		13.  Competitive Opportunities. The
		Company and each of the Stockholders agrees and acknowledges that each of the
		CIG Media Parties, the NBCU Parties and any of their respective Affiliates,
		directors, officers or employees may at any time possess or acquire knowledge
		of a potential transaction or matter which may be a Competitive Opportunity and
		may exploit a Competitive Opportunity or engage in, or hold interests in, one
		or more businesses that may compete with a business of the Company or any of
		its Subsidiaries. The Company and each of the Stockholders agree and
		acknowledge that neither the Company nor any of its Subsidiaries shall have an
		interest in, or expectation that, such Competitive Opportunity be offered to
		it, any such interest or expectation being hereby renounced so that each of the
		CIG Media Parties, the NBCU Parties, and their respective Affiliates,
		directors, officers and employees (i) shall have no duty to communicate or
		present such Competitive Opportunity to the Company or any of its Subsidiaries,
		(ii) shall have the right to hold any such Competitive Opportunity for its
		own account, or to recommend, assign or otherwise transfer such Competitive
		Opportunity to Persons other than the Company and its Subsidiaries and
		(iii) shall not be liable to the Company or any of its Subsidiaries or
		their respective stockholders by reason of the fact that it pursues or acquires
		such Competitive Opportunity for itself, directs or Sells such Competitive
		Opportunity to another Person, does not communicate information regarding such
		Competitive Opportunity to the Company or any of its Subsidiaries, engages in,
		or holds any interest in, any business that competes with any business of the
		Company or any of its Subsidiaries.

	  

	 Section
		14.  Duration of Agreement. Other
		than Section 3.6, the rights and obligations of a Stockholder under this
		Agreement shall terminate at such time as such Stockholder no longer owns any
		shares of Stock; provided, that
		the termination of the rights and obligations of a Stockholder shall not
		relieve such Stockholder of any liability arising out of or resulting from any
		knowing, willful or intentional breach of this Agreement by such Stockholder
		prior to the termination. 

	  

	 Section
		15.  Further Assurances. The
		parties shall cooperate with each other, and at the request of any other party,
		execute and deliver any further instruments or documents and use reasonable
		best efforts to take or cause to be taken all appropriate action as the other
		party may reasonably request in order to evidence or effectuate the
		consummation of the transactions contemplated hereby and to otherwise carry out
		the intent of the parties hereunder. Without limiting the generality of the
		foregoing, the Company shall make and shall cause its Subsidiaries to make, as
		promptly as practicable following the reasonable request of the NBCU Parties,
		all filings required to be made by the Company or its Subsidiaries under
		applicable law, including the Communications Act and the HSR Act, with respect
		to the exercise of NBCU Option I, and shall take all reasonable steps within
		its control (including providing information to the relevant Governmental
		Entity) and reasonably cooperate with the NBCU Parties in seeking to
		

	 
		
		   

		  28

		  

		  
		  

		   
 

	 obtain
		any required consents or approvals as promptly as practicable.

	  

	 Section
		16.  Amendment and Waiver.
		This
		Agreement may be amended or modified, and any provision hereof may be waived,
		but in each case only if set forth in an instrument in writing signed by the
		party against whom such amendment, modification or waiver is sought to be
		enforced; provided,
		however, that
		the provisions of Section 6 may be modified, amended or waived only if set
		forth in an instrument in writing signed by the Company, the CIG Media Parties
		and the NBCU Parties. The failure of any party to enforce any of the provisions
		of this Agreement shall in no way be construed as a waiver of such provisions
		and shall not affect the right of such party thereafter to enforce any
		provision hereof in accordance with its terms.

	  

	 Section
		17.  Entire Agreement. This
		Agreement, the other Transaction Agreements and the other writings referred to
		herein or therein or delivered pursuant hereto or thereto which form a part
		hereof or thereof contain the entire agreement and understanding among the
		parties hereto with respect to the subject matter hereof or thereof and
		supersedes and preempts any prior understandings, agreements or representations
		by or among the parties, written or oral, with respect to the subject matter
		hereof or thereof.

	  

	 Section
		18.  Successors and Assigns. Other
		than Section 3.6 which is intended to be for the benefit of the Persons covered
		thereby and may be enforced by such Persons, this Agreement shall inure solely
		to the benefit of and be solely enforceable by the Company, each Stockholder
		and its respective successors and permitted assignees. This Agreement shall not
		be assigned by any party hereto or any Stockholder without the express prior
		written consent of all of the parties hereto, except that the CIG Media Parties
		and the NBCU Parties may each assign all or any of their rights and obligations
		hereunder to their Affiliates or to any Stockholder to whom the CIG Media
		Parties or the NBCU Parties, as the case may be, have transferred Stock in
		accordance with this Agreement; provided, that
		no rights under Sections 4, 5 or 9 may be assigned; provided,
		further, that
		no such assignment shall relieve the CIG Media Parties and the NBCU Parties, as
		the case may be, of their respective obligations hereunder with respect to any
		assignment to their respective Affiliates, with respect to any Stock not
		transferred or not otherwise transferred in accordance with this Agreement, and
		with respect to any breach of this Agreement prior to such assignment. For the
		avoidance of doubt, in the event either the CIG Media Parties or the NBCU
		Parties, as the case may be, assign all or any of their rights under Section
		3.1(b) to one or more Stockholders pursuant to this Section 18, the aggregate
		number of directors to be designated or nominated, as applicable, by the CIG
		Media Parties or the NBCU Parties, as the case may be, and such Stockholders
		shall not exceed the number of directors the CIG Media Parties or the NBCU
		Parties, as the case may be, are entitled to designate or nominate pursuant to
		Section 3.1(b) immediately prior to such assignment.

	  

	 Section
		19.  Severability.
		Whenever possible, each term and provision of this Agreement shall be
		interpreted in such manner as to be effective and valid under applicable law.
		If any term or provision hereof is invalid, illegal or incapable of being
		enforced by law or public policy, all other terms and provisions hereof shall
		nevertheless remain in full force and effect so long as the economic or legal
		substance of the transactions contemplated hereby is not affected in any manner
		materially adverse to any party. Upon such determination that any term or other
		provision is invalid, illegal or incapable of being enforced, the parties
		hereto shall negotiate in good faith to modify this Agreement so as to effect
		the original intent of the parties as closely as 

	 
		
		   

		  29

		  

		  
		  

		   
 

	 possible
		in a mutually acceptable manner in order that the transactions contemplated
		hereby be consummated as originally contemplated to the fullest extent
		possible.

	  

	 Section
		20.  Remedies. The
		parties agree and acknowledge that money damages may not be an adequate remedy
		for any breach of the terms and provisions of this Agreement and that each
		party hereto, each Stockholder and, with respect to Section 3.6, each Person
		covered thereby, may in its sole discretion apply to any court of law or equity
		of competent jurisdiction for specific performance and injunctive relief in
		order to enforce, or prevent any violation of, the provisions hereof, in
		addition to any other remedy at law or equity.

	  

	 Section
		21.  Notices. All
		notices, requests, consents and other communications hereunder to any party
		hereto or any Stockholder shall be deemed to be sufficient if contained in a
		written instrument delivered in person, by telecopy, by overnight courier or by
		first class registered or certified mail (return receipt requested, postage
		prepaid) to such party at the address set forth below (or at such other address
		or to the attention of such other Person as shall be specified by such party in
		a notice given in accordance with this Section 21) and to any Stockholder at
		such address as indicated by the Company’s records (or at such address or
		to the attention of such other Person as shall be specified by such Stockholder
		in a notice given in accordance with this Section 21):

	  

	 (i) if to
		the Company, to:

	  

	 ION
		Media Networks, Inc. 

	 601
		Clearwater Park Road 

	 West
		Palm Beach, Florida 33401 

	 Attention:
		General Counsel 

	 Tel:
		561-659-4122 

	 Fax:
		561-655-9424

	 

	 with a
		copy to (which shall not constitute notice):

	 
		
		   

		  30

		  

		  
		  

		   
 

	 Holland
		& Knight LLP 

	 222
		Lakeview Avenue, Suite 1000 

	 West
		Palm Beach, Florida 33401 

	 Attention:
		David L. Perry 

	 Tel:
		561-650-8314 

	 Fax:
		561-650-8399

	  

	 and
		

	  

	 Dow,
		Lohnes & Albertson, PLLC 

	 1200 New
		Hampshire Avenue, N.W., Suite 800 

	 Washington,
		DC 20036 

	 Attention:
		John R. Feore, Jr. 

	 Tel:
		202-776-2000 

	 Fax:
		202-776-2222 

	  

	 (ii) if to
		the CIG Media Parties, to:

	  

	 CIG
		Media LLC

	 131 S.
		Dearborn Street, 32nd
		Floor

	 Chicago,
		Illinois 60603

	 Attention:
		Matthew B. Hinerfeld 

	 Tel:
		312-395-3167 

	 Fax:
		312-267-7628

	  

	 with a
		copy to (which shall not constitute notice):

	  

	 Fried,
		Frank, Harris, Shriver & Jacobson LLP

	 One New
		York Plaza

	 New
		York, New York 10004

	 Telephone: (212)
		859-8000

	 Fax: (212)
		859-4000

	 Attention:       
		Robert
		C. Schwenkel

	 Steven
		J. Steinman

	  

	 (iii) if to
		the NBCU Parties, to:

	  

	 NBC
		Universal, Inc. 

	 30
		Rockefeller Plaza 

	 New
		York, New York 10112 

	 Attention:
		General Counsel 

	 Tel:
		212-664-7024 

	 Fax:
		212-664-4733 

	  

	 with a
		copy to (which shall not constitute notice): 

	  

	 Shearman
		& Sterling LLP 

	 599
		Lexington Avenue 

	 
		
		   

		  31

		   

		  

		  
		  

		   
 

	 New
		York, New York 10022 

	 Attention:
		John A. Marzulli, Jr. 

	 Tel:
		212-848-8590 

	 Fax:
		646-848-8590

	  

	 All such
		notices, requests, consents and other communications will be deemed to have
		been given hereunder when received.

	  

	 Section
		22.  Governing Law; Submission to Jurisdiction; Waiver of Jury
		Trial. This
		Agreement shall be governed by, and construed in accordance with, the laws of
		the State of Delaware applicable to contracts executed in and to be performed
		in that State. All actions and proceedings arising out of or relating to this
		Agreement shall be heard and determined exclusively in any New York state or
		federal court sitting in the Borough of Manhattan of The City of New York. The
		parties hereto hereby (a) submit to the exclusive jurisdiction of any state or
		federal court sitting in the Borough of Manhattan of The City of New York for
		the purpose of any action or proceeding arising out of or relating to this
		Agreement brought by any party hereto, and (b) irrevocably waive, and agree not
		to assert by way of motion, defense, or otherwise, in any such action or
		proceeding, any claim that it is not subject personally to the jurisdiction of
		the above-named courts, that its property is exempt or immune from attachment
		or execution, that the action or proceeding is brought in an inconvenient
		forum, that the venue of the action or proceeding is improper, or that this
		Agreement or the transactions contemplated hereby may not be enforced in or by
		any of the above-named courts. Each of the parties hereto hereby waives to the
		fullest extent permitted by applicable law any right it may have to a trial by
		jury with respect to any litigation directly or indirectly arising out of,
		under or in connection with this Agreement or the transactions contemplated
		hereby. Each of the parties hereto (a) certifies that no representative, agent
		or attorney of any other party has represented, expressly or otherwise, that
		such other party would not, in the event of litigation, seek to enforce the
		foregoing waiver and (b) acknowledges that it and the other hereto have been
		induced to enter into this Agreement and the transactions contemplated hereby
		by, among other things, the mutual waivers and certifications in this Section
		22.

	  

	 Section
		23.  Construction. Where
		specific language is used to clarify by example a general statement contained
		herein, such specific language shall not be deemed to modify, limit or restrict
		in any manner the construction of the general statement to which it relates.
		The language used in this Agreement shall be deemed to be the language chosen
		by the parties hereto to express their mutual intent, and no rule of strict
		construction shall be applied against any party. The descriptive headings of
		this Agreement are inserted for convenience only and do not constitute a part
		of this Agreement.

	  

	 Section
		24.  Survival of Representations and Warranties. All
		representations and warranties contained in this Agreement or made in writing
		by any party in connection herewith shall survive the execution and delivery of
		this Agreement and the consummation of the transactions contemplated hereby
		regardless of any investigation made by, or on behalf of, any
		Stockholder.

	  

	 Section
		25.  Conflicting Agreements. Each
		Stockholder represents and warrants that such Stockholder (a) has not granted
		and is not a party to any proxy, voting trust or 

	 
		
		   

		  32

		  

		  
		  

		   
 

	 other
		agreement which conflicts with any provision of this Agreement and (b) shall
		not grant any proxy or become party to any voting trust or other agreement
		which conflicts with any provision of this Agreement.

	  

	 Section
		26.  Counterparts. This
		Agreement may be executed in separate counterparts each of which shall be an
		original and all of which taken together shall constitute one and the same
		agreement.

	  

	 [Remainder
		of Page Intentionally Left Blank]

	  

	 
		
		  33

		  

		  
		  

		   

		
		  IN
			 WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
			 and year first above written.
 

		 
 

	 
			 	 	 
	 	
				ION
				  MEDIA NETWORKS, INC.
 
	 
 	 
 	 
 
	 	By:  	/s/ Richard Garcia 
	 	
				

				
	 	
				Name:
				  Richard Garcia

				
				  Title:
					 Chief Financial Officer 
 
 

 

	  

	 
			 	 	 
	 	
				CIG
				  MEDIA LLC
 
	 
 	 
 	 
 
	 	By:  	Citadel Limited Partnership, its Portfolio
				Manager
	 	By:  	Citadel Investment Group, L.L.C., its General
				Partner

 

	 
			 	 	 
	 	 	 
	 	 	 
	 	 	/s/ Matthew Hinerfeld 
	 	
				

				
	 	
				
				  Name:
					 Matthew Hinerfeld

				  Title:
					 Managing Director and Depute General Counsel
 
 

 

	  

	 
			 	 	 
	 	
				
				  NBC
					 UNIVERSAL, INC.
 
 
	 
 	 
 	 
 
	 	By:  	 /s/ Lynn A. Calpeter
	 	
				

				
	 	
				Name:
				  Lynn A. Calpeter

				
				  Title:
					 Executive Vice President and Chief Financial Officer 

 

 

	  

	 [Signature
		Page to Stockholders’ Agreement]

	 
		
		   

		  

		  
		  

		   
 

	 EXHIBIT
		A

	  

	 JOINDER
		AGREEMENT

	  

	 By
		execution of this Joinder Agreement, the undersigned agrees to be bound by the
		terms of that certain Stockholders’ Agreement dated as of May 4, 2007,
		among ION Media Networks, Inc., a Delaware corporation, CIG Media LLC, a
		Delaware limited liability company, and NBC Universal, Inc., a Delaware
		corporation (as such agreement may be amended, modified, supplemented or
		restated from time to time, the “Stockholders’
		Agreement”).
		The undersigned shall have all the rights, observe all the obligations and make
		all representations and warranties, in each case applicable to a Stockholder
		(as defined in the Stockholders’ Agreement) assigned to such Person in
		accordance with the Stockholders’ Agreement and agree to be bound by
		Section 22 of the Stockholders’ Agreement as if it were a party
		thereto.

	  

	 Stockholder
		Name: ______________

	  

	 
			 Address
				for Notices:	 	 	
				with
				  copies to:
 
	 	 	 	 
	
				

					 	 	
				

				

 

	 
			 	 	 	 
	
				

					 	 	
				

				

			 	 	 	 
	
				

					 	 	
				

				

			 	 	 	 
	
				

					 	 	
				

				

	 
			 	 	 
	 	By:  	 
	 	
				

				

 

	 
			 	 	 
	 	Name:	 
	 	
				

				

 

	 
		
		  	 	 	 
	 	Title:  	 
	 	
				  

				  

 

		
		  	 	 	 
	 	Date:	 
	 	
				  

				  

 
 

	 

  
	 

	 EXHIBIT
		Q to the Master Transaction Agreement

	 

	 Assignment
		Agreement

	 

	 

	 
	 

	 
	 Exhibit
		Q to the

	 Master
		Transaction Agreement

	  

	 Assignment
		Agreement

	  

	 ASSIGNMENT
		AND ASSUMPTION AGREEMENT

	  

	 THIS
		ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”)
		is entered into on May 4, 2007 by and among NBC Universal, Inc., a Delaware
		corporation (“NBCU”),
		NBC Palm Beach Investment II, Inc., a California corporation
		(“NBC
		Palm Beach II,”
		and together with NBCU, the “Assignors”),
		and CIG Media LLC, a Delaware limited liability company (“CIG”
		or the “Assignee”).

	  

	 WHEREAS,
		NBCU, NBC Palm Beach II, NBC Palm Beach Investment I, Inc., a California
		corporation, CIG, and ION Media Networks, Inc., a Delaware corporation (the
		“Company”),
		have entered into that certain Master Transaction Agreement, dated May 3, 2007
		(the “Master
		Transaction Agreement”;
		unless otherwise defined herein, capitalized terms shall be used herein as
		defined in the Master Transaction Agreement); 

	  

	 WHEREAS,
		Section 2.02 of the Master Transaction Agreement provides that on the
		Commencement Date, (i) NBC Palm Beach II shall assign all of its rights and
		obligations under the Call Agreement, and (ii) NBCU shall assign all of its
		rights and obligations arising under the Escrow Agreement and the Noncompete
		Agreements (the Call Agreement, the Escrow Agreement and the Noncompete
		Agreements, collectively, the “Assigned
		Agreements”),
		in each case, to CIG by executing and delivering to CIG this
		Agreement;

	  

	 NOW,
		THEREFORE, in consideration of the promises and mutual agreements set forth
		herein and in the Master Transaction Agreement, and other good and valuable
		consideration, the receipt and sufficiency of which are hereby acknowledged,
		the Assignors do hereby agree as follows:

	  

	 1.
		Assignment. Effective as of the Commencement Date, the Assignors hereby
		assign and transfer to the Assignee all of the rights and obligations of the
		Assignors under the Assigned Agreements and the Assignee hereby accepts such
		assignment and transfer of all of the rights and obligations of the Assignors
		under the Assigned Agreements.

	  

	 2.
		Assumption. The Assignee hereby assumes all of the rights and
		obligations of the Assignors under the Assigned Agreements. The Assignee shall
		be bound by all of the terms and conditions of the Assigned Agreements in the
		same way such terms obligate the Assignors. The Assignee agrees that, following
		the Commencement Date, the Assignors shall not have any obligations to Assignee
		under the Assigned Agreements other than the indemnity obligations set forth in
		Section 10.21 of the Master Transaction Agreement.

	  

	 3.
		Further Assurances. The Assignors hereby covenant and agree, at any time
		and from time to time after the date of this Agreement, at the Assignee’s
		reasonable request, to do, execute, acknowledge and deliver, or cause to be
		done, executed, acknowledged and delivered, any and all further acts,
		transfers, assignments, and assurances as may be necessary to assign or
		transfer to the Assignee all of the rights and obligations of the Assignors
		under the Assigned Agreements.

	  

	 4. No
		Assignment Without Consent. This Agreement may not be assigned by operation
		of law or otherwise without the express written consent of the Assignors and
		the 

	  

	 

	 
	 

	 
	  

	 Assignee
		(which consent may be granted or withheld in the sole discretion of the
		Assignors and the Assignee).

	  

	 5.
		Amendment. This Agreement may not be amended except by an instrument in
		writing signed by each of the parties hereto.

	  

	 6.
		Waiver. Any extension or waiver of this Agreement shall be valid if set
		forth in an instrument in writing signed by the party or parties to be bound
		thereby. The failure of any party hereto to assert any of its rights under this
		Agreement or otherwise shall not constitute a waiver of such rights.
		

	  

	 7. No
		Third Party Beneficiaries. This Agreement shall be binding upon and inure
		solely to the benefit of the Assignee and its permitted assigns and nothing
		herein, express or implied, is intended to or shall confer upon any other
		Person (other than the Paxson Stockholders), any legal or equitable right,
		benefit or remedy of any nature whatsoever, under or by reason of this
		Agreement.

	  

	 8.
		Severability. If any term or other provision of this Agreement is
		invalid, illegal or incapable of being enforced by any Law or public policy,
		all other terms and provisions of this Agreement shall nevertheless remain in
		full force and effect so long as the economic or legal substance of the
		transactions contemplated hereby is not affected in any manner materially
		adverse to either the Assignors or the Assignee. Upon such determination that
		any term or other provision is invalid, illegal or incapable of being enforced,
		the parties hereto shall negotiate in good faith to modify this Agreement so as
		to effect the original intent of the parties as closely as possible in an
		acceptable manner in order that the assignment and transfer contemplated by
		this Agreement are consummated as originally contemplated to the greatest
		extent possible.

	  

	 9.
		Governing Law. This Agreement shall be governed by the laws of the State
		of New York.

	  

	 2

	 

	 
	 

	 
	 IN
		WITNESS WHEREOF, this Agreement has been executed by the Assignors as of the
		date first above written.

	 
			 	 	 
	 	
				NBC
				  Universal, Inc. 
 
	 
 	 
 	 
 
	 	By:  	/s/ Lynn A. Calpeter 
	 	
				

				
	 	
				Name:
				  Lynn A. Calpeter
				  Title:
					 Executive Vice President and Chief Financial Officer
 
 

 

	  

	 
			 	 	 
	 	
				
				  NBC Palm
					 Beach Investment II, Inc. 
 
 
	 
 	 
 	 
 
	 	By:  	/s/ Lynn A. Calpeter
	 	
				

				
	 	
				Name:
				  Lynn A. Calpeter
				  Title:
					 Vice President and Treasurer
 
 

	 
			 	 	 
	 	
				
				  
					 CIG
						MEDIA LLC
 
 
 
	 	By:  	
				Citadel
				  Investment Group, L.L.C.,

				
				  its
					 General Partner 
 
 
	 	 	 
	 	
				By:  
 	
				Citadel
				  Limited Partnership,

				
				  its
					 Manager 
 
 
	 	 	 

	 
			 	 	 
	 	By:  	/s/ Matthew Hinerfeld 
	 	
				

				
	 	
				Name:
				  Matthew Hinerfeld
				  Title:
					 Managing Director and Deputy General Counsel
 
 

 

	  

	 3

  
	  

	 EXHIBIT
		R to the Master Transaction Agreement

	 

	 Call
		Right Exercise Notice

	 

	 

	 
	 

	 
	 Exhibit
		R to the

	 Master
		Transaction Agreement

	  

	 Call
		Right Exercise Notice

	 	 
	CIG MEDIA LLC
 c/o Citadel Investment Group,
			 L.L.C.
 131 S. Dearborn Street, 32nd Floor
 Chicago, Illinois
			 60603

	 
		May 4, 2007
	 

	 
		Lowell W. Paxson,

		Paxson Enterprises
		and
 Second
		Crystal Diamond Limited Partnership
 c/o Lowell W. Paxson

		529 South Flagler
		Drive, 26H
 West
		Palm Beach, Florida  33401
 Tel:  561-835-8080

		Fax: 
		561-832-5656
	 

	 
		Re:          Call
		Notice
	 

	 
		Dear Mr.
		Paxson:
	 

	 
		                Reference is hereby made to the
		Call Agreement, dated as of November 7, 2005 (the “Call
		Agreement”), by and among Lowell W. Paxson, Second Crystal Diamond
		Limited Partnership, a Nevada limited partnership, Paxson Enterprises, Inc., a
		Nevada corporation (collectively, the “Call Stockholders”),
		and NBC Palm Beach Investment II, Inc., a California corporation. All
		capitalized terms used but not otherwise defined herein shall have the meanings
		given to them in the Call Agreement.
	 

	 
		                In accordance with Sections
		2.1(b) and 2.2(a) of the Call Agreement, we, in our capacity as a Permitted
		Transferee, hereby exercise the Call Right and notify you of our intention to
		purchase from the Call Stockholders all the Call Shares for an aggregate
		purchase price of $6,274,140.81. 
	 

	 
		                Please note that the Call Closing
		will take place at the offices of Fried, Frank, Harris, Shriver & Jacobson
		LLP, One New York Plaza, New York, New York 10004 at 10:00 a.m. within three
		Business Days after the conditions set forth in Section 2.3(a) of the Call
		Agreement have been satisfied or waived in accordance with the Call Agreement,
		subject as required by Section 2.3(b) of the Call Agreement.
	 

	 
		
	 

	 

	 
		
	 

	 

	 	 	Very truly yours,
		 
	 	CIG MEDIA LLC
	 	By: 	
			 Citadel Investment Group, L.L.C.,
	 	 	
			 its General Partner
		 
	 	By:  	Citadel Limited Partnership,
		 	its Manager 
	 	           
			 
		 
	 	By:	/s/ Matthew
			 Hinerfeld                
		 	Name: Matthew Hinerfeld
		 	Title: Managing Director and Deputy General Counsel
		 	 

	 	cc.	Wiley Rein LLP
7925 Jones Branch Drive
McLean, Virginia
			 22102
Tel:  703-9-7000
Fax:  202-719-7049
		 
	cc.	ION Media Networks, Inc. 
601 Clearwater Park Road
West Palm
			 Beach, Florida 33401
Attention: General
			 Counsel
Tel:  561-659-4122
Fax:  561-655-9424

	 
		
	 

	 

   
	  

	 EXHIBIT
		S to the Master Transaction Agreement

	 

	 Form
		of Restated Certificate of Incorporation

	  

	 

	 
	 

	 
	 	 
	Exhibit S 
	to the Master Transaction Agreement
			 

	 Form
		of Restated Certificate of Incorporation

	 
		ION MEDIA
		NETWORKS, INC.
	 

	 
		Proposed
		Resolutions
 of the Board of Directors
 Authorizing A Reverse Stock
		Split
	 

	 	 	                WHEREAS, a special meeting of the
			 Board of Directors of Ion Media Networks, Inc., (the “Corporation”)
			 was held on _______________ ___, 2007 (the “Meeting”);
			 and
		 
	 	                WHEREAS, for the reasons
			 discussed at the Meeting, the Board of Directors deems it advisable and in the
			 best interests of the Corporation to approve and declare advisable an amendment
			 to the Certificate of Incorporation of the Corporation in order effect a
			 reverse split of the issued and outstanding shares of the Corporation’s
			 Class A Common Stock, par value $0.001 per share (the “Class A
			 Common”), and Class B Common Stock, par value $0.001 per share (the
			 “Class B Common”) by combining the Corporation’s outstanding
			 shares of Class A Common and Class B Common into a lesser number of
			 shares.
		 
	 	                NOW, THEREFORE, BE IT RESOLVED,
			 that the Board of Directors of the Corporation hereby approves and declares it
			 advisable that the Certificate of Incorporation of the Corporation be amended
			 by adding to the end of Article Fourth of the Certificate of Incorporation the
			 paragraphs set forth in the Certificate of Amendment of Certificate of
			 Incorporation attached hereto as Exhibit A. 
		 
	 	                RESOLVED, that the
			 above-described amendment be submitted for approval by stockholders of the
			 Corporation, which approval the Board of Directors hereby recommends; and it is
			 further
		 
	 	                RESOLVED, that the Board of
			 Directors of the Corporation may abandon such proposed amendment, before or
			 after stockholder approval thereof, without further action by the stockholders
			 at any time prior to the effectiveness of the Certificate of Amendment of
			 Certificate of Incorporation setting forth the above described amendment; and
			 it is further
		 
	 	                RESOLVED, that upon the approval
			 of the stockholders, the officers of the Corporation be, and each of them
			 hereby is, 

	 
		
	 

	 

	 
	 

	 

	 	 	
			 authorized, empowered and directed, for and on behalf of the Corporation, to
			 execute and file, or cause to be filed, a Certificate of Amendment of
			 Certificate of Incorporation of the Corporation, setting forth the above
			 described amendment, with the Secretary of State of the State of Delaware; and
			 it is further
		 
	 	                RESOLVED, that each of the
			 officers of the Corporation is hereby authorized and directed, to take all such
			 further action and to prepare, execute, acknowledge, file, deliver and record
			 all such further documents and instruments by and on behalf of the Corporation,
			 and in the name of the Corporation, or otherwise, as in his or her judgment
			 shall be necessary, appropriate or advisable in order to fully carry out the
			 intent and to accomplish the execution of the purposes of the foregoing
			 resolutions.

	 
		2
	 

	 

	 
	 

	 

	 
		CERTIFICATE OF
		AMENDMENT
 OF

		CERTIFICATE OF
		INCORPORATION

		OF

		ION MEDIA NETWORKS,
		INC.
	 

	 
		(Pursuant to Section
		242 of the General Corporation Law of the State of Delaware)
	 

	 
		                                ION Media Networks, Inc., a
		corporation duly organized and existing under the General Corporation Law of
		the State of Delaware (the “Corporation”), does hereby certify
		that:
	 

	 
		                                FIRST:    The
		Certificate of Incorporation of the Corporation is hereby amended by adding the
		following paragraphs at the end of Article Fourth:
	 

	 	 	                “Upon the Certificate of
			 Amendment of Certificate of Incorporation of the Corporation containing this
			 paragraph becoming effective pursuant to the General Corporation Law of the
			 State of Delaware (the “Effective Time”), (i) each share of Class A
			 Common issued and outstanding immediately prior to the Effective Time shall be
			 automatically reclassified as and combined into [___] of a share (the
			 “Reverse Stock Split Ratio”) of Class A Common1
			 and (ii) each share of Class B Common issued and 	 
	 	 	 

	 	 	__________________________
	 	
			 
				1
				The Reverse Stock Split Ratio will be fixed following the completion of the
				Tender Offer for shares of Class A Common of the Corporation to be made by CIG
				Media LLC, a Delaware limited liability company (“CIG”), pursuant to
				the Master Transaction Agreement by and among the Corporation, NBC Universal,
				Inc., a Delaware corporation (“NBCU”), NBC Palm Beach Investment I,
				Inc., a California corporation (“NBC Palm Beach I”), NBC Palm Beach
				Investment II, Inc., a California corporation (“NBC Palm Beach II,”
				and together with NBCU and NBC Palm Beach I, the “NBCU Entities”),
				and CIG, and will be fixed by the Board (with the concurrence of NBCU and CIG)
				at the lowest number such that all holders of Class A Common other than CIG
				will be eligible to receive, in respect of all such shares held by such holder,
				less than a whole share of Class A Common upon effectuation of the reverse
				stock split, and if CIG does not own the
				greatest number of shares of Class A Common immediately prior to the Effective
				Time, the Reverse Stock Split Ratio shall be fixed at the lowest number such
				that all holders of Class A Common would be entitled to receive, in respect of
				all shares held by each such holder, less than a whole share of Class A Common
				upon effectuation of the Reverse Stock Split.
			 

		  

	 
		
	 

	 

	 
	 

	 

	 	 	outstanding immediately prior to the Effective Time, shall be
			 automatically reclassified as and combined into a fractional number of fully
			 paid and nonassessable shares of Class B Common at the Reverse Stock Split
			 Ratio.
	 	 
	 	                Any stock certificate that,
			 immediately prior to the Effective Time, represented shares of Class A Common
			 or Class B Common will, from and after the Effective Time, automatically and
			 without the necessity of presenting the same for exchange, represent the number
			 of shares of Class A Common or Class B Common, respectively, as equals the
			 product obtained by multiplying the number of shares of Class A Common or Class
			 B Common Stock, respectively, represented by such certificate immediately prior
			 to the Effective Time by the Reverse Stock Split Ratio. No fractional shares of
			 Class A Common shall be issued as a result of such reclassification and
			 combination. In lieu of any fractional shares to which the holders of Class A
			 Common would otherwise be entitled, the Corporation shall, upon proper
			 surrender of any certificates formerly representing shares of Class A Common,
			 pay cash determined by multiplying the number of shares represented by such
			 certificate prior to the Reverse Stock Split by $1.45. Fractional shares of
			 Class B Common as a result of the Reverse Stock Split shall remain outstanding,
			 and certificates or scrip for such fractional shares of Class B Common shall be
			 issued.
		 
	 	                Notwithstanding the foregoing,
			 the shares of Class A Common held by the Corporation as treasury stock or held
			 by any subsidiary of the Corporation shall be cancelled.”

	 
		                                SECOND:       The foregoing
		amendment was duly adopted in accordance with the provisions of Sections 242
		and 228 of the General Corporation Law of the State of Delaware.
	 

	 
		                                IN WITNESS WHEREOF, ION Media
		Networks, Inc. has caused this Certificate to be executed by its duly
		authorized officer, this ____ day of ______ 2007.
	 

	 	 	ION MEDIA NETWORKS, INC.
		 
	 	By:___________________________
	 	Name:
	 	Office:

	 
		4
	 

	 

  
	 

	 EXHIBIT
		T to the Master Transaction Agreement

	  

	 Form
		of Certificate of Amendment

	  

	 
 
	 
		Exhibit T
 to the Master Transaction Agreement
	 

	 Form
		of Certificate of Amendment

	 
		CERTIFICATE OF AMENDMENT
	 

	 
		OF
	 

	 
		CERTIFICATE OF INCORPORATION
	 

	 
		OF
	 

	 
		ION MEDIA NETWORKS, INC.
	 

	 
		(Pursuant to Section 242 of the General
		Corporation Law of the State of Delaware)
	 

	 
		ION Media Networks, Inc., a corporation duly
		organized and existing under the General Corporation Law of the State of
		Delaware (the “Corporation”), does hereby certify that:
	 

	 
		FIRST: The Certificate of Incorporation of
		the Corporation is hereby amended by amending in its entirety the Certificate
		of Designation of the Powers, Preferences and Relative, Participating, Optional
		and Other Special Rights of the 9 3⁄4% Series A Convertible Preferred
		Stock and Qualifications, Limitations and Restrictions Thereof to read as
		attached hereto as Exhibit
		A.
	 

	 
		SECOND: The foregoing amendment was duly
		adopted in accordance with the provisions of Sections 242 and 228 of the
		General Corporation Law of the State of Delaware.
	 

	 
		IN WITNESS WHEREOF, ION Media Networks, Inc.
		has caused this Certificate to be executed by its duly authorized officer, this
		____ day of ______ 2007.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ION MEDIA NETWORKS,
				  INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Office:
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		Exhibit A
	 

	 
		AMENDED CERTIFICATE OF DESIGNATION OF THE
		POWERS,
	 

	 
		PREFERENCES AND RELATIVE,
		PARTICIPATING,
	 

	 
		OPTIONAL AND OTHER SPECIAL RIGHTS OF 9 3/4%
		SERIES A
	 

	 
		CONVERTIBLE PREFERRED STOCK AND
		QUALIFICATIONS,
	 

	 
		LIMITATIONS AND RESTRICTIONS THEREOF
	 

	 
	 

	 

	 
		Pursuant to Section 151 of the
	 

	 
		General Corporation Law of the State of
		Delaware
	 

	 
	 

	 

	 
		(a) Designation. There is hereby created out
		of the authorized and unissued shares of Preferred Stock of the Corporation a
		class of Preferred Stock designated as the “9 3/4% Series A Convertible
		Preferred Stock”. The number of shares constituting such class shall be
		17,500 and are referred to as the “Convertible Preferred Stock.” The
		liquidation preference of the Convertible Preferred Stock shall be $10,000.00
		per share.
	 

	 
		(b) Rank. The Convertible Preferred Stock
		shall, with respect to dividends and distributions upon liquidation, winding-up
		or dissolution of the Corporation, rank (i) senior to all classes of Common
		Stock of the Corporation and to each other class of Capital Stock of the
		Corporation or series of Preferred Stock of the Corporation hereafter created
		the terms of which do not expressly provide that it ranks senior to, or on a
		parity with, the Convertible Preferred Stock as to dividends and distributions
		upon liquidation, winding-up or dissolution of the Corporation, including the
		Junior Preferred Stock (collectively referred to, together with all classes of
		Common Stock of the Corporation, as “Junior Securities”); (ii) on a
		parity with any class of Capital Stock of the Corporation or series of
		Preferred Stock of the Corporation hereafter created the terms of which
		expressly provide that such class or series will rank on a parity with the
		Convertible Preferred Stock as to dividends and distributions upon liquidation,
		winding-up or dissolution (collectively referred to as “Parity
		Securities”); and (iii) junior to the NBCU Series B Preferred Stock and to
		the 13 1⁄4% Cumulative Junior Preferred Stock, with a liquidation value of
		$10,000 per share, to the Senior Preferred Stock and to each other class of
		Capital Stock of the Corporation or series of Preferred Stock of the
		Corporation hereafter created the terms of which expressly provide that such
		class or series will rank senior to the Convertible Preferred Stock as to
		dividends and distributions upon liquidation, winding-up or dissolution of the
		Corporation (collectively referred to as “Senior Securities”).
		
	 

	 
		(c) Dividends.
	 

	 
		(i) Beginning on the Issue Date, the Holders
		of the outstanding shares of Convertible Preferred Stock shall be entitled to
		receive, when, as and if declared by the Board of Directors, out of funds
		legally available therefor, dividends on each share of Convertible Preferred
		Stock, at a rate per annum equal to 9 3/4% of the liquidation preference per
		share of 
	 

	 
		 
	 

	 
	 

	 

	 
		the Convertible Preferred Stock, payable
		quarterly. All dividends shall be cumulative, whether or not earned or
		declared, on a daily basis from the Issue Date and shall be payable quarterly
		in arrears on each Dividend Payment Date, commencing September 30, 1998.
		Dividends may be paid, at the Corporation’s option, on any Dividend
		Payment Date either in cash or by the issuance of additional shares of
		Convertible Preferred Stock (including fractional shares) having an aggregate
		liquidation preference equal to the amount of such dividends or by the issuance
		of shares of Class A Common Stock (and payment of cash in lieu of fractional
		shares) having a value, based upon the average Common Stock Trading Price as of
		the consecutive five trading days ending two Business Days prior to the
		Dividend Payment Date equal to the amount of such dividends. In the event that
		dividends are declared and paid through the issuance of additional shares of
		Convertible Preferred Stock or Class A Common Stock, as herein provided, such
		dividends shall be deemed paid in full and will not accumulate. Each dividend
		shall be payable to the Holders of record as they appear on the stock books of
		the Corporation on the Dividend Record Date immediately preceding the related
		Dividend Payment Date. Dividends shall cease to accumulate in respect of shares
		of the Convertible Preferred Stock on the date of the redemption of such shares
		unless the Corporation shall have failed to pay the relevant Redemption Price
		on the date fixed for redemption.
	 

	 
		(ii) All dividends paid with respect to
		shares of the Convertible Preferred Stock pursuant to paragraph (c)(i) shall be
		paid pro rata to the Holders entitled thereto.
	 

	 
		(iii) Unpaid dividends accumulating on the
		Convertible Preferred Stock for any past dividend period and dividends in
		connection with any Redemption may be declared and paid at any time, without
		references to any regular Dividend Payment Date, to holders of record on such
		date, not more than forty-five (45) days prior to the payment thereof, as may
		be fixed by the Board of Directors.
	 

	 
		(iv) Dividends payable on the Convertible
		Preferred Stock for any period less than a year shall be computed on the basis
		of a 360-day year of twelve 30-day months and the actual number of days elapsed
		in the period for which payable.
	 

	 
		(v) Notwithstanding paragraph (c)(i) above,
		if the Company elects to pay dividends on any Dividend Payment Date in shares
		of Class A Common Stock and such shares are not freely tradable without volume
		or manner of sale limitations under the Securities Act by any Holder which is
		not an Affiliate of the Corporation, the dividend rate for the Quarterly Period
		for which the dividend is being paid shall be increased to 12 1/4% per annum.
		For purposes of the prior sentence, the shares of Class A Common Stock shall be
		deemed not freely tradable, unless the certificates evidencing such shares are
		delivered to the Holders without any restrictive legend appearing thereon and
		are accompanied by a copy of an Opinion of Counsel addressed to the Corporation
		to the effect that such shares of Class A Common Stock are freely tradable
		without volume or manner of sale limitations under the Securities Act by a
		Holder who is not an Affiliate of the Corporation. 
	 

	 
		(d) Liquidation Preference.
	 

	 
		 
	 

	 
	 

	 

	 
		(i) In the event of any voluntary or
		involuntary liquidation, dissolution or winding up of the affairs of the
		Corporation, the Holders of shares of Convertible Preferred Stock then
		outstanding shall be entitled to be paid, out of the assets of the Corporation
		available for distribution to its stockholders, an amount in cash equal to the
		liquidation preference for each share outstanding, plus without duplication, an
		amount in cash equal to accumulated and unpaid dividends thereon to the date
		fixed for liquidation, dissolution or winding up (including an amount equal to
		a prorated dividend for the period from the last Dividend Payment Date to the
		date fixed for liquidation, dissolution or winding up) before any distribution
		shall be made or any assets distributed to the holders of any of the Junior
		Securities including, without limitation, the Common Stock of the Corporation.
		Except as provided in the preceding sentence, Holders of Convertible Preferred
		Stock shall not be entitled to any distribution in the event of any
		liquidation, dissolution or winding up of the affairs of the Corporation. If
		the assets of the Corporation are not sufficient to pay in full the liquidation
		payments payable to the Holders of outstanding shares of the Convertible
		Preferred Stock and all Parity Securities, then the holders of all such shares
		shall share equally and ratably in such distribution of assets first in
		proportion to the full liquidation preference to which each is entitled until
		such preferences are paid in full, and then in proportion to their respective
		amounts of accumulated but unpaid dividends. 
	 

	 
		(ii) For the purposes of this paragraph (d),
		neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
		securities or other consideration) of all or substantially all of the property
		or assets of the Corporation nor the consolidation or merger of the Corporation
		with or into one or more entities shall be deemed to be a liquidation,
		dissolution or winding up of the affairs of the Corporation.
	 

	 
		(e) Redemption.
	 

	 
		(i) Redemption. (A) The Corporation may, at
		the option of the Board of Directors, redeem at any time, in whole or in part,
		in the manner provided for in paragraph (e)(ii) hereof, any or all of the
		shares of the Convertible Preferred Stock, at the redemption price per share
		equal to the sum of (x) $10,000 and (y) an amount equal to all accumulated and
		unpaid dividends per share (including an amount in cash equal to a prorated
		dividend for the period from the Dividend Payment Date immediately prior to the
		Redemption Date to the Redemption Date) (the “Redemption Price”).
		
	 

	 
		(B) In the event of a redemption pursuant to
		paragraph (e)(i)(A) hereof of only a portion of the then outstanding shares of
		the Convertible Preferred Stock, the Corporation shall effect such redemption
		on a pro rata basis according to the number of shares held by each Holder of
		the Convertible Preferred Stock, except that the Corporation may redeem all
		shares held by any Holders of fewer than one share (or shares held by Holders
		who would hold less than one share as a result of such redemption), as may be
		determined by the Corporation, provided, that no Redemption shall be authorized
		or made unless prior thereto full accumulated and unpaid dividends are declared
		and paid in full in cash, or declared and a sum in cash set apart sufficient
		for such payment, on the Convertible Preferred Stock for all Dividend Periods
		terminating on or prior to the Redemption Date.
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) Procedures for Redemption. (A) At least
		thirty (30) days and not more than sixty (60) days prior to the date fixed for
		redemption of the Convertible Preferred Stock, written notice (the
		“Redemption Notice”) shall be given by first class mail, postage
		prepaid, to each Holder of record on the record date fixed for such redemption
		of the Convertible Preferred Stock at such Holder’s address as it appears
		on the stock books of the Corporation, provided that no failure to give such
		notice nor any deficiency therein shall affect the validity of the procedure
		for the redemption of any shares of Convertible Preferred Stock to be redeemed
		except as to the Holder or Holders to whom the Corporation has failed to give
		said notice or to whom such notice was defective. The Redemption Notice shall
		state:
	 

	 
		(1) that the redemption is pursuant to
		paragraph (e)(i)(A) hereof;
	 

	 
		(2) the Redemption Price; 
	 

	 
		(3) whether all or less than all the
		outstanding shares of the Convertible Preferred Stock are to be redeemed and
		the total number of shares of the Convertible Preferred Stock being
		redeemed;
	 

	 
		(4) the date fixed for redemption;
	 

	 
		(5) that the Holder is to surrender to the
		Corporation, in the manner, at the place or places and at the price designated,
		his certificate or certificates representing the shares of Convertible
		Preferred Stock to be redeemed; and 
	 

	 
		(6) that dividends on the shares of the
		Convertible Preferred Stock to be redeemed shall cease to accumulate on such
		Redemption Date unless the Corporation defaults in the payment of the
		Redemption Price.
	 

	 
		(B) Each Holder of Convertible Preferred
		Stock shall surrender the certificate or certificates representing such shares
		of Convertible Preferred Stock to the Corporation, duly endorsed (or otherwise
		in proper form for transfer, as determined by the Corporation), in the manner
		and at the place designated in the Redemption Notice, and on the Redemption
		Date the full Redemption Price for such shares shall be payable in cash to the
		Person whose name appears on such certificate or certificates as the owner
		thereof, and each surrendered certificate shall be canceled and retired. In the
		event that less than all of the shares represented by any such certificate are
		redeemed, a new certificate shall be issued representing the unredeemed
		shares.
	 

	 
		(C) On and after the Redemption Date, unless
		the Corporation defaults in the payment in full of the applicable Redemption
		Price, dividends on the Convertible Preferred Stock called for redemption shall
		cease to accumulate on the Redemption Date, and all rights of the Holders of
		redeemed shares shall terminate with respect thereto on the Redemption Date,
		other than the right to receive the Redemption Price, without interest;
		provided, however, that if a notice of redemption shall have been given as
		
	 

	 
		 
	 

	 
	 

	 

	 
		provided in paragraph (ii)(A) above and the
		funds necessary for redemption (including an amount in respect of all dividends
		that will accrue to the Redemption Date) shall have been segregated and
		irrevocably deposited in trust for the equal and ratable benefit of the Holders
		of the shares to be redeemed, then, at the close of business on the day on
		which such funds are segregated and set aside, the Holders of the shares to be
		redeemed shall cease to be stockholders of the Corporation and shall be
		entitled only to receive the Redemption Price.
	 

	 
		(f) Voting Rights.
	 

	 
		Except as otherwise provided by law, the
		Holders of Convertible Preferred Stock shall not be entitled to vote on any
		matters submitted for a vote to the holders of the Corporation’s common
		stock. Upon the filing of the Certificate of Amendment of the Certificate of
		Incorporation containing this sentence (the “Amendment”), the term of
		any director elected by the Holders of Convertible Preferred Stock prior to the
		filing of such Certificate of Amendment of the Certificate of Incorporation
		shall automatically end and such director shall immediately cease to be a
		member of the Board of Directors.
	 

	 
		(g) Conversion.
	 

	 
		(i) Shares of the Convertible Preferred
		Stock will be convertible at the option of the Holder thereof, at any time and
		from time to time, into a number of shares of Class A Common Stock equal to the
		aggregate liquidation preference amount of the shares of Convertible Preferred
		Stock surrendered for conversion divided by the Conversion Price as then in
		effect, except that, if shares of Convertible Preferred Stock are called for
		redemption, the conversion right will terminate at the close of business on the
		Redemption Date. No fractional shares or securities representing fractional
		shares of Class A Common Stock will be issued upon conversion; in lieu of
		fractional shares of Class A Common Stock, the Company will, at its option,
		either round up the number of shares to be issued to the nearest whole share or
		pay a cash adjustment based upon the current market price of the Class A Common
		Stock at the close of business on the first Business Day preceding the date of
		conversion. The Convertible Preferred Stock shall be converted by the holder
		thereof by surrendering the certificate or certificates representing the shares
		of Convertible Preferred Stock to be converted, appropriately completed, to the
		transfer agent for the Class A Common Stock. The transfer agent shall issue one
		or more certificates representing the Class A Common Stock to be issued in the
		conversion in the name of names requested by the Holder. The transfer agent
		will deliver to the Holder a new certificate representing the shares of
		Convertible Preferred Stock in excess of those being surrendered for
		conversion. Effective as of the filing of the Amendment, the Conversion Price
		shall be $16.00 (the “Conversion Price”). Such Conversion Price shall
		be adjusted as hereinafter provided.
	 

	 
		(ii) (A) In case the Company shall (I) pay a
		dividend or distribution in shares of its Class A Common Stock on its shares of
		Class A Common Stock, (II) subdivide its outstanding shares of Class A Common
		Stock into a greater number of shares, (III) combine its outstanding shares of
		Class A Common Stock into a smaller number of shares, or (IV) issue, by
		reclassification of its shares of Class A Common Stock, any shares of its
		capital stock (each such 
	 

	 
		 
	 

	 
	 

	 

	 
		transaction being called a “Stock
		Transaction”), then and in each such case, the Conversion Price in effect
		immediately prior thereto shall be adjusted so that the Holder of a share of
		Convertible Preferred Stock surrendered for conversion after the record date
		fixing stockholders to be affected by such Stock Transaction shall be entitled
		to receive upon conversion the number of such shares of Class A Common Stock
		which such Holder would have been entitled to receive after the happening of
		such event had such share of Convertible Preferred Stock been converted
		immediately prior to such record date. Such adjustment shall be made whenever
		any of such events shall happen, but shall also be effective retroactively as
		to shares of Convertible Preferred Stock converted between such record date and
		the date of the happening of any such event. 
	 

	 
		(B) In the event the Company shall, at any
		time or from time to time while any shares of Convertible Preferred Stock are
		outstanding, issue, sell or distribute any right or warrant to purchase,
		acquire or subscribe for shares of Class A Common Stock (including a right or
		warrant with respect to any security convertible into or exchangeable for
		shares of Class A Common Stock) generally to holders of Common Stock (including
		by way of a reclassification of shares or a recapitalization of the Company),
		for a consideration on the date of such issuance, sale or exchange less than
		the Common Stock Trading Price of the shares of Class A Common Stock underlying
		such rights or warrants on the date of such issuance, sale or distribution,
		then and in each case, the Conversion Price shall be adjusted by multiplying
		such Conversion Price by a fraction the numerator of which shall be the sum of
		(I) the Common Stock Trading Price per share of Common Stock on the first
		trading date after the date of the public announcement of the actual terms
		(including the price terms) of such issuance, sale or distribution multiplied
		by the number of shares of Class A Common Stock outstanding immediately prior
		to such issuance, sale or exchange plus (II) the aggregate Fair Market Value of
		the consideration to be received by the Company in respect of such issuance,
		sale or distribution of the shares of Class A Common Stock underlying such
		right or warrant, and the denominator of which shall be the Common Stock
		Trading Price per share of Class A Common Stock on the trading day immediately
		preceding the public announcement of the actual terms (including the pricing
		terms) of such issuance, sale or exchange multiplied by the aggregate number of
		shares of Class A Common Stock (I) outstanding immediately prior to such
		issuance, sale or distribution plus (II) underlying such rights or warrants at
		the time of such issuance. For the purposes of the preceding sentence, the
		aggregate consideration receivable by the Company in connection with the
		issuance, sale or exchange of any such right or warrant shall be deemed to be
		equal to the sum of the aggregate offering price (before deduction of
		reasonable underwriting discounts or commissions and expenses) of all such
		rights or warrants.
	 

	 
		(C) In the event the Company shall, at any
		time or from time to time while any shares of Convertible Preferred Stock are
		outstanding, repurchase or redeem any portion of the Class A Common Stock from
		holders generally at a premium over the Common Stock Trading Price thereof on
		the next trading day immediately preceding the consummation of such repurchase
		or redemption (a “Repurchase”), then and in the case of each
		Repurchase the Conversion Price in effect immediately prior thereto shall be
		adjusted by multiplying such conversion price by the fraction the numerator of
		which is (I) the product of (x) the number of shares of Class A Common Stock
		outstanding 
	 

	 
		 
	 

	 
	 

	 

	 
		immediately before such repurchase or
		redemption multiplied by (y) the Common Stock Trading Price per share of Class
		A Common Stock on the next trading day immediately following the consummation
		of such Repurchase minus (II) the aggregate purchase price of the Repurchase
		and the denominator of which shall be the product of (x) the number of shares
		of Class A Common Stock outstanding immediately before such Repurchase minus
		the number of shares of Class A Common Stock repurchased or redeemed by the
		Company multiplied by (y) the Common Stock Trading Price per share of Class A
		Common Stock on the next trading day immediately following the consummation of
		such Repurchase. Such adjustment shall be made whenever any such events shall
		happen, but shall also be effective retroactively as to shares of Convertible
		Preferred Stock converted between such record date and the date of the
		happening of any such event.
	 

	 
		(D) In the event the Company shall at any
		time or from time to time while any shares of Convertible Preferred Stock are
		outstanding declare, order, pay or make a dividend or other distribution
		generally to holders of Common Stock in stock or other securities or rights or
		warrants to subscribe for securities of the Company or any of its subsidiaries
		or evidences of indebtedness of the Company or any other person on its Class A
		Common Stock or pay any Extraordinary Cash Dividend, (other than any dividend
		or distribution on the Class A Common Stock (I) referred to in paragraphs (A),
		(B) or (C) above or (II) if in conjunction therewith the Company declares and
		pays or makes a dividend or distribution on each share of Convertible Preferred
		Stock which is the same as the dividend or distribution that would have been
		made or paid with respect to such share of Convertible Preferred Stock had such
		share been converted into shares of Class A Common Stock immediately prior to
		the record date for any such dividend or distribution on the Class A Common
		Stock), then, and in each such case, an appropriate adjustment to the
		Conversion Price shall be made so that the Holder of each share of Convertible
		Preferred Stock shall be entitled to receive, upon the conversion thereof, the
		number of shares of Class A Common Stock determined by multiplying (x) the
		number of shares of Class A Common Stock into which such share was convertible
		on the day immediately prior to the record date fixed for the determination of
		stockholders entitled to receive such dividend or distribution by (y) a
		fraction, the numerator of which shall be the Common Stock Trading Price per
		share of Class A Common Stock as of such record date, and the denominator of
		which shall be such Common Stock Trading Price per share of Class A Common
		Stock less the Fair Market Value per share of Class A Common Stock of such
		dividend or distribution (as determined in good faith by the Board of
		Directors, as evidenced by a Board Resolution mailed to each holder of shares
		of Convertible Preferred Stock). An adjustment made pursuant to this paragraph
		(D) shall be made upon the opening of business on the next business day
		following the date on which any such dividend or distribution is made and shall
		be effective retroactively immediately after the close of business on the
		record date fixed for the determination of stockholders entitled to receive
		such dividend or distribution. 
	 

	 
		(iii) No adjustment in the Conversion Price
		will be required to be made in any case until cumulative adjustments amount to
		1% or more of the Conversion Price, but any such adjustment that would
		otherwise be required to be made shall be carried forward and taken into
		account in any subsequent adjustment. The Company may, to the extent permitted
		by law, 
	 

	 
		 
	 

	 
	 

	 

	 
		make such reductions in the Conversion Price
		in addition to those described in paragraph (ii) above as it, in its sole
		discretion, shall determine to be advisable in order that certain stock related
		distributions hereafter made by the Company to its stockholders shall not be
		taxable to such stockholders.
	 

	 
		(iv) Holders of shares of Convertible
		Preferred Stock at the close of business on a Dividend Record Date shall be
		entitled to receive the dividend payable on such shares on the corresponding
		Dividend Payment Date notwithstanding the conversion thereof following such
		Dividend Record Date and on or prior to such Dividend Payment Date. However,
		shares of Convertible Preferred Stock surrendered for conversion during the
		period between the opening of business on any Dividend Record Date and the
		close of business on the corresponding Dividend Payment Date (except shares of
		Convertible Preferred Stock called for redemption on a Redemption Date during
		such period) must be accompanied by payment of an amount equal to the dividend
		payment with respect to such shares of Convertible Preferred Stock presented
		for conversion on such Dividend Payment Date; provided, however, that no such
		payment need be made if, at the time of conversion, dividends payable on the
		shares of Convertible Preferred Stock outstanding are in arrears for more than
		30 days beyond the previous Dividend Payment Date. The dividend payment with
		respect to shares of Convertible Preferred Stock called for redemption on a
		Redemption Date during the period between the opening of business on a Dividend
		Record Date and the close of business on the corresponding Dividend Payment
		Date shall be payable on that Dividend Payment Date to the Holder of such
		shares at the close of business on the Dividend Record Date notwithstanding the
		conversion of such shares after the opening of business on such Dividend Record
		Date and on or prior to the close of business on such Dividend Payment Date,
		and the holder of such shares need not make a payment equal to the dividend
		payment amount upon surrender of such shares for conversion. A holder of shares
		of Convertible Preferred Stock on a Dividend Record Date who converts such
		shares on or after the corresponding Dividend Payment Date will receive the
		dividend payable by the Company on such shares of Convertible Preferred Stock
		on such date and need not include payment in the amount of such dividend upon
		surrender of such shares of Convertible Preferred Stock for conversion. Except
		as provided above, the Company shall make no payments or allowance for unpaid
		dividends, whether or not in arrears, on converted shares or for dividends on
		the shares of Class A Common Stock issued upon such conversion. The Company
		will not issue fractional shares of Class A Common Stock upon conversion of
		shares of Convertible Preferred Stock and, in lieu thereof, will at its option,
		either round up the number of shares to be issued to the nearest whole share or
		pay a cash adjustment based upon the Common Stock Trading Price of the Class A
		Common Stock (determined as set forth in the Certificate of Designation) on the
		last business day prior to the date of conversion.
	 

	 
		(v) In the event of any capital
		reorganization (other than a capital reorganization covered by paragraph (ii)
		(D) above) or reclassification of outstanding shares of Class A Common Stock
		(other than a reclassification covered by paragraph (ii) (A) above), or in case
		of any merger, consolidation or other corporate combination of the Company with
		or into another corporation, or in case of any sale or conveyance to another
		corporation of the property of the Company as an entirety or substantially as
		an entirety (each of the foregoing being referred to as a
		“Transaction”), each share of Convertible Preferred Stock shall
		continue to remain outstanding if the Company is the Surviving Person (as
		defined below) of such Transaction, and 
	 

	 
		 
	 

	 
	 

	 

	 
		shall be subject to all the provisions, as
		in effect prior to such Transaction, or if the Company is not the Surviving
		Person, each share of Convertible Preferred Stock shall be exchanged for a new
		series of convertible preferred stock of the Surviving Person, or in the case
		of a Surviving Person other than a corporation, comparable securities of such
		Surviving Person, in either case having economic terms as nearly equivalent as
		possible to, and with the same voting and other rights as, the Convertible
		Preferred Stock including entitling the holder thereof to receive, upon
		presentation of the certificate therefor to the Surviving Person subsequent to
		the consummation of such Transaction, the kind and amount of shares of stock
		and other securities and property receivable (including cash) upon the
		consummation of such Transaction by a holder of that number of shares of Class
		A Common Stock into which one share of Convertible Preferred Stock was
		convertible immediately prior to such Transaction. In case securities or
		property other than Common stock shall be issuable or deliverable upon
		conversion as aforesaid, then all references in this paragraph (v) shall be
		deemed to apply, so far as appropriate and as nearly as may be, to such other
		securities or property.
	 

	 
		Notwithstanding anything contained herein to
		the contrary, the Company will not effect any Transaction unless, prior to the
		consummation thereof, (A) proper provision is made to ensure that the holders
		of shares of Convertible Preferred Stock will be entitled to receive the
		benefits afforded by this paragraph (v), and (B) if, following the Change in
		Control, one or more entitles other than the Company shall be required to
		deliver securities or other property upon the conversion of the Convertible
		Preferred Stock, such entity or entities shall assume, by written instrument
		delivered to each holder of shares of Convertible Preferred Stock the
		obligation to deliver to such holder the amount in cash to which, in accordance
		with the foregoing provisions, such holder is entitled.
	 

	 
		For purposes of this paragraph (v), the
		following terms shall have the meanings ascribed to them below:
	 

	 
		“Surviving Person” shall mean the
		continuing or surviving Person of a merger, consolidation or other corporate
		combination, the Person receiving a transfer of all or a substantial part of
		the properties and assets of the Company, or the Person consolidating with or
		merging into the Company in a merger, consolidation or other corporate
		combination in which the Company is the continuing or surviving Person, but in
		connection with which the Convertible Preferred Stock or Common Stock of the
		Company is exchanged, converted or reclassified into the securities of any
		other Person or cash or any other property. 
	 

	 
		(A) At the time of the Exchange, the
		Corporation shall deliver Debentures which may be resold by the holder thereof
		to the public without delivering a prospectus under the Securities Act.
	 

	 
		(h) Conversion or Exchange. Other than as
		set forth in paragraph (g) above, the Holders of shares of Convertible
		Preferred Stock shall not have any rights hereunder to 
	 

	 
		 
	 

	 
	 

	 

	 
		convert such shares into or exchange such
		shares for shares of any other class or classes or of any other series of any
		class or classes of Capital Stock of the Corporation.
	 

	 
		(i) Reissuance of Convertible Preferred
		Stock. Shares of Convertible Preferred Stock that have been issued and
		reacquired in any manner, including shares purchased or redeemed, shall (upon
		compliance with any applicable provisions of the laws of Delaware) have the
		status of authorized and unissued shares of Preferred Stock undesignated as to
		series and may be redesignated and reissued as part of any series of Preferred
		Stock; provided that any issuance of such shares as Convertible Preferred Stock
		must be in compliance with the terms hereof.
	 

	 
		(j) Business Day. If any payment or
		redemption shall be required by the terms hereof to be made on a day that is
		not a Business Day, such payment or redemption shall be made on the immediately
		succeeding Business Day.
	 

	 
		(k) Definitions. As used in this Certificate
		of Designation, the following terms shall have the following meanings (with
		terms defined in the singular having comparable meanings when used in the
		plural and vice versa), unless the context otherwise requires:
	 

	 
		“Affiliate” means, for any Person,
		a Person who, directly or indirectly, through one or more intermediaries
		controls, or is controlled by, or is under common control with, such other
		Person. The term “control” means the possession, directly or
		indirectly, of the power to direct or cause the direction of the management and
		policies of a Person, whether through the ownership of voting securities, by
		contract or otherwise.
	 

	 
		“Board of Directors” means the
		Board of Directors of the Corporation.
	 

	 
		“Board Resolution” means a copy of
		a resolution certified pursuant to an Officers’ Certificate to have been
		duly adopted by the Board of Directors of the Corporation and to be in full
		force and effect, and delivered to the Holders.
	 

	 
		“Business Day” means any day
		except a Saturday, a Sunday, or any day on which banking institutions in New
		York, New York are required or authorized by law or other governmental action
		to be closed.
	 

	 
		“Capital Stock” means (i) with
		respect to any Person that is a corporation, any and all shares, interests,
		participations or other equivalents (however designated) of capital stock,
		including each class of common stock and preferred stock of such Person and
		(ii) with respect to any Person that is not a corporation, any and all
		partnership or other equity interests of such Person.
	 

	 
		“Certificate of Incorporation”
		means the Certificate of Incorporation of the Corporation as filed with the
		Secretary of State of the State of Delaware, as amended.
	 

	 
		“Class A Common Stock” means the
		Class A Common Stock, par value $.001 per share, of the Corporation.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“Common Stock” of any Person means
		any and all shares, interests or other participations in, and other equivalents
		(however designated and whether voting or non-voting) of, such Person’s
		common stock, whether outstanding on the Issue Date or issued after the Issue
		Date, and includes, without limitation, all series and classes of such common
		stock.
	 

	 
		“Common Stock Trading Price” on
		any date means, with respect to the Class A Common Stock, the Closing Price for
		the Class A Common Stock on such date. The “Closing Price” on any
		date shall mean the last sale price for the Class A Common Stock, regular way,
		or, in case no such sale takes place on such date, the average of the closing
		bid and asked prices, regular way, for the Class A Common Stock in either case
		as reported in the principal consolidated transaction reporting system with
		respect to the principal national securities exchange on which the Class A
		Common Stock is listed or admitted to trading or, if the Class A Common Stock
		is not listed or admitted to trading on any national securities exchange, the
		last quoted price, or, if not so quoted, the average of the high bid and low
		asked prices in the over-the-counter market, as reported by the principal
		automated quotation system that may then be in use or, if the Class A Common
		Stock is not quoted by any such organization, the average of the closing bid
		and asked prices as furnished by a professional market maker making a market in
		the Class A Common Stock selected by the Board of Directors or, in the event
		that no trading price is available for the Class A Common Stock, the fair
		market value of the Class A Common Stock, as determined in good faith by the
		Board of Directors.
	 

	 
		“Conversion Price” shall have the
		meaning ascribed to it in paragraph (g) (i) hereof. 
	 

	 
		“Convertible Preferred Stock”
		shall have the meaning ascribed to it in paragraph (a) hereof.
	 

	 
		“Corporation” means ION Media
		Networks, Inc. a Delaware corporation.
	 

	 
		“Dividend Payment Date” means
		March 31, June 30, September 30 and December 31 of each year.
	 

	 
		“Dividend Period” means the
		Initial Dividend Period and, thereafter, each Quarterly Dividend Period.

	 

	 
		“Dividend Record Date” means March
		15, June 15, September 15 and December 15 of each year.
	 

	 
		“Extraordinary Cash Dividend”
		means cash dividends with respect to the Class A Common Stock the aggregate
		amount of which in any fiscal year exceeds 10% of Adjusted EBITDA of the
		Company and its subsidiaries for the fiscal year immediately preceding the
		payment of such dividend.
	 

	 
		“Fair Market Value” of any
		consideration other than cash or of any securities shall mean the amount which
		a willing buyer would pay to a willing seller in an arm’s length 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		transaction as determined by an independent
		investment banking or appraisal firm experienced in the valuation of such
		securities or property selected in good faith by the Board of Directors or a
		committee thereof.
	 

	 
		“Holder” means a holder of shares
		of Convertible Preferred Stock as reflected in the stock books of the
		Corporation.
	 

	 
		“Initial Dividend Period” means
		the dividend period commencing on the Issue Date and ending on September 30,
		1998.
	 

	 
		“Issue Date” means the date of
		original issuance of the Convertible Preferred Stock. 
	 

	 
		“Junior Preferred Stock” means,
		collectively, (i) Series B Convertible Preferred, (ii) Series C Preferred
		Stock, (iii) Series D Convertible Preferred, (iv) Series E-1 Convertible
		Preferred, (v) Series E-2 Convertible Preferred, and (vi) Series F
		Non-Convertible Preferred, in each case as defined in the Master Transaction
		Agreement. 
	 

	 
		“Junior Securities” shall have the
		meaning ascribed to it in paragraph (b) hereof.
	 

	 
		“Master Transaction Agreement”
		means the Master Transaction Agreement dated as of May 3, 2007 among the
		Corporation, NBC Universal, Inc., NBC Palm Beach Investment I, Inc., NBC Palm
		Beach Investment II, Inc., and CIG Media LLC, as may be amended, modified or
		restated from time to time. 
	 

	 
		“NBCU Series B Preferred” means
		11% Series B Convertible Exchangeable Preferred Stock, par value $0.001 per
		share, of the Corporation, with a liquidation preference of $10,000 per share,
		as it may be modified or amended from time to time.
	 

	 
		“Officers’ Certificate” means
		a certificate signed by two officers or by an officer and either an Assistant
		Treasurer or an Assistant Secretary of the Corporation which certificate shall
		include a statement that, in the opinion of such signers all conditions
		precedent to be performed by the Corporation prior to the taking of any
		proposed action have been taken. In addition, such certificate shall include
		(i) a statement that the signatories have read the relevant covenant or
		condition, (ii) a brief statement of the nature and scope of such examination
		or investigation upon which the statements are based, (iii) a statement that,
		in the opinion of such signatories, they have made such examination or
		investigation as is reasonably necessary to express an informed opinion and
		(iv) a statement as to whether or not, in the opinion of the signatories, such
		relevant conditions or covenants have been complied with.
	 

	 
		“Opinion of Counsel” means an
		opinion of counsel that, in such counsel’s opinion, all conditions
		precedent to be performed by the Corporation prior to the taking of any
		proposed action have been taken. Such opinion shall also include the statements
		called for in the second sentence under “Officers’
		Certificate”.
	 

	 
		“Parity Securities” shall have the
		meaning ascribed to it in paragraph (b) hereof.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“Person” means an individual,
		partnership, corporation, unincorporated organization, trust or joint venture,
		or a governmental agency or political subdivision thereof.
	 

	 
		“Preferred Stock” of any Person
		means any Capital Stock of such Person that has preferential rights to any
		other Capital Stock of such Person with respect to dividends or redemption or
		upon liquidation.
	 

	 
		“Quarterly Dividend Period” shall
		mean the quarterly period commencing on each March 31, June 30, September 30
		and December 31 and ending on the next succeeding Dividend Payment Date,
		respectively.
	 

	 
		“Redemption Date”, with respect to
		any shares of Convertible Preferred Stock, means the date on which such shares
		of Convertible Preferred Stock are redeemed by the Corporation.
	 

	 
		“Redemption Notice” shall have the
		meaning ascribed to it in paragraph (e)(iii) hereof. 
	 

	 
		“Redemption Price” shall have the
		meaning ascribed to it in paragraph (e)(i) hereof.
	 

	 
		“Securities Act” means the
		Securities Act of 1933, as amended, and the rules and regulations promulgated
		thereunder.
	 

	 
		“Senior Preferred Stock” means
		collectively, (i) 14.75% Preferred, (ii) Series A-1 Convertible Preferred,
		(iii) Series A-2 Preferred Stock, (iv) Series A-3 Convertible Preferred, and
		(v) Series C Convertible Preferred, in each case as defined in the Master
		Transaction Agreement. 
	 

	 
		“Senior Securities” shall have the
		meaning ascribed to it in paragraph (b) hereof.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		CERTIFICATE OF AMENDMENT
	 

	 
		OF
	 

	 
		CERTIFICATE OF INCORPORATION
	 

	 
		OF
	 

	 
		ION MEDIA NETWORKS, INC.
	 

	 
		(Pursuant to Section 242 of the General
		Corporation Law of the State of Delaware)
	 

	 
		ION Media Networks, Inc., a corporation duly
		organized and existing under the General Corporation Law of the State of
		Delaware (the “Corporation”), does hereby certify that:
	 

	 
		FIRST: The Certificate of Incorporation of
		the Corporation is hereby amended by amending in its entirety the Certificate
		of Designation of the Powers, Preferences and Relative, Participating, Optional
		and Other Special Rights of the 13 1⁄4% Cumulative Junior Exchangeable
		Preferred Stock and Qualifications, Limitations and Restrictions Thereof to
		read as attached hereto as Exhibit
		A.
	 

	 
		SECOND: The foregoing amendment was duly
		adopted in accordance with the provisions of Sections 242 and 228 of the
		General Corporation Law of the State of Delaware.
	 

	 
		IN WITNESS WHEREOF, ION Media Networks, Inc.
		has caused this Certificate to be executed by its duly authorized officer, this
		____ day of ______ 2007.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ION MEDIA NETWORKS,
				  INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Office:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Exhibit A
	 

	 
		AMENDED CERTIFICATE OF DESIGNATION OF THE
		POWERS,
	 

	 
		PREFERENCES AND RELATIVE,
		PARTICIPATING,
	 

	 
		OPTIONAL AND OTHER SPECIAL RIGHTS OF 13 1/4%
		CUMULATIVE
	 

	 
		JUNIOR EXCHANGEABLE PREFERRED STOCK AND
		QUALIFICATIONS,
	 

	 
		LIMITATIONS AND RESTRICTIONS THEREOF
	 

	 
	 

	 

	 
		Pursuant to Section 151 of the
	 

	 
		General Corporation Law of the State of
		Delaware
	 

	 
	 

	 

	 
		I. DESIGNATION. There is hereby created out
		of the authorized and unissued shares of Preferred Stock of the Corporation a
		class of Preferred Stock designated as the “13 1/4% Cumulative Junior
		Preferred Stock”. The number of shares constituting such class shall be
		72,000 and are referred to as the “Junior Preferred Stock.” The
		liquidation preference of the Junior Preferred Stock shall be $10,000.00 per
		share. 
	 

	 
		II. RANK. The Junior Preferred Stock shall,
		with respect to dividends and distributions upon liquidation, winding-up or
		dissolution of the Corporation, rank (i) senior to the Convertible Preferred
		Stock, to all classes of Common Stock of the Corporation and to each other
		class of Capital Stock of the Corporation or series of Preferred Stock of the
		Corporation hereafter created the terms of which do not expressly provide that
		it ranks senior to, or on a parity with, the Junior Preferred Stock as to
		dividends and distributions upon liquidation, winding-up or dissolution of the
		Corporation (collectively referred to, together with all classes of Common
		Stock of the Corporation and the Convertible Preferred Stock, as “Junior
		Securities”); (ii) on a parity with any class of Capital Stock of the
		Corporation or series of Preferred Stock of the Corporation hereafter created
		the terms of which expressly provide that such class or series will rank on a
		parity with the Junior Preferred Stock as to dividends and distributions upon
		liquidation, winding-up or dissolution, including the Series C Convertible
		Preferred Stock (collectively referred to as “Parity Securities”);
		and (iii) junior to the NBCU Series B Preferred, the Senior Preferred Stock and
		to each other class of Capital Stock of the Corporation or series of Preferred
		Stock of the Corporation hereafter created the terms of which expressly provide
		that such class or series will rank senior to the Junior Preferred Stock as to
		dividends and distributions upon liquidation, winding-up or dissolution of the
		Corporation (collectively referred to as “Senior Securities”).

	 

	 
		III. DIVIDENDS.
	 

	 
		A. Beginning on the Issue Date, the Holders
		of the outstanding shares of Junior Preferred Stock shall be entitled to
		receive, when, as and if declared by the Board of Directors, out of funds
		legally available therefor, dividends on each share of Junior Preferred Stock,
		at a rate per annum equal to 13 1/4% of the liquidation preference per share of
		the Junior Preferred Stock, payable semi-annually. All dividends shall be
		cumulative, whether or not earned or declared, on a daily basis from the Issue
		Date and shall be payable semi-annually in arrears on each Dividend Payment
		Date, commencing November 15, 1998. Dividends may be paid, at the 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Corporation’s option, on any Dividend
		Payment Date either in cash or by the issuance of additional shares of Junior
		Preferred Stock (including fractional shares) having an aggregate liquidation
		preference equal to the amount of such dividends. In the event that dividends
		are declared and paid through the issuance of additional shares of Junior
		Preferred Stock, as herein provided, such dividends shall be deemed paid in
		full and will not accumulate. If any dividend payable on any Dividend Payment
		Date subsequent to May 15, 2003 is not paid in full in cash, the per annum
		dividend rate will be increased by 1.00% per annum for such dividend payment
		period. After the date of which such dividend is paid in cash, the dividend
		rate will revert to the rate originally borne by the Junior Preferred Stock.
		Each dividend shall be payable to the Holders of record as they appear on the
		stock books of the Corporation on the Dividend Record Date immediately
		preceding the related Dividend Payment Date. Dividends shall cease to
		accumulate in respect of shares of the Junior Preferred Stock on the date of
		the earlier redemption of such shares unless the Corporation shall have failed
		to pay the relevant redemption price on the date fixed for redemption.
	 

	 
		B. All dividends paid with respect to shares
		of the Junior Preferred Stock pursuant to paragraph (c)(i) shall be paid PRO
		RATA to the Holders entitled thereto. 
	 

	 
		C. Unpaid dividends accumulating on the
		Junior Preferred Stock for any past Dividend Period and dividends in connection
		with any optional redemption may be declared and paid at any time, without
		references to any regular Dividend Payment Date, to holders of record on such
		date, not more than forty-five (45) days prior to the payment thereof, as may
		be fixed by the Board of Directors. 
	 

	 
		D. Dividends payable on the Junior Preferred
		Stock for any period less than a year shall be computed on the basis of a
		360-day year of twelve 30-day months and the actual number of days elapsed in
		the period for which payable.
	 

	 
		IV. LIQUIDATION PREFERENCE.
	 

	 
		A. In the event of any voluntary or
		involuntary liquidation, dissolution or winding up of the affairs of the
		Corporation, the Holders of shares of Junior Preferred Stock then outstanding
		shall initially be entitled to be paid, out of the assets of the Corporation
		available for distribution to its stockholders, an amount in cash equal to the
		liquidation preference for each share outstanding, plus without duplication, an
		amount in cash equal to accumulated and unpaid dividends thereon to the date
		fixed for liquidation, dissolution or winding up (including an amount equal to
		a prorated dividend for the period from the last Dividend Payment Date to the
		date fixed for liquidation, dissolution or winding up) before any distribution
		shall be made or any assets distributed to the holders of any of the Junior
		Securities including, without limitation, the Convertible Preferred Stock and
		Common Stock of the Corporation. Except as provided in the preceding sentence,
		Holders of Junior Preferred Stock shall not be entitled to any distribution in
		the event of any liquidation, dissolution or winding up of the affairs of the
		Corporation. If the assets of the Corporation are not sufficient to pay in full
		the liquidation payments payable to the Holders of outstanding shares of the
		Junior Preferred Stock and all Parity Securities, then the holders of all such
		shares shall share equally and ratably in such distribution of assets first in
		proportion to the full liquidation preference to which each is entitled until
		such preferences are 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		paid in full, and then in proportion to
		their respective amounts of accumulated but unpaid dividends. 
	 

	 
		B. For the purposes of this paragraph (d),
		neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
		securities or other consideration) of all or substantially all of the property
		or assets of the Corporation nor the consolidation or merger of the Corporation
		with or into one or more entities shall be deemed to be a liquidation,
		dissolution or winding up of the affairs of the Corporation.
	 

	 
		V. REDEMPTION. 
	 

	 
		A. (A)The Corporation may, at the option of
		the Board of Directors, redeem at any time, in whole or in part, in the manner
		provided for in paragraph (e)(iii) hereof, any or all of the shares of the
		Junior Preferred Stock, at the redemption price per share equal to the sum of
		(x) $10,000 and (y) an amount equal to all accumulated and unpaid dividends per
		share (including an amount in cash equal to a prorated dividend for the period
		from the Dividend Payment Date immediately prior to the Redemption Date to the
		Redemption Date) (the “ Redemption Price”).
	 

	 
		(B) [Intentionally Omitted] 
	 

	 
		(C) In the event of a redemption pursuant to
		paragraph (e)(i)(A) hereof of only a portion of the then outstanding shares of
		the Junior Preferred Stock, the Corporation shall effect such redemption on a
		PRO RATA basis according to the number of shares held by each Holder of the
		Junior Preferred Stock, except that the Corporation may redeem all shares held
		by any Holders of fewer than one share (or shares held by Holders who would
		hold less than one share as a result of such redemption), as may be determined
		by the Corporation, PROVIDED that no redemption shall be authorized or made
		unless prior thereto full accumulated and unpaid dividends are declared and
		paid in full, or declared and a sum in cash set apart sufficient for such
		payment, on the Junior Preferred Stock for all Dividend Periods terminating on
		or prior to the Redemption Date.
	 

	 
		B. [Intentionally Omitted]
	 

	 
		C. PROCEDURES FOR REDEMPTION. (A) At least
		thirty (30) days and not more than sixty (60) days prior to the date fixed for
		any redemption of the Junior Preferred Stock, written notice (the
		“Redemption Notice”) shall be given by first class mail, postage
		prepaid, to each Holder of record on the record date fixed for such redemption
		of the Junior Preferred Stock at such Holder’s address as it appears on
		the stock books of the Corporation, PROVIDED that no failure to give such
		notice nor any deficiency therein shall affect the validity of the procedure
		for the redemption of any shares of Junior Preferred Stock to be redeemed
		except as to the Holder or Holders to whom the Corporation has failed to give
		said notice or to whom such notice was defective. The Redemption Notice shall
		state: 
	 

	 
		a. that the redemption is pursuant to
		paragraph (e)(i)(A) hereof; 
	 

	 
		b. the Redemption Price;
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		c. whether all or less than all the
		outstanding shares of the Junior Preferred Stock are to be redeemed and the
		total number of shares of the Junior Preferred Stock being redeemed;
	 

	 
		d. the date fixed for redemption;
	 

	 
		e. that the Holder is to surrender to the
		Corporation, in the manner, at the place or places and at the price designated,
		his certificate or certificates representing the shares of Junior Preferred
		Stock to be redeemed; and 
	 

	 
		f. that dividends on the shares of the
		Junior Preferred Stock to be redeemed shall cease to accumulate on such
		Redemption Date unless the Corporation defaults in the payment of the
		Redemption Price.
	 

	 
		(B) Each Holder of Junior Preferred Stock
		shall surrender the certificate or certificates representing such shares of
		Junior Preferred Stock to the Corporation, duly endorsed (or otherwise in
		proper form for transfer, as determined by the Corporation), in the manner and
		at the place designated in the Redemption Notice, and on the Redemption Date
		the full Redemption Price for such shares shall be payable in cash to the
		Person whose name appears on such certificate or certificates as the owner
		thereof, and each surrendered certificate shall be canceled and retired. In the
		event that less than all of the shares represented by any such certificate are
		redeemed, a new certificate shall be issued representing the unredeemed shares.
		
	 

	 
		(C) On and after the Redemption Date, unless
		the Corporation defaults in the payment in full of the applicable redemption
		price, dividends on the Junior Preferred Stock called for redemption shall
		cease to accumulate on the Redemption Date, and all rights of the Holders of
		redeemed shares shall terminate with respect thereto on the Redemption Date,
		other than the right to receive the Redemption Price, without interest;
		PROVIDED, HOWEVER, that if a notice of redemption shall have been given as
		provided in paragraph (iii)(A) above and the funds necessary for redemption
		(including an amount in respect of all dividends that will accrue to the
		Redemption Date) shall have been segregated and irrevocably deposited in trust
		for the equal and ratable benefit of the Holders of the shares to be redeemed,
		then, at the close of business on the day on which such funds are segregated
		and set aside, the Holders of the shares to be redeemed shall cease to be
		stockholders of the Corporation and shall be entitled only to receive the
		Optional Redemption Price, without interest.
	 

	 
		VI. VOTING RIGHTS.
	 

	 
		Except as otherwise provided by law, the
		Holders of Junior Preferred Stock shall not be entitled to vote on any matters
		submitted for a vote to the holders of the Corporation’s common stock.
		Upon the filing of the Certificate of Amendment to the Certificate of
		Incorporation adding this sentence, the term of any director elected by the
		Holders of Junior Preferred Stock prior to the filing of such Certificate of
		Amendment of the Certificate of Incorporation shall automatically end and such
		director shall immediately cease to be a member of the Board of Directors.
		
	 

	 
		VII. [INTENTIONALLY OMITTED].
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		VIII. CONVERSION OR EXCHANGE. The Holders of
		shares of Junior Preferred Stock shall not have any rights hereunder to convert
		such shares into or exchange such shares for shares of any other class or
		classes or of any other series of any class or classes of Capital Stock of the
		Corporation. 
	 

	 
		IX. REISSUANCE OF JUNIOR PREFERRED STOCK.
		Shares of Junior Preferred Stock that have been issued and reacquired in any
		manner, including shares purchased or redeemed, shall (upon compliance with any
		applicable provisions of the laws of Delaware) have the status of authorized
		and unissued shares of Preferred Stock undesignated as to series and may be
		redesignated and reissued as part of any series of Preferred Stock; PROVIDED
		that any issuance of such shares as Junior Preferred Stock must be in
		compliance with the terms hereof. 
	 

	 
		X. BUSINESS DAY. If any payment or
		redemption shall be required by the terms hereof to be made on a day that is
		not a Business Day, such payment or redemption shall be made on the immediately
		succeeding Business Day. 
	 

	 
		XI. DEFINITIONS. As used in this Certificate
		of Designation, the following terms shall have the following meanings (with
		terms defined in the singular having comparable meanings when used in the
		plural and vice versa), unless the context otherwise requires: 
	 

	 
		“BOARD OF DIRECTORS” means the
		Board of Directors of the Corporation. 
	 

	 
		“BUSINESS DAY” means any day
		except a Saturday, a Sunday, or any day on which banking institutions in New
		York, New York are required or authorized by law or other governmental action
		to be closed.
	 

	 
		“CAPITAL STOCK” means (i) with
		respect to any Person that is a corporation, any and all shares, interests,
		participations or other equivalents (however designated) of capital stock,
		including each class of common stock and preferred stock of such Person and
		(ii) with respect to any Person that is not a corporation, any and all
		partnership or other equity interests of such Person. 
	 

	 
		“CERTIFICATE OF INCORPORATION”
		means the Certificate of Incorporation of the Corporation as filed with the
		Secretary of State of the State of Delaware, as amended. 
	 

	 
		“COMMON STOCK” of any Person means
		any and all shares, interests or other participations in, and other equivalents
		(however designated and whether voting or non-voting) of, such Person’s
		common stock, whether outstanding on the Issue Date or issued after the Issue
		Date, and includes, without limitation, all series and classes of such common
		stock. 
	 

	 
		“CONVERTIBLE PREFERRED STOCK”
		shall mean, collectively, (i) Series B Convertible Preferred, (ii) Series C
		Preferred Stock, (iii) Series D Convertible Preferred, (iv) Series E-1
		Convertible Preferred, (v) Series E-2 Convertible Preferred, (vi) Series F
		Non-Convertible Preferred, and (vii) 9.75% Preferred in each case as defined in
		the Master Transaction Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“CORPORATION” means ION Media
		Networks, Inc., a Delaware corporation. 
	 

	 
		“DIVIDEND PAYMENT DATE” means May
		15 and November 15 of each year commencing November 15, 1998.
	 

	 
		“DIVIDEND PERIOD” means the
		Initial Dividend Period and, thereafter, each Semi-annual Dividend Period.
		
	 

	 
		“DIVIDEND RECORD DATE” means May 1
		and November 1 of each year.
	 

	 
		“HOLDER” means a holder of shares
		of Junior Preferred Stock as reflected in the stock books of the
		Corporation.
	 

	 
		“INITIAL DIVIDEND PERIOD” means
		the dividend period commencing on the Issue Date and ending on November 15,
		1998.
	 

	 
		“ISSUE DATE” means the date of the
		original issuance of the Junior Preferred Stock.
	 

	 
		“JUNIOR PREFERRED STOCK” shall
		have the meaning ascribed to it in paragraph (a) hereof.
	 

	 
		“JUNIOR SECURITIES” shall have the
		meaning ascribed to it in paragraph (b) hereof.
	 

	 
		 “MASTER TRANSACTION AGREEMENT”
		shall mean the Master Transaction Agreement dated as of May 3, 2007 among the
		Corporation, NBC Universal, Inc., NBC Palm Beach Investment I, Inc., NBC Palm
		Beach Investment II, Inc., and CIG Media LLC, as may be amended, modified or
		restated from time to time. 
	 

	 
		“NBCU SERIES B PREFERRED” means
		11% Series B Convertible Exchangeable Preferred Stock, par value $0.001 per
		share, of the Corporation, with a liquidation preference of $10,000 per share,
		as it may be modified or amended from time to time.
	 

	 
		“PARITY SECURITIES” shall have the
		meaning ascribed to it in paragraph (b) hereof. 
	 

	 
		“PERSON” means an individual,
		partnership, corporation, unincorporated organization, trust or joint venture,
		or a governmental agency or political subdivision thereof.
	 

	 
		“PREFERRED STOCK” of any Person
		means any Capital Stock of such Person that has preferential rights to any
		other Capital Stock of such Person with respect to dividends or redemption or
		upon liquidation. 
	 

	 
		“REDEMPTION DATE”, with respect to
		any shares of Junior Preferred Stock, means the date on which such shares of
		Junior Preferred Stock are redeemed by the Corporation. 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“REDEMPTION NOTICE” shall have the
		meaning ascribed to it in paragraph (e)(iii) hereof.
	 

	 
		“REDEMPTION PRICE” shall have the
		meaning ascribed to it in paragraph (e)(i) hereof.
	 

	 
		“SEMI-ANNUAL DIVIDEND PERIOD”
		shall mean the semi-annual period commencing on each May 15 and November 15 and
		ending on the next succeeding Dividend Payment Date, respectively.
	 

	 
		 “SENIOR PREFERRED STOCK” shall
		mean collectively, (i) Series A-1 Convertible Preferred, (ii) Series A-2
		Preferred Stock, and (iii) Series A-3 Convertible Preferred, in each case as
		defined in the Master Transaction Agreement. 
	 

	 
		“SENIOR SECURITIES” shall have the
		meaning ascribed to it in paragraph (b) hereof.
	 

	 
		“SERIES C CONVERTIBLE PREFERRED
		STOCK” shall mean the Series C Convertible Preferred Stock, as such term
		is defined in the Master transaction Agreement.
	 

	 
		 
	 

	 

  
	  

	 EXHIBIT
		U to the Master Transaction Agreement

	 

	 Warrant

	 

	 

	 
	 

	 
	 
		Exhibit U
 to the Master Transaction Agreement
	 

	 WARRANT

	 

	 THIS
		WARRANT AND THE SHARES OF COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF HAVE
		NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
		“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NO SALE, ASSIGNMENT,
		TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED EXCEPT PURSUANT TO (1) AN
		EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, PROVIDED
		THAT THE COMPANY RECEIVES AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY
		SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED, OR (2) AN
		EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT. 

	 

	 THE
		SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A
		STOCKHOLDERS’ AGREEMENT, DATED AS OF May 4, 2007 (THE
		“STOCKHOLDERS’ AGREEMENT”), AMONG ION MEDIA NETWORKS, INC., CIG
		MEDIA LLC AND NBC UNIVERSAL, INC., AS THE SAME MAY BE AMENDED, RESTATED,
		SUPPLEMENTED OR MODIFIED FROM TIME TO TIME. UPON WRITTEN REQUEST, A COPY OF THE
		STOCKHOLDERS’ AGREEMENT SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY
		TO THE HOLDER HEREOF.

	 

	 Class A
		Common Stock Purchase Warrant

	 Date of
		Issuance: May 4, 2007

	 Warrant
		No. 2007-1

	 

	 ION
		MEDIA NETWORKS, INC. 

	 

	 Warrant
		Certificate

	 

	 ION
		Media Networks, Inc. (the “Company”),
		for value received, hereby certifies that CIG Media LLC, a Delaware limited
		liability company (“CIG
		Media”),
		or registered assigns (the “Holder”),
		is entitled, subject to the terms of this Warrant (the “Warrant”)
		as set forth below, to purchase from the Company, during the Exercise Period
		(as defined in Section 1(a)), a maximum of 100,000,000 shares (the
		“Warrant
		Shares”)
		of Class A Common Stock of the Company, par value $0.001 per share (the
		“Class
		A Common Stock”)
		at a price per share equal to the Exercise Price (as defined in Section 1(c)).
		The number of Warrant Shares and the Exercise Price are subject to adjustment
		from time to time as hereinafter provided.

	 

	 The
		Warrant is issued under and in accordance with that certain Master Transaction
		Agreement (as amended, restated, supplemented or otherwise modified from time
		to time, the “Master
		Agreement”)
		made and entered into as of May 3, 2007, by and among the Company, NBC
		Universal, Inc., a Delaware corporation (“NBCU”),
		NBC Palm Beach Investment I, Inc., a California corporation, NBC Palm Beach
		Investment II, Inc., a California corporation, and CIG Media. The Warrant and
		the Warrant Shares are entitled to the benefits of that certain Registration
		Rights Agreement, dated May 4, 2007, among the Company, CIG Media and NBCU (as
		amended, restated, supplemented or otherwise modified from time to time,
		

	  

	 

	 
	 

	 
	 the
		“Registration
		Rights Agreement”).
		Copies of the Master Agreement, the Stockholders’ Agreement and the
		Registration Rights Agreement may be obtained for inspection by the Holder at
		the principal office of the Company upon prior written request to the
		Company.

	 

	 Section
		1. Exercise.
		

	 

	 (a) Subject
		to the terms hereof, the Holder shall have the right, which may be exercised at
		any time and from time to time during the period (the “Exercise
		Period”)
		commencing as of the Exchange Offer Closing (as defined in the Master
		Agreement) and continuing until 5:00 p.m., New York City time, on the seventh
		anniversary of the Exchange Offer Closing (the “Expiration
		Date”),
		to purchase from the Company the number of fully paid and nonassessable Warrant
		Shares which the Holder may at the time be entitled to receive on exercise of
		the Warrant and payment of the Exercise Price then in effect for such Warrant
		Shares. Notwithstanding the foregoing, if in the written opinion of counsel to
		the Company reasonably acceptable to the Holder approval of the Federal
		Communications Commission (the “FCC”)
		is required before the Company may issue Warrant Shares upon the exercise of
		the Warrant, the Company may defer the issuance of such Warrant Shares until
		such time as approval of the FCC is obtained or is no longer required. The
		Company shall promptly notify the Holder in writing of any event which requires
		it to suspend exercise of the Warrant pursuant to the preceding sentence and of
		the termination of any such suspension. To the extent the Warrant is not
		exercised prior to the Expiration Date, it shall become void and all rights
		hereunder shall cease as of such time.

	  

	 (b) Procedures;
		Limitations on Exercise.
		

	 

	 (i) The
		Warrant may be exercised, in whole or in part, at the election of the Holder,
		upon surrender at the principal office of the Company of the certificate or
		certificates evidencing the Warrant with the form of election to purchase
		attached as Exhibit
		A duly
		completed and signed (“Purchase
		Form”),
		and upon payment to the Company of the Exercise Price, as it may be adjusted as
		herein provided, for the number of Warrant Shares in respect of which the
		Warrant is then exercised; provided that this Warrant shall be exercisable in
		part only for a minimum of 5,000,000 Warrant Shares per exercise, or if less,
		the entire number of Warrant Shares which the Holder is entitled to purchase
		hereunder. Payment of the aggregate Exercise Price shall be made by wire
		transfer of immediately available funds to such account as the Company may
		specify.

	 

	 (ii) Subject
		to the provisions of Section 4 hereof, upon surrender of the Warrant and
		payment of the Exercise Price, the Company shall issue and cause to be
		delivered with all reasonable dispatch to or upon the written order of the
		Holder a certificate or certificates for the number of Warrant Shares issuable
		upon the exercise of the Warrant together with cash as provided in Section 10.
		Such certificate or certificates shall be deemed to have been issued and the
		Holder shall be deemed to have become a holder of record of such Warrant Shares
		as of the date of the surrender of the Warrant and payment of the Exercise
		Price.

	  

	 -2-

	  

	 

	 
	 

	 
	 (iii) In the
		event that this Warrant is exercised in respect of fewer than all of the
		Warrant Shares issuable on such exercise at any time prior to the Expiration
		Date, a new certificate evidencing the remaining Warrant or Warrants will be
		issued, and the Company shall countersign and deliver the required new Warrant
		Certificate or Certificates. When surrendered upon exercise of the Warrant,
		this Warrant Certificate shall be cancelled and disposed of by the
		Company.

	  

	 (c) Exercise
		Price. The
		“Exercise
		Price”
		on any date means the price of $0.75 per share (as such price may be adjusted
		from time to time hereunder). The Exercise Price shall be subject to adjustment
		as provided in Section 9. 

	  

	 

	 Section
		2. Registration. The
		Company shall number and register the Warrant Certificate on the books of the
		Company maintained at its principal office. Warrant Certificates shall be
		manually countersigned by the Company by a duly authorized officer and shall
		not be valid for any purpose unless so countersigned.

	  

	 Section
		3. Transfer
		and Exchange of Warrants.
		

	  

	 (a) THIS
		WARRANT IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY SET FORTH IN SECTION 4 OF
		THE STOCKHOLDERS’ AGREEMENT, AND MAY BE TRANSFERRED ONLY IN COMPLIANCE
		WITH THE PROVISIONS THEREOF. Subject to the foregoing and the limitations of
		Section 4 hereof, the Company shall from time to time register the transfer of
		the Warrant upon the records to be maintained by it for that purpose, upon
		surrender of this Warrant Certificate duly endorsed or accompanied (if so
		required by it) by a written instrument or instruments of transfer in form
		satisfactory to it, duly executed by the registered Holder or by the duly
		appointed legal representative thereof or by a duly authorized attorney;
		provided that this Warrant may be transferred in part only for a minimum of
		5,000,000 Warrant Shares per transfer, or if less, the entire number of Warrant
		Shares which the Holder is entitled to purchase hereunder. Subject to the terms
		hereof, this Certificate may be exchanged for another certificate or
		certificates entitling the Holder to purchase a like aggregate number of
		Warrant Shares as the Certificate surrendered then entitles the Holder to
		purchase; provided that each such new Certificate shall be in minimum
		denominations of 5,000,000 Warrant Shares. A Holder desiring to exchange this
		Certificate shall make such request in writing delivered to the Company, and
		shall surrender, duly endorsed or accompanied (if so required by the Company)
		by a written instrument or instruments of transfer in form satisfactory to the
		Company, this Warrant Certificate to be so exchanged.

	  

	 (b) Upon
		registration of transfer, the Company shall issue to the transferees and
		countersign a new Warrant Certificate or Certificates and deliver by certified
		mail such new Warrant Certificate or Certificates to the persons entitled
		thereto. No service charge shall be made for any exchange or registration of
		transfer of Warrant Certificates, but the Company may require payment of a sum
		sufficient to cover any stamp or other tax or other governmental charge that is
		imposed in connection with any such exchange or registration of
		transfer.

	 

	 Section
		4. Registration
		of Transfers and Exchanges.
		Subject to Section 3 

	  

	 -3-

	  

	 

	 
	 

	 
	 hereof,
		when Warrants represented by this Certificate are presented to the Company with
		a request to register the transfer of the Warrants, or to exchange such
		Warrants for an equal number of Warrants, the Company shall register the
		transfer or make the exchange as requested if the requirements set forth in
		Section 3 and the following requirements are satisfied:

	  

	 (a) the
		Certificate shall be duly endorsed or accompanied by a written instrument of
		transfer in form satisfactory to the Company, duly executed by the Holder or
		his attorney duly authorized in writing; and

	 

	 (b) if the
		offer and sale of the Warrants have not been registered pursuant to an
		effective Registration Statement under the Securities Act of 1933, the
		Certificate shall be accompanied by the following additional information and
		documents, as applicable:

	 

	 (i) if such
		Warrants are being delivered to the Company by a Holder for registration in the
		name of such Holder, without transfer, a certification from such Holder to that
		effect (in substantially the form of Exhibit
		B
		hereto); or

	 

	 (ii) if such
		Warrants are being transferred pursuant to an exemption from registration in
		accordance with Rule 144 or Regulation S, in each case, under the Securities
		Act, a certification to that effect (in substantially the form of Exhibit
		B
		hereto); or

	  

	 (iii) if such
		Warrants are being transferred to an institutional “accredited
		investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
		under the Securities Act (an “Institutional
		Accredited Investor”)),
		delivery of a certification to that effect (in substantially the form of
		Exhibit
		B hereto)
		and a Transferee Certificate for Institutional Accredited Investors in
		substantially the form of Exhibit
		C hereto
		and an opinion of counsel and/or other information satisfactory to the Company
		to the effect that such transfer is in compliance with the Securities Act;
		or

	  

	 (iv) if such
		Warrants are being transferred in reliance on another exemption from the
		registration requirements of the Securities Act, a certification to that effect
		(in substantially the form of Exhibit
		B hereto)
		and an opinion of counsel reasonably satisfactory to the Company to the effect
		that such transfer is in compliance with the Securities Act. 

	 

	 Section
		5. Payment
		of Taxes. The
		Company will pay all documentary stamp taxes attributable to the initial
		issuance of Warrant Shares upon the exercise of the Warrant; provided,
		however, that
		the Company shall not be required to pay any tax or taxes which may be payable
		in respect of any transfer involved in the issuance of any Warrant Certificates
		or any certificates for Warrant Shares in a name other than that of the
		registered holder of a Warrant Certificate surrendered upon the exercise of a
		Warrant, and the Company shall not be required to issue or deliver such Warrant
		Certificates unless or until the person or persons requesting the issuance
		thereof shall have paid to the Company the amount of such tax or shall have
		established to the satisfaction of the Company that such tax has been
		paid.

	 
		 

		-4-

		 

		

		
		

		

	 Section
		6. Mutilated
		or Missing Warrant Certificate. In
		case this Warrant Certificate shall be mutilated, lost, stolen or destroyed,
		the Company will issue and countersign, in exchange and substitution for and
		upon cancellation of the mutilated Warrant Certificate, or in lieu of and
		substitution for the Warrant Certificate lost, stolen or destroyed, a new
		Warrant Certificate of like tenor and representing an equivalent number of
		Warrants, but only upon receipt of evidence satisfactory to the Company of such
		loss, theft or destruction of the Warrant Certificate and an indemnification
		agreement satisfactory to the Company with respect to such loss, theft or
		destruction. Applicants for such substitute Warrant Certificate(s) shall also
		comply with such other reasonable regulations and pay such other reasonable
		charges as the Company may prescribe.

	  

	 Section
		7. Reservation
		of Warrant Shares.
		

	  

	 (a) The
		Company will at all times reserve and keep available, free from preemptive
		rights, out of the aggregate of its authorized but unissued Class A Common
		Stock or its authorized and issued Class A Common Stock held in its treasury,
		for the purpose of enabling it to satisfy any obligation to issue Warrant
		Shares upon exercise of the Warrant, the maximum number of shares of Class A
		Common Stock which may then be deliverable upon the exercise of the
		Warrant.

	  

	 (b) The
		Company or, if appointed, the transfer agent for the Class A Common Stock (the
		“Transfer
		Agent”)
		and every subsequent transfer agent for any shares of the Company’s
		capital stock issuable upon the exercise of the Warrant will be irrevocably
		authorized and directed at all times to reserve such number of authorized
		shares as shall be required for such purpose. The Company will keep a copy of
		this Warrant Certificate on file with the Transfer Agent and with every
		subsequent transfer agent for any shares of the Company’s capital stock
		issuable upon the exercise of the Warrant. The Company will supply such
		Transfer Agent with duly executed certificates for such purposes and will
		provide or otherwise make available any cash which may be payable as provided
		in Section 10. The Company will furnish such Transfer Agent a copy of all
		notices of adjustments and certificates related thereto transmitted to each
		holder pursuant to Section 11 hereof.

	  

	 (c) The
		Company covenants that all Warrant Shares which may be issued upon exercise of
		the Warrant in accordance with the terms of the Warrant Certificate will, upon
		payment of the Exercise Price therefor and issuance, be validly authorized and
		issued, fully paid, nonassessable, free of preemptive rights and free from all
		taxes, liens, charges and security interests with respect to the issuance
		thereof. The Company will take no action to increase the par value of the Class
		A Common Stock to an amount in excess of the Exercise Price, and the Company
		will not enter into any agreements inconsistent with the rights of the Holder
		hereunder. The Company will use its reasonable best efforts to obtain all such
		authorizations, exemptions or consents from any public regulatory body having
		jurisdiction thereof as may be necessary to enable the Company to perform its
		obligations hereunder. The Company shall not take any action reasonably within
		its control, including the hiring of a broker to solicit exercises, which would
		render unavailable an exemption from registration under the Securities Act
		which might otherwise be available with respect to the issuance of Warrant
		Shares upon exercise of the Warrant.

	 
		 

		-5-

		 

		

		
		

		 

	 Section
		8. Obtaining
		Stock Exchange Listings. The
		Company will from time to time take all action which may be necessary so that
		the Warrant Shares, immediately upon their issuance upon the exercise of the
		Warrant, will be listed on the principal securities exchanges and markets
		within the United States of America on which other shares of Class A Common
		Stock are then listed. In the event that, at any time during the period in
		which the Warrant is exercisable, the Class A Common Stock is not listed on any
		principal securities exchanges or markets within the United States of America,
		the Company will use its reasonable best efforts to permit the Warrant Shares
		to be designated PORTAL securities in accordance with the rules and regulations
		adopted by the National Association of Securities Dealers, Inc. relating to
		trading in the Private Offering, Resales and Trading through Automated Linkages
		market.

	  

	 Section
		9. Adjustment
		of Number of Warrant Shares Issuable and Exercise Price. The
		number of shares of Class A Common Stock issuable upon the exercise of the
		Warrant (the “Exercise
		Rate”)
		and the Exercise Price are subject to adjustment from time to time upon the
		occurrence of the events enumerated in this Section 9.

	  

	 (a) Adjustment
		for Change in Capital Stock. If the
		Company (i) pays a dividend or makes a distribution on its Class A Common Stock
		in shares of its Class A Common Stock; (ii) subdivides its outstanding shares
		of Class A Common Stock into a greater number of shares; (iii) combines its
		outstanding shares of Class A Common Stock into a smaller number of shares; or
		(iv) issues, by reclassification of its shares of Class A Common Stock, any
		shares of its capital stock; then and in each such case the Exercise Rate in
		effect immediately prior to such action shall be adjusted so that the holder of
		any Warrant thereafter exercised shall be entitled to receive, upon exercise of
		the Warrant, the number of shares of Class A Common Stock or other securities
		of the Company which such holder would have owned immediately following such
		action if the Warrant had been exercised immediately prior to such action;
		provided, however, that notwithstanding the foregoing, upon the occurrence of
		an event described in clause (i) above which otherwise would have given rise to
		an adjustment, no adjustment shall be made if the Company includes the Holder
		in such distribution pro rata according to the number of shares of Common Stock
		issued and outstanding as if the Warrant Shares were issued and outstanding at
		the time of the occurrence of an event described in clause (i) above. Any
		adjustment hereunder shall become effective immediately after the record date
		in the case of a dividend or distribution and immediately after the effective
		date in the case of a subdivision, combination or reclassification. Such
		adjustment shall be made successively whenever any event listed above shall
		occur. If after an adjustment, the Holder upon exercise of the Warrant may
		receive shares of two or more classes or series of capital stock of the
		Company, the Board of Directors of the Company shall determine the allocation
		of the adjusted Exercise Price and Exercise Rate between the classes or series
		of capital stock. After such allocation, the Exercise Price and Exercise Rate
		of each class or series of capital stock shall thereafter be subject to
		adjustment on terms comparable to those applicable to the Class A Common Stock
		in this Section. 

	 

	 (b) Adjustment
		for Certain Issuances of Class A Common Stock. If the
		Company shall, at any time or from time to time while any shares of Class A
		Common Stock are outstanding, issue or sell any shares of Class A Common Stock
		or any right or warrant to purchase, acquire or subscribe for shares of Class A
		Common Stock (including a right or warrant with respect to any security
		convertible into or exchangeable for shares of Class A Common Stock) generally
		to holders of its Class A Common Stock (including by way of a reclassification
		

	 
		 

		-6-

		 

		

		
		

		 

	 of
		shares or a recapitalization of the Company), for a consideration payable on
		the date of such issuance or sale less than the Common Stock Trading Price of
		the shares of Class A Common Stock on the date of such issuance or sale, then
		and in each such case, the Exercise Rate shall be adjusted by multiplying such
		Exercise Rate by a fraction, the numerator of which shall be the sum of (i) the
		Common Stock Trading Price per share of Class A Common Stock on the first
		Business Day after the date of the public announcement of the actual terms
		(including the price terms) of such issuance or sale multiplied by the number
		of shares of Class A Common Stock outstanding immediately prior to such
		issuance or sale plus (ii) the aggregate Fair Market Value of the consideration
		to be received by the Company in connection with the issuance or sale of Class
		A Common Stock or the rights or warrants, as the case may be, plus the
		aggregate consideration to be received on exercise of the right to purchase the
		shares of Class A Common Stock underlying such rights or warrants, and the
		denominator of which shall be the Common Stock Trading Price per share of Class
		A Common Stock on the Business Day immediately preceding the public
		announcement of the actual terms (including the price terms) of such issuance
		or sale multiplied by the aggregate number of shares of Class A Common Stock
		(A) outstanding immediately prior to such issuance or sale plus (B) underlying
		such rights or warrants at the time of such issuance. For the purposes of the
		preceding sentence, the aggregate consideration receivable by the Company in
		connection with the issuance or sale of any such right or warrant shall be
		deemed to be equal to the sum of the aggregate offering price (before deduction
		of reasonable underwriting discounts or commissions and expenses) of all such
		rights or warrants. If such rights or warrants expire unexercised, the
		adjustment provided in this Section 9 (b) shall be recomputed without the
		inclusion of the aggregate consideration that would have been received by the
		Company on the exercise of any such right or warrant.

	 

	 (c) Adjustment
		for Distributions. If the
		Company distributes to all holders of its Class A Common Stock (i) any
		securities of the Company or rights, options or warrants to purchase or
		subscribe for securities of the Company, (ii) any evidences of indebtedness of
		the Company or any other person, or (iii) any Extraordinary Cash Dividend, the
		Exercise Rate shall be adjusted in accordance with the formula:

	  

	 
			 	
				E’ =
 	
				E x M
 	 
	 	 	
				M - F
 	 

 

	  

	 where:

	  

	 
			
				E’

					
				=

					
				the
				  adjusted Exercise Rate.
 
	 	 	 
	
				E

					
				=

					
				the
				  current Exercise Rate on the record date mentioned below.
 
	 	 	 
	
				M

					
				=

					
				the
				  Common Stock Trading Price per share of Class A Common Stock on the record date
				  mentioned below.
 
	 	 	 
	
				F

					
				=

					
				the fair
				  market value on the record date mentioned below of the indebtedness, assets
				  (including the Extraordinary Cash Dividend), rights, options or warrants
				  distributable with respect to one share of Class A Common Stock.

				

 

	  
		-7-

		 

		

		
		

		 

	 The
		adjustment shall be made successively whenever any such distribution is made
		and shall become effective immediately after the record date for the
		determination of stockholders entitled to receive the distribution.
		Notwithstanding the foregoing provisions of this Section 9(c), an event which
		would otherwise give rise to an adjustment pursuant to this Section 9(c) shall
		not give rise to such an adjustment if the Company includes the Holder in such
		distribution pro rata to the number of shares of Class A Common Stock issued
		and outstanding after giving effect to the Warrant Shares as if they were
		issued and outstanding.

	 

	 (d) Adjustment
		of Exercise Price.
		Whenever the number of Warrant Shares purchasable upon the exercise of the
		Warrant is adjusted, as herein provided, the Exercise Price per Warrant Share
		payable upon exercise of the Warrant shall be adjusted (calculated to the
		nearest $.0001) so that it shall equal the price determined by multiplying the
		Exercise Price immediately prior to such adjustment by a fraction, the
		numerator of which shall be the number of Warrant Shares purchasable upon the
		exercise of the Warrant immediately prior to such adjustment, and the
		denominator of which shall be the number of Warrant Shares so purchasable
		immediately thereafter. 

	  

	 (e) Definitions.

	 

	 The
		“Closing
		Price”
		on any date shall mean the last sale price for the Class A Common Stock,
		regular way, or, in case no such sale takes place on such date, the average of
		the closing bid and asked prices, regular way, for the Class A Common Stock in
		either case as reported in the principal consolidated transaction reporting
		system with respect to the principal securities exchange on which the Class A
		Common Stock is listed or admitted to trading or, if the Class A Common Stock
		is not listed or admitted to trading on any securities exchange, the last
		quoted price, or, if not so quoted, the average of the high bid and low asked
		prices in the over-the-counter market, as reported by the principal automated
		quotation system that may then be in use or, if the Class A Common Stock is not
		quoted by any such organization, the average of the closing bid and asked
		prices as furnished by a professional market maker making a market in the Class
		A Common Stock selected by the Board of Directors of the Company or, in the
		event that no trading price is available for the Class A Common Stock, the Fair
		Market Value of the Class A Common Stock.

	 

	 “Common
		Stock Trading Price”
		on any date means, with respect to the Class A Common Stock, the Closing Price
		for the Class A Common Stock on such date.

	 

	 “Extraordinary
		Cash Dividend”
		means cash dividends with respect to the Class A Common Stock the aggregate
		amount of which in any fiscal year exceeds 10% of Adjusted EBITDA (as defined
		in the certificate of designation for the Company’s 93⁄4% Series A
		Convertible Preferred Stock, par value $0.001 per share, as in existence on May
		4, 2007) of the Company and its subsidiaries for the fiscal year immediately
		preceding the payment of such dividend.

	 

	 “Fair
		Market Value”
		of any consideration other than cash or of any securities shall mean the amount
		which a willing buyer would pay to a willing seller in an arm’s length
		transaction as determined by an independent investment banking or appraisal
		firm experienced in the valuation of such securities or property selected in
		good faith by the Board of Directors of the 

	 
		 

		-8-

		 

		

		
		

		
		Company
		  or a committee thereof.
 

	 

	 (f) When
		De Minimis Adjustment May Be Deferred. No
		adjustment in the Exercise Rate need be made unless the adjustment would
		require an increase or decrease of at least 1.0% in the Exercise Rate.
		Notwithstanding the foregoing, any adjustments that are not made shall be
		carried forward and taken into account in any subsequent adjustment, provided
		that no such adjustment shall be deferred beyond the date on which a Warrant is
		exercised. All calculations under this Section 9 shall be made to the nearest
		cent or to the nearest 1/100th of a share, as the case may be.

	 

	 (g) When
		No Adjustment Required. If an
		adjustment is made upon the establishment of a record date for a distribution
		subject to subsections (a), (b) or (c) hereof and such distribution is
		subsequently cancelled, the Exercise Rate then in effect shall be readjusted,
		effective as of the date when the Board of Directors determines to cancel such
		distribution, to that which would have been in effect if such record date had
		not been fixed. 

	  

	 (h) Notice
		of Adjustment.
		Whenever the Exercise Rate or Exercise Price is adjusted, the Company shall
		provide the notices required by Section 11 hereof.

	 

	 (i) When
		Issuance or Payment May Be Deferred. In any
		case in which this Section 9 shall require that an adjustment in the Exercise
		Rate be made effective as of a record date for a specified event, the Company
		may elect to defer until the occurrence of such event (i) issuing to the Holder
		of any Warrant exercised after such record date the Warrant Shares and other
		capital stock of the Company, if any, issuable upon such exercise over and
		above the Warrant Shares and other capital stock of the Company, if any,
		issuable upon such exercise on the basis of the Exercise Rate prior to such
		adjustment, and (ii) paying to such Holder any amount in cash in lieu of a
		fractional share pursuant to Section 10; provided,
		however, that
		the Company shall deliver to the Holder a due bill or other appropriate
		instrument evidencing such Holder’s right to receive such additional
		Warrant Shares, other capital stock and cash upon the occurrence of the event
		requiring such adjustment.

	 

	 (j) Reorganizations. In the
		event of any capital reorganization or reclassification of outstanding shares
		of Class A Common Stock (other than in the cases referred to in Section 9(a)
		hereof), or in case of any merger, consolidation or other corporate combination
		of the Company with or into another corporation (other than a merger or
		consolidation in which the Company is the continuing corporation and which does
		not result in any reclassification of the outstanding shares of Class A Common
		Stock into shares of stock or other securities or property), or in case of any
		sale, lease, exchange or conveyance to another corporation of the property of
		the Company as an entirety or substantially as an entirety (each of the
		foregoing being referred to as a “Reorganization”), there shall
		thereafter be deliverable upon exercise of the Warrants (in lieu of the number
		of shares of Class A Common Stock theretofore deliverable) the number of shares
		of stock or other securities or property to which a holder of the number of
		shares of Class A Common Stock that would otherwise have been deliverable upon
		the exercise of the Warrants would have been entitled upon such Reorganization
		if the Warrants had been exercised in full immediately prior to such
		Reorganization. In case of any Reorganization, appropriate adjustment, as
		determined in good faith by the Board of Directors of the Company, whose
		determination shall be described in a duly adopted resolution certified by the
		Company’s 

	  
		
		-9-

		 

		

		
		

		 

	 Secretary
		or Assistant Secretary, shall be made in the application of the provisions
		herein set forth with respect to the rights and interests of the Holder so that
		the provisions set forth herein shall thereafter be applicable, as nearly as
		possible, in relation to any shares or other property thereafter deliverable
		upon exercise of the Warrants. The Company shall not effect any such
		Reorganization unless prior to or simultaneously with the consummation thereof
		the successor corporation (if other than the Company) resulting from such
		Reorganization or the corporation purchasing or leasing such assets or other
		appropriate corporation or entity shall expressly assume the obligation to
		deliver to the Holder such shares of stock, securities or assets as, in
		accordance with the foregoing provisions, the Holder may be entitled to
		purchase, and all other obligations and liabilities under the Warrant. The
		foregoing provisions of this Section 9(j) shall apply to successive
		Reorganization transactions.

	  

	 (k) Form
		of Warrants.
		Irrespective of any adjustments in the number or kind of shares purchasable
		upon the exercise of the Warrant, Warrants theretofore or thereafter issued may
		continue to express the same price and number and kind of shares as are stated
		in this Warrant as initially issued. 

	  

	 (l) Miscellaneous. For
		purposes of this Section 9 the term “Class
		A Common Stock”
		shall mean (i) the shares of stock designated as the Class A Common Stock, par
		value $.001 per share, of the Company as of the date of this Warrant, and (ii)
		shares of any other class or series of stock resulting from successive changes
		or reclassification of such shares consisting solely of changes in par value,
		or from par value to no par value, or from no par value to par value. In the
		event that at any time, as a result of an adjustment made pursuant to this
		Section 9, the Holder shall become entitled to purchase any securities of the
		Company other than, or in addition to, shares of Class A Common Stock,
		thereafter the number or amount of such other securities so purchasable upon
		exercise of the Warrants shall be subject to adjustment from time to time in a
		manner and on terms as nearly equivalent as practicable to the provisions with
		respect to the Warrant Shares contained in this Section 9 and the provisions of
		Sections 1, 5, 7 and 10 with respect to the Warrant Shares or the Class A
		Common Stock shall apply on like terms to any such other securities.
		

	  

	 (n) Certain
		Events. If any
		change in the outstanding Common Stock of the Company or any other event occurs
		as to which the provisions of this Section 9 are not strictly applicable or, if
		strictly applicable, would not fairly protect the purchase rights of the Holder
		in accordance with such provisions, then the Board of Directors of the Company
		shall make such adjustments to the Exercise Rate, the Exercise Price or the
		application of such provisions as may be necessary to protect such purchase
		rights as aforesaid and to assure that the Holder, upon exercise for the same
		aggregate Exercise Price, shall receive the total number, class and kind of
		shares as it would have owned had the Warrant been exercised prior to the event
		and had the Holder continued to hold such shares until after the event
		requiring adjustment. 

	  

	 Section
		10. Fractional
		Interests. The
		Company shall not be required to issue fractional Warrant Shares on the
		exercise of the Warrant. If more than one Warrant Certificate shall be
		presented for exercise in full at the same time by the same Holder, the number
		of full Warrant Shares which shall be issuable upon the exercise thereof shall
		be computed on the basis of the aggregate number of Warrant Shares purchasable
		on exercise of the Warrant so presented. If any fraction of a Warrant Share
		would, except for the provisions of this Section 10, be issuable 

	  
		
		-10-

		 

		

		
		

		 

	 on the
		exercise of any Warrants (or specified portion thereof), the Company shall pay
		an amount in cash equal to the Common Stock Trading Price on the trading day
		immediately preceding the date the Warrant is presented for exercise,
		multiplied by such fraction.

	  

	 Section
		11. Notices
		to Holder.
		

	  

	 (a) Upon any
		adjustment pursuant to Section 9 hereof, the Company shall give prompt written
		notice of such adjustment to the Holder at its address appearing on the records
		of the Company within ten days after such adjustment, by first class mail,
		postage prepaid, and shall deliver to the Holder a certificate of the Chief
		Financial Officer of the Company, accompanied by the report thereon by a firm
		of independent public accountants selected by the Board of Directors of the
		Company (who may be the regular accountants for the Company), setting forth in
		reasonable detail (i) the number of Warrant Shares purchasable upon the
		exercise of the Warrant and the Exercise Price of the Warrant after such
		adjustment(s), (ii) a brief statement of the facts requiring such adjustment(s)
		and (iii) the computation by which such adjustment(s) was made. Where
		appropriate, such notice may be given in advance and included as a part of the
		notice required under the other provisions of this Section 11.

	  

	 
			 	
				(b)

					
				In
				  case:
 

 

	  

	 (i) the
		Company proposes to take any action that would require an adjustment to the
		Exercise Rate or the Exercise Price pursuant to Section 9 hereof;
		or

	  

	 (ii) of any
		consolidation or merger to which the Company is a party and for which approval
		of any stockholders of the Company is required, or of the sale, lease,
		exchange, conveyance or transfer of the properties and assets of the Company
		substantially as an entirety, or of any reclassification or change of Class A
		Common Stock issuable upon exercise of the Warrants (other than a change in par
		value, or from par value to no par value, or from no par value to par value, or
		as a result of a subdivision or combination), or a tender offer or exchange
		offer for shares of Class A Common Stock; or

	  

	 (iii) of the
		voluntary or involuntary dissolution, liquidation or winding up of the
		Company;

	  

	 then the
		Company shall give prompt written notice to the Holder at its address appearing
		on the records of the Company, at least 20 days (or 10 days in any case
		specified in clause (a) above) prior to the applicable record date hereinafter
		specified, or the date of the event in the case of events for which there is no
		record date, by first-class mail, postage prepaid, stating (i) the date as of
		which the holders of record of shares of Class A Common Stock to be entitled to
		receive any such rights, options, warrants or distribution are to be
		determined, or (ii) the initial expiration date set forth in any tender offer
		or exchange offer for shares of Class A Common Stock, or (iii) the date on
		which any such consolidation, merger, conveyance, transfer, dissolution,
		liquidation or winding up is expected to become effective or be consummated,
		and the date as of which it is expected that holders of record of shares of
		Class A Common Stock shall be entitled to exchange such shares for securities
		or other property, if any, deliverable upon such reclassification,
		

	 
		 

		-11-

		 

		

		
		

		 

	 consolidation,
		merger, conveyance, transfer, dissolution, liquidation or winding up. The
		failure by the Company to give such notice or any defect therein shall not
		affect the legality or validity of any distribution, right, option, warrant,
		consolidation, merger, conveyance, transfer, dissolution, liquidation or
		winding up, or the vote upon any action. 

	  

	 (c) The
		Company shall give prompt written notice to the Holder of any determination to
		make a distribution or dividend to the holders of its Class A Common Stock of
		any assets (including cash), debt securities, preferred stock, or any rights or
		warrants to purchase debt securities, preferred stock, assets or other
		securities (other than Class A Common Stock, or rights, options, or warrants to
		purchase Class A Common Stock) of the Company, which notice shall state the
		nature and amount of such planned dividend or distribution and the record date
		therefor, such written notice to be delivered at least 20 days prior to such
		record date therefor.

	 

	 (d) Nothing
		contained in this Warrant Certificate shall be construed as conferring upon the
		Holder the right to vote or to consent or to receive notice as shareholders in
		respect of the meetings of shareholders or the election of Directors of the
		Company or any other matter, or any rights whatsoever as shareholders of the
		Company.

	 

	 Section
		12. Notices
		to the Company. Any
		notice or demand to be given or made by the Holder to or on the Company shall
		be sufficiently given or made when received at the office of the Company
		expressly designated by the Company as its office for purposes of this
		Certificate, as follows:

	  

	 ION
		Media Networks, Inc. 

	 601
		Clearwater Park Road 

	 West
		Palm Beach, Florida 33401-6233 

	 Attention:
		General Counsel 

	 

	 Section
		13. Supplements
		and Amendments. The
		Warrant may not be supplemented or amended without the written approval of both
		the Holder and the Company.

	  

	 Section
		14. Successors. All
		the covenants and provisions of this Certificate by or for the benefit of the
		Company or the Holder shall bind and inure to the benefit of their respective
		successors and assigns hereunder. 

	  

	 Section
		15. Termination. This
		Warrant Certificate and the Warrants represented hereby shall terminate on the
		Expiration Date. Notwithstanding the foregoing, this Certificate will terminate
		on any earlier date if all Warrants have been exercised pursuant
		hereto.

	  

	 Section
		16. Governing
		Law. This
		Warrant Certificate shall be deemed to be a contract made under the laws of the
		State of Delaware. 

	  

	 Section
		17. Benefits
		of This Certificate.
		Nothing in this Certificate shall be construed to give to any person or
		corporation other than the Company and the registered Holder any legal or
		equitable right, remedy or claim hereunder; but this Certificate shall be for
		the sole and exclusive benefit of the Company and the registered
		Holder.

	  
		-12-

		 

		

		
		

		 

	 IN
		WITNESS WHEREOF, ION Media Networks, Inc. has caused this Warrant Certificate
		to be duly executed by the undersigned. 

	 

	 Dated:
		May 4, 2007

	 

	 ION
		MEDIA NETWORKS, INC.

	  

	 
		
		  	By:	/s/ Richard Garcia 	 	 	 
	 	
				  

				  Name:
					 Richard Garcia

				  Title:
					 Chief Financial Officer
 	 	 	 

 

			By:	/s/ Adam
				Weinstein 	 	 	 
	 	
				

				Name:
				  Adam Weinstein

				Title:
				  Secretary
 	 	 	 

 

	  

	 

	 
	 

	 
	 EXHIBIT
		A

	 

	 [Form of
		Election to Purchase]

	 

	 (To Be
		Executed upon Exercise of Warrant)

	 

	 The
		undersigned hereby irrevocably elects to exercise the right, represented by
		this Warrant Certificate, to purchase _____ shares of Class A Common Stock and
		herewith tenders payment for such shares to the order of ION Media Networks,
		Inc. in the amount of $________ in accordance with the terms hereof. The
		undersigned requests that a certificate for such shares be registered in the
		name of ______________, whose address is __________ and that such shares be
		delivered to _________ whose address is ______________. If said number of
		shares is less than all of the shares of Class A Common Stock purchasable
		hereunder, the undersigned requests that a new Warrant Certificate representing
		the remaining balance of such shares be registered in the name of
		_____________, whose address is ________, and that such Warrant Certificate be
		delivered to ___________, whose address is ________________. 

	 

	 In
		exercising this Warrant, the undersigned hereby confirms and acknowledges that
		the shares of Class A Common Stock to be issued upon exercise thereof are being
		acquired solely for the account of the undersigned and not as a nominee for any
		other party, and for investment, and that the undersigned will not offer, sell
		or otherwise dispose of any such shares of Class A Common Stock except under
		circumstances that will not result in a violation of the Securities Act of
		1933, as amended, or any applicable state securities laws. 

	 

	 Signature:

	 Date:

	 Signature
		Guaranteed:

	 

	 

	 
	 

	 
	 EXHIBIT
		B

	  

	 CERTIFICATE
		TO BE DELIVERED UPON EXCHANGE

	 OR
		REGISTRATION OF TRANSFER OF WARRANTS

	 

	 
			Re:	
				Warrants
				  to purchase Class A
 

 

	 Common
		Stock (the “Securities”)

	 of ION
		Media Networks, Inc.

	 

	 This
		Certificate relates to _______ Securities held by ______ (the
		“Transferor”).

	 

	 The
		Transferor has requested that the Company by written order exchange or register
		the transfer of Warrants.

	 

	 In
		connection with such request and in respect of each such Security, the
		Transferor does hereby certify that the Transferor is familiar with the Warrant
		Certificate relating to the above captioned Securities and the restrictions on
		transfers thereof as provided in Sections 3 and 4 of such Warrant Certificate,
		and that the transfer of these Securities does not require registration under
		the Securities Act of 1933, as amended (the “ Securities Act”)
		because*:

	 

	 [   
		] Such
		Securities are being acquired for the Transferor’s own account, without
		transfer. 

	 

	 [   
		] Such
		Securities are being transferred pursuant to an exemption from registration
		under the Securities Act in accordance with Rule 144 or Regulation S
		promulgated under the Securities Act.

	 

	 [   
		] Such
		Securities are being transferred to an institutional “accredited
		investor” (within the meaning of subparagraphs (a)(1), (2), (3) or (7) of
		Rule 501 under the Securities Act).

	 

	 [   
		] Such
		Securities are being transferred in reliance on and in compliance with an
		exemption from the registration requirements of the Securities Act other than
		Rule 144 or Regulation S under the Securities Act. An opinion of counsel to the
		effect that such transfer does not require registration under the Securities
		Act accompanies this certificate. 

	  

	 
			
				
[INSERT NAME OF TRANSFEROR]	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	
				

				[Authorized
				  Signatory] 

				Date:
				  
 	 	 	 

 

	 

	 * Check
		applicable box.

	  

	 

	 
	 

	 
	 EXHIBIT
		C 

	 

	 Form of
		Certificate To Be

	 Delivered
		in Connection with

	 Transfers
		to Institutional Accredited Investors

	 ___________,
		____

	 

	 [First
		Union National Bank,

	 Charlotte,
		North Carolina

	 1525
		West W.T. Harris Blvd.

	 Building
		3C3

	 Charlotte,
		North Carolina 28288-1153

	 Attention:
		Corporate Trust Administration]

	 

	 
			 	Re:	
				ION
				  Media Networks, Inc.
 

 

	 (the
		“Company”),
		Warrants to Purchase

	 Class A
		Common Stock (the “Securities”)

	 

	 Ladies
		and Gentlemen:

	 

	 In
		connection with our proposed purchase of the Securities, we confirm
		that:

	 

	 1. We
		understand that the Securities have not been registered under the Securities
		Act of 1933, as amended (the “Securities
		Act”)
		and, unless so registered, may not be sold except as permitted in the following
		sentence. We agree to offer, sell or otherwise transfer such Securities while
		the offer and sale thereof have not been registered under the Securities Act
		only (a) to the Company or any of its subsidiaries, (b) pursuant to a
		registration statement which has been declared effective under the Securities
		Act, (c) pursuant to an exemption from registration under Rule 144 under the
		Securities Act; (d) pursuant to offers and sales that occur outside the United
		States within the meaning of Regulation S under the Securities Act, (e) to an
		institutional “accredited investor” (as defined in Rule 501(a)(1),
		(2), (3) or (7) of Regulation D under the Securities Act) that is purchasing
		for his own account or for the account of such an institutional
		“accredited investor,” or (f) pursuant to any other available
		exemption from the registration requirements of the Securities Act. The
		foregoing restrictions on resale shall apply so long as transfer of a Security
		is not permitted without registration under the Securities Act. We understand
		that the Securities purchased by us will bear a legend to the foregoing
		effect.

	 

	 2. We are
		an institutional “accredited investor” (as defined in Rule 501(a)(1),
		(2), (3) or (7) of Regulation D under the Securities Act) and we are acquiring
		the Securities for investment purposes and not with a view to, or for offer or
		sale in connection with, any distribution in violation of the Securities Act
		and we have such knowledge and experience in financial and business matters as
		to be capable of evaluating the merits and risks of our investment in the
		Securities, and we and any accounts for which we are acting are each able to
		bear the economic risk of our or its investment for an indefinite
		period.

	 

	 3. We are
		acquiring the Securities purchased by us for our own account.

	  

	 

	 
	 

	 
	 4. You and
		your counsel are entitled to rely upon this letter and you are irrevocably
		authorized to produce this letter or a copy hereof to any interested party in
		any administrative or legal proceeding or official inquiry with respect to the
		matters covered hereby.

	  

	 
			 	 	 
	 	Very truly
				yours,
	 	 
	 	
				(Name of
				  Purchaser)
 
	 
 	 
 	 
 
	 	By:  	 
	 	
				Date:

					 

 

	  

	 Upon
		transfer the Securities would be registered in the name of the new beneficial
		owner as follows:

	 

	 Name:

	 Address:

	 Taxpayer
		ID Number:

	 

	 

  
	  

	 EXHIBIT
		V to the Master Transaction Agreement

	 

	 Put/Call
		Agreement

	  

	 

	 
	 

	 
	 Exhibit
		V to the 

	 Master
		Transaction Agreement

	  

	 Put/Call
		Agreement

	  

	 PUT/CALL
		AGREEMENT

	  

	 PUT/CALL
		AGREEMENT (this “Agreement”)
		made and entered into as of May 4, 2007 by and between CIG Media LLC, a
		Delaware limited liability company (“CIG”),
		and NBC Universal, Inc., a Delaware corporation (“NBCU”).

	  

	 W  I  T  N  E  S  S  E  T  H

	  

	 WHEREAS,
		on May 3, 2007, ION Media Networks, Inc., a Delaware corporation (the
		“Company”),
		NBCU, NBC Palm Beach Investment I, Inc., a California corporation
		(“NBC
		Palm Beach I”),
		NBC Palm Beach Investment II, Inc., a California corporation
		(“NBC
		Palm Beach II”),
		and CIG entered into a Master Transaction Agreement (the “Master
		Agreement”)
		which provides for the restructuring of the Company’s ownership and
		capital structure;

	  

	 WHEREAS,
		on the date hereof, NBC Palm Beach II and CIG have entered into a call
		agreement pursuant to which CIG has granted NBC Palm Beach II the right to
		acquire the Call Shares (as defined in the Master Agreement)
		(“NBCU
		Option I”);

	  

	 WHEREAS,
		on the date hereof, the Company, NBC Palm Beach I and NBC Palm Beach II have
		entered into a call agreement pursuant to which the Company has granted NBC
		Palm Beach II the right to acquire 26,688,361 shares of Class B Common Stock,
		par value $0.001 per share, of the Company (“NBCU
		Option II”);
		and

	  

	 WHEREAS,
		NBCU wishes to grant to CIG a put option and CIG wishes to grant to NBCU a call
		option on the Subject Securities (as defined below) on the terms and conditions
		specified herein.

	  

	 NOW,
		THEREFORE, in consideration of the mutual agreements herein contained and other
		good and valuable consideration, receipt of which are hereby acknowledged, the
		parties hereto agree as follows:

	  

	 SECTION
		1. Definitions. Terms
		not otherwise defined herein shall have the meaning set forth in the Master
		Agreement. 

	  

	 (a) As used
		herein, the following terms shall have the following meanings:

	  

	 

	 
	 

	 
	 “Call
		Purchase Price”
		means an amount equal to the greater of (i) the accreted value of the Subject
		Securities including any accrued but unpaid dividends, plus the conversion
		price attributed to any Common Stock received by CIG and its Affiliates upon
		conversion, exchange or exercise of the Subject Securities (with no value
		attributed to any other shares of Common Stock owned by CIG and its Affiliates
		or the Warrant), and (ii) the Fair Market Value of the Subject Securities, in
		each case as of the date of delivery of the Call Exercise Notice.

	  

	 “Fair
		Market Value”
		of the Subject Securities means the cash price that an unaffiliated third party
		would pay for the Subject Securities in an arm’s length transaction, based
		on the value of the Company as a going concern without taking into account any
		control premium or minority discount.

	  

	 “FCC
		Application”
		means the application to be filed with the FCC if such application is required
		to be filed under the Communications Act, in connection with the exercise of
		the Call Right or the Put Right, as the case may be.

	  

	 “LIBOR”
		means the London Interbank Offered Rate.

	  

	 “Lien”
		means any mortgage, pledge, hypothecation, assignment, encumbrance, lien
		(statutory or other) or security agreement of any kind or nature whatsoever
		(including, without limitation, any conditional sale or other title retention
		agreement or any financing lease having substantially the same effect as any of
		the foregoing).

	  

	 “Maximum
		Amount”
		means the sum of (i) the number of shares of Class A Common Stock owned by CIG
		and its Affiliates on the date of the Call Closing, excluding the Call Shares,
		and (ii) the number of shares of Class A Common Stock and Class D Common Stock
		into or for which the Subject Securities owned by CIG and its Affiliates on the
		earlier of the Call Closing or the Call Deadline (as defined in the Call
		Agreement) would be entitled to be converted, or exchanged or
		exercised.

	  

	 “NBCU
		Securities”
		means, collectively, the following securities held from time to time by NBCU
		and its Affiliates: (i) Series B Convertible Subordinated Debt, (ii) Series A-3
		Convertible Preferred, (iii) Series C Convertible Preferred, (iv) Series D
		Convertible Preferred, (v) Series E-1 Convertible Preferred, (vi) NBCU Option
		I, (vii) NBCU Option II, (viii) Common Stock issued upon conversion or exercise
		of any of the securities described in clauses (i) through (vii) or owned by
		NBCU or its Affiliates, and (ix) securities received in respect of any of the
		securities described in clauses (i) through (viii), whether by dividend,
		merger, capitalization, reorganization or otherwise. 

	  

	 “Permitted
		Liens”
		means (i) mechanics’, carriers’, repairmen’s or other like Liens
		arising or incurred in the ordinary course of business, (ii) Liens arising
		under original purchase price conditioned sales contracts and equipment leases
		with third parties entered into in the ordinary course of business consistent
		with past practice, (iii) statutory Liens for Taxes not yet due and payable,
		(iv) Liens arising under federal or state securities laws and (v) Liens arising
		under the New Stockholders’ Agreement.

	  

	 
		2

		 

		

		
		

		 

	 “Put
		Purchase Price”
		means an amount equal to the Fair Market Value of the Subject Securities as of
		the date of delivery of the Put Exercise Notice.

	  

	 “Sell”
		means to sell, transfer, convey, assign or otherwise dispose of (but excluding
		any Sale to an Affiliate), either directly or indirectly, voluntarily or
		involuntarily, or by merger, sale, consolidation or otherwise; and the terms
		“Sale” and “Sold” shall have meanings correlative to the
		foregoing.

	  

	 “Subject
		Securities”
		means, subject to Sections 5 and 9 hereof, the following securities in the
		amounts and to the extent owned by CIG and its Affiliates on the date of the
		exercise of the Put Right or the Call Right, as applicable, (i) Series A
		Convertible Subordinated Debt, (ii) Series B Convertible Subordinated Debt,
		(iii) Series A-1 Convertible Preferred, (iv) Series A-3 Convertible Preferred,
		(iv) Series B Convertible Preferred, (v) Series C Convertible Preferred, (vi)
		Series E-2 Convertible Preferred, (vii) the Warrant, (viii) Common Stock issued
		upon conversion or exercise of any of the securities described in clauses (i)
		through (vii) or owned by CIG, excluding the Call Shares, and (ix) securities
		received in respect of any of the securities described in clauses (i) through
		(viii), whether by dividend, merger, capitalization, reorganization or
		otherwise; provided,
		however, that
		the aggregate number of shares of Class A Common Stock and Class D Common Stock
		included in the Subject Securities, including shares of Class A Common Stock
		and Class D Common Stock into or for which the Subject Securities would be
		entitled to be converted, or exchanged or exercised, shall not exceed the
		Maximum Amount. 

	  

	 “Trigger
		Event”
		means the acquisition of securities of the Company representing
		more than 50% of the voting power of the Company outstanding at such time
		by (i)
		NBCU or any of its Affiliates, (ii) a group (as such term defined in Rule 13d-3
		under the Exchange Act) comprised of NBCU or any of its Affiliates and any
		holder or holders of NBCU Option I, NBCU Option II, or other securities of the
		Company transferred by NBCU or any of its Affiliates or (iii) any other Person
		(other than CIG and its Affiliates) that has purchased, acquired or received
		securities of the Company from NBCU or any of its Affiliates, directly or
		indirectly, by merger, consolidation, sale, exchange or otherwise.

	  

	 (b) The
		following terms have the meanings set forth in the Sections set forth
		below:

	  

	 
			
				Definition

					 	
				Section

				
	
				“Agreement”

					 	
				Preamble

				
	
				“Call
				  Exercise Notice”

					 	
				2.2(b)

				
	
				“Call
				  Exercise Period”

					 	
				2.2(a)

				
	
				“Call
				  Right”

					 	
				2.2(a)

				
	
				“Call
				  Right Closing”

					 	
				3(b)(i)

				
	
				“CIG”
				  
 	 	
				Preamble

				
	
				“CIG
				  Acceptance Period”

					 	
				4(a)

				
	
				“CIG
				  First Offer”

					 	
				5(a)

				

 

	  

	 
		3

		 

		
		

		 

	 
			Definition	 	Section
	
				“CIG
				  First Offer Notice”

					 	
				5(a)

				
	
				“CIG Last
				  Acceptance Period”

					 	
				4(b)

				
	
				“CIG Last
				  Look Notice”

					 	
				5(b)

				
	
				“CIG Last
				  Offer”

					 	
				5(b)

				
	
				“Company”

					 	
				Recitals

				
	
				“De
				  Minimis Acceptance Period”

					 	
				5(c)(i)

				
	
				“De
				  Minimis First Offer”

					 	
				5(c)(i)

				
	
				“De
				  Minimis First Offer Notice”

					 	
				5(c)(i)

				
	
				“Master
				  Agreement”

					 	
				Recitals

				
	
				“NBCU
				  Acceptance Period”

					 	
				5(a)

				
	
				“NBCU
				  Designee”

					 	
				5(a)

				
	
				“NBCU
				  First Offer”

					 	
				4(a)

				
	
				“NBCU
				  First Offer Notice”

					 	
				4(a)

				
	
				“NBCU
				  Last Acceptance Period”

					 	
				5(b)

				
	
				“NBCU
				  Last Look Notice”

					 	
				4(b)

				
	
				“NBCU
				  Last Offer”

					 	
				4(b)

				
	
				“NBC Palm
				  Beach I”

					 	
				Recitals

				
	
				“NBC Palm
				  Beach II”

					 	
				Recitals

				
	
				“NBCU
				  Option I”

					 	
				Recitals

				
	
				“NBCU
				  Option II”

					 	
				Recitals

				
	
				“NBCU”

					 	
				Preamble

				
	
				“Put
				  Exercise Notice”

					 	
				2.1(b)

				
	
				“Put
				  Exercise Period”

					 	
				2.1(a)

				
	
				“Put
				  Right”

					 	
				2.1(a)

				
	
				“Put
				  Right Closing”

					 	
				3(a)(i)

				
	
				“Renewed
				  Call Exercise Period”

					 	
				2.3

				
	
				“Renewed
				  Put Exercise Period”

					 	
				2.3

				
	
				“Transferee”

					 	
				8

				

 

	  

	 SECTION
		2. Put/Call
		Right.

	  

	 2.1 Put
		Right of CIG. (a)
		For a period of thirty days following the occurrence of the Trigger Event (the
		“Put
		Exercise Period”),
		CIG shall have the right, upon the terms and subject to the conditions set
		forth in this Agreement, to require NBCU (or such Affiliates of NBCU as NBCU
		may designate) to purchase all but not less than all of the Subject Securities
		(the “Put
		Right”).
		

	  

	 (b) CIG may
		exercise the Put Right at any time during the Put Exercise Period by delivery
		to NBCU of a written notice given in the manner specified in Section 8 hereof
		(the “Put
		Exercise Notice”)
		stating that CIG intends to exercise the Put Right. The Put Exercise Notice
		shall specify the Put Purchase Price as calculated by CIG.

	  

	 (c) If NBCU
		disagrees with CIG’s calculation of the Put Purchase Price, NBCU shall
		deliver a written notice given in the manner specified in Section 8
		

	 
		 

		
		  4

		   
 
 

	 

	 
	 

	 
	 hereof
		to CIG stating that it disagrees with CIG’s calculation of the Put
		Purchase Price in the Put Exercise Notice and setting forth in reasonable
		detail the basis of its disagreement with CIG’s calculation of the Put
		Purchase Price within 10 Business Days of NBCU’s receipt of the Put
		Exercise Notice, and CIG and NBCU shall in good faith seek to agree on the Put
		Purchase Price; provided,
		however, that
		if an agreement cannot be reached between CIG and NBCU with respect to the Put
		Purchase Price within 20 Business Days of receipt by CIG of NBCU’s notice
		of its disagreement with respect to CIG’s calculation of the Put Purchase
		Price, an independent, nationally recognized investment bank shall be appointed
		by CIG and NBCU (or in the event the parties cannot agree, chosen by the
		American Arbitration Association) to determine the Put Purchase Price and such
		determination shall be final and binding on CIG and NBCU.

	  

	 (d) NBCU
		shall notify CIG of the occurrence of the Trigger Event by delivery to CIG of a
		written notice given in the manner specified in Section 8 hereof within three
		Business Days after the occurrence of the Trigger Event; provided, that
		in the event NBCU fails to deliver a notice pursuant to this Section 2.1(d),
		the Put Exercise Period shall not commence until the date that NBCU delivers
		such notice. The written notice with respect to the occurrence of the Trigger
		Event shall contain supporting detail reasonably necessary to evidence the
		occurrence of the Trigger Event. 

	  

	 2.2 Call
		Right of NBCU. (a) If
		CIG does not exercise the Put Right during the Put Exercise Period, for a
		period of thirty days following the expiration of the Put Exercise Period (the
		“Call
		Exercise Period”),
		NBCU shall have the right, upon the terms and subject to the conditions set
		forth in this Agreement, to require CIG and its Affiliates to sell to NBCU (or
		such Affiliates of NBCU as NBCU may designate) all but not less than all of the
		Subject Securities (the “Call
		Right”).

	  

	 (b) NBCU may
		exercise the Call Right at any time during the Call Exercise Period by delivery
		to CIG of a written notice (the “Call
		Exercise Notice”)
		given in the manner specified in Section 8 hereof stating that NBCU intends to
		exercise the Call Right. The Call Exercise Notice shall specify the Call
		Purchase Price as calculated by NBCU. 

	  

	 (c) If CIG
		disagrees with NBCU’s calculation of the Call Purchase Price provided in
		the Call Exercise Notice, CIG shall deliver a written notice given in the
		manner specified in Section 8 hereof to NBCU stating that it disagrees with
		NBCU’s calculation of the Call Purchase Price in the Call Exercise Notice
		and setting forth in reasonable detail the basis of its disagreement with
		NBCU’s calculation of the Call Purchase Price within 10 Business Days of
		CIG’s receipt of the Call Exercise Notice, and CIG and NBCU shall in good
		faith seek to agree on the Call Purchase Price; provided,
		however, that
		if an agreement cannot be reached between CIG and NBCU with respect to the Call
		Purchase Price within 20 Business Days of the receipt by NBCU of CIG’s
		notice of its disagreement with respect to NBCU’s calculation of the Call
		Purchase Price, an independent, nationally recognized investment bank shall be
		appointed by CIG and NBCU (or in the event the parties cannot agree, chosen by
		the American Arbitration Association) to determine the Call Purchase Price and
		such determination shall be final and binding on CIG and NBCU.

	  

	 
		5

		 
 

	 

	 
	 

	 
	 2.3 Renewal
		of Put/Call Right. If,
		after the occurrence of the Trigger Event, CIG does not exercise the Put Right
		during the Put Exercise Period and NBCU does not exercise the Call Right during
		the Call Exercise Period, CIG may exercise the Put Right upon the terms and
		subject to the conditions set forth in the Agreement for a period of thirty
		days commencing on each of the first five anniversaries of the Trigger Event
		(each, a “Renewed
		Put Exercise Period”).
		If CIG does not exercise the Put Right during a Renewed Put Exercise Period,
		NBCU may exercise the Call Right upon the terms and subject to the conditions
		set forth in this Agreement for a period of thirty days commencing on the
		expiration of such Renewed Put Exercise Period (each, a “Renewed
		Call Exercise Period”).

	  

	 SECTION
		3. Closing.
		

	  

	 (a) Put
		Right Closing. (i)
		The closing of the exercise of the Put Right (the “Put
		Right Closing”)
		shall take place no later than the fifth Business Day following the later of
		(x) the receipt of any required consent, approval, authorization or other order
		of, action by, or any required filing with or notification to, any Governmental
		Authority applicable to the purchase of the Subject Securities by NBCU or its
		designated Affiliate, including (A) the expiration or termination of any
		waiting period (and any extension thereof) under the HSR Act, and (B) approval
		by the FCC of the FCC Application, which approval shall have become a Final
		Order, subject to the last sentence of this Section 3(a)(i), and (y) the final
		determination of the Put Purchase Price pursuant to Section 2.1(c) hereof. The
		Put Right Closing shall occur at the place designated in the Put Exercise
		Notice. The requirement for a Final Order may be waived by NBCU in its sole
		discretion.

	  

	 (ii) At
		the Put Right Closing, (x) CIG shall deliver to NBCU or its designated
		Affiliate certificates representing all of the Subject Securities, duly
		endorsed in blank or accompanied by stock or similar powers duly executed in
		blank, with all necessary stock transfer stamps or similar instruments, as
		applicable, affixed thereto, free and clear of all Liens other than Permitted
		Liens, and (y) NBCU shall pay by wire transfer in immediately available funds
		to the account or accounts specified by CIG (A) the Put Purchase Price, plus
		(B) accrued interest at a rate per annum equal to LIBOR (on the delivery date
		of the Put Exercise Notice) plus 100 basis points on the Put Purchase Price for
		the period from the date of the delivery of the Put Exercise Notice through the
		date of the Put Right Closing, minus (C) the value of dividends and other
		distributions that are paid in cash or in property, if any, and received by CIG
		and its Affiliates after the date of the delivery of the Put Exercise Notice
		with respect to the Subject Securities, plus accrued interest at a rate per
		annum equal to LIBOR (on the delivery date of the Put Exercise Notice) plus 100
		basis points on the value of such received dividends and distributions for the
		period from the date of the distribution through the date of the Put Right
		Closing. CIG shall furnish necessary account information to NBCU in writing at
		least two Business Days prior to the date of the Put Right
		Closing.

	  

	 (b) Call
		Right Closing. (i)
		The closing of exercise of the Call Right (the “Call
		Right Closing”)
		shall take place no later than the fifth Business Day following the later of
		(x) the receipt of any required consent, approval, authorization or other order
		of, action by, or any required filing with or notification to, any Governmental
		Authority 

	 
		 

		
		  6

		   
 
 

	 

	 
	 

	 
	 applicable
		to the purchase of the Subject Securities by NBCU or its designated Affiliate,
		including, (A) the expiration or termination of any waiting period (and any
		extension thereof) under the HSR Act, and (B) approval by the FCC of the FCC
		Application, which approval shall have become a Final Order, subject to the
		last sentence of this Section 3(b)(i), and (y) the final determination of the
		Call Purchase Price pursuant to Section 2.2(c) hereof. The Call Right Closing
		shall occur at the place designated in the Call Exercise Notice. The
		requirement for a Final Order may be waived by NBCU in its sole
		discretion.

	  

	 (ii) At the
		Call Right Closing (x) CIG shall deliver to NBCU or its designated Affiliate
		certificates representing all of the Subject Securities, duly endorsed in blank
		or accompanied by stock or similar powers duly executed in blank, with all
		necessary stock transfer stamps or similar instruments, as applicable, affixed
		thereto, free and clear of all Liens other than Permitted Liens, and (y) NBCU
		shall pay by wire transfer in immediately available funds to the account or
		accounts specified by CIG (A) the Call Purchase Price, plus (B) accrued
		interest at a rate per annum equal to LIBOR (on the delivery date of the Call
		Exercise Notice) plus 100 basis points on the Call Purchase Price for the
		period from the date of the delivery of the Call Exercise Notice through the
		date of the Call Right Closing, minus (C) the value of dividends and other
		distributions that are paid in cash or in property, if any, and received by CIG
		and its Affiliates after the date of the delivery of the Call Exercise Notice
		with respect to the Subject Securities, plus accrued interest at a rate per
		annum equal to LIBOR (on the delivery date of the Call Exercise Notice) plus
		100 basis points on the value of such received dividends and distributions for
		the period from the date of the distribution through the date of the Call Right
		Closing. CIG shall furnish necessary account information in writing to NBCU at
		least two Business Days prior to the date of the Call Right
		Closing.

	  

	 SECTION
		4. Right
		of First Offer and Last Offer of CIG.
		

	  

	 Any
		proposed Sale or series of related Sales by NBCU or its Affiliates of NBCU
		Securities representing more than 50% of the voting power of the Company on a
		fully-diluted basis as of the date of such proposed Sale shall be consummated
		only in accordance with the following procedures:

	  

	 (a) NBCU
		shall first deliver to CIG a written notice (a “NBCU
		First Offer Notice”),
		which shall (i) state NBCU’s intention to Sell such NBCU Securities, the
		amount and type of the NBCU Securities to be Sold, the proposed Sale price
		therefor and all other material terms of the proposed Sale and (ii) offer (the
		“NBCU
		First Offer”)
		CIG the option to acquire all but not less than all of such NBCU Securities
		upon the terms and subject to the conditions of the proposed Sale as set forth
		in the NBCU First Offer Notice. The NBCU First Offer shall remain open and
		irrevocable for a period of 20 days after receipt of the NBCU First Offer
		Notice by CIG (the “CIG
		Acceptance Period”)
		(and, to the extent the NBCU First Offer is accepted during the CIG Acceptance
		Period, until the consummation of the Sale contemplated by the NBCU First
		Offer). CIG shall have the right and option to accept the NBCU First Offer for
		all (and not part) of such NBCU Securities at the price and on the terms and
		subject to the conditions set forth in the NBCU First Offer Notice, by
		delivering a written notice to NBCU within the CIG 

	 
		 

		
		  7

		   
 
 

	 

	 
	 

	 
	 Acceptance
		Period. In the event CIG accepts the NBCU First Offer during the CIG Acceptance
		Period, it shall have 30 days to consummate the acquisition of such NBCU
		Securities
		following the expiration or termination of all waiting periods under the HSR
		Act and receipt of all necessary FCC and other regulatory approvals applicable
		to such acquisition.

	  

	 (b) If CIG
		shall fail during the CIG Acceptance Period to accept all of the NBCU
		Securities offered for Sale pursuant to, or shall reject in writing, the NBCU
		First Offer, NBCU may Sell such NBCU Securities to any Person or Persons at a
		price not less than the price and on terms not more favorable to the purchaser
		thereof than the terms, in each case as set forth in the NBCU First Offer
		Notice, at any time within 180 days (plus a sufficient number of days to allow
		for the expiration or termination of all waiting periods under the HSR Act and
		receipt of all necessary FCC and other regulatory approvals applicable to such
		Sale) after the expiration of the CIG Acceptance Period; provided, that
		NBCU shall, upon receipt of a bona fide offer (the “NBCU
		Last Offer”)
		from any Person or Persons with respect to such NBCU Securities, promptly
		deliver to CIG a written notice (a “NBCU
		Last Look Notice”),
		which shall identify the Person or Persons making the NBCU Last Offer and state
		the proposed offer price thereof, the amount and type of the NBCU Securities
		proposed to be acquired, the form of consideration proposed to be paid and all
		other material terms and conditions of the NBCU Last Offer, and CIG shall have
		the right and option, for a period of 10 Business Days upon receipt of the NBCU
		Last Look Notice by NBCU (the “CIG
		Last Acceptance Period”),
		to offer to acquire such NBCU Securities at the proposed offer price and upon
		the terms and subject to the conditions set forth in the NBCU Last Offer. In
		the event the CIG accepts the NBCU Last Offer during the CIG Last Acceptance
		Period, it shall have 30 days to consummate the acquisition of such NBCU
		Securities following the expiration or termination of all waiting periods under
		the HSR Act and receipt of all necessary FCC and other regulatory approvals
		applicable to such acquisition; provided, that
		such Person shall have 30 days to consummate the acquisition of such NBCU
		Securities following the expiration or termination of all waiting periods under
		the HSR Act and receipt of all necessary regulatory approvals (other than FCC
		approvals) applicable to such acquisition in the event that the Person or
		Persons making the NBCU Last Offer are not required to obtain any FCC approval
		in order to acquire the NBCU Securities.

	  

	 (c) Sections
		4(a) and 4(b) hereof shall terminate upon the earlier of (i) the second
		anniversary of the date hereof and (ii) the mandatory conversion of each and
		every class and series of Convertible Securities pursuant to the terms thereof.
		For the avoidance of doubt, NBCU or its Affiliates may pledge the NBCU
		Securities without being subject to Section 4(a) or 4(b) hereof so long as such
		rights shall apply to any Sale of such pledged NBCU Securities by the pledgee
		thereof. Any purported Sale of the NBCU Securities by NBCU and its Affiliates
		in violation of this Section 4 shall be null and void.

	  

	 SECTION
		5. Right
		of First Offer and Last Offer of NBCU.
		

	 
		 

		
		  8

		   
 
 

	 

	 
	 

	 
	 Except
		as set forth in Sections 5(c) and 5(d) hereof, any proposed Sale of any Subject
		Securities by CIG or its Affiliates shall be consummated only in accordance
		with the following procedures:

	  

	 (a) CIG
		shall first deliver to NBCU a written notice (a “CIG
		First Offer Notice”),
		which shall (i) state CIG’s intention to Sell such Subject Securities, the
		amount and type of the Subject Securities to be Sold, the proposed Sale price
		therefor and all other material terms of the proposed Sale and (ii) offer (the
		“CIG
		First Offer”)
		NBCU or a third party designated by NBCU (an “NBCU
		Designee”)
		the option to acquire all but not less than all of such Subject Securities upon
		the terms and subject to the conditions of the proposed Sale as set forth in
		the CIG First Offer Notice. The CIG First Offer shall remain open and
		irrevocable for a period of 20 days after receipt of the CIG First Offer Notice
		by NBCU (the “NBCU
		Acceptance Period”)
		(and, to the extent the CIG First Offer is accepted during the NBCU Acceptance
		Period, until the consummation of the Sale contemplated by the CIG First
		Offer). NBCU or an NBCU Designee, as the case may be, shall have the right and
		option to accept the CIG First Offer for all (and not part) of such Subject
		Securities at the price and on the terms and subject to the conditions set
		forth in the CIG First Offer Notice, by delivering a written notice to CIG
		within the NBCU Acceptance Period. In the event NBCU or an NBCU Designee, as
		the case may be, accepts the CIG First Offer during the NBCU Acceptance Period,
		such Person shall have 30 days to consummate the acquisition of such Subject
		Securities following the expiration or termination of all waiting periods under
		the HSR Act and receipt of all necessary FCC and other regulatory approvals
		applicable to such acquisition.

	  

	 (b) If NBCU
		or an NBCU Designee, as the case may be, shall fail during the NBCU Acceptance
		Period to accept all of the Subject Securities offered for Sale pursuant to, or
		shall reject in writing, the CIG First Offer, CIG may Sell such Subject
		Securities to any Person or Persons at a price not less than the price and on
		terms not more favorable to the purchaser thereof than the terms, in each case
		as set forth in the CIG First Offer Notice, at any time within 180 days (plus a
		sufficient number of days to allow for the expiration or termination of all
		waiting periods under the HSR Act and receipt of all necessary FCC and other
		regulatory approvals applicable to such Sale) after the expiration of the NBCU
		Acceptance Period; provided, that
		CIG shall, upon receipt of a bona fide offer (the “CIG
		Last Offer”)
		from any Person or Persons with respect to such Subject Securities, promptly
		deliver to NBCU a written notice (a “CIG
		Last Look Notice”),
		which shall identify the Person or Persons making the CIG Last Offer and state
		the proposed offer price thereof, the amount and type of the Subject Securities
		proposed to be acquired, the form of consideration proposed to be paid and all
		other material terms and conditions of the CIG Last Offer, and NBCU or an NBCU
		Designee, as the case may be, shall have the right and option, for a period of
		10 Business Days upon receipt of the CIG Last Look Notice by NBCU (the
		“NBCU
		Last Acceptance Period”),
		to offer to acquire such Subject Securities at the proposed offer price and
		upon the terms and subject to the conditions set forth in the CIG Last Offer.
		In the event NBCU or an NBCU Designee, as the case may be, accepts the CIG Last
		Offer during the NBCU Last Acceptance Period, such Person shall have 30 days to
		consummate the acquisition of such Subject Securities following the expiration
		or termination of all waiting periods under the HSR Act and receipt of all
		necessary FCC and other regulatory approvals 

	  

	 
		9

		 
 

	 

	 
	 

	 
	 applicable
		to such acquisition; provided, that
		such Person shall have 30 days to consummate the acquisition of such Subject
		Securities following the expiration or termination of all waiting periods under
		the HSR Act and receipt of all necessary regulatory approvals (other than FCC
		approvals) applicable to such acquisition in the event that the Person or
		Persons making the CIG Last Offer are not required to obtain any FCC approval
		in order to acquire the Subject Securities.

	  

	 (c) Notwithstanding
		anything to the contrary in Sections 5(a) and 5(b) hereof, for any transaction
		of Subject Securities with an aggregate total value of $5,000,000 or less, but
		in no event exceeding an aggregate total value of $75,000,000 in any calendar
		year, in each case as the value measured by the stated liquidation preference
		or principal amount of the Subject Securities and assuming a value of $0.75 per
		share for Class A Common Stock, CIG and its Affiliates may seek to Sell any of
		its Subject Securities at any time subject to the satisfaction of the following
		conditions: 

	  

	 (i) CIG
		shall deliver to NBCU a written notice (a “De
		Minimis First Offer Notice”),
		which shall (i) state CIG’s intention to Sell Subject Securities, the
		amount and type of Subject Securities to be Sold, the proposed Sale price
		therefor and all other material terms of the proposed Sale and (ii) offer (the
		“De
		Minimis First Offer”)
		to NBCU or an NBCU Designee the right to acquire all but not less than all of
		such Subject Securities at the proposed purchase price and upon the terms and
		subject to the conditions of the proposed transfer as set forth in the De
		Minimis First Offer Notice. NBCU or an NBCU Designee, as the case may be, shall
		have the right and option to accept the De Minimis First Offer for all (and not
		part) of such Subject Securities at the price and upon the terms and subject to
		the conditions as set forth in the De Minimis First Offer, by delivering a
		written notice to CIG within five Business Days after receipt of the De Minimis
		First Offer Notice by NBCU (the “De
		Minimis Acceptance Period”).
		In the event NBCU or an NBCU Designee, as the case may be, accepts the De
		Minimis First Offer during the De Minimis Acceptance Period, such Person shall
		have 30 days from the acceptance of the De Minimis First Offer to consummate
		the acquisition of the Subject Securities.

	  

	 (ii) if NBCU
		or an NBCU Designee, as the case may be, shall fail to accept during the De
		Minimis Acceptance Period all of the Subject Securities offered for Sale
		pursuant to, or shall reject in writing, the De Minimis First Offer, CIG and
		its Affiliates may Sell such Subject Securities to any Person or Persons at a
		price not less than the price and on terms not more favorable to the purchaser
		thereof than the terms, in each case as set forth in the De Minimis First Offer
		Notice, at any time within 90 days (plus a sufficient number of days to allow
		for the expiration or termination of all waiting periods under the HSR Act and
		receipt of all necessary FCC and other regulatory approvals applicable to such
		Sale) after the expiration of the De Minimis Acceptance Period. 

	  

	 (iii) For the
		avoidance of doubt, CIG shall not be obligated to provide NBCU with a CIG Last
		Look Notice for the Subject Securities that are subject to a De Minimis First
		Offer Notice. 

	 
		 

		
		  10

		   
 
 

	 

	 
	 

	 
	 (d) Sections
		5(a), 5(b) and 5(c) hereof shall terminate upon the earlier of (i) the
		termination or expiration of the NBCU Option I or NBCU Option II, (ii) the Sale
		by NBCU and its Affiliates of the NBCU Option I or NBCU Option II to one or
		more Persons, other than the Persons acting with NBCU as a Group, or (iii) the
		Sale by NBCU or its Affiliates to one or more Persons, other than the Persons
		acting with NBCU as a Group, of securities of the Company representing, in the
		aggregate, more than 10% of the total voting power of the Company on a
		fully-diluted basis as of the Call Closing, or if the Call Closing does not
		occur, the later of the Exchange Offer Closing, the Exchange Offer Expiration
		or the closing of the Contingent Exchange; provided, that
		if NBCU and its Affiliates Sell to one or more Persons, other than the Persons
		acting with NBCU as a Group, securities of the Company representing, in the
		aggregate, in excess of 5%, but not more than 10%, of the total voting power of
		the Company as of the Call Closing, or if the Call Closing does not occur, the
		later of the Exchange Offer Closing, the Exchange Offer Expiration or the
		closing of the Contingent Exchange, NBCU and its Affiliates shall not have the
		right of CIG Last Offer described in Section 5(b) hereof. 

	  

	 (e) Sections
		5(a), 5(b) and 5(c) hereof shall not bind any holder of the Subject Securities
		who acquires such Subject Securities from CIG and its Affiliates in compliance
		with this Section 5 and CIG and its Affiliates may pledge the Subject
		Securities without being subject to Section 5(a), 5(b) and 5(c) hereof so long
		as such rights shall apply to any Sale of such pledged Subject Securities by
		the pledgee thereof. Any purported Sale of the Subject Securities by CIG and
		its Affiliates in violation of this Section 5 shall be null and
		void.

	  

	 SECTION
		6. Representations
		and Warranties. Each
		party hereto represents and warrants to the other parties hereto as
		follows:

	  

	 (a) Such
		party has been duly organized and is validly existing and in good standing
		under the laws of its jurisdiction of organization and has all requisite power
		and authority to carry on its business as presently conducted and proposed to
		be conducted.

	  

	 (b) Such
		party has full power and authority to execute and deliver this Agreement and
		perform its obligations hereunder.

	  

	 (c) This
		Agreement has been duly and validly authorized, executed and delivered by such
		party, and constitutes a valid and binding obligation of such party,
		enforceable against such party in accordance with its terms.

	  

	 (d) The
		execution, delivery and performance of this Agreement by such party does not
		and will not (A) violate, conflict with, or constitute a breach of or default
		under such party’s organizational documents or (B) violate any Law
		applicable to such party.

	  

	 (e) The
		execution, delivery and performance of this Agreement by it does not and will
		not (A) require it to obtain any consent, approval, authorization or other
		order of, or to make any filing, registration or qualification with any court,
		regulatory 

	 
		 

		
		  11

		   
 
 

	 

	 
	 

	 
	 body,
		administrative agency or other governmental body (except for (i) the pre-merger
		notification and waiting period requirements of the HSR Act and the approval by
		the FCC of the FCC Application pursuant to Section 310(d) of the Communications
		Act, in each case in connection with the exercise of the Put Right or the Call
		Right, or (ii) where failure to obtain such consent, approval, authorization or
		action, or to make such filing or notification, would not prevent or materially
		delay the consummation by NBCU or its designated Affiliate of the transactions
		contemplated by this Agreement) or (B) violate, conflict with, constitute a
		breach or default under, or result in the imposition of a Lien on any of such
		party’s material properties pursuant to, any agreement, arrangement,
		commitment or undertaking to which such party is a party or by which such party
		is bound and which would adversely affect such party’s ability to perform
		its obligations hereunder. 

	  

	 (f) Such
		party is not a party to any agreement which is inconsistent with the rights of
		any party hereunder or otherwise conflicts with the provisions
		hereof.

	  

	 SECTION
		7. Additional
		Agreements

	  

	 (a)
		Governmental
		Filings; Consents. Each
		of CIG and NBCU shall use, and shall cause its respective Affiliates to use,
		commercially reasonable best efforts to obtain all authorizations, consents,
		orders and approvals of all Governmental Authorities and officials that may be
		or become necessary for its execution and delivery of, and the performance of
		its obligations pursuant to, this Agreement, including approval by the FCC of
		the FCC Application pursuant to Section 310(d) of the Communications Act and
		any approvals required under the HSR Act, and will cooperate fully with the
		other party in promptly seeking to obtain all such authorizations, consents,
		orders and approvals. As promptly as practicable but in no event later than 20
		Business Days after giving the Put Exercise Notice or the Call Exercise Notice,
		as applicable, to the extent required by applicable Law, the parties hereto
		shall make and shall cause their respective Affiliates to make any filings
		required under the Communications Act, the HSR Act and other applicable Law.
		Each party hereto agrees to use its commercially reasonable best efforts to
		supply as promptly as practicable to the appropriate Governmental Authorities
		any additional information and documentary material that may be requested in
		connection with obtaining such authorizations, consents, orders and approvals,
		including the FCC Application or pursuant to the HSR Act.

	  

	 (b) Inconsistent
		Actions. Once
		the FCC Application has been filed, and for so long as it is pending, none of
		NBCU, CIG nor any of their respective Affiliates shall take any action that
		could reasonably be expected to delay or hinder the grant of the FCC
		Application.

	  

	 (c) Distribution. NBCU
		shall acquire the Subject Securities for investment purposes only and not with
		a view to any distribution thereof in violation of the Securities Act, and
		shall not sell any Subject Securities purchased pursuant to this Agreement
		except in compliance with the Securities Act and applicable state securities or
		“blue sky” laws.

	  

	 
		12

		 
 

	 

	 
	 

	 
	 (d) Legends. CIG
		agrees to, and shall request the Company to cause, the imprinting, for so long
		as appropriate, of substantially the following legends on certificates
		representing any of the Subject Securities, as applicable:

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A
		STOCKHOLDERS’ AGREEMENT, DATED AS OF MAY 4, 2007, AMONG ION MEDIA
		NETWORKS, INC., CIG MEDIA LLC AND NBC UNIVERSAL, INC.

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF THE PUT/CALL
		AGREEMENT DATED AS OF MAY 4, 2007 BETWEEN NBC UNIVERSAL, INC. AND CIG MEDIA
		LLC.

	  

	 THE
		SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
		SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
		EXCEPT IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
		OF 1933 OR AN EXEMPTION THEREFROM AND, IN EACH CASE, IN COMPLIANCE WITH
		APPLICABLE STATE SECURITIES LAWS.

	  

	 SECTION
		8. Notices. All
		notices, requests, demands and other communications hereunder shall be in
		writing and shall be given when (and shall be deemed to have been duly given
		upon receipt) by delivery in person, by overnight courier, by facsimile or by
		registered or certified mail (postage prepaid, return receipt requested), to
		the respective parties at the following addresses (or such other address for a
		party as shall be specified in a notice given in accordance with this
		Section 8): 

	  

	 If to
		NBCU:

	  

	 NBC
		Universal, Inc. 

	 30
		Rockefeller Plaza 

	 New
		York, New York 10112 

	 Attention:
		General Counsel 

	 Tel:
		212-646-7024 

	 Fax:
		212-646-4733

	  

	 With a
		copy to:

	  

	 Shearman
		& Sterling LLP 

	 599
		Lexington Avenue 

	 New
		York, New York 10022 

	 Attention:
		John A. Marzulli, Jr. 

	 Tel:
		212-848-8590 

	 Fax:
		646-848-8590

	 
		 

		
		  13

		   
 
 

	 

	 
	 

	 
	 If to
		CIG:

	  

	 CIG
		Media LLC

	 131 S.
		Dearborn Street, 32nd
		Floor

	 Chicago,
		Illinois 60603

	 Attention:
		Matthew B. Hinerfeld 

	 Tel:
		312-395-3167 

	 Fax:
		312-267-7628

	  

	 with a
		copy to:

	  

	 Fried,
		Frank, Harris, Shriver & Jacobson LLP 

	 One New
		York Plaza

	 New
		York, NY 10004

	 Attention:
		Robert Schwenkel

	 Steven
		Steinman

	 Tel:
		212-859-8000

	 Fax:
		212-859-4000

	  

	 9. Transferability
		of Put/Call Right. Either
		party hereto may assign all or any of its rights and obligations hereunder to
		its Affiliates, provided that no
		such assignment shall relieve the assigning party of its obligations hereunder.
		If CIG transfers any of its Subject Securities to a Person that is not an
		Affiliate (a “Transferee”)
		in compliance with Section 5 hereof, such Subject Securities shall cease to be
		Subject Securities and no longer be subject to the Put Right or the Call Right;
		provided,
		however, that
		if CIG transfers all or substantially all of the Subject Securities to a
		Transferee, CIG may assign all of its rights, including the Put Right, and
		obligations hereunder to such Transferee, provided that such Transferee
		expressly agrees in writing to be bound hereby and that such transferred
		Subject Securities shall remain subject to the Call Right and delivers a
		written notice of such transfer to NBCU immediately following the consummation
		of such transfer. Except as otherwise agreed in writing by NBCU, no Transferee
		shall be permitted to put any securities of the Company other than Subject
		Securities to NBCU or its Affiliates in connection with the exercise of the Put
		Right. NBCU shall have the right to assign all of its rights, including the
		Call Right, and obligations hereunder to any Person referred to in clauses (ii)
		or (iii) of the definition of Trigger Event in connection with the Trigger
		Event so long as NBCU assures the payments obligations of such Person at the
		Put Right Closing or the Call Right Closing, as applicable, and such Person
		expressly agrees in writing to be bound hereby and delivers a written notice to
		CIG immediately following the consummation of such assignment. 

	  

	 10. Miscellaneous. (a)
		The Transaction Agreements and the documents described therein or attached or
		delivered pursuant thereto set forth the entire agreement between the parties
		thereto with respect to the transactions contemplated by such agreements. Any
		provision of this Agreement may be amended or modified in whole or in part at
		any time only by an agreement in writing signed by all of the parties. No
		failure on the part of any party to exercise, and no delay in exercising, any
		right shall 

	 
		 

		
		  14

		   
 
 

	 

	 
	 

	 
	 operate
		as a waiver thereof nor shall any single or partial exercise by any party of
		any right preclude any other or future exercise thereof or the exercise of any
		other right.

	  

	 (b) If any
		term or other provision of this Agreement is invalid, illegal or incapable of
		being enforced by Law or public policy, all other conditions and provisions of
		this Agreement shall nevertheless remain in full force and effect so long as
		the economic or legal substance is not affected in any manner materially
		adverse to any party. Upon such determination that any term or other provision
		is invalid, illegal or incapable of being enforced, the parties hereto shall
		negotiate in good faith to modify this Agreement so as to effect the original
		intent of the parties as closely as possible in a mutually acceptable manner in
		order that the transactions contemplated by this Agreement be consummated as
		originally contemplated to the fullest extent possible.

	  

	 (c) This
		Agreement may be executed and delivered (including by facsimile transmission)
		in one or more counterparts, and by the different parties hereto in separate
		counterparts, each of which when executed shall be deemed to be an original but
		all of which taken together shall constitute one and the same
		agreement.

	  

	 (d) No
		right, power or remedy conferred upon any party in this Agreement shall be
		exclusive, and each such right, power or remedy shall be cumulative and in
		addition to every other right, power or remedy whether conferred in this
		Agreement or now or hereafter available at law or in equity or by statute or
		otherwise. The parties hereto agree that irreparable damage would occur in the
		event any provision of this Agreement was not performed in accordance with the
		terms hereof and that the parties shall be entitled to an injunction or
		injunctions to prevent breaches of this Agreement and to enforce specifically
		the terms and provisions of this Agreement in addition to any other remedy to
		which they are entitled at law or in equity.

	  

	 (e) Each
		party shall execute and deliver such additional instruments and other documents
		and shall take such further actions as may be necessary or appropriate to
		effectuate, carry out and comply with all of the terms of this Agreement and
		the transactions contemplated hereby.

	  

	 (f) The
		section headings, captions and table of contents contained in this Agreement
		are for reference purposes only, are not part of this Agreement and shall not
		affect the meaning or interpretation of this Agreement.

	  

	 (g) This
		Agreement shall be binding upon and shall inure to the benefit of NBCU and CIG,
		and their respective successors and permitted assigns.

	  

	 (h) All
		costs and expenses incurred in connection with this Agreement and the
		transactions contemplated hereby shall be paid by the party incurring such
		expense; provided,
		however, that
		any fees or expenses incurred with respect to the engagement of an investment
		banker by CIG and NBCU to settle disputes with respect to the calculation of
		the Put Purchase Price or the Call Purchase Price, as the case may be, shall be
		shared by CIG and NBCU in proportion to the relative differences between their
		

	 
		 

		
		  15

		   
 
 

	 

	 
	 

	 
	 respective
		calculations of the Put Purchase Price or the Call Purchase Price, as the case
		may be, and the amount determined by such investment banker.

	  

	 (i) This
		agreement shall terminate and become of no further force and effect on the
		earliest to occur of (i) the Put Right Closing or the Call Right Closing, as
		the case may be, (ii) the later to occur of the termination (without exercise)
		of (x) NBCU Option I, and (y) NBCU Option II, (iii) the written consent of the
		parties hereto, (iv) the expiration of the fifth and final Renewed Call
		Exercise Period, and (v) the date when there are no Subject Securities.
		

	  

	 (j) This
		Agreement shall be governed by, and construed in accordance with, the Laws of
		the State of New York applicable to contracts executed in and to be performed
		in that State. All actions and proceedings arising out of or relating to this
		Agreement shall be heard and determined exclusively in any New York state or
		federal court sitting in the Borough of Manhattan of The City of New York. The
		parties hereto hereby (a) submit to the exclusive jurisdiction of any state or
		federal court sitting in the Borough of Manhattan of The City of New York for
		the purpose of any Action arising out of or relating to this Agreement brought
		by any party hereto, and (b) irrevocably waive, and agree not to assert by way
		of motion, defense, or otherwise, in any such Action, any claim that it is not
		subject personally to the jurisdiction of the above-named courts, that its
		property is exempt or immune from attachment or execution, that the Action is
		brought in an inconvenient forum, that the venue of the Action is improper, or
		that this Agreement may not be enforced in or by any of the above-named
		courts.

	  

	 (k) Each of
		the parties hereto hereby waives to the fullest extent permitted by applicable
		Law any right it may have to a trial by jury with respect to any litigation
		directly or indirectly arising out of, under or in connection with this
		Agreement. Each of the parties hereto (a) certifies that no representative,
		agent or attorney of any other party has represented, expressly or otherwise,
		that such other party would not, in the event of litigation, seek to enforce
		that foregoing waiver and (b) acknowledges that it and the other hereto have
		been induced to enter into this Agreement, as applicable, by, among other
		things, the mutual waivers and certifications in this Section 10(k).
		

	  

	 [Signature
		Page to Follow]

	 
		 

		
		  16

		   
 
 

	 

	 
	 

	 
	 IN
		WITNESS WHEREOF, NBCU and CIG have caused this Agreement to be executed by
		their respective representatives on the date first above written.

	  

	 
			 	 	 
	 	CIG MEDIA
				LLC
	 
 	 
 	 
 
	 	By:  	 /s/ Matthew Hinerfeld
	 	
				
Name: Matthew Hinerfeld
	 	Title: Managing
				Director and Deputy General Counsel

 

	 

	 
			 	 	 
	 	NBC UNIVERSAL,
				INC.
	 
 	 
 	 
 
	 	By:  	 /s/ Lynn A. Calpeter
	 	
				
Name: Lynn A. Calpeter
	 	Title: Executive Vice
				President and Chief Financial Officer

 

	  

	 

  
	 EXHIBIT
		W to the Master Transaction Agreement

	 

	 Form
		of Certificate of Amendment

	 

	 

	 
	 

	 

	 Exhibit
		W to the

	 Master
		Transaction Agreement

	 

	 Form
		of Certificate of Amendment

	 

	 STATE
		OF DELAWARE 

	 

	 CERTIFICATE
		OF AMENDMENT

	 TO
		THE CERTIFICATE OF INCORPORATION

	 OF
		ION MEDIA NETWORKS, INC.

	 

	 Pursuant
		to Section 242 of the General Corporation Law of the State of Delaware,
		ION Media Networks, Inc., a Delaware corporation (the “Corporation”),
		hereby amends its Certificate of Incorporation as follows: 

	 

	 1. The
		Certificate of Incorporation of the Corporation is hereby amended by deleting
		Article Fourth in its entirety and inserting the following in lieu
		thereof:

	 

	 “FOURTH. The
		total authorized capital stock of this Corporation shall be 3,035,000,000
		shares of Common Stock, with a par value of $0.001 per share, and 1,000,000
		shares of preferred stock, with a par value of $0.001 per share. 

	 

	 Of the
		3,035,000,000 hares of Common Stock which the Corporation is authorized to
		issue: 

	 

	 (a)
		1,000,000,000 shares (“Class A Common”) will be designated
		“Class A Common Stock,” 

	 

	 (b)
		35,000,000 shares (“Class B Common” and, together with the
		Class A Common, the “Voting Common”) will be designated
		“Class B Common Stock,” 

	 

	 (c)
		1,000,000,000 shares (“Class C Common”) will be designated
		“Class C Non-Voting Common Stock,” and

	 

	 (d)
		1,000,000,000 shares (“Class D Common”) will be designated
		“Class D Non-Voting Common Stock.” The Class A Common, Class B
		Common, Class C Common and Class D Common, are collectively referred to herein
		as the “Common Stock.” 

	 

	 Except
		as otherwise provided in this Article Fourth or as otherwise required by
		applicable law, all shares of Class A Common, Class B Common,
		Class C Common and Class D Common shall be identical in all respects and
		shall entitle the holders thereof to the same rights and privileges subject to
		the same qualifications, limitations and restrictions. 

	 

	  1.
		Voting
		Rights. Except
		as otherwise provided in this Article Fourth or as otherwise required by
		applicable law, (a) holders of Class A Common shall be entitled to
		one vote per share on all matters to be voted on by the stockholders of the
		Corporation and shall vote together with the holders of Class B Common as
		a single class on all such matters, (b) holders of Class B Common
		shall be entitled to ten votes per share on all matters to be voted on by the
		stockholders of the Corporation and shall vote together with the holders of
		Class A Common as a single class on all such matters, (c) holders of
		Class C Common shall have no right to vote on any matter to be voted on by
		the stockholders of the Corporation; provided,
		however, that
		the approval of the holders of a majority of the outstanding Class C
		Common, voting as a separate class, shall be required for any merger or
		consolidation of the Corporation with or into another entity or entities, any
		sale of all or substantially all the Corporation’s assets, or any
		recapitalization or reorganization, if as a result of any of the foregoing the
		shares of Class C Common would be converted into the right to receive or
		would be exchanged for consideration different on a per share basis than the
		consideration received with respect to or in exchange for shares of Voting
		Common or would otherwise be treated differently from shares of Voting Common
		in connection with such transaction, except that shares of Class C Common
		may, without such a separate class vote, be converted into the right to receive
		or be exchanged for non-voting securities which are otherwise identical on a
		per share basis in amount and form to the voting securities received with
		respect to or in exchange for Voting Common so long as (i) such non-voting
		securities are convertible into such voting securities on the same terms as
		Class C Common is convertible into Class A Common and (ii) all
		other consideration is equal on a per share basis, and (d) holders of
		Class D Common shall have no right to vote on 

	  

	 

	 
	 

	 
	 any
		matter to be voted on by the stockholders of the Corporation; provided,
		however, that
		the approval of the holders of a majority of the outstanding Class D
		Common, voting as a separate class, shall be required for any merger or
		consolidation of the Corporation with or into another entity or entities, any
		sale of all or substantially all the Corporation’s assets, or any
		recapitalization or reorganization, if as a result of any of the foregoing the
		shares of Class D Common would be converted into the right to receive or
		would be exchanged for consideration different on a per share basis than the
		consideration received with respect to or in exchange for shares of Voting
		Common or would otherwise be treated differently from shares of Voting Common
		in connection with such transaction, except that shares of Class D Common
		may, without such a separate class vote, be converted into the right to receive
		or be exchanged for non-voting securities which are otherwise identical on a
		per share basis in amount and form to the voting securities received with
		respect to or in exchange for Voting Common so long as all other consideration
		is equal on a per share basis. 

	 

	 2.
		Dividends. As and
		when dividends are declared or paid thereon, whether in cash, property or
		securities of the Corporation, the holders of Class A Common, the holders
		of Class B Common, the holders of Class C Common and the holders of
		Class D Common shall be entitled to participate in such dividends ratably on a
		per share basis; provided,
		however, that
		(i) if dividends are declared which are payable in shares of Class A
		Common, Class B Common, Class C Common or Class D Common, then
		dividends shall be declared which are payable at the same rate on all four
		classes of Common Stock and the dividends payable in shares of Class A
		Common shall be payable to holders of Class A Common, dividends payable in
		shares of Class B Common shall be payable to holders of Class B
		Common, dividends payable in shares of Class C Common shall be payable to
		holders of Class C Common and dividends payable in shares of Class D
		Common shall be payable to holders of Class D Common and (ii) if the
		dividends consist of other voting securities of the Corporation, then the
		Corporation shall pay (A) to each holder of Class C Common, dividends
		consisting of non-voting securities of the Corporation which are otherwise
		identical to such other voting securities and which are convertible into or
		exchangeable for such voting securities on the same terms as Class C
		Common is convertible into Class A Common, and (B) to each holder of
		Class D Common, dividends consisting of non-voting securities of the
		Corporation which are otherwise identical to such other voting securities and
		which are non-convertible. 

	 

	 3.
		Liquidation. The
		holders of Class A Common, Class B Common, Class C Common and
		Class D Common shall be entitled to participate ratably on a per share basis in
		all distributions to the holders of Common Stock in any liquidation,
		dissolution or winding up of the Corporation. 

	 

	            4.
		Conversion.
		

	  

	    4A.
		Conversion
		of Class B Common. At any
		time, each holder of Class B Common shall be entitled to convert any or
		all shares of Class B Common then held by such holder into the same number
		of shares of Class A Common. 

	 

	 4B.
		Conversion
		of Class C Common. Upon
		the occurrence of any Class C Conversion Event, each share of Class C Common
		that is (x) disposed of by a holder of Class C Common in the case of paragraph
		4B(i)(a) or (y) held by a holder of Class C Common in the case of paragraph
		4B(i)(b), shall be automatically converted into the same number of shares of
		Class A Common.

	 

	            
		   (i) For purposes of this paragraph 4B, a
		“Class
		C Conversion Event”
		shall mean either of the following: (a) the disposition of shares of Class
		C Common to any person that the holder of Class C Common determines is not
		prevented under the Communications Act from holding shares of Class A Common or
		(b) the holder of shares of Class C Common determines that the Communications
		Act no longer prohibit such holder from holding shares of Class A Common, , in
		either case, after consultation by such Person with outside legal counsel and,
		if required by the Corporation, delivery by such Person to the Corporation an
		opinion of legal counsel reasonably acceptable to the Corporation to the effect
		that the Conversion of such Class C Common Stock to Class A Common Stock will
		not violate or conflict with the Communications Act.

	 

	 (ii) For
		purposes of this paragraph 4B, “person”
		shall include any natural person and any corporation, partnership, joint
		venture, trust, unincorporated organization and any other entity or
		organization. 

	 

	            4C.
		Conversion
		Procedure.

	  

	 

	 
	 

	 
	                (i) Each
		conversion of shares of one series of Common Stock into shares of another
		series of Common Stock shall be effected by the surrender of the certificate or
		certificates representing the shares to be converted at the principal office of
		the Corporation at any time during normal business hours, together with a
		written notice, if applicable, by the holder of such series of Common Stock
		stating that such holder desires to convert the shares, or a stated number of
		the shares, of such series of Common Stock represented by such certificate or
		certificates into shares of the other series of Common Stock into which such
		series is to be converted pursuant to the terms hereof. Each conversion shall
		be deemed to have been effected as of the close of business on the date on
		which such certificate or certificates have been surrendered and such notice
		has been received, if applicable, and at such time the rights of the holder of
		the converted Class B Common or Class C Common, as the case may be,
		as such holder shall cease and the person or persons in whose name or names the
		certificate or certificates for shares of Class A Common are to be issued
		upon such conversion shall be deemed to have become the holder or holders of
		record of the shares of Class A Common represented thereby. 

	 

	                (ii) Promptly
		after the surrender of certificates representing the shares to be converted,
		duly executed or otherwise in proper form for transfer, and the receipt of
		written notice, if applicable, the Corporation shall issue and deliver in
		accordance with the surrendering holder’s instructions (a) the certificate
		or certificates for the Class A Common issuable upon such conversion and
		(b) a certificate representing any Class B Common or Class C
		Common which was represented by the certificate or certificates delivered to
		the Corporation in connection with such conversion but which was not converted.
		

	 

	                (iii) The
		issuance of certificates for Class A Common upon conversion of
		Class B Common or Class C Common will be made without charge to the
		holders of such shares for any issuance tax in respect thereof or other cost
		incurred by the Corporation in connection with such conversion and the related
		issuance of Class A Common. 

	 

	                (iv) All
		shares of Class A Common which are issuable upon the conversion of the other
		series of Common Stock shall, when issued, be duly and validly issued, fully
		paid and nonassessable and free from all taxes, liens (other than any lien
		which existed in respect of the shares which were converted, immediately prior
		to such conversion) and charges. The Corporation shall take all such actions as
		may be necessary to assure that all such shares of Class A Common may be so
		issued without violation of any applicable law or governmental regulation or
		any requirements of any domestic securities exchange upon which shares of Class
		A Common may be listed (except for official notice of issuance, which will be
		immediately transmitted by the Corporation upon issuance). 

	               

	 (v) The
		Corporation shall not close its books against the transfer of shares of Common
		Stock in any manner which would interfere with the timely conversion of any
		shares of Common Stock. 

	 

	            4D.
		Stock
		Splits. If the
		Corporation in any manner subdivides or combines the outstanding shares of one
		series of Common Stock, the outstanding shares of each other series of Common
		Stock shall be proportionately subdivided or combined in a similar manner.
		

	 

	            5.
		Registration
		of Transfer. The
		Corporation shall keep at its principal office (or such other place as the
		Corporation reasonably designates) a register for the registration of shares of
		Common Stock. Upon the surrender of any certificate representing shares of any
		series of Common Stock at such place, the Corporation shall, at the request of
		the registered holder of such certificate, execute and deliver a new
		certificate or certificates in exchange therefor representing in the aggregate
		the number of shares of such series represented by the surrendered certificate,
		and the Corporation forthwith shall cancel such surrendered certificate. Each
		such new certificate will be registered in such name and will represent such
		number of shares of such series as is requested by the holder of the
		surrendered certificate and will be substantially identical in form to the
		surrendered certificate. The issuance of new certificates shall be made without
		charge to the holders of the surrendered certificates for any issuance tax in
		respect thereof or other cost incurred by the Corporation in connection with
		such issuance. 

	 

	            6.
		Replacement. Upon
		receipt of evidence reasonably satisfactory to the Corporation (an affidavit of
		the registered holder will be satisfactory) of the ownership and the loss,
		theft, destruction or mutilation of any certificate evidencing one or more
		shares of any series of Common Stock, and in the case of any such loss, theft
		or destruction, upon receipt of indemnity reasonably satisfactory to the
		Corporation (provided,
		however, that
		if the holder is a financial institution or other institutional investor its
		own agreement will be satisfactory), or, in the case of any such 

	  

	 

	 
	 

	 
	 mutilation
		upon surrender of such certificate, the Corporation shall (at its expense)
		execute and deliver in lieu of such certificate a new certificate of like kind
		representing the number of shares of such series represented by such lost,
		stolen, destroyed or mutilated certificate and dated the date of such lost,
		stolen, destroyed or mutilated certificate. 

	 

	            7.
		Notices. All
		notices referred to herein shall be in writing, shall be delivered personally
		or by first class mail, postage prepaid, and shall be deemed to have been given
		when so delivered or mailed to the Corporation at its principal executive
		offices and to any stockholder at such holder’s address as it appears in
		the stock records of the Corporation (unless otherwise specified in a written
		notice to the Corporation by such holder). 

	 

	           8.
		Amendment
		and Waiver. In
		addition to any vote required by law, no amendment or waiver of any provision
		of this Article Fourth shall be effective without the prior approval of the
		holders of a majority of the then outstanding Class C Common voting as a
		separate class.

	 

	 2. Said
		amendments were adopted by resolution of the Board of Directors and approved by
		a majority vote of the outstanding stock entitled to vote thereon, and a
		majority of each class entitled to vote thereon as a class, pursuant to
		Section 228 and Section 242 of the Delaware General Corporation Law.
		

	 

	 IN
		WITNESS WHEREOF, this
		Corporation has caused this Certificate to be signed by R. Brandon Burgess, its
		Chief Executive Officer, this _____ day of _____, 2007. 

	  

	 
			 	 	 
	 	
				ION
				  MEDIA NETWORKS, INC.
 
	 
 	 
 	 
 
	 	By:  	 
	 	
				
R. Brandon Burgess
	 	
				Chief
				  Executive Officer
 

 

	  

	 

   
	  

	 EXHIBIT
		X to the Master Transaction Agreement

	 

	 Registration
		Rights Agreement

	 for
		Series B Convertible Subordinated Debt

	 

	  

	 
 
	 	 

	 
		Exhibit X 
to
		the Master Transaction Agreement
	 

	 
		Registration
		Rights Agreement for Series B Convertible Subordinated Debt
	 

	 
		REGISTRATION
		RIGHTS AGREEMENT
	 

	 
		                                This REGISTRATION RIGHTS
		AGREEMENT is dated as of May 4, 2007 (the “Agreement”),
		by and among ION Media Networks, Inc., a Delaware corporation (the
		“Company”), on the one hand, and NBC Universal, Inc., a
		Delaware corporation (“NBCU”), NBC Palm Beach Investment I,
		Inc., a California corporation (“NBC Palm Beach I”), NBC Palm
		Beach Investment II, Inc., a California corporation (“NBC Palm Beach
		II,” and together with NBCU and NBC Palm Beach I, the “NBCU
		Entities”), and CIG Media LLC, a Delaware limited liability company
		(“CIG”) (“CIG” and together with the NBCU
		Entities, the “Purchasers”), on the other hand. 
	 

	 
		                                This Agreement is entered into in
		connection with the Master Transaction Agreement by and among the Company and
		the Purchasers, dated as of May 3, 2007 (the “Transaction
		Agreement”), which provides for, among other things, the issuance and
		sale by the Company of 11% Series B Mandatorily Convertible Senior Subordinated
		Notes due 2013 (the “Notes”) to the Purchasers. In order to
		induce the Purchasers to enter into the Transaction Agreement and certain other
		agreements, the Company has agreed to provide the registration rights set forth
		in this Agreement for the sole benefit of the Purchasers and their respective
		affiliates and not for the benefit of any subsequent holder or holders of the
		Notes (except as set forth in Section 5(d) hereof). 
	 

	 
		                                In consideration of the
		foregoing, the parties hereto agree as follows: 
	 

	 
		                                1.
		            Definitions.
		As used in this Agreement, the following terms shall have the following
		meanings:
	 

	 
		                                “Business Day”
		shall mean any day that is not a Saturday, Sunday or other day on which
		commercial banks in New York City are authorized or required by law to remain
		closed.
	 

	 
		                                “Company” shall
		have the meaning set forth in the preamble and shall also include the
		Company’s successors.
	 

	 
		                                “Exchange Act”
		shall mean the Securities Exchange Act of 1934, as amended from time to
		time.
	 

	 
		                                “Holders” shall
		mean (i) the Purchasers, for so long as they own any Transfer Restricted
		Securities, and (ii) any subsequent holder of Transfer Restricted Securities to
		the extent that such subsequent holder is entitled to the benefit of the
		registration rights set forth in this Agreement pursuant to Section 5(d)
		hereof. 
	 

	 
		                                “Indenture”
		shall mean the Indenture relating to the Notes dated as of May 3, 2007
		among the Company and The Bank of New York Trust Company, N.A., as trustee, and
		as the same may be amended and supplemented from time to time in accordance
		with the terms thereof.
	 

	 
		1
	 

	 

	 
	 

	 

	 
		                                “Initial Public
		Offering” shall have the meaning set forth in the Registration Rights
		Agreement for New Securities.
	 

	 
		                                “Inspector”
		shall have the meaning set forth in Section 3(m) hereof.
	 

	 
		                                “Majority
		Holders” shall mean the Holders of a majority of the aggregate
		principal amount of outstanding Transfer Restricted Securities; provided
		that whenever the consent or approval of Holders of a specified percentage of
		Transfer Restricted Securities is required hereunder, Transfer Restricted
		Securities owned directly or indirectly by the Company or any of its
		subsidiaries shall not be counted in determining whether such consent or
		approval was given by the Holders of such required percentage or amount.

	 

	 
		                                “Notes” shall
		have the meaning set forth in the preamble. 
	 

	 
		                                “Person” shall
		mean an individual, partnership, limited partnership, limited liability
		company, corporation, trust or unincorporated organization, or a government or
		agency or political subdivision thereof.
	 

	 
		                                “Prospectus”
		shall mean the prospectus included in a Registration Statement, including any
		preliminary prospectus, and any such prospectus as amended or supplemented by
		any prospectus supplement, including a prospectus supplement with respect to
		the terms of the offering of any portion of the Transfer Restricted Securities
		covered by the Shelf Registration Statement, and by all other amendments and
		supplements to such prospectus, and in each case including any document
		incorporated by reference therein.
	 

	 
		                                “Purchasers”
		shall have the meaning set forth in the preamble.
	 

	 
		                                “Registration
		Expenses” shall mean any and all expenses incident to performance of
		or compliance by the Company with this Agreement, including, without
		limitation, (i) all SEC, stock exchange or National Association of Securities
		Dealers, Inc. registration and filing fees, (ii) all fees and expenses incurred
		in connection with compliance with state securities or blue sky laws (including
		reasonable fees and disbursements of counsel for any Underwriters or Holders in
		connection with blue sky qualification of any Transfer Restricted Securities),
		(iii) all expenses of any Persons (other than counsel) in preparing or
		assisting in preparing, word processing, printing and distributing any
		Registration Statement, any Prospectus and any amendments or supplements
		thereto, any underwriting agreements, securities sales agreements or other
		similar agreements and any other documents relating to the performance of and
		compliance with this Agreement, (iv) all rating agency fees, (v) all fees and
		disbursements relating to the qualification of the Indenture under applicable
		securities laws, (vi) the fees and disbursements of the Trustee and its
		counsel, (vii) the fees and disbursements of counsel for the Company, (viii)
		the fees and disbursements of counsel for CIG and counsel for the NBC Entities
		and the fees and disbursements of one counsel for the Holders (which counsel
		shall be selected by the Majority Holders), in each case, not in excess of
		$50,000 per single registration and (xi) the fees and disbursements of the
		independent public accountants of the Company, including the expenses of any
		special audits or “comfort” letters required by or incident to the
		performance of and 
	 

	 
		-2-
	 

	 

	 
	 

	 

	 
		compliance with this
		Agreement, but excluding underwriting discounts and commissions and transfer
		taxes, if any, relating to the sale or disposition of Transfer Restricted
		Securities by a Holder.
	 

	 
		                                “Registration Rights
		Agreement for New Securities” means that certain Registration Rights
		Agreement, dated May 4, 2007, among the Company, NBCU and CIG, in the form
		attached as Exhibit E to the Transaction Agreement.
	 

	 
		                                “SEC” shall mean
		the Securities and Exchange Commission.
	 

	 
		                                “Securities Act”
		shall mean the Securities Act of 1933, as amended from time to time.
	 

	 
		                                “Shelf Effectiveness
		Period” shall have the meaning set forth in Section 2(a)
		hereof.
	 

	 
		                                “Shelf
		Registration” shall mean a registration effected pursuant to Section
		2(a) hereof.
	 

	 
		                                “Shelf Registration
		Statement” shall mean a “shelf” registration statement of
		the Company that covers all the Transfer Restricted Securities (and may cover
		other securities of the Company) on an appropriate form (including, without
		limitation, Form S-1 or Form S-3) under Rule 415 under the Securities Act, or
		any similar rule that may be adopted by the SEC, and all amendments and
		supplements to such registration statement, including post-effective
		amendments, in each case including the Prospectus contained therein, all
		exhibits thereto and any document incorporated by reference therein. To the
		extent the Company is eligible (i) a Shelf Registration Statement on Form S-1
		may be refiled at any time on Form S-3, (ii) the Shelf Registration Statement
		may be filed in the form of an “automatic shelf registration
		statement” (as defined in Rule 405 under the Securities Act), and (iii)
		the Shelf Registration Statement may be refiled at any time as an automatic
		shelf registration statement.
	 

	 
		                                “Staff” shall
		mean the staff of the SEC.
	 

	 
		                                “Transaction
		Agreement” shall have the meaning set forth in the preamble.
	 

	 
		                                “Transfer Restricted
		Securities”: Each Note until the earliest of:
	 

	 		(i)	the date on which such Note has been effectively registered under the
			 Securities Act and disposed of in accordance with the Shelf Registration
			 Statement;
			 
		(ii)	the date on which such Note is transferred in compliance with Rule 144
			 (or any other similar provision then in force) under the Securities Act or
			 transferable pursuant to paragraph (k) of Rule 144 under the Securities Act (or
			 any other similar provision then in force); 

	 
		-3-
	 

	 

	 
	 

	 

	 		(iii)	the date on which such Note ceases to be outstanding (whether as a
			 result of redemption, repurchase and cancellation, conversion or otherwise);
			 or
			 
		(iv)	the date on which such Note is sold, transferred or otherwise assigned
			 to a Person other than a Holder. 

	 
		                                “Trust Indenture
		Act” shall mean the Trust Indenture Act of 1939, as amended from time
		to time.
	 

	 
		                                “Trustee” shall
		mean the trustee with respect to the Notes under the Indenture.
	 

	 
		                                “Underwriter”
		shall have the meaning set forth in Section 3 hereof.
	 

	 
		                                “Underwritten
		Offering” shall mean an offering in which Transfer Restricted
		Securities are sold to an Underwriter for reoffering to the public.
	 

	 
		                                2.
		            Registration
		Under the Securities Act.
	 

	 
		                                (a)  After the
		consummation of an Initial Public Offering, upon a written demand (each,
		“Shelf Demand”) of CIG (if it then is a Holder), the NBC
		Entities (if it then is a Holder) or the Majority Holders, the Company shall be
		required to file, on one and only one occasion, a Shelf Registration Statement
		with the SEC to cover resales of the Transfer Restricted Securities. In that
		case, the Company will use its commercially reasonable efforts to (i) file the
		Shelf Registration Statement as promptly as practicable, but in any event no
		later than the sixtieth 60th calendar day after receipt of a Shelf
		Demand, (ii) cause the Shelf Registration Statement to declared effective
		under the Securities Act as soon as practicable thereafter, but in any event no
		later than the one hundred twentieth 120th calendar day after the
		receipt of a Shelf Demand and (iii) maintain the effectiveness of the
		Shelf Registration Statement during the Shelf Effectiveness Period (defined
		below). 
	 

	 
		                                The Company agrees to use its
		commercially reasonable efforts to keep the Shelf Registration Statement
		continuously effective, supplemented and amended as required by the Securities
		Act and by the provisions of Section 3 hereof to the extent necessary to ensure
		that (A) it is available for resales by the Holders of Transfer Restricted
		Securities entitled, subject to the terms and conditions hereof, to the benefit
		of this Agreement and (B) conforms with the requirements of this Agreement and
		the Securities Act and the rules and regulations of the SEC promulgated
		thereunder as announced from time to time, for a period (the “Shelf
		Effectiveness Period”) from the date the Shelf Registration Statement
		becomes effective until the date that the Notes have ceased to be Transfer
		Restricted Securities.
	 

	 
		                                The Company shall be deemed not
		have used its commercially reasonable efforts to keep the Shelf Registration
		Statement effective during the Shelf Effectiveness Period if it voluntarily
		takes any action that would result in Holders of Transfer Restricted Securities
		not being able to offer and sell such securities at any time during the Shelf
		Effectiveness Period, unless such action is (x) required by applicable law or
		otherwise undertaken by the Company in 
	 

	 
		-4-
	 

	 

	 
	 

	 

	 
		good faith and for
		valid business reasons (not including avoidance of the Company’s
		obligations hereunder), including the acquisition or divestiture of assets, or
		(y) permitted by the second to the last paragraph of Section 3 hereof.
	 

	 
		                                (b)           The
		Company shall pay all Registration Expenses in connection with the registration
		pursuant to Section 2(a) hereof. Each Holder shall pay all underwriting
		discounts and commissions, brokerage commissions and transfer taxes, if any,
		relating to the sale or disposition of such Holder’s Transfer Restricted
		Securities pursuant to the Shelf Registration Statement.
	 

	 
		                                (c)           A
		Shelf Registration Statement pursuant to Section 2(a) hereof will not be deemed
		to have become effective unless it has been declared effective by the
		SEC.
	 

	 
		                                In the event that the Shelf
		Registration is not declared effective by the date specified in Section 2(a)
		(the “Target Registration Date”), the interest rate on the
		Transfer Restricted Securities will be increased by (i) 0.25% per annum for the
		first 90-day period immediately following the Target Registration Date and (ii)
		an additional 0.25% per annum with respect to each subsequent 90-day period, in
		each case until the Shelf Registration Statement, if required hereby, is
		declared effective by the SEC or the Notes become freely tradable under the
		Securities Act, at which time the interest rate on the Transfer Restricted
		Securities will revert to the original interest rate borne by such Transfer
		Restricted Securities. 
	 

	 
		                                If the Shelf Registration
		Statement, if required hereby, has been declared effective and thereafter
		either ceases to be effective or the Prospectus contained therein ceases to be
		usable at any time during the Shelf Effectiveness Period (other than for
		reasons described in clauses (x) and (y) of the last paragraph of Section 2(a)
		hereof), and such failure to remain effective or usable exists for more than 60
		days (whether or not consecutive) (plus any time required in connection with
		updating the Shelf Registration Statement in accordance with Section 10(a)(3)
		of the Securities Act) in any 12-month period, then the interest rate on the
		Transfer Restricted Securities will be increased by 0.25% per annum for the
		first 90-day period immediately commencing on the 61st day (whether or not
		consecutive) in any 12-month period, which rate shall be increased by an
		additional 0.25% per annum at the beginning of each subsequent 90-day period,
		and continue thereafter, in each case until the Shelf Registration Statement
		has again been declared effective or the Prospectus again becomes usable, at
		which time the interest rate on the Transfer Restricted Securities will revert
		to the original interest rate borne by such Transfer Restricted
		Securities.
	 

	 
		                                Notwithstanding the foregoing,
		the maximum aggregate increase in the interest rate borne by the Transfer
		Restricted Securities pursuant to this Section 2(c) shall in no event exceed
		0.50% per annum. For the avoidance of doubt, in no event shall the interest
		rate increase with respect to any other securities of the Company, as a result
		of this Section 2(c).
	 

	 
		                                (d)           Without
		limiting the remedies available to the Holders, the Company acknowledges that
		any failure by the Company to comply with its obligations under Section 2(a)
		hereof may result in material irreparable injury to the Holders for which there
		is no adequate 
	 

	 
		-5-
	 

	 

	 
	 

	 

	 
		remedy at law, that
		it will not be possible to measure damages for such injuries precisely and
		that, in the event of any such failure, the Holders may obtain such relief as
		may be required to specifically enforce the Company’s obligations under
		Section 2(a) hereof.
	 

	 
		                               3.
		           Registration
		Procedures. In connection with its obligations pursuant to Section 2(a)
		hereof, the Company shall as expeditiously as reasonably possible:
	 

	 	 	                (a)           prepare
			 and file with the SEC the Shelf Registration Statement on the appropriate form
			 under the Securities Act, which form (x) shall be selected by the Company, (y)
			 shall be available for the sale of the Transfer Restricted Securities by the
			 selling Holders thereof and (z) shall comply as to form in all material
			 respects with the requirements of the applicable form and include all financial
			 statements required by the SEC to be filed therewith; and use its commercially
			 reasonable efforts to cause such Registration Statement to become effective and
			 remain effective for the applicable period in accordance with Section 2
			 hereof;
		 
	 	                (b)           prepare
			 and file with the SEC such amendments, supplements and post-effective
			 amendments to the Shelf Registration Statement as may be necessary to keep such
			 Registration Statement effective for the applicable period in accordance with
			 Section 2 hereof and cause each Prospectus to be supplemented by any required
			 prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
			 under the Securities Act; and keep each Prospectus current during the period
			 described in Section 4(3) of and Rule 174 under the Securities Act that is
			 applicable to transactions by brokers or dealers with respect to the Transfer
			 Restricted Securities;
		 
	 	                (c)           furnish
			 to CIG, the NBC Entities and Holders of Transfer Restricted Securities and
			 their respective counsel (the counsel for Holders of Transfer Restricted
			 Securities shall be selected by Holders of a majority in principal amount of
			 Transfer Restricted Securities covered by the Shelf Registration) and to each
			 Underwriter of an Underwritten Offering of Transfer Restricted Securities, if
			 any, without charge, as many copies of each Prospectus, including each
			 preliminary Prospectus, and any amendment or supplement thereto, in order to
			 facilitate the sale or other disposition of the Transfer Restricted Securities
			 thereunder; and the Company consents to the use of such Prospectus and any
			 amendment or supplement thereto in accordance with applicable law by each of
			 the selling Holders of Transfer Restricted Securities and any such Underwriters
			 in connection with the offering and sale of the Transfer Restricted Securities
			 covered by and in the manner described in such Prospectus or any amendment or
			 supplement thereto in accordance with applicable law;
		 
	 	                (d)           use
			 its commercially reasonable efforts to register or qualify the Transfer
			 Restricted Securities under all applicable state securities or blue sky laws of
			 such jurisdictions as any Holder of Transfer Restricted Securities covered by a
			 Registration Statement shall reasonably request in writing by the time the
			 applicable Registration Statement is declared effective by the SEC; cooperate
			 with the Holders in connection with any filings required to be made with the
			 National Association of Securities Dealers, 

	 
		-6-
	 

	 

	 
	 

	 

	 	 	Inc.; and do any and all other acts and things that may be reasonably
			 necessary or advisable to enable each Holder to complete the disposition in
			 each such jurisdiction of the Transfer Restricted Securities owned by such
			 Holder; provided that the Company shall not be required to (i) qualify
			 as a foreign corporation or other entity or as a dealer in securities in any
			 such jurisdiction where it would not otherwise be required to so qualify, (ii)
			 file any general consent to service of process in any such jurisdiction, (iii)
			 subject itself to taxation in any such jurisdiction if it is not so subject or
			 (iv) make any change to its certificate of incorporation or by-laws or any
			 agreement between it and its stockholders;
		 
	 	                (e)           notify
			 CIG, the NBC Entities and Holders of Transfer Restricted Securities and their
			 respective counsel (the counsel for Holders of Transfer Restricted Securities
			 shall be selected by Holders of a majority in principal amount of Securities
			 covered by the Shelf Registration) promptly and, if requested by any such
			 Holder or counsel, confirm such advice in writing (i) when the Shelf
			 Registration Statement has become effective and when any post-effective
			 amendment thereto has been filed and becomes effective, (ii) of any request by
			 the SEC or any state securities authority for amendments and supplements to the
			 Shelf Registration Statement and Prospectus or for additional information after
			 the Shelf Registration Statement has become effective, (iii) of the issuance by
			 the SEC or any state securities authority of any stop order suspending the
			 effectiveness of the Shelf Registration Statement or the initiation of any
			 proceedings for that purpose, (iv) if, between the effective date of the Shelf
			 Registration Statement and the closing of any sale of Transfer Restricted
			 Securities covered thereby, the representations and warranties of the Company
			 contained in any underwriting agreement, securities sales agreement or other
			 similar agreement, if any, relating to an offering of such Transfer Restricted
			 Securities cease to be true and correct in all material respects or if the
			 Company receives any notification with respect to the suspension of the
			 qualification of the Transfer Restricted Securities for sale in any
			 jurisdiction or the initiation of any proceeding for such purpose, (v) of the
			 happening of any event during the period the Shelf Registration Statement is
			 effective that makes any statement made in such Registration Statement or the
			 related Prospectus untrue in any material respect or that requires the making
			 of any changes in such Registration Statement or Prospectus in order to make
			 the statements therein not misleading and (vi) of any determination by the
			 Company that a post-effective amendment to a Registration Statement would be
			 appropriate;
		 
	 	                (f)            use
			 its commercially reasonable efforts to obtain the withdrawal of any order
			 suspending the effectiveness of the Shelf Registration Statement at the
			 earliest possible moment and provide immediate notice to each Holder of the
			 withdrawal of any such order;
		 
	 	                (g)           furnish
			 to each Holder of Transfer Restricted Securities, without charge, at least one
			 conformed copy of the Shelf Registration Statement and any post-effective
			 

	 
		-7-
	 

	 

	 
	 

	 

	 	 	amendment thereto (without any documents incorporated therein by
			 reference or exhibits thereto, unless requested);
		 
	 	                (h)           cooperate
			 with the selling Holders of Transfer Restricted Securities to facilitate the
			 timely preparation and delivery of certificates representing Transfer
			 Restricted Securities to be sold and not bearing any restrictive legends and
			 enable such Transfer Restricted Securities to be issued in such denominations
			 and registered in such names (consistent with the provisions of the Indenture)
			 as the selling Holders may reasonably request at least one Business Day prior
			 to the closing of any sale of Transfer Restricted Securities;
		 
	 	                (i)            upon
			 the occurrence of any event contemplated by Section 3(e)(v) hereof, use its
			 commercially reasonable efforts to prepare and file with the SEC a supplement
			 or post-effective amendment to the Shelf Registration Statement or the related
			 Prospectus or any document incorporated therein by reference or file any other
			 required document so that, as thereafter delivered to purchasers of the
			 Transfer Restricted Securities, such Prospectus will not contain any untrue
			 statement of a material fact or omit to state a material fact necessary to make
			 the statements therein, in the light of the circumstances under which they were
			 made, not misleading; and the Company shall notify the Holders of Transfer
			 Restricted Securities to suspend use of the Prospectus as promptly as
			 practicable after the occurrence of such an event, and such Holders hereby
			 agree to suspend use of the Prospectus until the Company has amended or
			 supplemented the Prospectus to correct such misstatement or
			 omission;
		 
	 	                (j)            a
			 reasonable time prior to the filing of the Shelf Registration Statement, any
			 Prospectus, any amendment to the Shelf Registration Statement or amendment or
			 supplement to a Prospectus (excluding any document that is to be incorporated
			 by reference into the Shelf Registration Statement or a Prospectus after
			 initial filing of such Registration Statement), provide copies of such document
			 to CIG, the NBC Entities and the Majority Holders of Transfer Restricted
			 Securities and their counsel and make such of the representatives of the
			 Company as shall be reasonably requested by CIG, the NBC Entities and the
			 Majority Holders of Transfer Restricted Securities or their counsel available
			 for discussion of such document; and the Company shall not, at any time after
			 initial filing of the Shelf Registration Statement, file any Prospectus, any
			 amendment of or supplement to the Shelf Registration Statement or a Prospectus,
			 (excluding any document that is to be incorporated by reference into the Shelf
			 Registration Statement or a Prospectus), of which CIG, the NBC Entities or the
			 Majority Holders of Transfer Restricted Securities and their counsel shall not
			 have previously been advised and furnished a copy and shall give good faith
			 consideration to their comments thereon;
		 
	 	                (k)           obtain
			 a CUSIP number for all Transfer Restricted Securities not later than the
			 effective date of a Registration Statement;
		 
	 	                (l)            cause
			 the Indenture to be qualified under the Trust Indenture Act in connection with
			 the registration of the Transfer Restricted Securities; cooperate with the
			 

	 
		-8-
	 

	 

	 
	 

	 

	 	 	Trustee and the Holders to effect such changes to the Indenture as may
			 be required for the Indenture to be so qualified in accordance with the terms
			 of the Trust Indenture Act; and execute, and use its commercially reasonable
			 efforts to cause the Trustee to execute, all documents as may be required to
			 effect such changes and all other forms and documents required to be filed with
			 the SEC to enable the Indenture to be so qualified in a timely
			 manner;
		 
	 	                (m)          in the
			 case of an Underwritten Offering off of the Shelf Registration, make available
			 for inspection during normal business hours upon reasonable notice by a
			 representative of the Holders of the Transfer Restricted Securities (an
			 “Inspector”), any Underwriter participating in any disposition
			 pursuant to such Shelf Registration Statement, and one firm of attorneys and
			 one firm of accountants designated by the Inspector, in a reasonable manner,
			 all pertinent financial and other records, documents and properties of the
			 Company, and cause the officers, directors and employees of the Company, during
			 normal business hours upon reasonable notice, to supply all information
			 reasonably requested by any such Inspector, Underwriter, attorney or accountant
			 in connection with an Underwritten Offering off of the Shelf Registration
			 Statement; provided that if any such information is identified by the
			 Company as being confidential or proprietary, each Person receiving such
			 information shall take such actions as are reasonably necessary to protect the
			 confidentiality of such information to the extent such action is otherwise not
			 inconsistent with, an impairment of or in derogation of the rights and
			 interests of any Inspector, Holder or Underwriter and shall sign customary
			 confidentiality agreements reasonably requested by the Company prior to the
			 receipt of such information and any Person legally compelled to disclose any
			 such confidential information made available for inspection shall provide the
			 Company with prompt written notice of such requirement so that the Company may
			 seek a protection order or any other appropriate remedy;
		 
	 	                (n)           if
			 reasonably requested by any Holder of Transfer Restricted Securities covered by
			 the Shelf Registration Statement, promptly incorporate in a Prospectus
			 supplement or post-effective amendment such information with respect to such
			 Holder as such Holder reasonably requests to be included therein and make all
			 required filings of such Prospectus supplement or such post-effective amendment
			 as soon as the Company has received notification of the matters to be
			 incorporated in such filing; and
		 
	 	                (o)           in
			 the case of an Underwritten Offering off of the Shelf Registration, enter into
			 such customary agreements and take all such other actions in connection
			 therewith (including those requested by the Holders of a majority in principal
			 amount of the Transfer Restricted Securities being sold) in order to expedite
			 or facilitate the disposition of such Transfer Restricted Securities including,
			 but not limited to, an Underwritten Offering and in such connection, (i) to the
			 extent possible, make such representations and warranties to the Holders and
			 any Underwriters of such Transfer Restricted Securities with respect to the
			 business of the Company and its subsidiaries, the Shelf Registration Statement,
			 Prospectus and documents incorporated by reference or deemed incorporated
			 

	 
		-9-
	 

	 

	 
	 

	 

	 	 	by
			 reference, if any, in each case, in form, substance and scope as are
			 customarily made by issuers to underwriters in underwritten offerings and
			 confirm the same if and when requested, (ii) obtain opinions of counsel to the
			 Company (which counsel and opinions, in form, scope and substance, shall be
			 reasonably satisfactory to the Holders and such Underwriters and their
			 respective counsel) addressed to each selling Holder and Underwriter of
			 Transfer Restricted Securities, covering the matters customarily covered in
			 opinions requested in underwritten offerings, (iii) use commercially reasonable
			 efforts to obtain “comfort” letters from the independent certified
			 public accountants of the Company (and, if necessary, any other certified
			 public accountant of any subsidiary of the Company, or of any business acquired
			 by the Company for which financial statements and financial data are or are
			 required to be included in the Shelf Registration Statement) addressed to each
			 selling Holder and Underwriter of Transfer Restricted Securities, such letters
			 to be in customary form and covering matters of the type customarily covered in
			 “comfort” letters in connection with underwritten offerings and (iv)
			 deliver such documents and certificates as may be reasonably requested by the
			 Holders of a majority in principal amount of the Transfer Restricted Securities
			 being sold or the Underwriters, and which are customarily delivered in
			 underwritten offerings, to evidence the continued validity of the
			 representations and warranties of the Company made pursuant to clause (i) above
			 and to evidence compliance with any customary conditions contained in an
			 underwriting agreement; provided, however, that in the event of
			 an Underwritten Offering off of the Shelf Registration for the benefit of the
			 Purchasers, the Purchasers shall be limited to one opinion of counsel to the
			 Company and one “comfort letter.” 

	 
		                                With respect to the Shelf
		Registration Statement, the Company may require each Holder of Transfer
		Restricted Securities to furnish to the Company such information regarding such
		Holder (including, without limitation, a customary selling Holder
		questionnaire) and the proposed disposition by such Holder of such Transfer
		Restricted Securities as the Company may from time to time reasonably request
		in writing.
	 

	 
		                                Each Holder of Transfer
		Restricted Securities agrees that, upon receipt of any notice from the Company
		of the happening of any event of the kind described in Section 3(e)(iii) or
		3(e)(v) hereof, such Holder will forthwith discontinue disposition of Transfer
		Restricted Securities pursuant to the Shelf Registration Statement until such
		Holder’s receipt of the copies of the supplemented or amended Prospectus
		contemplated by Section 3(i) hereof and, if so directed by the Company, such
		Holder will deliver to the Company all copies in its possession, other than
		permanent file copies then in such Holder’s possession, of the Prospectus
		covering such Transfer Restricted Securities that is current at the time of
		receipt of such notice.
	 

	 
		                                If the Company shall give any
		such notice to suspend the disposition of Transfer Restricted Securities
		pursuant to the Shelf Registration Statement, the Company shall extend the
		period during which such Registration Statement shall be maintained effective
		pursuant to this Agreement by the number of days during the period from and
		including the date of the giving of such notice to and including the date when
		the Holders shall have received copies of the supplemented or amended
		Prospectus necessary to resume such dispositions. The Company may 
	 

	 
		-10-
	 

	 

	 
	 

	 

	 
		give any such notice
		only twice during any 365-day period and any such suspensions shall not exceed
		90 calendar days (plus any time required in connection with updating the Shelf
		Registration Statement in accordance with Section 10(a)(3) of the Securities
		Act) per year for all extensions.
	 

	 
		                                The Holders of Transfer
		Restricted Securities covered by the Shelf Registration Statement who desire to
		do so may sell such Transfer Restricted Securities in an Underwritten Offering.
		In any such Underwritten Offering, the investment banker or investment bankers
		and manager or managers (the “Underwriters”) that will
		administer the offering will be selected by CIG and the NBC Entities with the
		Company’s consent, not to be unreasonably withheld.
	 

	 
		                                4.
		           
		Indemnification and Contribution.
	 

	 
		                                (a)           The
		Company agrees to indemnify and hold harmless each Holder, their respective
		affiliates, directors and officers and each Person, if any, who controls any
		Holder within the meaning of Section 15 of the Securities Act or Section 20 of
		the Exchange Act, from and against any and all out-of-pocket losses, claims,
		damages and liabilities (including, without limitation, reasonable legal fees
		and other expenses incurred in connection with any suit, action or proceeding
		or any claim asserted, as such fees and expenses are incurred), joint or
		several, that arise out of, or are based upon, any untrue statement or alleged
		untrue statement of a material fact contained in the Shelf Registration
		Statement or any Prospectus or any omission or alleged omission to state
		therein a material fact required to be stated therein or necessary in order to
		make the statements therein, in the light of the circumstances under which they
		were made, not misleading, except insofar as such losses, claims, damages or
		liabilities arise out of, or are based upon, any untrue statement or omission
		or alleged untrue statement or omission made in reliance upon and in conformity
		with any information relating to any Holder furnished to the Company in writing
		through any selling Holder expressly for use therein. 
	 

	 
		                                (b)           Each
		Holder agrees, severally and not jointly, to indemnify and hold harmless the
		Company and the other selling Holders, their respective affiliates, the
		directors of the Company, each officer of the Company who signed the Shelf
		Registration Statement and each Person, if any, who controls the Company or any
		other selling Holder within the meaning of Section 15 of the Securities Act or
		Section 20 of the Exchange Act to the same extent as the indemnity set forth in
		paragraph (a) above, but only with respect to any losses, claims, damages or
		liabilities that arise out of, or are based upon, any untrue statement or
		omission or alleged untrue statement or omission made in reliance upon and in
		conformity with any information relating to such Holder furnished to the
		Company in writing by such Holder expressly for use in the Shelf Registration
		Statement and any Prospectus; provided, that the liability of each
		Holder hereunder shall not exceed the net proceeds received by such Holder from
		the sale of Transfer Restricted Securities covered by such Registration
		Statement.
	 

	 
		                                (c)           If
		any suit, action, proceeding (including any governmental or regulatory
		investigation), claim or demand shall be brought or asserted against any Person
		in respect of which indemnification may be sought pursuant to either paragraph
		(a) or (b) above, such Person (the “Indemnified Person”) shall
		promptly notify the Person against whom such indemnification 
	 

	 
		-11-
	 

	 

	 
	 

	 

	 
		may be sought (the
		“Indemnifying Person”) in writing; provided  that
		the failure to notify the Indemnifying Person shall not relieve it from any
		liability that it may have under this Section 4 except to the extent that it
		has been materially prejudiced (through the forfeiture of substantive rights or
		defenses) by such failure; and provided, further, that the
		failure to notify the Indemnifying Person shall not relieve it from any
		liability that it may have to an Indemnified Person otherwise than under this
		Section 4. If any such proceeding shall be brought or asserted against an
		Indemnified Person and it shall have notified the Indemnifying Person thereof,
		the Indemnifying Person shall retain counsel reasonably satisfactory to the
		Indemnified Person to represent the Indemnified Person and any others entitled
		to indemnification pursuant to this Section 4 that the Indemnifying Person may
		designate in such proceeding and shall pay the reasonable fees and expenses of
		such counsel related to such proceeding, as incurred. In any such proceeding,
		any Indemnified Person shall have the right to retain its own counsel, but the
		fees and expenses of such counsel shall be at the expense of such Indemnified
		Person unless (i) the Indemnifying Person and the Indemnified Person shall have
		mutually agreed in writing to the contrary; (ii) the Indemnifying Person has
		failed within a reasonable time to retain counsel reasonably satisfactory to
		the Indemnified Person; (iii) the Indemnified Person shall have reasonably
		concluded that there may be legal defenses available to it that are different
		from or in addition to those available to the Indemnifying Person; or (iv) the
		named parties in any such proceeding (including any impleaded parties) include
		both the Indemnifying Person and the Indemnified Person and representation of
		both parties by the same counsel would be inappropriate due to actual or
		potential differing interests between them. It is understood and agreed that
		the Indemnifying Person shall not, in connection with any proceeding or related
		proceeding in the same jurisdiction, be liable for the fees and expenses of
		more than one separate firm (in addition to any local counsel) for all
		Indemnified Persons, and that all such fees and expenses shall be reimbursed as
		they are incurred. Any such separate firm (x) for any Holder, its affiliates,
		directors and officers and any control Persons of such Holder shall be
		designated in writing by CIG, the NBC Entities and the Majority Holders and (y)
		in all other cases shall be designated in writing by the Company. The
		Indemnifying Person shall not be liable for any settlement of any proceeding
		effected without its written consent, but if settled with such consent or if
		there be a final judgment for the plaintiff, the Indemnifying Person agrees to
		indemnify each Indemnified Person from and against any loss or liability by
		reason of such settlement or judgment, as required by paragraphs (a) and
		(b) of this Section 4. Notwithstanding the foregoing sentence, if at any time
		an Indemnified Person shall have requested that an Indemnifying Person
		reimburse the Indemnified Person for the reasonable fees and expenses of
		counsel as contemplated by this paragraph, the Indemnifying Person shall be
		liable for any settlement of any proceeding effected without its written
		consent if (i) such settlement is entered into more than 45 days after receipt
		by the Indemnifying Person of such request, (ii) the Indemnifying Person shall
		not have reimbursed the Indemnified Person in accordance with such request
		prior to the date of such settlement and (iii) such Indemnified Person shall
		have given the Indemnifying Person at least 30 days prior written notice of its
		intention to settle. No Indemnifying Person shall, without the written consent
		of the Indemnified Person, effect any settlement of any pending or threatened
		proceeding in respect of which any Indemnified Person is or could have been a
		party and indemnification could have been sought hereunder by such Indemnified
		Person, unless such settlement includes an unconditional release of such
		Indemnified Person, in form and substance reasonably 
	 

	 
		-12-
	 

	 

	 
	 

	 

	 
		satisfactory to such
		Indemnified Person, from all liability on claims that are the subject matter of
		such proceeding.
	 

	 
		                                (d)           If
		the indemnification provided for in paragraphs (a) and (b) above is unavailable
		to an Indemnified Person or insufficient in respect of any losses, claims,
		damages or liabilities referred to therein, then each Indemnifying Person under
		such paragraph, in lieu of indemnifying such Indemnified Person thereunder,
		shall contribute to the amount paid or payable by such Indemnified Person as a
		result of such losses, claims, damages or liabilities (i) in such proportion as
		is appropriate to reflect the relative benefits received by the Company from
		the issuance of the Notes to the Purchasers, on the one hand, and by the
		Holders from receiving Notes registered under the Securities Act, on the other
		hand, or (ii) if the allocation provided by clause (i) is not permitted by
		applicable law, in such proportion as is appropriate to reflect not only the
		relative benefits referred to in clause (i) but also the relative fault of the
		Company on the one hand and the Holders on the other in connection with the
		statements or omissions that resulted in such losses, claims, damages or
		liabilities, as well as any other relevant equitable considerations. The
		relative fault of the Company on the one hand and the Holders on the other
		shall be determined by reference to, among other things, whether the untrue or
		alleged untrue statement of a material fact or the omission or alleged omission
		to state a material fact relates to information supplied by the Company or by
		the Holders and the parties’ relative intent, knowledge, access to
		information and opportunity to correct or prevent such statement or
		omission.
	 

	 
		                                (e)           The
		Company and the Holders agree that it would not be just and equitable if
		contribution pursuant to this Section 4 were determined by pro
		rata allocation (even if the Holders were treated as one entity for such
		purpose) or by any other method of allocation that does not take account of the
		equitable considerations referred to in paragraph (d) above. The amount paid or
		payable by a party as a result of the losses, claims, damages and liabilities
		referred to in paragraph (d) above shall be deemed to include, subject to the
		limitations set forth above, any legal or other expenses reasonably incurred by
		such party in connection with any such action or claim. Notwithstanding the
		provisions of this Section 4, in no event shall a Holder be required to
		contribute any amount in excess of the amount by which the total price at which
		the Notes sold by such Holder exceeds the amount of any damages that such
		Holder has otherwise been required to pay by reason of such untrue or alleged
		untrue statement or omission or alleged omission. No Person guilty of
		fraudulent misrepresentation (within the meaning of Section 11(f) of the
		Securities Act) shall be entitled to contribution from any Person who was not
		guilty of such fraudulent misrepresentation.
	 

	 
		                                (f)            The
		remedies provided for in this Section 4 are not exclusive and shall not limit
		any rights or remedies that may otherwise be available to any Indemnified
		Person at law or in equity.
	 

	 
		                                (g)           The
		indemnity and contribution provisions contained in this Section 4 shall remain
		operative and in full force and effect regardless of (i) any termination of
		this Agreement, (ii) any investigation made by or on behalf of any Holder,
		their respective affiliates or any Person controlling any Holder, or by or on
		behalf of the Company, its affiliates or the 
	 

	 
		-13-
	 

	 

	 
	 

	 

	 
		officers or directors
		of or any Person controlling the Company and (iii) any sale of Transfer
		Restricted Securities pursuant to the Shelf Registration Statement.
	 

	 
		                                5.
		           
		General.
	 

	 
		                                (a)           No
		Inconsistent Agreements. The Company represents, warrants and agrees that
		(i) the rights granted to the Holders hereunder do not in any way conflict with
		and are not inconsistent with the rights granted to the holders of any other
		outstanding securities issued or guaranteed by the Company under any other
		agreement and (ii) neither the Company has entered into, or on or after the
		date of this Agreement will enter into, any agreement that is inconsistent with
		the rights granted to the Holders of Transfer Restricted Securities in this
		Agreement or otherwise conflicts with the provisions hereof.
	 

	 
		                                (b)           Amendments
		and Waivers. The provisions of this Agreement, including the provisions of
		this sentence, may not be amended, modified or supplemented, and waivers or
		consents to departures from the provisions hereof may not be given unless the
		Company has obtained the written consent of Holders of at least a majority in
		aggregate principal amount of the outstanding Transfer Restricted Securities
		affected by such amendment, modification, supplement, waiver or consent;
		provided that no amendment, modification, supplement, waiver or consent
		to any departure from the provisions of Section 4 hereof shall be effective as
		against any Holder of Transfer Restricted Securities unless consented to in
		writing by such Holder. Any amendments, modifications, supplements, waivers or
		consents pursuant to this Section 5(b) shall be by a writing executed by each
		of the parties hereto. 
	 

	 
		                                (c)           Notices.
		All notices and other communications provided for or permitted hereunder shall
		be made in writing by hand-delivery, registered first-class mail, telex,
		telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder,
		at the most current address given by such Holder to the Company by means of a
		notice given in accordance with the provisions of this Section 5(c), which
		address initially is, with respect to the Purchasers, the address set forth in
		the Transaction Agreement; (ii) if to the Company, initially at the
		Company’s address set forth in the Transaction Agreement and thereafter at
		such other address, notice of which is given in accordance with the provisions
		of this Section 5(c); and (iii) to such other persons at their respective
		addresses as provided in the Transaction Agreement and thereafter at such other
		address, notice of which is given in accordance with the provisions of this
		Section 5(c). All such notices and communications shall be deemed to have been
		duly given at the time delivered by hand, if personally delivered; five
		Business Days after being deposited in the mail, postage prepaid, if mailed;
		when answered back, if telexed; when receipt is acknowledged, if telecopied;
		and on the next Business Day if timely delivered to an air courier guaranteeing
		overnight delivery. Copies of all such notices, demands or other communications
		shall be concurrently delivered by the Person giving the same to the Trustee,
		at the address specified in the Indenture.
	 

	 
		                                (d)           Successors
		and Assigns. This Agreement shall inure to the benefit of and be binding
		upon the successors and assigns of each of the parties; provided,
		however, that the registration rights set forth in this Agreement are
		for the sole benefit of the Purchasers and not 
	 

	 
		-14-
	 

	 

	 
	 

	 

	 
		for the benefit of
		any subsequent holder of the Notes unless and to the extent (1) such subsequent
		holder shall have acquired Notes in the aggregate amount of $25.0 million or
		more from one or more Holders or their respective affiliates; and (2) the
		transferors shall have expressly acknowledged, in writing, with a copy to the
		Company and each other Holder, that the transferee will be deemed a
		“Holder” under this Agreement for as long as it shall hold Transfer
		Restricted Securities. Notwithstanding anything to the contrary contained in
		this Agreement, the registration rights set forth in this Agreement are for the
		benefit of subsequent holders of the Notes that are affiliates of the
		Purchasers. 
	 

	 
		                                (e)           Counterparts.
		This Agreement may be executed in any number of counterparts and by the parties
		hereto in separate counterparts, each of which when so executed shall be deemed
		to be an original and all of which taken together shall constitute one and the
		same agreement.
	 

	 
		                                (f)            Headings.
		The headings in this Agreement are for convenience of reference only, are not a
		part of this Agreement and shall not limit or otherwise affect the meaning
		hereof.
	 

	 
		                                (g)           Governing
		Law. This Agreement shall be governed by and construed in accordance with
		the laws of the State of New York.
	 

	 
		                                (h)           Miscellaneous.
		This Agreement contains the entire agreement between the parties relating to
		the subject matter hereof and supersedes all oral statements and prior writings
		with respect thereto. If any term, provision, covenant or restriction contained
		in this Agreement is held by a court of competent jurisdiction to be invalid,
		void or unenforceable or against public policy, the remainder of the terms,
		provisions, covenants and restrictions contained herein shall remain in full
		force and effect and shall in no way be affected, impaired or invalidated. The
		Company and the Purchasers shall endeavor in good faith negotiations to replace
		the invalid, void or unenforceable provisions with valid provisions the
		economic effect of which comes as close as possible to that of the invalid,
		void or unenforceable provisions.
	 

	 
		-15-
	 

	 

	 
	 

	 

	 
		                                IN WITNESS WHEREOF, the parties
		have executed this Agreement as of the date first written above.
	 

	 	 	                                ION MEDIA NETWORKS,
			 INC.
		 

	 	 	                                             
			 By:/s/ Richard
			 Garcia               
			 
	 	                                               
			              Name:
			 Richard Garcia     
	 	                                                             Title:
			 Chief Financial Officer

	 
		[Registration Rights
		Agreement: 11% Series B Mandatorily Convertible Senior Subordinated
		Note]
	 

	 
		
	 

	 

	 
	 

	 

	 
		Confirmed and
		accepted as of the date first above written:
 
 
	 

	 
		NBC UNIVERSAL, INC.
		
 
 
	 

	 
		By: /s/ Lynn A.
		Calpeter        
             Name: Lynn A. Calpeter

		            Title: Executive Vice President
		and Chief Financial Officer       
	 

	 
		NBC PALM BEACH
		INVESTMENT I, INC.
	 

	 
		By: /s/ Lynn A.
		Calpeter        
             Name: Lynn A. Calpeter
		     
             Title: Vice President and
		Treasurer          
	 

	 
		NBC PALM BEACH
		INVESTMENT II, INC.
	 

	 
		By: /s/ Lynn A.
		Calpeter        
             Name: Lynn A. Calpeter
		     
             Title: Vice President and
		Treasurer     
	 

	 
		CIG MEDIA LLC
	 

	 
		By:   
		Citadel Limited Partnership, its Manager
	 

	 
		By:    Citadel Investment Group, L.L.C., its
		General Partner
	 

	 
		By: /s/ Matthew
		Hinerfeld         
              Name:  Matthew B. Hinerfeld
		
              Title:    Managing Director and Deputy General
		Counsel: 
	 

	 
		[Registration Rights
		Agreement: 11% Series B Mandatorily Convertible Senior Subordinated
		Note]RELEASE AND WAIVER OF ALL
		CLAIMS
	 

	 
		THIS IS A RELEASE AND WAIVER OF
		CLAIMS (hereinafter referred to as
		“Release” or “Agreement”) made this 3rd day of
		April, 2007, by and between Suburban Propane, L.P. (including its subsidiaries
		and affiliates, and hereinafter referred to as “Company” or
		“Suburban”) having a principal place of business at 240 Route 10
		West, P.O. Box 206, Whippany, New Jersey 07981-0206 and Dennis W.
		Trautman residing at 4495 Spruce Ridge Drive, Manlius, New York 13104
		(hereinafter referred to as “Employee”).
	 

	 
		IN CONSIDERATION of the covenants undertaken and the releases contained
		in this Release, the Employee and Suburban agrees as follows:
	 

	 
			
				
				  1.
				

			 	
				
				  DEFINITIONS. As used in this
				  Release, the following terms shall have the following meanings:
				

			 
	
				
				  A.
				

			 	
				
				  “Severance Period” shall
				  mean the twenty-four (24) month period commencing on the Employment Termination
				  Date (as defined below) and expiring on March 22, 2009. 
				

			 

 

	 
			
				
				  B.
				

			 	
				
				  “Employment Termination
				  Date” shall mean March 23, 2007.
				

			 

 

	 
			
				
				  C.
				

			 	
				
				  “LP-Gas, Fuel Oil or HVAC
				  Business” shall mean any business engaged in the purchase, storage,
				  distribution, sale or rental of liquefied petroleum gas, fuel oil, or related
				  appliances and equipment; or engaged in the sale, installation or service of
				  heating, ventilation and air conditioning appliances and equipment.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				  D.
				

			 	
				
				  “Change of Control,” with
				  respect to any payment to be made to Employee hereunder, shall have the meaning
				  ascribed to that term in the Suburban compensation or benefit plan from which
				  such payment is being made.
				

			 

 

	 
		2.
		            SUBURBAN shall pay to the Employee severance in the amount of
		Six Hundred Twenty Eight Thousand Eight Hundred Seventy-Five and 00/100 Dollars
		($628,875.00), subject to adjustment as provided below, acknowledged by both
		parties to be equivalent to twelve (12) months’ base salary plus the 2007
		Suburban Annual Incentive Plan Award that, at the present time, Employee could
		be expected to have earned under the Plan at the end of the 2007 fiscal year
		had Employee remained employed by Suburban on the payment date of that award as
		provided for in the Plan (which, for these purposes, has been calculated at
		110% of budgeted EBITDA). The foregoing sum may be reduced by standard
		withholding and authorized deductions. The foregoing amount shall be paid in
		equal payments over a twenty-four (24) month period and in accordance with
		prevailing payroll practices of Suburban. The parties hereby agree that in the
		event that the actual final award under the 2007 Suburban Annual Incentive Plan
		be determined (in or around October 2007) for Plan participants using a level
		less than the foregoing 110% of EBITDA, then the foregoing total severance
		amount shall thereupon be decreased to reflect the amount of the actual award
		under that Plan that Employee would have earned had he still been employed by
		Suburban on the payment date of that award, and the remaining installment
		severance payments due Employee under this paragraph shall be reduced by such
		amount as is necessary so that the total severance to be paid by Suburban
		hereunder during the entire 24-month period equals that decreased total
		severance amount. Suburban shall give Employee written notice of any adjustment
		pursuant to the prior sentence. Employee’s participation in
		Suburban’s 401(k) plan shall not continue during the Severance Period. In
		further consideration of this Release and Waiver of All Claims:
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				  A.
				

			 	
				
				  Suburban will make a one time
				  payment in the amount equal to $38,250.00, less standard withholding and
				  authorized deductions, representing full and final payment of the
				  Employee’s account balance under the “Suburban Propane, L.P. Long
				  Term Incentive Program (As Adopted Effective October 1, 1997)”. Payment of
				  that amount shall be made on or around October 1, 2007. Should there be a
				  Change of Control during the 6-month period after the Employment Termination
				  Date, then and only then Employee will be eligible to receive payments for the
				  2005, 2006 and 2007 Award Cycles under, and in accordance with the terms and
				  conditions of the Suburban Propane, L.P. Long Term Incentive Program II (As
				  Adopted Effective October 1, 2002). 
				

			 

 

	 
			
				
				   
				

			 	
				
				  B.
				

			 	
				
				  The Employee currently has in his
				  possession a company owned vehicle (a 2005 Ford Expedition) with a market value
				  of $18,900 (the “Vehicle”). The title to the Vehicle and all related
				  documents will be transferred to Employee as owner approximately 15-days after
				  the signing of this agreement. It will be Employee’s responsibility to
				  insure the Vehicle in the State in which the vehicle will be registered The
				  Employee will receive a Form 1099 from the Company for tax purposes. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  C.
				

			 	
				
				  Employee is eligible for Medical and
				  Dental Benefits under a COBRA arrangement. For an 18-month period following the
				  Employment Termination Date, the Company will pay the premiums for continued
				  eligibility for those plans at Employee’s level of participation in such
				  benefits as of the Employment Termination Date. Should the Employee become
				  covered under another medical/dental plan during this 18-month
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		 period, he must immediately so notify the
		Company, at which time the Company’s obligations under this paragraph
		shall cease and be of no further force or effect.
	 

	 
			
				
				   
				

			 	
				
				  D.
				

			 	
				
				  Employee will receive, at the
				  Company’s cost, executive outplacement services. These services will be
				  arranged through a mutually agreeable provider. Employee will work through the
				  Company’s Vice-President of Human Resources no later than 31-days after
				  the signing of this Agreement for those services. Cost is not to exceed
				  $20,000.00. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  E.
				

			 	
				
				  The current personal computer and
				  related hardware in the possession of the Employee will be transferred to him
				  with related documentation as owner. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  F.
				

			 	
				
				  Should there be a Change of Control
				  in the 6-month period following the Employment Termination Date, then and only
				  then will Employee be eligible to have any unvested restricted units in his
				  account vest and be delivered to Employee under, and in accordance with the
				  terms and conditions of, Suburban Propane Partners, L.P. 2000 Restricted Unit
				  Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  G.
				

			 	
				
				  In the event of a Change of Control
				  or the Employee becomes deceased within the Severance Period, any and all
				  remaining monies due to the Employee under this Agreement will be paid to
				  Employee or his estate in accordance with this Agreement and the terms of the
				  applicable Suburban compensation or benefit plans.
				

			 

 

	 
		3.
		            IN
		EXCHANGE for the consideration set
		forth in Section 2 above, Employee agrees that his acceptance and execution of
		this Agreement constitutes a full, complete
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		and knowing release and waiver of any claims
		asserted or non-asserted that he now has or now may have against Suburban
		arising out of his employment or termination of employment up to and including
		the date of this Agreement, including any claims Employee may have under state
		common law for torts or contracts (including wrongful or constructive
		discharge, breach of contract, emotional distress) or under federal, state or
		local statute, regulation, rule, ordinance or order that covers or relates to
		any aspect of employment or discrimination in employment including, but not
		limited to the following:
	 

	 
			
				
				   
				

			 	
				
				  a.
				

			 	
				
				  Title VII of the Civil Rights Act of
				  1964, as amended; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  b.
				

			 	
				
				  Civil Rights Act of 1991; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  c.
				

			 	
				
				  Americans with Disabilities Act;
				  
				

			 

 

	 
			
				
				   
				

			 	
				
				  d.
				

			 	
				
				  Equal Pay Act of 1963; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  e.
				

			 	
				
				  Family and Medical Leave Act of
				  1993; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  f.
				

			 	
				
				  Age Discrimination in Employment
				  Act; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  g.
				

			 	
				
				  Older Worker’s Benefit
				  Protection Act; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  h.
				

			 	
				
				  Worker Adjustment and Retraining
				  Notification Act; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  i.
				

			 	
				
				  Employee Retirement Income Security
				  Act of 1974; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  j.
				

			 	
				
				  Occupational Safety and Health Act
				  of 1970; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  k.
				

			 	
				
				  Fair Labor Standards Act;
				

			 

 

	 
			
				
				   
				

			 	
				
				  l.
				

			 	
				
				  Consumer Credit Protection Act,
				  Title III; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  m.
				

			 	
				
				  New Jersey Law Against
				  Discrimination; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  n.
				

			 	
				
				  New Jersey Conscientious Employee
				  Protection Act; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  o.
				

			 	
				
				  New Jersey Worker and Community
				  Right to Know Act; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  p.
				

			 	
				
				  New Jersey Family Leave Act; 

				

			 

 

	 
			
				
				   
				

			 	
				
				  q.
				

			 	
				
				  New Jersey Worker Health and Safety
				  Act; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  r.
				

			 	
				
				  New Jersey Civil Rights Act;
				

			 

 

	 
			
				
				   
				

			 	
				
				  s.
				

			 	
				
				  any comparable state laws which may
				  apply; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  t.
				

			 	
				
				  any state or federal
				  “whistleblower” statutes; or 
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				  u.
				

			 	
				
				  any claim for severance pay, bonus,
				  salary, Suburban units, sick leave, holiday pay, vacation pay, life insurance,
				  health or medical insurance or any other fringe benefit, workers’
				  compensation or disability except as may otherwise be provided in this
				  Agreement. 
				

			 

 

	 
		The foregoing shall not affect vested rights
		the Employee may possess under any retirement plan.
	 

	 
		4.
		            IN
		FURTHER CONSIDERATION FOR THE PAYMENTS SET FORTH ABOVE, Employee hereby, on behalf of himself, his descendants,
		ancestors, dependents, heirs, executors, administrators, assigns and
		successors, covenants not to sue, and fully and forever releases and
		unequivocally discharges Suburban, its subsidiaries, affiliates, divisions,
		successors, predecessors and assigns, together with its and their past and
		present trustees, supervisors, directors, officers, agents, attorneys,
		insurers, employees, unit holders, and representatives, and all persons acting
		by, through, under or in concert with any of them (collectively
		“Releasees”) from any and all claims, wages, demands, rights, liens,
		agreements, contracts, covenants, actions, suits, causes of action,
		obligations, debts, costs, expenses, attorneys’ fees, damages, judgments,
		orders or liabilities of whatsoever kind or nature in law, equity or otherwise,
		whether now known or unknown, suspected or unsuspected which the Employee now
		owns, holds, or claims to have, own, or hold or that Employee at any time
		heretofore had, owned, held or claimed to have, own, or hold, against each or
		any of the Releasees. The release set forth in this Section 4 shall not apply
		to any claims that Employee may be able to assert in order to enforce the
		provisions of this Agreement.
	 

	 
		5.
		            THE
		EMPLOYEE covenants and agrees that he
		will not, either individually or in concert with others, file or voluntarily
		participate or assist in the prosecution of any court proceedings against the
		Releasees, provided that nothing in this Agreement shall prevent 
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		(a) Employee’s participation in any
		such proceeding where such participation is required by summons or subpoena or
		is otherwise compelled by law, or (b) Employee’s challenge to the validity
		of this Release.
	 

	 
		6.            
		IN FURTHER CONSIDERATION FOR THE PAYMENTS SET FORTH ABOVE, THE EMPLOYEE
		agrees that during the Severance
		Period, he shall not, directly or indirectly, whether in his individual
		capacity or as a partner, director, principal, employee, creditor, shareholder
		of another entity, or otherwise:
	 

	 
			
				
				   
				

			 	
				
				  A.
				

			 	
				
				  Promote, participate, or engage in
				  any activity competitive with Suburban’s business as of the Employment
				  Termination Date (including any LP-Gas, Fuel Oil or HVAC Business) within the
				  states in which Suburban conducts operations as of the Employment Termination
				  Date, except as may be requested or permitted in writing by Suburban.
				

			 

 

	 
			
				
				   
				

			 	
				
				  B.
				

			 	
				
				  In the states described in
				  subsection A above, take any action without Suburban’s prior written
				  consent to establish or form an LP-Gas, Fuel Oil or HVAC Business competitive
				  with Suburban’s business, or to become employed by or render services,
				  advice or assistance to any such competing business. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  C.
				

			 	
				
				  Solicit (a) the employment of or
				  hire any employee of Suburban or assist in the hiring of any such employee; (b)
				  any customer of Suburban within the states, described in subsection A above; or
				  (c) any person which Employee solicited on behalf of Suburban as a potential
				  employee or customer while employed by Suburban. In addition, Employee shall
				  not interfere with, or attempt to interfere with any relationship, contractual
				  or otherwise, between Suburban and its customers, employees or vendors. For
				  purposes of this
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		subsection, a generic advertisement, placed
		in a medium of general availability and not specifically directed, expressly or
		by implication, to employees or customers of Suburban, shall not be considered
		solicitation.
	 

	 
		Employee acknowledges that the restrictions
		set forth in this Section 6 are reasonable given that he had Company-wide and
		nation-wide responsibilities while employed by Suburban.
	 

	 
		Employee’s failure to comply with the
		provisions of Sections 6 through 10 of this Agreement shall entitle Suburban
		(in addition to all other legal and equitable remedies Suburban may have) to
		terminate, or seek reimbursement of, the provision or payment of any benefits
		or severance amounts to which Employee may otherwise be entitled under this
		Release. The provisions of this Section 6 shall supersede the terms and
		conditions of an Agreement dated the 9th day of November, 2003 by and between
		Suburban and the Employee and shall not preclude the Employee from investing in
		publicly traded companies so long as Employee does not thereby own more than
		five percent (5%) of any such company.
	 

	 
		7.            
		IN FURTHER CONSIDERATION FOR THE PAYMENTS SET FORTH ABOVE, THE
		EMPLOYEE agrees that he will not
		disparage Suburban or its officers, supervisors, directors, or employees to any
		third parties (including, but not limited to, investors, customers or employees
		of Suburban; potential investors, customers or employees of Suburban;
		competitors; suppliers; or vendors) or through any medium (including, but not
		limited to, trade publications, newspapers, or the internet). Suburban agrees
		that it will not disparage Employee to any third parties or through any medium
		(including, but not limited to, trade publications, newspapers, or the
		internet).
	 

	 
		8.
		            IN
		FURTHER CONSIDERATION FOR THE PAYMENTS SET FORTH ABOVE, THE
		EMPLOYEE agrees not to disclose to
		persons or entities not employed 
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		by, or affiliated with Suburban, nor use for
		his own benefit, any information or data which was developed or obtained by the
		Employee during his/her employment by Suburban, either before or after his
		execution of this Release, or which in any manner relates to Suburban or the
		manner in which its business is conducted. The restrictions of this section
		shall not apply to any information which is, or becomes, generally available to
		the public other than as a result of Employee’s actions not expressly
		authorized by Suburban.
	 

	 
		9.            
		THE EMPLOYEE understands and agrees
		that he has no right to further employment with Suburban and that Suburban will
		have no obligation to reemploy him at any time in the future. The Employee
		hereby resigns from any and all director, officer and similar positions that he
		holds with Suburban or any affiliate thereof as of the Employment Termination
		Date.
	 

	 
		10.
		          THE
		EMPLOYEE represents that, subject to
		Sections 2.B and 2.E above, he has returned to Suburban all Suburban property
		in the possession of Employee, including but not limited to Suburban property,
		assets, information, policy and procedure manuals.
	 

	 
		11.
		          THE
		EMPLOYEE hereby agrees and acknowledges
		that this Release and its contents shall not constitute or be deemed an
		admission of liability or wrongdoing on behalf of Suburban or the Employee, the
		same being expressly denied by each party.
	 

	 
		12.
		          THE
		EMPLOYEE covenants and agrees that he
		will treat this Release and its contents in a confidential manner and not
		disclose any of its terms, including the amount of money referred to or the
		terms of the non-compete provision contained in this Release, with any party
		other than his own spouse, attorney(s), accountant(s) or other professional
		advisors. Suburban likewise agrees to keep this Release and its contents
		confidential. Notwithstanding the foregoing, (a) the Employee shall make the
		restrictions set forth in
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		Section 6 through 8 above known to any
		future employer or potential employer during the Severance Period and (b)
		Suburban may disclose this Release and its contents as required by law or
		regulation (and to the extent of such disclosure by Suburban, Employee shall
		thereafter no longer be bound by the non-disclosure provisions of this Section
		12). 
	 

	 
		13.
		          THE EMPLOYEE
		warrants and agrees that he is
		responsible for any federal, state, and local taxes which may be owed by him by
		virtue of the receipt of any portion of the consideration herein provided.
		Employee agrees to hold Suburban harmless from any claims by taxing authorities
		arising solely out of Employee’s failure to properly report any amounts
		received by Employee pursuant to this Release.
	 

	 
		14.
		          THE
		EMPLOYEE acknowledges that he has been
		encouraged to seek the advice of an attorney of his choice in regard to this
		Release. Suburban and the Employee represent that they have relied upon the
		advice of their attorneys, who are attorneys of their own choice, or they have
		knowingly and willingly not sought the advice of their attorneys. The Employee
		hereby understands and acknowledges the significance and consequences of such
		Release and represents that the terms of this Release are fully understood and
		voluntarily accepted by him, without coercion.
	 

	 
		15.
		          THE EMPLOYEE
		further agrees and understands that he
		has twenty-one (21) days from his receipt of this Release to review and return
		this Release to Suburban’s Human Resources Department in Whippany, New
		Jersey and seven (7) days following his signing of this Release to revoke the
		Release.
	 

	 
		16.
		          THE
		EMPLOYEE acknowledges that he has had a
		sufficient amount of time to consider the terms of this Release. Both the
		Employee and Suburban have cooperated in the drafting and preparation of this
		Release. Hence, in any construction to be made of this Release, the same shall
		not be construed against any party on the basis that the party was 
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		the drafter. In any event, it is agreed that
		this Release shall be interpreted in accordance with the laws of the state of
		New Jersey.
	 

	 
		17.
		          THIS
		RELEASE instrument constitutes the
		entire agreement concerning the Employee’s termination of employment with
		Suburban and all other subjects addressed herein. This Release supersedes and
		replaces all prior negotiations and all agreements proposed or otherwise,
		whether written or oral, concerning all subject matters covered herein. This is
		an integrated document. Any amendments or changes in the obligations created by
		this Agreement shall not be effective unless reduced to writing and signed by
		both parties. This Release is personal to the Employee and may not be assigned
		by him.
	 

	 
		18.
		          IF ONE OR
		MORE of the provisions of this Release
		shall for any reason be held invalid, illegal or unenforceable in any respect
		by a Court of competent jurisdiction, such invalidity, illegality or
		unenforceability shall not affect or impair any other provision of this
		Release, but this Release shall be construed as if such invalid, illegal or
		unenforceable provision had not been contained herein. It is the intention of
		the parties to this Agreement that in the event of any such holding of
		invalidity, illegality or unenforceability, the provision(s) so affected be
		construed by the Court in such a manner as to lawfully effect the intentions of
		the parties as set forth in such provision(s). Employee’s covenants and
		obligations under this Release shall survive the Severance Period unless
		expressly limited to said period.
	 

	 
		PLEASE READ CAREFULLY. YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY BEFORE
		SIGNING THIS AGREEMENT. THIS AGREEMENT INCLUDES A RELASE OF ALL KNOWN AND
		UNKNOWN CLAIMS.
	 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, the Employee and Suburban have executed this Release
		and Waiver of all claims as of the date first above written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Suburban Propane, L.P.
				

			 
	
				
				  
 /s/ DENNIS W.
				  TRAUTMAN
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				  
 /s/ MICHAEL M.
				  KEATING
				

			 
	
				
				  Dennis W. Trautman 
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Vice President – HR and
				  Administration
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		12

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