Document:

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EXHIBIT 10.1

                                    May 11, 2000

VIA FACSIMILE AND FEDERAL EXPRESS

Mr. Gerald B. Wasserman
Chairman, President and Chief Executive Officer
The Hockey Company
3500 Blvd. de Maisonneuve Ouest
Suite 800
Westmount, Quebec  H3Z 3C1
Canada

 Re: PROPOSED NHL LICENSE FOR AUTHENTIC JERSEYS FOR 30 TEAMS AND OTHER PRODUCTS

Dear Gerry:

This letter agreement will confirm our agreement and understanding with respect
to the proposed license agreement between the NHLE entities listed below, on the
one hand (collectively, "NHLE"), and Sport Maska Inc. ("SPORT MASKA"), Maska
U.S., Inc. ("MASKA U.S."), Jofa AB and KHF Finland Oy, on the other hand
(collectively, "THC"), for authentic jerseys for the 30 NHL member teams and
certain other products (the "LICENSE").

The parties acknowledge that pursuant to a letter agreement dated September 25,
1998, as amended on October 27, 1998 (the "1998 LICENSE"), NHLE has previously
granted to Sport Maska and Maska U.S. certain rights to manufacture, sell and
market, among other products, authentic jerseys for 15 NHL member teams (the
"CCM TEAMS"), and that the proposed License described herein will modify the
existing rights of Sport Maska and Maska U.S. under the 1998 License. To the
extent not modified by this letter agreement, the terms and conditions set forth
in the 1998 License shall govern the License described herein.

All amounts set forth herein are in United States dollars.

I. BASIC TERMS OF THE PROPOSED TRANSACTION

1. GRANT OF RIGHTS. NHLE shall grant to THC an exclusive and, with respect to
the headwear products listed in Sections 1.d and 2.c of EXHIBIT A attached
hereto, non-exclusive License to manufacture, sell and market certain NHLE
products (the "PRODUCTS") under three (3) different brand names (CCM, Koho and
Jofa), all as described in such EXHIBIT A, subject to and in accordance with the
terms set forth herein and the terms of NHLE's Standard Terms and Conditions
substantially in the form set forth in EXHIBIT B attached hereto (the "STANDARD
TERMS AND CONDITIONS"). THC's brand names shall be placed on the back in the
upper third of the jersey Products, in a precise location and size to be agreed
upon by the parties.

During the Term, THC shall be the exclusive supplier on-ice of practice jerseys
and of jerseys and pants for NHL officials (i.e., referees and linesmen), all of
which Products shall be produced under the Jofa brand name.

2. TERM. July 1, 2000 through June 30, 2004, or as may be extended pursuant to
this Letter Agreement. Unless otherwise extended pursuant to Paragraph 17
hereof, the Term may be extended through June 30, 2005, (i) by NHLE if Earned
Royalties exceed the Minimum Guarantee (as such terms are defined below) for
each of the second and third years of the Term, and, (ii) by THC if Earned
Royalties are less than the Minimum Guarantee for each of the second and third
years of the Term. Notice of such extension must be delivered in writing by
September 1, 2003. Each period from July 1 of a particular year of the Term
through June 30 of the next succeeding year of the Term shall hereinafter be
referred to as a "License Year."

3. TERRITORY. Worldwide.

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4. TEAM ALLOCATION. All 30 NHL member teams, including the 15 CCM Teams and the
15 remaining NHL member teams (the "ADDITIONAL TEAMS"), as set forth on EXHIBIT
C attached hereto.

5. ROYALTIES. THC shall pay to NHLE as royalties the following percentages of
net sales:

        a.     authentic and Center Ice products:  %
        b.     named/numbered jerseys:  %
        c.     Licensed Blank Jerseys (as defined in Paragraph 1.a.v
               of EXHIBIT A attached hereto):   %
        d.     all other products:   %.

THC shall pay Royalties on net sales and submit Royalty reports for each month
during the Term by the 20th day of the following month.

6. MINIMUM GUARANTEES. THC shall pay to NHLE annual Minimum Guarantees in the
following amounts:

<TABLE>
<CAPTION>

        <S>    <C>                  <C>

        a.     Year 1:              $
        b.     Year 2:              $
        c.     Year 3:              $
        d.     Year 4:              $
        e.     Year 5 (if applicable):      $  .
</TABLE>

As security for THC's obligation to pay the Minimum Guarantees, THC shall
deliver to NHLE on or before June 15, 2000 an irrevocable standby letter of
credit for the benefit of NHLE in the amount of $   in a form acceptable to
NHLE and THC's bank, acting reasonably (the "LETTER OF CREDIT"). The Letter
of Credit (or a replacement letter of credit in a form identical to, and
subject to the same terms as, the Letter of Credit) shall remain open for the
Term or such longer period as may be necessary to satisfy THC's obligations
under the License. In the event that THC defaults by failing to pay in full
when due any Minimum Guarantee, or installment thereof, and fails to cure
such default in full within twenty (20) days of receipt of notice from NHLE,
NHLE may draw upon the Letter of Credit to satisfy such obligation of THC. In
the event that NHLE draws upon the Letter of Credit, THC shall be obligated
to replenish the Letter of Credit immediately. If THC shall fail to replenish
the Letter of Credit as required, NHLE shall have the right to terminate the
License. Notwithstanding anything to the contrary contained in the 1998
License, player pants shall be deemed to have been included in such 1998
License as one of the equipment categories under the Jofa brand name for
which THC shall pay the aggregate annual On-Ice Fee set forth in Paragraph
9.E of the 1998 License.

Royalties earned and paid to NHLE on sales during a particular License Year of
the Products listed in Paragraphs 5.a, 5.b and 5.d hereof shall be credited
towards the Minimum Guarantee due for such License Year. No other amounts
(including without limitation royalties earned on sales of the Products set
forth in Paragraph 5.c hereof and all fees ("ON-ICE FEES") paid by THC for the
right to supply NHL players with equipment on-ice bearing THC brand names during
NHL games) shall be credited towards the Minimum Guarantees due hereunder. The
parties agree that the payment of On-Ice Fees by THC shall continue to be
governed by Paragraph 9.E of the 1998 License.

THC shall be obligated to pay no less than the full amount of the annual Minimum
Guarantee for each License Year. If at the end of the Term (whether or not such
Term was shortened as a result of a Change of Control (as defined below)) there
have been both License Years in which THC has sold Products resulting in
Royalties ("EARNED ROYALTIES") which exceeded the Minimum Guarantee for such
year ("OVERAGES") and License Years in which Earned Royalties were less than the
Minimum Guarantee for such year ("SHORTFALLS"), then: (i) if the aggregate
amount of the Overages exceeds the aggregate amount of the Shortfalls, NHLE
shall refund to THC the aggregate amount of the Shortfalls; or (ii) if the
aggregate amount of the Shortfalls exceeds the aggregate amount of the Overages,
NHLE shall refund to THC the aggregate amount of the Overages.

7. ADDITIONAL PAYMENT FOR INSUFFICIENT SALES. If during the 2001-2002 License
Year Earned Royalties amount to less than fifty percent (50%) of the Minimum
Guarantee for such year, NHLE shall receive an immediate cash payment from
THC of $  , which shall be in addition to, and shall not be credited towards,
the Royalties, Minimum Guarantees or any other obligations of THC under the
License; PROVIDED, HOWEVER, that this provision shall not apply in the event
that the Minimum Guarantee due for either the 2001-2002 or the 2002-2003
License Year is reduced pursuant to Paragraph 17 hereof.

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8. GENERAL LEAGUE MARKETING COMMITMENT. During each License Year, THC shall
spend a minimum of $  on NHL marketing, as mutually agreed by NHLE and THC (the
"LEAGUE MARKETING COMMITMENT"), which shall be in addition to, and shall not be
credited towards, the Royalties, Minimum Guarantees or any other obligations of
THC under the License.

9. TEAM MARKETING COMMITMENTS. During each License Year, THC shall spend a
minimum of $   with each team on team marketing, as mutually agreed with each
such team (each, a "TEAM MARKETING COMMITMENT," and together, the "TEAM
MARKETING COMMITMENTS"). The Team Marketing Commitments shall be in addition
to, and shall not be credited towards, the Royalties, Minimum Guarantees or
any other obligations of THC under the License. An amount equal to $  of the
consideration payable under the annual Team Marketing Commitment for each
team (or more, if agreed with such team) may be paid in kind in THC hockey
equipment (as calculated at THC's wholesale price), to be used by such team
and its affiliates. The remainder of the consideration payable under the
annual Team Marketing Commitment for each team shall be paid in cash. THC's
marketing agreement with each team shall provide, unless otherwise agreed
with such team, that THC shall deliver the full amount of the annual Team
Marketing Minimum to such team, in the case of cash consideration, on or
before October 1 of each License Year, and, in the case of consideration in
kind, in accordance with purchase orders issued by such team, subject to
product availability and reasonable lead times.

10. ADDITIONAL PAYMENTS FOR KOHO SALES. At the end of each License Year, THC
shall pay to NHLE   percent ( %) of the amount by which THC's gross revenues in
North America for Koho products other than the Products ("KOHO GROSS REVENUES")
for such year exceeded the Koho Gross Revenues for the twelve-month period ended
June 30, 2000. Such payments shall be in addition to, and shall not be credited
towards, the Royalties, Minimum Guarantees or any other obligations of THC under
the License.

11. PRODUCT PRODUCTION AND DELIVERY, AND MAINTENANCE OF PRODUCT INVENTORIES. For
each License Year, THC shall meet the Product production deadlines set forth in
EXHIBIT D attached hereto and the Product delivery deadlines set forth on
EXHIBIT E attached hereto, and shall maintain the Product inventories set forth
on EXHIBIT F attached hereto, subject to the conditions set forth in each such
exhibit.

12. HOT MARKET PRODUCTS. NHLE and THC shall negotiate in good faith to conclude,
during the Term, a separate, non-exclusive license authorizing THC to produce
one or more "hot market" products (e.g., for the 2002 NHL All-Star game).

13. OBLIGATION TO NEGOTIATE. The parties shall negotiate in good faith for a
period not to continue past December 31, 2000, unless otherwise agreed, to amend
the License and transfer some or all of the rights granted to THC pursuant
thereto to a joint venture entity to be owned by THC and NHLE. The basic terms
of such transaction, as agreed between the parties, are outlined on EXHIBIT G
attached hereto. In the event that the parties do not reach agreement on such an
amendment, the License shall remain in full force and effect.

14. QUALITY CONTROL, ETC. The Products and their manufacture, sale and
marketing, as well as certain other terms and conditions, shall be subject to
the Standard Terms and Conditions.

15.     CHANGE OF CONTROL.

        a.      THC shall, in the event of a proposed Change of Control (as
                defined below), request the prior written consent of NHLE, which
                consent shall not be unreasonably withheld. NHLE shall, within
                ten (10) business days of its receipt of a written request for
                such consent, either: (i) grant such consent in writing; or (ii)
                provide written reasons explaining its refusal to grant such
                consent. In the event that THC or the entity acquiring control
                is unable, within a reasonable period of time, to address such
                written reasons to the satisfaction of NHLE, acting reasonably,
                and the Change of Control is consummated, NHLE shall have the
                right to terminate the License.

        b.      Change of Control shall mean: (i) any assignment, transfer or
                sublicense of any or all of the rights granted in the License to
                any third party; or (ii) any transaction or series of
                transactions or any reorganization or similar event that results
                in any entity or person other than an entity or person presently
                having Effective Control (as defined below) (including without
                limitation Wellspring Capital Management LLC) (x) acquiring more
                than 49% of the equity interest, voting power or economic
                interest of THC, or otherwise acquiring effective control of THC
                (whether by contract, operation of law or otherwise)
                (collectively,

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                "EFFECTIVE CONTROL"), or (y) acquiring a substantial portion of
                the operating assets of THC necessary to carry on its business
                as presently conducted.

        c.      NHLE agrees that in exercising its right to consent or withhold
                consent to any Change of Control, NHLE shall consider such
                factors as the following, all of which are included by way of
                illustration only, and further agrees that its consideration of
                such factors shall be made at all times in good faith:

                i.      the compatibility of the proposed action and the
                        proposed assignee, transferee, sublicensee, pledgee or
                        purchaser, as the case may be (any such person being
                        referred to herein as the "PROPOSED PARTY"), with the
                        reasonable business objectives of NHLE and its
                        affiliates; PROVIDED, HOWEVER, that NHLE shall not
                        consider the compatibility of the Proposed Party with
                        the business objectives of any NHLE licensee other than
                        THC;

                ii.     the reputation of the Proposed Party within the Proposed
                        Party's business or industry for offering quality and
                        reliable services or products or both (as the case may
                        be);

                iii.    the financial strength of the Proposed Party; and

                iv.     the ability of the Proposed Party to fulfill or cause
                        THC to fulfill the obligations of THC under this letter
                        agreement, the License and the New Jofa License (as
                        defined below).

                Notwithstanding the foregoing, THC shall not engage in or permit
                to occur a Change of Control if the Proposed party has publicly
                documented connections to legal or illegal gambling activity or
                if any of the principal owners or officers of the Proposed Party
                has been convicted in a criminal action.

        d.      In the event that NHLE withholds its consent to a proposed
                Change of Control and a dispute arises as to whether such
                consent was unreasonably withheld, THC may elect to have such
                dispute settled on an expedited basis by binding arbitration. In
                such an event, THC shall send written notice to NHLE of its
                desire to arbitrate, and NHLE and THC shall jointly select an
                arbitrator. If an arbitrator is not selected within ten (10)
                days after NHLE's receipt of such notice from THC, the American
                Arbitration Association in New York, New York shall select the
                arbitrator. The arbitrator shall have financial or marketing
                expertise in sports marketing and licensing. The arbitration
                shall take place in New York, New York. The arbitrator shall
                adopt the rules and procedures for commercial arbitration of the
                American Arbitration Association. The arbitrator shall endeavor
                to render a final decision within thirty (30) days of the
                selection of the arbitrator. The arbitrator's judgment shall be
                final and binding on the parties. Judgment on the arbitrator's
                award may be entered in any court having jurisdiction. In the
                event that THC does not elect to have such dispute settled by
                binding arbitration, THC may proceed with any other legal
                remedies it may have.

16. LICENSE FEE. THC shall pay to NHLE the sum of $  (the "LICENSE FEE") in five
(5) annual installments of $  each, which shall be delivered to NHLE on or
before June 15 of each year beginning with June 15, 2000 until the full License
Fee has been paid. The License Fee shall be in addition to, and shall not be
credited towards, the Royalties, Minimum Guarantees or any other obligations of
THC under the License.

17. WORK STOPPAGE. In the event that during a License Year any regular season or
playoff NHL games are not played as the result of a player strike, management
lockout or comparable work stoppage league-wide (a "WORK STOPPAGE"), the
following provisions shall apply (and there shall be no adjustment to any
amounts due hereunder other than as explicitly set forth in this Paragraph 17):

        a.      for purposes of this Paragraph 17: (i) the License Year during
                which the Work Stoppage commences shall be referred to as the
                "Work Stoppage License Year;" (ii) the regular season and
                playoff NHL games not played as the result of a Work Stoppage
                shall be referred to as the "Missed Regular Season Games" and
                the "Missed Playoff Games," respectively; (iii) the total number
                of regular season NHL games and playoff NHL games originally
                scheduled for a particular License Year shall be deemed to be
                one thousand two hundred thirty (1230) games and seventy-five
                (75) games, respectively; (iv) each playoff series (i.e., a
                two-team matchup) not played as the result of a Work Stoppage
                shall count as five (5) Missed Playoff Games; and (vi) the
                shortening of the maximum number of scheduled games for a
                particular round of the playoffs from

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                seven (7) to five (5) games shall count as one and one-half (1
                1/2) Missed Playoff Games, and from seven (7) to three (3) games
                shall count as three (3) Missed Playoff Games;

        b.      subject to Paragraph 17.h hereof, if there occur four hundred
                sixty four (464) or fewer Missed Regular Season Games during the
                Work Stoppage License Year, there shall be no adjustment to the
                Minimum Guarantees, League Marketing Commitment or any other
                amounts due hereunder;

        c.      if there occur four hundred sixty five (465) or more Missed
                Regular Season Games during the Work Stoppage License Year, THC
                shall be obligated to pay the full amount of the Minimum
                Guarantee and the League Marketing Commitment due for such Work
                Stoppage License Year, and the Minimum Guarantee and League
                Marketing Commitment due for the License Year immediately
                following the Work Stoppage License Year (the "POST WORK
                STOPPAGE LICENSE YEAR") shall each be reduced by an amount equal
                to the Minimum Guarantee or League Marketing Commitment, as
                applicable, due for the Work Stoppage License Year multiplied by
                a fraction, the numerator of which shall be the number of Missed
                Regular Season Games in the Work Stoppage License Year and the
                denominator of which shall be the total number of regular season
                NHL games originally scheduled for the Work Stoppage License
                Year;

        d.      if the Term has not been extended through June 30, 2005 pursuant
                to Paragraph 2 hereof and (i) there occur four hundred sixty
                five (465) or more Missed Regular Season Games during Year 4
                (the 2003-2004 License Year) or (ii) a Work Stoppage is in
                effect on February 28, 2004, THC shall have the right to extend
                the Term through June 30, 2005, upon written notice to NHLE
                within thirty (30) days after the termination of such Work
                Stoppage has been formally announced by the NHL, but in no event
                later than February 28, 2004;

        e.      if the Term has been extended for an additional License Year
                (the "EXTENSION LICENSE YEAR") pursuant to Paragraph 2 hereof or
                this Paragraph 17 and (i) there occur four hundred sixty
                five (465) or more Missed Regular Season Games during the
                Extension License Year or (ii) a Work Stoppage is in effect on
                February 28 of the Extension License Year, THC shall have the
                right to extend the Term through June 30 of the year immediately
                following the Extension License Year, upon written notice to
                NHLE within thirty (30) days after the termination of such Work
                Stoppage has been formally announced by the NHL, but in no event
                later than February 28 of the Extension License Year, on the
                same terms as are provided hereunder for the 2004-2005 License
                Year (and the Minimum Guarantee and the League Marketing
                Commitment due for the year immediately following the Extension
                License Year shall be reduced as set forth in this Paragraph
                17);

        f.      if during the Post Work Stoppage License Year there occur four
                hundred sixty five (465) or more Missed Regular Season Games,
                THC shall be obligated to pay the full amount of the Minimum
                Guarantee and League Marketing Commitment due for such Post Work
                Stoppage License Year, as reduced pursuant to Paragraph 17.c
                hereof, and the reduction in the Minimum Guarantee and the
                League Marketing Commitment due for the License Year immediately
                following such Post Work Stoppage License Year shall be
                calculated as set forth in such Paragraph 17.c using such
                reduced Minimum Guarantee or League Marketing Commitment, as
                applicable, for such Post Work Stoppage License Year;

        g.      if there occur four hundred sixty five (465) or more Missed
                Regular Season Games during each of two (2) consecutive License
                Years, THC shall have the right, upon written notice to NHLE
                within thirty (30) days after the termination of such Work
                Stoppage has been formally announced by the NHL, but in no event
                later than February 28 of the second of such two License Years,
                to:

                i.      extend the Term by an additional year through June 30,
                        2005, or June 30, 2006 or June 30, 2007 on the same
                        terms as are provided hereunder for the 2004-2005
                        License Year, as applicable, in each case with no
                        obligation to pay Minimum Guarantees or the League
                        Marketing Commitment for such additional year; or

                ii.     elect to receive, in any one (1) of the five (5) years
                        following the Term, as THC shall decide in its sole
                        discretion, a semi-exclusive one-year license from NHLE
                        to be one of up to three (3) suppliers licensed to
                        manufacture, sell and market authentic jerseys. Ten (10)
                        NHL member teams shall be allocated to THC under such
                        license. The terms of such license shall consist of
                        terms substantially

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                        similar to the terms of this License; PROVIDED, HOWEVER,
                        that THC shall have no obligation under such license to
                        pay Minimum Guarantees or the League Marketing
                        Commitment.

        h.      if there occur four hundred sixty four (464) or fewer Missed
                Regular Season Games during each of two (2) consecutive License
                Years such that the total of such Missed Regular Season Games
                over such two years is equal to or greater than four hundred
                sixty five (465) Missed Regular Season Games, THC shall be
                obligated to pay the full amount of the Minimum Guarantee and
                the League Marketing Commitment due for the Work Stoppage
                License Year (the first of such two years), and the Minimum
                Guarantees and the League Marketing Commitment due for the Post
                Work Stoppage License Year (the second of such two years) and
                the License Year immediately following the Post Work Stoppage
                License Year shall be reduced as set forth in Paragraphs 17.c
                and 17.f hereof, respectively; PROVIDED, HOWEVER, that if in
                such event the Post Work Stoppage License Year is the final year
                of the Term, THC shall have the right to extend the Term through
                June 30 of the year immediately following the Post Work Stoppage
                License Year, upon written notice to NHLE within thirty (30)
                days after the termination of the Work Stoppage in the Post Work
                Stoppage License Year has been formally announced by the NHL,
                but in no event later than February 28 of the Post Work Stoppage
                License Year, on the same terms as are provided hereunder for
                the 2004-2005 License Year (and the Minimum Guarantee and the
                League Marketing Commitment due for the year immediately
                following the Post Work Stoppage License Year shall be reduced
                as set forth in this Paragraph 17);

        i.      if there occur any Missed Playoff Games in only one round of the
                NHL playoffs during the Work Stoppage License Year, there shall
                be no adjustments to the Minimum Guarantees, the League
                Marketing Commitment or any other amounts due hereunder, other
                than as provided in this Paragraph 17 in the event that there
                occur Missed Regular Season Games; and

        j.      if there occur any Missed Playoff Games in more than one round
                of the NHL playoffs during the Work Stoppage License Year, the
                Minimum Guarantee and the League Marketing Commitment due for
                the Post Work Stoppage License Year shall be reduced by an
                amount equal to fifteen percent (15%) of the Minimum Guarantee
                or the League Marketing Commitment, as applicable (in each case,
                before any reduction pursuant to this Paragraph 17), due for the
                Work Stoppage License Year, multiplied by a fraction, the
                numerator of which shall be the number of Missed Playoff Games
                during the Work Stoppage License Year, and the denominator of
                which shall be the total number of playoff NHL games originally
                scheduled for the Work Stoppage License Year. Any reduction in
                Minimum Guarantees and the League Marketing Commitment pursuant
                to this Paragraph 17.j shall be in addition to any reduction in
                Minimum Guarantees and the League Marketing Commitment provided
                for elsewhere in this Paragraph 17 in the event that there occur
                Missed Regular Season Games.

        k.      The following examples are provided by way of illustration only
                and each assumes that the 2002-2003 License Year is the Work
                Stoppage License Year:

                i.      if, in the Work Stoppage License Year, the first round
                        of the playoffs is not played, or if the maximum number
                        of scheduled playoff games for each series in such first
                        round is reduced (e.g., from seven (7) games to five (5)
                        games), there shall be no adjustments to the Minimum
                        Guarantees, the League Marketing Commitment or any other
                        amounts due hereunder;

                ii.     if, in the Work Stoppage License Year, both the first
                        and second rounds of the playoffs are not played due
                        to a Work Stoppage, the number of Missed Playoff
                        Games shall be sixty (60) games, which is calculated
                        as follows: 8 first round series multiplied by 5
                        games for a total of 40 games, plus 4 second round
                        series multiplied by 5 games for a total of 20 games,
                        for an aggregate total of 60 games. Accordingly, the
                        Minimum Guarantee, for example, for the Post Work
                        Stoppage License Year shall be reduced by $  , which
                        is calculated as follows: 15% multiplied by $
                        million (the Minimum Guarantee due for the Work
                        Stoppage License Year without reduction) multiplied
                        by 0.8 (which is equal to the quotient of 60 Missed
                        Playoff Games divided by 75 total playoff games
                        originally scheduled for the Work Stoppage License
                        Year). After such reduction, the Minimum Guarantee
                        for the Post Work Stoppage License Year shall be
                        equal to $  million;

                iii.    if, due to a Work Stoppage, the maximum number of
                        scheduled playoff games for each series in each of the
                        second and third rounds of the playoffs is reduced to
                        five (5) games, the number of

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                        Missed Playoff Games shall be nine (9) games, which
                        is calculated as follows: 4 second round series
                        multiplied by 1.5 games for a total of 6 games, plus
                        2 third round series multiplied by 1.5 games for a
                        total of 3 games, for an aggregate total of 9 games.
                        Accordingly, the League Marketing Commitment, for
                        example, for the Post Work Stoppage License Year
                        shall be reduced by $  , which is calculated as
                        follows: 15% multiplied by $  (the League Marketing
                        Commitment due for the Work Stoppage License Year
                        without reduction) multiplied by 0.12 (which is equal
                        to the quotient of 9 Missed Playoff Games divided by
                        75 total playoff games originally scheduled for such
                        Work Stoppage License Year). After such reduction,
                        the League Marketing Commitment for the Post Work
                        Stoppage License Year shall be equal to $ .

18. NEW JOFA LICENSE. Promptly following the execution of this letter agreement,
NHLE and THC shall execute a license agreement which shall grant to THC certain
rights to manufacture, sell and market Jofa hockey equipment using certain NHL
trademarks and/or indicia, which license agreement shall incorporate the terms
set forth in EXHIBIT H attached hereto (the "NEW JOFA LICENSE").

19. PRO PLAYER INVENTORY. NHLE agrees that, without the prior consent of THC,
which consent shall not be unreasonably withheld, NHLE shall not, except as may
be provided in the Stipulation and Consent Order (as defined below), grant a
license for the sale of the Pro Player Inventory (as defined below) other than
to the Permitted Purchasers (as defined below), or entities selling such Pro
Player Inventory to the Permitted Purchasers, and, in the event of such a
proposed sale of the Pro Player Inventory, NHLE shall request that THC be
granted a first opportunity to purchase the Pro Player Inventory. The
Stipulation and Consent Order shall mean the Stipulation and Consent Order
Regarding the Rejection of Certain Executory Contracts with NHL Enterprises,
dated March 21, 2000, filed in connection with the Chapter 11 proceedings of Pro
Player, Inc. and its affiliates. The Pro Player Inventory shall mean the
finished NHLE-licensed inventory which, at the time of execution of this letter
agreement, is in the possession of entities other than Pro Player which are
located outside of the United States. The Permitted Purchasers shall mean the
entities permitted to purchase inventory from Pro Player under the Stipulation
and Consent Order and other related agreements.

II. CONFIDENTIALITY

Due to the confidential nature of this transaction, no party will make any
announcement or disclosure regarding this transaction (including without
limitation the details of the negotiations and the terms of the transaction and
any details in connection with or associated with its implementation) without
the prior written consent of the other, unless and except as required by
applicable law, except that NHLE shall be entitled to provide such details
pursuant to its Right to Match obligation to a third party (the "OFFEREE"), as
described below.

If the transactions contemplated by this letter agreement are not consummated
for any reason, neither party shall disclose to any third party (other than to
the Offeree) any documents or other information provided to it by the other
party, except that the foregoing restriction will not apply to any information
that (i) was or since the time of disclosure has become part of the public
domain through no act or failure by the recipient party, (ii) was already in the
possession of any receiving party when initially disclosed, (iii) is or was
received from a third party before or after the time of disclosure (so long as
such information was not disclosed by such third party in violation of any
confidentiality agreement of which the receiving party had knowledge), or (iv)
may be required to be disclosed by law or legal process.

III.    BINDING AGREEMENT

It is understood that this letter agreement includes a summary description only,
but that it constitutes a binding agreement to consummate the transactions
contemplated herein and to enter into a definitive agreement to do so.
Notwithstanding the foregoing, NHLE's obligation is subject to the Offeree's
right to match the terms contained herein regarding the additional (as compared
to the 1998 License) rights and obligations being agreed to in this letter
agreement (the "RIGHT TO MATCH"). NHLE hereby confirms to THC that the terms of
the offer which will be presented to the Offeree will be substantially similar
to the terms of the License, except as such terms reflect THC's unique status as
a party to the 1998 License and the Jofa Licenses. NHLE shall, within fifteen
(15) days of the execution of this letter agreement, notify THC in writing
whether the Offeree has exercised the Right to Match. In the event that (a) the
Offeree exercises the Right to Match, or (b) THC shall have notified NHLE in
writing of NHLE's failure to notify THC as provided in the immediately preceding
sentence and NHLE shall not

<PAGE>

have so notified THC within three (3) days of NHLE's receipt of such notice from
THC, then this letter agreement shall terminate immediately and shall not be
binding upon any of the parties hereto, and the 1998 License shall in such
circumstances remain in full force and effect. In the event that the Offeree
does not exercise the Right to Match, the parties hereto shall proceed promptly
with the negotiation and preparation of definitive documentation embodying the
terms of this letter agreement. If for any reason such definitive agreement is
not executed, this letter agreement is intended to be, and shall be, fully
binding upon the parties.

To the extent that any conflict exists between the terms of this letter
agreement and the Standard Terms and Conditions, the terms of this letter
agreement shall govern.

This letter agreement shall be governed by the internal laws of the State of New
York, and the United States District Court for the Southern District of New York
and the state courts of New York in the county of Manhattan shall have exclusive
jurisdiction over any issues arising out of or relating to this letter agreement
and the License.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

If the foregoing accurately sets forth our agreement and understanding, please
so indicate by signing and dating, and returning to us a copy of this letter
agreement prior to 5:00 P.M. on May 21, 2000, at which time if not fully
executed this letter agreement shall expire and be of no effect.

                                     Sincerely yours,

<TABLE>

<S>                                                  <C>

NHL ENTERPRISES, L.P.                                NHL ENTERPRISES B.V.
By:  NHL Enterprises, Inc., its general partner      By: NHL Enterprises, Inc., its Managing Director

By:  ______________________________                  By: ____________________________________
     Name:  Brian P. Jennings                            Name:  Brian P. Jennings
     Title: Vice President,                              Title: Vice President,
            Consumer Products Marketing                         Consumer Products Marketing

NHL ENTERPRISES CANADA, L.P.
By:  National Hockey League Enterprises Canada,
     Inc., its general partner

By:  _______________________________
     Name:  Brian P. Jennings
     Title: Vice President,
            Consumer Products Marketing

AGREED AND ACCEPTED this ___ day of May, 2000:

SPORT MASKA INC.                                   MASKA U.S., INC.

By:  _______________________________               By:_______________________________
     Name:  Gerald B. Wasserman                       Name:  Gerald B. Wasserman
     Title: Chairman, President                       Title: Chairman, President
            and Chief Executive Officer                      and Chief Executive Officer

JOFA AB                                            KHF FINLAND OY
By:     _______________________________            By:_______________________________
Name:                                              Name:
Title:                                             Title:

</TABLE><PAGE>
                                                                    EXHIBIT 4.51

                                                                  EXECUTION COPY

================================================================================

                                SERIES A WARRANT

                           TO PURCHASE COMMON STOCK OF

                        GRANITE BROADCASTING CORPORATION

                           ISSUANCE DATE: MAY 31, 2000

                                        NO. OF SHARES OF COMMON STOCK: 2,500,000

================================================================================
<PAGE>

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT OR LAWS, THE RULES AND
REGULATIONS THEREUNDER OR THE PROVISIONS OF THIS WARRANT.

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF ARE SUBJECT TO A
REGISTRATION RIGHTS AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF
THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THIS WARRANT OR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY
BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS
AGREEMENT. THE HOLDER OF THIS WARRANT AGREES TO BE BOUND BY ALL OF THE
PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.

NO. OF SHARES OF COMMON STOCK: 2,500,000

                                SERIES A WARRANT

                           TO PURCHASE COMMON STOCK OF

                        GRANITE BROADCASTING CORPORATION

                  This is to certify that NATIONAL BROADCASTING COMPANY, INC., a
Delaware corporation ("NBC"), or registered assigns, is entitled at any time on
or after the Effective Date (as hereinafter defined) and on or prior to the
Expiration Date (as hereinafter defined), to purchase from GRANITE BROADCASTING
CORPORATION, a Delaware corporation (the "COMPANY"), TWO MILLION FIVE HUNDRED
THOUSAND (2,500,000) shares of Common Stock (as hereinafter defined and subject
to adjustment as provided herein), in whole or in part, including fractional
parts, at the Exercise Price per share (subject to adjustment as set forth
herein), all on the terms and conditions and pursuant to the provisions
hereinafter set forth.

                                   ARTICLE 1.

                                  DEFINED TERMS

SECTION 1.1 DEFINITIONS. Capitalized terms used and not defined herein shall
have the meanings assigned to them in the Supplemental Agreement. As used
herein, the following terms shall have the following meanings:

<PAGE>
                                                                               2

                  "AFFILIATE" means, with respect to any Person, any other
Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with, such specified
Person, for so long as such Person remains so associated to the specified
Person.

                  "AFFILIATION AGREEMENT" means that certain Affiliation
Agreement, dated as of May 31, 2000 (as amended, restated or otherwise modified
from time to time), between the Company and NBC.

                  "BOARD" means the Board of Directors of the Company.

                  "BUSINESS DAY" means any day that is not a Saturday, a Sunday
or other day on which banks are required or authorized by law to be closed in
The City of New York.

                  "CASHLESS EXERCISE RATIO" means a fraction, the numerator of
which is the excess of the Market Value per share of Common Stock on the date of
exercise over the Exercise Price per share as of the date of exercise and the
denominator of which is the Market Value per share of the Common Stock on the
date of exercise.

                  "CHANGE OF CONTROL" shall mean (a) the failure of the
Permitted Holders to own collectively, directly, beneficially and of record,
more than 50% of the issued and outstanding voting stock of the Company or (b)
the occurrence of a "change of control" under and as defined in any indenture or
agreement in respect of Company indebtedness as in effect from time to time.

                  "COMMON STOCK" means the non-voting common stock, par value
$.01 per share, of the Company, together with any other equity securities that
may be issued by the Company in substitution therefor.

                  "COMPANY LIQUIDATION" means any transaction that effects a
voluntary or involuntary liquidation, dissolution, recapitalization,
reorganization or winding up of the Company.

                  "COMPANY SALE" means any transaction that (i) involves a sale
by the Company of all or substantially all of its assets to another Person, (ii)
effects any merger, consolidation or business combination of the Company with
another Person where such other Person shall be the surviving entity and that
results in a Change of Control of the Company or (iii) results in a Change of
Control of the Company.

                  "CONTROL" (including the terms "CONTROLLED BY" and "UNDER
COMMON CONTROL WITH"), with respect to the relationship between or among two or
more Persons, means the possession, directly or indirectly, of the power to
direct or cause the direction of the affairs or management of a Person, whether
through the ownership of voting securities, as trustee or executor, by contract
or otherwise.
<PAGE>
                                                                               3

                  "EFFECTIVE DATE" means the earlier of (i) December 31, 2000,
(ii) a Company Sale and (iii) a Company Liquidation.

                  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended and the rules and regulations thereunder.

                  "EXERCISE PRICE" means, at any date herein, the price at which
a share of Common Stock may be purchased pursuant to this Warrant on such date.
On the date of original issuance of this Warrant, the Exercise Price is $12.50
per share of Common Stock.

                  "EXPIRATION DATE" means December 31, 2011.

                  "GROUP" has the meaning assigned to it in Section 13(d)(3) of
the Exchange Act.

                  "HOLDER" means the duly registered holder of this Warrant
under the terms hereof.

                  "INDEPENDENT INVESTMENT BANKING FIRM" means an investment
banking firm of nationally recognized standing that is, in the reasonable
judgment of the Person engaging such firm, qualified to perform the task for
which it has been engaged.

                  "MAJORITY HOLDERS" means the Holders of Warrants exercisable
for in excess of 50% of the aggregate number of shares of Common Stock then
purchasable upon exercise of all Warrants, whether or not then exercisable.

                  "MARKET VALUE" means, with respect to capital stock or other
equity securities, the last reported sales price on the date of determination
or, in case no such sale takes place on such day, the average of the closing bid
and asked prices regular way for such day, in each case (i) on the principal
national securities exchange on which the shares of such capital stock or other
equity interest are listed or to which such shares are admitted for trading or
(ii) if such capital stock or other equity interest is not listed or admitted
for trading on a national securities exchange, in the over-the-counter market as
reported by the National Association of Securities Dealers, Inc. National Market
System ("NASDAQ") or any comparable system, or (iii) if such capital stock or
other equity interest is not listed on NASDAQ or a comparable system, as
furnished by two members of the National Association of Securities Dealers, Inc.
("NASD") selected from time to time in good faith by the Board for that purpose.
In the absence of all of the foregoing, or if for any other reason the Market
Value per share cannot be determined pursuant to the foregoing provisions or if
the consideration to be received by the holders of Common Stock consists of
evidences of indebtedness, other property, warrants, options or subscription of
purchase rights, the Market Value shall be the fair market value thereof as
determined by an Independent Investment Banking Firm selected by the Company and
reasonably acceptable to NBC and its Permitted Transferees holding a majority of
the applicable capital stock or equity securities. The reasonable fees and
expenses of any Independent Investment Banking Firm involved in the
determination of Market Value shall be borne equally by the Company and the
Holder. For the purpose of any computation of Market Value under Section 2.5 and
Article 3, the "MARKET VALUE" per share of Common Stock (in cases where the
Market Value is determined based on a trading price in accordance with clauses
(i) through (iii)

<PAGE>
                                                                               4

above) at any date shall be (x) for purposes of Section 2.5, the last reported
sales price on the Business Day immediately prior to the date of the exercise of
this Warrant pursuant to Article 2 and (y) for purposes of Article 3, the
average of the last reported sales prices for the shorter of (i) the 5
consecutive trading days ending seven trading days prior to the Time of
Determination (as defined below) on the exchange or market specified in the
first sentence of this definition and (ii) the period commencing on the date
next succeeding the first public announcement of the issuance, sale,
distribution or granting in question through such last full trading day prior to
the Time of Determination. The term "TIME OF DETERMINATION" as used herein shall
be the time and date of the earlier to occur of (A) the date as of which the
Market Value is to be computed and (B) the last full trading day on such
exchange or market before the commencement of "ex-dividend" trading in the
Common Stock relating to the event giving rise to the adjustment required by
Article 3.

                  "PERMITTED HOLDER" means (i) W. Don Cornwell and Stuart J.
Beck, (ii) the members of the immediate family of either of the persons referred
to in clause (i) above, (iii) any trust or other Person created for the benefit
of the persons described in clause (i) or (ii) above or any of their estates or
(iv) any corporation or other Person that is controlled by any person described
in clause (i), (ii) or (iii) above.

                  "PERMITTED TRANSFEREE" has the meaning set forth in the
Registration Rights Agreement.

                  "PERSON" means any individual, corporation, limited liability
company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or
political subdivisions thereof or any Group comprised of two or more of the
foregoing.

                  "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights
Agreement, dated as of the date of original issuance of this Warrant between the
Company and NBC, as the same may be amended, supplemented or modified from time
to time.

                  "SEC" means the U.S. Securities and Exchange Commission.

                  "SECURITIES ACT" means the Securities Act of 1933, as amended
and the rules and regulations thereunder.

                  "SUPPLEMENTAL AGREEMENT" means the Supplemental Agreement,
dated as of May 31, 2000, between the Company and NBC, as the same may be
amended, supplemented or modified from time to time.

                  "WARRANT SHARES" means the shares of Common Stock of the
Company received, or issued and received, as the case may be, upon exercise of
the Warrants.

                  "WARRANTS" means this Warrant and all Warrants issued upon
transfer, division or combination of, or in substitution for, any thereof. All
Warrants shall at all times be identical as

<PAGE>
                                                                               5

to terms and conditions and date, except as to the number of shares of Common
Stock for which they may be exercised.

                                   ARTICLE 2.

                                 EXERCISE TERMS

                  SECTION 2.1 EXERCISE PERIODS. At any time from and after the
Effective Date and until 5:00 p.m., New York City time, on the Expiration Date,
the Holder may exercise this Warrant, on any Business Day, for all or any part
of the number of shares of Common Stock purchasable hereunder.

                  SECTION 2.2 EXPIRATION. This Warrant shall terminate and
become void as of the earlier of (i) 5:00 p.m., New York City time, on the
Expiration Date and (ii) the time and date this Warrant is exercised in full.
The Company shall give notice not less than 90, and not more than 120, days
prior to the Expiration Date to the Holder hereof to the effect that this
Warrant will terminate and become void as of the close of business on the
Expiration Date. This Warrant shall terminate and become void after the
Expiration Date, notwithstanding the Company's failure to give such notice.

                  SECTION 2.3 MANNER OF EXERCISE. (a) In order to exercise this
Warrant, in whole or in part, Holder shall deliver to the Company at its
principal office at 767 Third Avenue, 34th Floor, New York, New York 10017 or at
the office or agency designated by the Company pursuant to Article 6, (i) a
written notice of Holder's election to exercise this Warrant, which notice shall
specify the number of Warrant Shares to be purchased and shall be substantially
in the form of the subscription form appearing at the end of this Warrant as
Exhibit A, (ii) payment of the Exercise Price for the number of Warrant Shares
in respect of which such Warrant is then exercised; PROVIDED that no such
payment need be delivered if the Holder elects to exercise the Warrant pursuant
to the Cashless Exercise provided in subsection (b) below, and (iii) this
Warrant. Payment of the Exercise Price shall be made in cash or by certified or
official bank check payable to the order of the Company or by wire transfer of
funds to an account designated by the Company for such purpose. The rights
represented by this Warrant shall be exercisable at the election of the Holders
thereof either in full at any time or in part from time to time and, in the
event that this Warrant is surrendered for exercise in respect of less than all
the Warrant Shares purchasable on such exercise at any time prior to the
Expiration Date, the Company shall, at the time of delivery of the certificate
or certificates representing the Warrant Shares, deliver to the Holder a new
Warrant evidencing the rights of Holder to purchase the unpurchased shares of
Common Stock called for by this Warrant, which new Warrant shall in all other
respects be identical with this Warrant, or at the request of the Holder,
appropriate notation may be made on this Warrant and the same returned to the
Holder.

                  (b) In lieu of payment of the Exercise Price in cash, at the
option of the Holder, as indicated on the subscription form appearing at the end
of this Warrant as Exhibit A, the Holder may demand that the Company reduce the
number of shares of Common Stock to be delivered to such Holder upon exercise of
the Warrants then being exercised so that the Holder

<PAGE>
                                                                               6

receives a number of shares of Common Stock equal to the product of (1) the
number of shares of Common Stock for which such Warrant would otherwise then be
nominally exercised if payment of the Exercise Price as of the date of exercise
were being made in cash and (2) the Cashless Exercise Ratio. An exercise of a
Warrant in accordance with this clause (b) is herein called a "CASHLESS
EXERCISE". The Holder may use the Cashless Exercise option whether this Warrant
is being exercised in full or in part.

                  SECTION 2.4 ISSUANCE OF WARRANT SHARES. Subject to Section
2.5, upon the surrender of this Warrant and payment of the per share Exercise
Price (or in accordance with Section 2.3(b)), as set forth in Section 2.3, the
Company shall, as promptly as practicable, and in any event within five (5)
Business Days thereafter, issue or cause there to be issued and deliver or cause
to be delivered to or upon the written order of the Holder and in such name or
names as the Holder may designate in the notice provided pursuant to Section
2.3, a certificate or certificates for the number of full Warrant Shares so
purchased upon the exercise of such Warrants or other securities or property to
which it is entitled, registered or otherwise to the Person or Persons entitled
to receive the same, together with cash as provided in Section 2.5 in respect of
any fractional Warrant Shares otherwise issuable upon such exercise. Such
certificate or certificates shall be deemed to have been issued and any Person
so designated to be named therein shall be deemed to have become a holder of
record of such Warrant Shares as of the date of the delivery of the notice
provided pursuant to Section 2.3, the surrender of this Warrant and, subject to
Section 2.3(b), payment of the per share Exercise Price.

                  SECTION 2.5 FRACTIONAL WARRANT SHARES. The Company shall not
be required to issue fractional Warrant Shares on the exercise of Warrants. If
any fraction of a Warrant Share would, except for the provisions of this Section
2.5, be issuable on the exercise of this Warrant (or specified portion thereof),
the Company shall pay an amount in cash equal to the Market Value for one
Warrant Share on the Business Day immediately preceding the date the Warrant is
exercised, multiplied by such fraction, computed to the nearest whole cent. For
purposes of determining the Market Value, if in accordance with such term, an
Independent Investment Banking Firm would be required to be hired to determine
the Market Value and but for this Section 2.5, an Independent Investment Banking
Firm is not otherwise required to be retained to determine Market Value at such
time, then Market Value shall be determined in good faith by the Board.

                  SECTION 2.6 RESERVATION OF WARRANT SHARES. (a) The Company
shall at all times on and following the Closing Date keep reserved out of its
authorized shares of Common Stock a number of shares of Common Stock sufficient
to provide for the exercise in full of all outstanding Warrants. The registrar
for the Common Stock shall at all times on and following the Closing Date and
until the Expiration Date, or the time at which all Warrants have been exercised
or canceled, reserve such number of authorized shares as shall be required for
such purpose. All Warrant Shares which may be issued upon exercise of this
Warrant shall be duly and validly authorized, validly issued, fully paid,
nonassessable, free of preemptive rights and free from all Liens (as defined in
the Supplemental Agreement) other than those created by or through the Holders.
<PAGE>
                                                                               7

                  (b) Before taking any action which would cause an adjustment
pursuant to Article 3 to reduce the Exercise Price below the then par value (if
any) of the Common Stock, the Company shall take any and all corporate action
which may, in the opinion of its counsel, be necessary in order that the Company
may validly and legally issue fully paid and nonassessable shares of Common
Stock at the Exercise Price as so adjusted.

                  SECTION 2.7 COMPLIANCE WITH LAW. If any shares of Common Stock
required to be reserved for purposes of exercise of Warrants would require,
under any other federal or state law or applicable governing rule or regulation
of any national securities exchange, registration with or approval of any
governmental authority, or listing on any such national securities exchange
before such shares may be issued upon exercise, the Company will cause such
shares to be duly registered or approved by such governmental authority or
listed on the relevant national securities exchange, at its expense.

                  SECTION 2.8 CONTINUED VALIDITY. A Holder of Warrant Shares
shall continue to be entitled with respect to such shares to all rights and
subject to all obligations to which it would have been entitled or subject as
Holder under Section 4.5 and Article 8 of this Warrant. The Company will, at the
time of each exercise of this Warrant, in whole or in part, upon the request of
the Holder of the Warrant Shares issued upon such exercise hereof, acknowledge
in writing in form reasonably satisfactory to such Holder, its continuing
obligation to afford to such Holder all such rights; PROVIDED, HOWEVER, that if
such Holder shall fail to make any such request, such failure shall not affect
the continuing obligation of the Company to afford to such Holder all such
rights.

                  SECTION 2.9 LISTING OF WARRANT SHARES. The Company shall cause
the Warrant Shares to be (a) listed on each securities exchange, if any, on
which similar securities issued by the Company are then listed, or (b)
authorized to be quoted and/or listed (to the extent applicable) on the NASDAQ
National Market if the Warrant Shares so qualify.

                                   ARTICLE 3.

                              ADJUSTMENT PROVISIONS

                  SECTION 3.1 CHANGES IN COMMON STOCK. In the event that at any
time or from time to time after the date hereof, the Company shall (i) pay a
dividend or make a distribution on its Common Stock in shares of its Common
Stock or other shares of capital stock, (ii) subdivide its outstanding shares of
Common Stock into a larger number of shares of Common Stock, (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common
Stock or (iv) increase or decrease the number of shares of Common Stock
outstanding by reclassification of its Common Stock (in each case, other than a
transaction to which Section 3.3 or 3.4 is applicable), then the number of
shares of Common Stock purchasable upon exercise of this Warrant immediately
after the happening of such event shall be adjusted so that, after giving effect
to such adjustment, the Holder of this Warrant shall be entitled to receive the
number of shares of Common Stock upon exercise that such Holder would have owned
or have been entitled to receive had this Warrant been exercised immediately
prior to the happening of the events described above (or, in the case of a
dividend or distribution of Common Stock,

<PAGE>
                                                                               8

immediately prior to the record date therefor), and the Exercise Price shall be
adjusted in inverse proportion. An adjustment made pursuant to this Section 3.1
shall become effective immediately after the effective date, retroactive to the
record date therefor in the case of a dividend or distribution in shares of
Common Stock, and shall become effective immediately after the effective date in
the case of a subdivision, combination or reclassification.

                  SECTION 3.2 CASH DIVIDENDS AND OTHER DISTRIBUTIONS. In case at
any time or from time to time after the date hereof, the Company shall
distribute to all holders of Common Stock (i) any dividend or other distribution
of cash, evidences of its indebtedness, shares of its capital stock or any other
properties or securities or (ii) any options, warrants or other rights to
subscribe for or purchase any of the foregoing (other than, in each case set
forth in (i) and (ii), (x) any dividend or distribution described in Section 3.1
or 3.4 or (y) any rights, options, warrants or securities described in Section
3.3 or 3.4), then (i) the number of shares of Common Stock purchasable upon the
exercise of this Warrant shall be increased to a number determined by
multiplying the number of shares of Common Stock purchasable upon the exercise
of this Warrant immediately prior to the record date for any such dividend or
distribution by a fraction, (A) the numerator of which shall be the Market Value
per share of Common Stock on the record date for such distribution, and (B) the
denominator of which shall be such Market Value per share of Common Stock less
the sum of (x) any cash distributed per share of Common Stock and (y) the fair
value (the "FAIR VALUE") (as determined in good faith by the Board, whose
determination shall be evidenced by a Board resolution, a certified copy of
which will be sent to Holders) of the portion, if any, of the distribution
applicable to one share of Common Stock consisting of evidences of indebtedness,
shares of stock, securities, other property, warrants, options or subscription
or purchase rights and (ii) the Exercise Price shall be adjusted to a number
determined by dividing the Exercise Price immediately prior to such record date
by the above fraction. Such adjustments shall be made whenever any distribution
is made and shall become effective as of the date of distribution, retroactive
to the record date for any such distribution; PROVIDED, HOWEVER, that the
Company is not required to make an adjustment pursuant to this Section 3.2 if at
the time of such distribution the Company makes the same distribution to Holders
of Warrants as it makes to holders of Common Stock pro rata based on the number
of shares of Common Stock for which such Warrants are exercisable. No adjustment
shall be made pursuant to this Section 3.2 which shall have the effect of
decreasing the number of shares of Common Stock purchasable upon exercise of
each Warrant or increasing the Exercise Price.

                  SECTION 3.3 RIGHTS ISSUE. In the event that at any time or
from time to time after the date hereof, the Company shall issue, sell,
distribute or otherwise grant any rights to subscribe for or to purchase, or any
options or warrants for the purchase of, or any securities convertible or
exchangeable into, Common Stock to all holders of Common Stock, entitling such
holders to subscribe for or purchase shares of Common Stock or stock or
securities convertible into Common Stock (other than pursuant to a transaction
described in Section 3.4), whether or not immediately exercisable, convertible
or exchangeable, as the case may be, and the subscription or purchase price per
share of Common Stock or the price per share of Common Stock issuable upon
exercise, conversion or exchange thereof is lower at the record date for such
issuance than the then Market Value per share of Common Stock, the number of
shares of Common Stock thereafter purchasable upon the exercise of this Warrant
shall be determined by
<PAGE>
                                                                               9

multiplying the number of shares of Common Stock purchasable upon the exercise
of this Warrant prior to the record date by a fraction, (A) the numerator of
which shall be the number of shares of Common Stock outstanding on the date of
issuance of such rights, options, warrants or securities plus the number of
additional shares of Common Stock offered for subscription or purchase or into
or for which such securities are convertible or exchangeable, and (B) the
denominator of which shall be the number of shares of Common Stock outstanding
on the date of issuance of such rights, options, warrants or securities plus the
total number of shares of Common Stock which could be purchased at the Market
Value with the aggregate consideration received through the issuance of such
rights, warrants, options, or convertible securities. In the event of any such
adjustment, the Exercise Price shall be adjusted to a number determined by
dividing the Exercise Price immediately prior to such date of issuance by the
above fraction. Such adjustment shall be made whenever such rights, options or
warrants are issued and shall become effective retroactively immediately after
the record date for the determination of stockholders entitled to receive such
rights, options, warrants or securities.

                  If the Company at any time shall issue two or more securities
as a unit and one or more of such securities shall be rights, options or
warrants for or securities convertible or exchangeable into, Common Stock
subject to this Section 3.3, the consideration allocated to each such security
shall be determined in good faith by a Board resolution, a certified copy of
which shall be delivered to the Holder.

                  SECTION 3.4 REORGANIZATION, RECLASSIFICATION, MERGER,
CONSOLIDATION OR DISPOSITION OF ASSETS. In case the Company shall reorganize its
capital, reclassify its capital stock, consolidate or merge with or into another
Person (where the Company is not the surviving entity or where there is a change
in or distribution with respect to the Common Stock of the Company), or sell,
transfer or otherwise dispose of all or substantially all its property, assets
or business to another Person and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets (each, a
"REORGANIZATION TRANSACTION"), shares of common stock of the successor or
acquiring Person, or any cash, shares of stock or other securities or property
of any nature whatsoever (including warrants or other subscription or purchase
rights) in addition to or in lieu of common stock of the successor or acquiring
Person ("OTHER PROPERTY"), are to be received by or distributed to the holders
of Common Stock of the Company, then each Holder shall have the right thereafter
to receive, upon exercise of such Warrant, the number of shares of common stock
of the successor or acquiring Person or of the Company, if it is the surviving
entity, and Other Property receivable upon or as a result of such Reorganization
Transaction by a holder of the number of shares of Common Stock for which this
Warrant is exercisable immediately prior to such event. In the event that any
such Reorganization Transaction results in a Change of Control, the Company may
require that all Holders exercise their Warrants upon consummation of such event
giving rise to such adjustment. In case of any Reorganization Transaction in
which the Warrants are not required to be exercised pursuant to the preceding
sentence, the successor or acquiring Person (if other than the Company) shall
expressly assume the due and punctual observance and performance of each and
every covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined by resolution of the
Board) in order to provide for adjustments of shares of the Common Stock for
which this Warrant is exercisable which shall be as nearly

<PAGE>
                                                                              10

equivalent as practicable to the adjustments provided for in this Article 3. For
purposes of this Section 3.4 "common stock of the successor or acquiring Person"
shall include stock of such Person of any class which is not preferred as to
dividends or assets over any other class of stock of such Person and which is
not subject to redemption and shall also include any evidences of indebtedness,
shares of stock or other securities which are convertible into or exchangeable
for any such stock, either immediately or upon the arrival of a specified date
or the happening of a specified event and any warrants or other rights to
subscribe for or purchase any such stock. The foregoing provisions of this
Section 3.4 shall similarly apply to successive Reorganization Transactions.

                  SECTION 3.5 OTHER EVENTS. If any event occurs as to which the
foregoing provisions of this Article 3 are not strictly applicable or, if
strictly applicable, would not, in the good faith judgment of the Board, fairly
and adequately protect the purchase rights of the Warrants in accordance with
the essential intent and principles of such provisions, then the Board shall
make such adjustments in the application of such provisions, in accordance with
such essential intent and principles, as shall be reasonably necessary, in the
good faith opinion of the Board, to protect such purchase rights as aforesaid.

                  SECTION 3.6 SUPERSEDING ADJUSTMENT. Upon the expiration of any
rights, options, warrants or conversion or exchange privileges which resulted in
the adjustments pursuant to this Article 3, if any thereof shall not have been
exercised, the number of Warrant Shares purchasable upon the exercise of each
Warrant shall be readjusted as if (A) the only shares of Common Stock issuable
upon exercise of such rights, options, warrants, conversion or exchange
privileges were the shares of Common Stock, if any, actually issued upon the
exercise of such rights, options, warrants or conversion or exchange privileges
and (B) shares of Common Stock actually issued, if any, were issuable for the
consideration actually received by the Company upon such exercise plus the
aggregate consideration, if any, actually received by the Company for the
issuance, sale or grant of all such rights, options, warrants or conversion or
exchange privileges whether or not exercised and the Exercise Price shall be
readjusted inversely; PROVIDED, HOWEVER, that no such readjustment shall (except
by reason of an intervening adjustment under Section 3.1 or, if applicable,
Section 3.5) have the effect of decreasing the number of Warrant Shares
purchasable upon the exercise of each Warrant or increasing the Exercise Price
by an amount in excess of the amount of the adjustments to the number of Warrant
Shares purchasable and the Exercise Price initially made in respect of the
issuance, sale or grant of such rights, options, warrants or conversion or
exchange privileges.

                  SECTION 3.7 MINIMUM ADJUSTMENT. The adjustments required by
the preceding Sections of this Article 3 shall be made whenever and as often as
any specified event requiring an adjustment shall occur, except that no
adjustment of the Exercise Price or the number of shares of Common Stock
purchasable upon exercise of the Warrants that would otherwise be required shall
be made (except in the case of a subdivision or combination of shares of Common
Stock, as provided for in Section 3.1) unless and until such adjustment either
by itself or with other adjustments not previously made increases or decreases
by at least 1% the Exercise Price or the number of shares of Common Stock
purchasable upon exercise of the Warrants immediately prior to the making of
such adjustment. Any adjustment representing a change of less than such minimum
amount shall be carried forward and made as soon as such
<PAGE>
                                                                              11

adjustment, together with other adjustments required by this Article 3 and not
previously made, would result in a minimum adjustment. For the purpose of any
adjustment, any specified event shall be deemed to have occurred at the close of
business on the date of its occurrence. In computing adjustments under this
Article 3, fractional interests in Common Stock shall be taken into account to
the nearest one-hundredth of a share.

                  SECTION 3.8 OTHER PROVISIONS REGARDING ADJUSTMENTS. In the
event that at any time, as a result of an adjustment made pursuant to Section
3.1 hereof, the holder of this Warrant shall become entitled to receive any
shares of capital stock of the Company other than shares of Common Stock,
thereafter the number of such other shares of capital stock so receivable upon
exercise of this Warrant 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 Common Stock contained in Article 3 and the provisions contained
elsewhere herein with respect to Common Stock shall apply on like terms to any
such other shares.

                  SECTION 3.9 CHALLENGE TO GOOD FAITH DETERMINATION. Whenever
the Board shall be required to make a determination in good faith of the Fair
Value of any item under this Article 3, the Majority Holders may challenge such
determination in good faith by notifying the Board in writing of the Majority
Holders' determination of the Fair Value of such item. Any such dispute shall be
resolved by an Independent Investment Banking Firm selected by the Majority
Holders and reasonably acceptable to the Company. The expenses of any challenge
made by the Majority Holders hereunder to be paid by the Company shall be the
amount obtained by multiplying (a) the aggregate amount of such expenses and (b)
the percentage up to 100% obtained by dividing (i) the difference between the
Fair Value determined by the Independent Investment Banking Firm and the Fair
Value claimed by the Company by (ii) the difference between the Fair Value
claimed by the Majority Holders and the Fair Value claimed by the Company. Any
remaining amounts will be paid by the Majority Holders.

                  SECTION 3.10 NOTICE OF ADJUSTMENT. Whenever the Exercise Price
or the number of shares of Common Stock and other property, if any, purchasable
upon exercise of Warrants is adjusted, as herein provided, the Company shall
deliver to the Holders a certificate of a firm of independent accountants (who
may be the regular accountants employed by the Company) or the Chief Financial
Officer of the Company setting forth, in reasonable detail, the event requiring
the adjustment and the method by which such adjustment was calculated (including
a description of the basis on which the Board determined the fair market value
of any evidences of indebtedness, other securities or property or warrants or
other subscription or purchase rights), and specifying the Exercise Price and
the number of shares of Common Stock purchasable upon exercise of Warrants after
giving effect to such adjustment.

                  SECTION 3.11 NOTICE OF CERTAIN TRANSACTIONS. In the event that
the Company shall resolve or agree (a) to pay any dividend payable in securities
of any class to the holders of its Common Stock or to make any other
distribution to the holders of its Common Stock, (b) to offer the holders of its
Common Stock rights to subscribe for or to purchase any securities convertible
into shares of Common Stock or shares of Common Stock or shares of stock of any
class or any other securities, rights or options, (c) to effect any
reclassification of its Common Stock, capital reorganization, merger,
consolidation or disposition of assets or (d) to effect any of

<PAGE>
                                                                              12

the transactions described in Sections 3.1, 3.2, 3.3 and 3.4 above, the Company
shall within 10 business days send to the Holders, a notice of such proposed
action or offer, such notice to be mailed to the Holders, which shall specify
the record date for the purposes of such dividend, distribution or rights, or
the date such issuance or event is to take place and the date of participation
therein by the holders of Common Stock, if any such date is to be fixed, and
shall briefly indicate the effect of such action on the Common Stock and on the
number and kind of any other shares of stock and on other property, if any, and
the number of shares of Common Stock and other property, if any, purchasable
upon exercise of each Warrant and the Exercise Price after giving effect to any
adjustment which will be required as a result of such action. Such notice shall
be given by the Company as promptly as possible.

                                   ARTICLE 4.

                       TRANSFER, DIVISION AND COMBINATION

                  SECTION 4.1 TRANSFER. Subject to compliance with Section 4.5,
transfer of this Warrant and all rights hereunder, in whole or in part, shall be
registered on the books of the Company to be maintained for such purpose, upon
surrender of this Warrant at the principal office of the Company referred to in
Section 2.3 or the office or agency designated by the Company pursuant to
Article 6, together with a written assignment of this Warrant substantially in
the form of Exhibit B hereto duly executed by Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such
transfer. Upon such surrender and, if required, such payment, the Company shall,
subject to Section 4.5, execute and deliver a new Warrant or Warrants in the
name of the assignee or assignees and in the denomination specified in such
instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be canceled. A Warrant, if properly assigned in compliance with Section
4.5, may be exercised by a new Holder for the purchase of shares of Common Stock
without having a new Warrant issued. If requested by the Company, a new Holder
shall acknowledge in writing, in form reasonably satisfactory to the Company,
such Holder's continuing obligations under Section 4.5 and Article 8.

                  SECTION 4.2 DIVISION AND COMBINATION. Subject to Section 4.5,
this Warrant may be divided or combined with other Warrants upon presentation
hereof at the aforesaid office or agency of the Company, together with a written
notice specifying the names and denominations in which new Warrants are to be
issued, signed by Holder or its agent or attorney. Subject to compliance with
Section 4.1 and with Section 4.5, as to any transfer which may be involved in
such division or combination, the Company shall execute and deliver a new
Warrant or Warrants in exchange for the Warrant or Warrants to be divided or
combined in accordance with such notice.

                  SECTION 4.3 EXPENSES. The Company shall prepare, issue and
deliver at its own expense (other than transfer taxes) the new Warrant or
Warrants under this Article 4.
<PAGE>
                                                                              13

                  SECTION 4.4 MAINTENANCE OF BOOKS. The Company agrees to
maintain, at its aforesaid office or agency, books for the registration or
transfer of the Warrants.

                  SECTION 4.5 RESTRICTION ON TRANSFER. (a) This Warrant and the
Warrant Shares issuable upon exercise hereof are subject in all respects to the
terms and conditions of the Registration Rights Agreement. No transfer, sale,
assignment, hypothecation or other disposition of this Warrant or the Warrant
Shares issuable upon exercise hereof may be made except in accordance with the
provisions of the Registration Rights Agreement (it being understood that any
transfer of Common Stock permitted under the provisions of the Registration
Rights Agreement shall be a permitted transfer with respect to this Warrant and
the Warrant Shares). The Holder, by acceptance of this Warrant, agrees to be
bound by the applicable provisions of the Registration Rights Agreement and all
applicable benefits of the Registration Rights Agreement shall inure to such
Holder.

                  (b) (i) Except as otherwise provided in this Section 4.5, each
certificate for Warrant Shares initially issued upon the exercise of this
Warrant, and each certificate for Warrant Shares issued to any transferee of any
such certificate, shall be stamped or otherwise imprinted with a legend in
substantially the following form:

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
                  ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED IN
                  VIOLATION OF SUCH ACT OR LAWS OR THE RULES AND REGULATIONS
                  THEREUNDER.

                  THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
                  REGISTRATION RIGHTS AGREEMENT (A COPY OF WHICH IS ON FILE WITH
                  THE SECRETARY OF THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT,
                  PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SHARES
                  REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN
                  ACCORDANCE WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS
                  AGREEMENT. THE HOLDER OF THESE SECURITIES AGREES TO BE BOUND
                  BY ALL OF THE PROVISIONS OF SUCH REGISTRATION RIGHTS
                  AGREEMENT.

                  (ii) Except as otherwise provided in this Section 4.5, each
Warrant shall be stamped or otherwise imprinted with a legend in substantially
the following form:

                  NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE
                  HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
                  AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY
<PAGE>
                                                                              14

                  NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT OR LAWS, THE RULES
                  AND REGULATIONS THEREUNDER OR THE PROVISIONS OF THIS WARRANT.

                  THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
                  ARE SUBJECT TO A REGISTRATION RIGHTS AGREEMENT (A COPY OF
                  WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY). NO
                  TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
                  DISPOSITION OF THIS WARRANT OR THE SECURITIES ISSUABLE UPON
                  EXERCISE HEREOF MAY BE MADE EXCEPT IN ACCORDANCE WITH THE
                  PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT. THE HOLDER
                  OF THIS WARRANT AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF
                  SUCH REGISTRATION RIGHTS AGREEMENT.

                  (c) Notwithstanding the provisions of Section 4.5(b), (i) the
Company shall deliver Warrants or certificates for Warrant Shares without the
first paragraph of the legend set forth in any such clause if the securities
referred to in such clause shall have been registered under the Securities Act
or if such legend is otherwise not required under the Securities Act, and if
such legend has been set forth on any previously delivered certificates, such
legend shall be removed from any certificates at the request of the Holder if
the securities referred to in such clause have been registered under the
Securities Act, or if such legend is not otherwise required under the Securities
Act, and (ii) the Company shall deliver Warrants or certificates for Warrant
Shares without the second paragraph of the legend set forth in such clause if
such legend is no longer required pursuant to the terms of the Registration
Rights Agreement.

                                   ARTICLE 5.

                               LOSS OR MUTILATION

                  Upon receipt by the Company from any Holder of evidence
reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of this Warrant and indemnity reasonably satisfactory
to it (it being understood that the written agreement of the NBC or its
Permitted Transferees shall be sufficient indemnity) and in case of mutilation
upon surrender and cancellation hereof, the Company will execute and deliver in
lieu hereof a new Warrant of like tenor to such Holder (without expense to the
Holder); PROVIDED, in the case of mutilation, no indemnity shall be required if
this Warrant in identifiable form is surrendered to the Company for
cancellation.
<PAGE>
                                                                              15

                                   ARTICLE 6.

                              OFFICE OF THE COMPANY

                  As long as any of the Warrants remain outstanding, the Company
shall maintain an office or agency (which may be the principal executive offices
of the Company) where the Warrants may be presented for exercise, registration
of transfer, division or combination as provided in this Warrant.

                                   ARTICLE 7.

                             LIMITATION OF LIABILITY

                  No provision hereof, in the absence of affirmative action by
the Holder hereof to purchase shares of Common Stock, and no enumeration herein
of the rights or privileges of the Holder hereof, shall give rise to any
liability of such Holder for the purchase price of any Common Stock or as a
stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

                                   ARTICLE 8.

                                  MISCELLANEOUS

                  SECTION 8.1 NONWAIVER AND EXPENSES. No course of dealing or
any delay or failure to exercise any right hereunder on the part of the Holder
hereof shall operate as a waiver of such right or otherwise prejudice such
Holder's rights, powers or remedies. If the Company fails to make, when due, any
payments provided for hereunder, or fails to comply with any other provision of
this Warrant, the Company shall pay to the Holder hereof such amounts as shall
be sufficient to cover any reasonable costs and expenses including, but not
limited to, reasonable attorneys' fees, including those of appellate
proceedings, incurred by such Holder in collecting any amounts due pursuant
hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

                  SECTION 8.2 FINANCIAL INFORMATION. The Company will file on or
before the required date (including any permitted extensions) all required
regular or periodic reports (pursuant to the Exchange Act) with the Commission
and the Company will deliver to each Holder of a Warrant or Warrant Shares
promptly upon their becoming available one copy of each report, notice or proxy
statement sent by the Company to its stockholders generally.

                  SECTION 8.3 UNEXERCISED WARRANTS. Except as otherwise
specifically required herein, holders of unexercised Warrants are not entitled
(i) to receive dividends or other distributions, (ii) to receive notice of or
vote at any meeting of the stockholders, (iii) to consent to any action of the
stockholders, (iv) to receive notice of any other proceedings of the Company or
(v) to exercise any other rights as stockholders of the Company.
<PAGE>
                                                                              16

                  SECTION 8.4 AMENDMENT. This Warrant and all other Warrants may
be amended with the written consent of the Company and the Majority Holders;
PROVIDED, HOWEVER, that no such Warrant may be amended to reduce the number of
shares of Common Stock for which such Warrant is exercisable or to increase the
Exercise Price (before giving effect to any adjustment as provided therein)
without the prior written consent of the Holder thereof. In determining whether
the Holders of the required number of Warrants have concurred in any direction,
waiver or consent, Warrants owned by the Company or any Subsidiary of the
Company shall be disregarded and deemed not to be outstanding. Also, subject to
the foregoing, only Warrants outstanding at the time shall be considered in any
such determination.

                  SECTION 8.5 NOTICES. Any notice or communication shall be in
writing and delivered in person or mailed by first-class mail to the addresses
set forth in the Supplemental Agreement with respect to the Company and the
Holder on the date hereof and if to any subsequent Holder, at its last known
address appearing on the books of the Company maintained for such purposes.

                  The Company and any Holder by notice to the other may
designate additional or different addresses for subsequent notices or
communications.

                  SECTION 8.6 REMEDIES. The Company and the Holder hereof each
stipulates that the remedies at law of each party hereto in the event of any
default or threatened default by the other party in the performance or
compliance with any of the terms of this Warrant are not and will not be
adequate and that, to the fullest extent permitted by law, such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise.

                  SECTION 8.7 GOVERNING LAW. The laws of the State of New York
shall govern this Warrant.

                  SECTION 8.8 SUCCESSORS. Subject to Section 4.5 hereof, this
Warrant and the rights evidenced hereby shall inure to the benefit of and be
binding upon the successors and assigns of the Company and the Holder hereof,
and shall be enforceable by any such successors and assigns.

                  SECTION 8.9 COUNTERPARTS. This Warrant Agreement may be
executed in any number of counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.

                  SECTION 8.10 TABLE OF CONTENTS. The table of contents and
headings of the Articles and Sections of this Warrant Agreement have been
inserted for convenience of reference only, are not intended to be considered a
part hereof and shall not modify or restrict any of the terms or provisions
hereof.

                  SECTION 8.11 SEVERABILITY. The provisions of this Warrant are
severable, and if any clause or provision shall be held invalid, illegal or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such
<PAGE>
                                                                              17

clause or provision, or part thereof, and shall not in any manner affect such
clause or provision in any other jurisdiction or any other clause or provision
of this Warrant in any jurisdiction.

<PAGE>
                                                                              18

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
duly executed and its corporate seal to be impressed hereon and attested by its
Secretary or an Assistant Secretary.

                                     GRANITE BROADCASTING CORPORATION

                                     By: /s/ W. Don Cornwell
                                         -------------------------------------
                                         Name: W. Don Cornwell
                                        Title: Chief Executive Officer

Attest:

By: /s/ Stuart J. Beck
    -------------------------------
    Name:  Stuart J. Beck
    Title: President

<PAGE>
                                                                              19

                                    EXHIBIT A

                                SUBSCRIPTION FORM

                 [To be executed only upon exercise of Warrant]

                  The undersigned registered owner of this Series A Warrant
("Warrant") irrevocably exercises this Warrant for the purchase of [up to]
______________ Shares of Common Stock of GRANITE BROADCASTING CORPORATION and
[herewith makes payment therefor] [requests that the Company withhold the
number of Shares from the Common Stock receivable by the undersigned in
accordance with the Cashless Exercise option specified in Section 2.2 of this
Warrant](1), all at the price and on the terms and conditions specified in this
Warrant and requests that certificates for the shares of Common Stock hereby
purchased (and any securities or other property issuable upon such exercise)
be issued in the name of and delivered to _________________________ whose
address is ____________________________ and, if such shares of Common Stock
shall not include all of the shares of Common Stock issuable as provided in
this Warrant, that a new Warrant of like tenor and date for the balance of
the shares of Common Stock issuable hereunder be delivered to the undersigned.

--------------------------------------
     (Name of Registered Owner)

--------------------------------------
   (Signature of Registered Owner)

--------------------------------------
          (Street Address)

--------------------------------------
 (City)       (State)       (Zip Code)

NOTICE:           The signature on this subscription must correspond with the
                  name as written upon the face of the within Warrant in every
                  particular, without alteration or enlargement or any change
                  whatsoever.

----------
(1)       To be inserted if Cashless Exercise is requested.

<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

                  FOR VALUE RECEIVED the undersigned registered owner of this
Series A Warrant ("Warrant") hereby sells, assigns and transfers unto the
Assignee named below all of the rights of the undersigned under this Warrant,
with respect to the number of shares of Common Stock set forth below:

                                    No. of Shares of
Name and Address of Assignee        of Common Stock
----------------------------        ---------------

and does hereby irrevocably constitute and appoint
__________________________attorney-in-fact to register such transfer on the
books of GRANITE BROADCASTING CORPORATION maintained for the purpose, with full
power of substitution in the premises.

Dated:
       ------------------------------------

Name:
       ------------------------------------
                    (Print)

Signature:
          ------------------------------------

Witness:
          ------------------------------------

NOTICE:           The signature on this subscription must correspond with the
                  name as written upon the face of the within Warrant in every
                  particular, without alteration or enlargement or any change
                  whatsoever.

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