Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.24(b)  

  

Aktiengesellschaft

	Date:	 	June 27, 2001
	To:	 	Young Broadcasting Inc.
	Attention:	 	Swaps Documentation Department
	Facsimile no.:	 	1 212 758 1229
	Our Reference:	 	Global No. N142997N
	Re:	 	Interest Rate Swap Transaction

Ladies
and Gentlemen: 

The
purpose of this letter agreement is to set forth the terms and conditions of the Transaction entered into between Deutsche Bank AG ("DBAG") and Young Broadcasting Inc. ("Counterparty") on
the Trade Date specified below (the "Transaction"). This letter agreement constitutes a "Confirmation" as referred to in the Agreement specified below. 

The
definitions and provisions contained in the 2000 ISDA Definitions (the "Definitions") as published by the International Swaps and Derivatives Association, Inc. are incorporated by reference
herein. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern. 

For
the purpose of this Confirmation, all references in the Definitions or the Agreement to a "Swap Transaction" shall be deemed to be references to this Transaction. 

        1.    This
Confirmation evidences a complete and binding agreement between DBAG ("Party A") and Counterparty ("Party B") as to the terms of the Transaction to which this
Confirmation relates. In addition, Party A and Party B agree to use all reasonable efforts to negotiate, execute and deliver an agreement in the form of the ISDA Master Agreement (Multicurrency-Cross
Border) (the "ISDA Form") (as may be amended, modified or supplemented from time to time, the "Agreement") with such modifications as Party A and Party B will in good faith agree. Upon execution by
the parties of such Agreement, this Confirmation will supplement, form a part of and be subject to the Agreement. All provisions contained or incorporated by reference in such Agreement upon
its execution shall govern this Confirmation except as expressly modified below. Until Party A and Party B execute and deliver the Agreement, this Confirmation, together with all other documents
referring to the ISDA Form (each a "Confirmation") confirming Transactions (each a "Transaction") entered into between us (notwithstanding anything to the contrary in a Confirmation) shall supplement,
form a part of, and be subject to an agreement in the form of the ISDA Form as if Party A and Party B had executed an agreement on the Trade Date of the first such Transaction between us in
such form, with the Schedule thereto (i) specifying only that (a) the governing law is the laws of the State of New York, without reference to choice of law doctrine provided, that such
choice of law shall be superseded by any choice of law provision specified in the Agreement upon its execution, and (b) the Termination Currency is U.S. Dollars and (ii) incorporating
the addition to the definition of "Indemnifiable Tax" contained in (page 48 of) the ISDA "User's Guide to the 1992 ISDA Master Agreements". In the event of any inconsistency between the terns of this
Confirmation, and the terms of the Agreement, this Confirmation will prevail for the purpose of this Transaction. 

        2.    The
terms of the particular Transaction to which this Confirmation relates are as follows: 

	 	Notional Amount:	 	USD 63,200,000
	 	Trade Date:	 	June 27, 2001
	 	Effective Date:	 	June 29, 2001

 

	 	Termination Date:	 	March 1, 2011, subject to (i) adjustment in accordance with the Modified Following Business Day Convention and (ii) the provisions of Section 3 and 4 of this Confirmation.
	 	 	 
	Fixed Amounts:	 	 
	 	Fixed Rate Payer:	 	DBAG
	 	Fixed Rate Payer Payment Dates:	 	The 1st day of March and September of each year, commencing September 1, 2001, through and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day
Convention.
	 	Fixed Rate:	 	10.0%
	 	Fixed Rate Day Count Fraction:	 	30/360
	 	 	 
	Floating Amounts:	 	 
	 	Floating Rate Payer:	 	Counterparty
	 	Floating Rate Payer Payment Dates:	 	The 1st day of March and September of each year, commencing September 1, 2001, through and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day
Convention.
	 	Floating Rate for initial Calculation:	 	3.73% (exclusive of Spread)
	 	Floating Rate Option: Designated Maturity:	 	USD-LIBOR-BBA
	 	Designated Maturity:	 	Six Months
	 	Spread:	 	Plus 5.95%
	 	Floating Rate Day Count Fraction:	 	Actual/360
	 	Reset Dates:	 	The first Business Day in each Calculation Period
	 	Compounding:	 	Inapplicable
	 	 	 
	Business Days:	 	New York and London
	 	 	 
	3. (a) Early Termination:	 	 
	 	Optional Early Termination:	 	Applicable, provided that no Event of Default or Potential Event of Default with respect to the Exercising Party shall have occurred and be continuing.
	 	Option Style:	 	European
	 	Exercise Business Day:	 	New York and London
	 	 	 
	  (b) Procedure for Exercise:

    Expiration Date:	 	

30 calendar Days preceding the Cash Settlement Payment Date
	 	Earliest Exercise Time:	 	9:00 a.m., New York time
	 	Expiration Time:	 	11:00 a.m., New York time
	 	 	 
	  (c) Settlement Terms:	 	 
	 	Cash Settlement:	 	Applicable
	 	Cash Settlement Valuation Time:	 	11:00 a.m., New York time
	 	Valuation Business Days:	 	New York and London
	 	Cash Settlement Payment Date:	 	November 30, 2005

2

 

	 	Business Day Convention for Cash

Settlement Payment Date:	 	Modified Following
	 	Cash Settlement Method:	 	Cash Price
	 	Settlement Rate:	 	Inapplicable
	 	Quotation Rate:	 	Mid
	 	 	 
	4. (a) Early Termination:	 	 
	 	Optional Early Termination:	 	Applicable
	 	Option Style:	 	American
	 	Seller:	 	Counterparty
	 	Buyer:	 	DBAG
	 	Exercise Business Day:	 	New York and London
	 	 	 
	  (b) Procedure for Exercise:	 	 
	 	Commencement Date:	 	March 1, 2006
	 	Expiration Date:	 	30 calendar days preceding March 1, 2011, provided that if such date that would otherwise be the Expiration Date is not an Exercise Business Day, such date shall be adjusted in accordance with the Preceding Business
Day Convention and Business Days for such purpose shall be a day that is an Exercise Business Day.
	 	Earliest Exercise Time:	 	9:00 a.m., New York time
	 	Expiration Time:	 	11:00 a.m. New York time
	 	Optional Early Termination Date:	 	30 calendar days following the Exercise Date, subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 
	  (c) Settlement Terms:	 	 
	 	Cash Settlement:	 	Inapplicable
	 	Special Provisions:	 	In the event that the Exercising Party exercises its Option pursuant to the foregoing terms and conditions, the amounts payable by the parties on the Optional Early Termination Date shall be calculated as if the Optional
Early Termination Date were the final Payment Date for this Transaction. In addition to the Fixed Amount payable by DBAG on the Optional Termination Date, DBAG shall pay a termination fee (a "Termination Fee") determined in accordance with the
attached Exhibit 1. Upon payment of any such amounts no further rights or obligations shall exist between the parties with respect to this Transaction.
	 	 	 
	5. Account Details;	 	 
	 	USD DBAG Payment Instructions:	 	 
	 	Account With:	 	Deutsche Bank AG, New York
	 	SWIFT Code:	 	DEUTUS33
	 	Favor Of:	 	Deutsche Bank AG, New York
	 	Account Number:	 	100440170004

3

 

	 	 	 
	 	USD Counterparty Payment Instructions:	 	 
	 	Account With:	 	First Union National Bk, Charlotte
	 	SWIFT Code:	 	PNBPUS33CHA
	 	Favor Of:	 	Young Broadcasting Inc., New York
	 	Account Number:	 	2000000984124
	 	 	 
	6. Offices:	 	 
	The Office of DBAG for this Transaction is New York.
	 	 	 
	7. Calculation Agent:	 	The party specified as such in the Agreement, or if not specified therein, DBAG.

	8.
	Representations

Counterparty,
if it is a nonresident alien individual, foreign corporation, foreign partnership, foreign trust, or foreign estate, represents that it is a foreign person for purposes of US Treasury
regulations relating to information reporting and backup withholding. 

Each
party will be deemed to represent to the other party on the date on which it enters into this Transaction that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary for this Transaction): 

          (i)  Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into
this Transaction and as to whether this Transaction is appropriate or proper for it based upon its own judgement and upon advice from such advisers as it has deemed necessary. It is not relying on any
communication (written or oral) of the other party as investment advice or as a recommendation to enter into this Transaction; it being understood that information and explanations related to the
terms and conditions of this Transaction shall not be considered investment advice or a recommendation to enter into this Transaction. No communication (written or oral) received from the other party
shall be deemed to be an assurance or guarantee as to the expected results of this Transaction. 

        (ii)  Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through
independent professional advice), and understands and accepts, the terms, conditions and risks of this Transaction. It is also capable of assuming, and assumes, the risks of this Transaction. 

        (iii)  Status of Parties. The other party is not acting as a fiduciary for, or an adviser to it in respect of this
Transaction. 

	9.
	Other Provisions

Each
of the representations, warranties, covenants and events of default contained in each of the Credit Agreements and Second Amended and Restated Credit Agreements, dated as of June 26, 2000,
respectively among Young Broadcasting, Inc., the banks and other financial institutions listed on the
signature pages thereof, Bankers Trust Company, as Administrative Agent for the Lenders and the Issuing Bank thereunder, and First Union National Bank and CIBC World Markets Corp., and Syndication
Agents for the Lenders thereunder (as amended, modified, or supplemented from time to time, the "Credit Agreements") is hereby incorporated into this Confirmation by this reference and made a part to
the same extent as if the Credit Agreements were set forth in full, provided that any reference in such provisions to the Lenders shall be deemed to be a reference to Party A. If for any reason
Bankers Trust Company (or any of its affiliates) ceases to remain a party to such Credit Agreements or if such Credit Agreements should for any reason terminate or if Bankers Trust Company (or any of
its affiliates) shall object to any amendment to the Credit Agreements, such 

4

 

provisions will be incorporated herein as they existed immediately prior to such event. This Transaction shall be deemed to constitute an Interest Rate Protection Agreement as permitted under
Section 5.02(b)(F) of the Credit Agreements. Each such incorporated term will be deemed an agreement or obligation for the purposes of Section 5 (a)(ii) of the ISDA Master
Agreement. 

"The
obligations of the Counterparty to DBAG under this Transaction shall be equally and ratably secured with the Counterparty's obligations to the Lenders under the Credit Agreement pursuant to
Collateral Documents under the Credit Agreements. Such Collateral Document under the Credit Agreements shall be Credit Support Documents for the purposes of the ISDA Master Agreement. If the
Counterparty's obligations to DBAG under this Transaction cease to be equally and ratably secured with the Counterparty's obligations to the Lenders under the Credit Agreements pursuant to the
Collateral Documents, or if any collateral under the Collateral Documents is released at any time when Bankers Trust Company (or any of its Affiliates) is not a party to the Credit Agreements, unless
Party A shall have consented in writing prior to such release, such event will constitute an Additional Termination Event with the Counterparty as the Affected Party." 

        10.  Section 6
of the Agreement is amended by the addition of the following Section 6(f): 

"(f)
Upon the designation of any Early Termination Date, the party that is not the Defaulting Party or Affected Party ("X") may, without prior notice to the Defaulting or Affected Party ("Y"), set off
any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the
sum or obligation) owed by Y to X or any Affiliate of X (the "X Set Off Amount") against any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or
not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by X or any Affiliate of X to Y (the "Y Set Off Amount"). X will give notice to the
other party of any set off effected under this Section 6(f). 

For
this purpose, either the X Set Off Amount or the Y Set Off Amount (or the relevant portion of such set off amounts) may be converted by X into the currency in which the other set off amount is
denominated at the rate of exchange at which X would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. 

If
a sum or obligation is unascertained, X may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the
obligation is ascertained. 

Nothing
in this Section 6(f) shall be effective to create a charge or other security interest. This Section 6(f) shall be without prejudice and in addition to any right of
set-off, combination of accounts, lien or other rights to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise)." 

        11.  Nothwithstanding
the provisions of Section 7 of the Agreement, each party hereto hereby agrees to not unreasonably withhold the right of the other party to
transfer this Transaction. 

        12.  Please
confirm that the foregoing correctly sets forth the terms of our agreement by having an authorized officer sign this Confirmation and return it via facsimile or
e-mail to: 

Attention:
Swap Documentation

Telephone: 1 212 602 2900

Facsimile: 1 212 602 2604

E-mail: Swaps.Docs.Queries@db.com 

5

 

This
message will be the only form of Confirmation dispatched by us. If you wish to exchange hard copy forms of this Confirmation, please contact us. 

Yours
sincerely, 

Deutsche
Bank AG 

By:
/s/  MARISA FLOOD      

Name:    Marisa
Flood

Authorized Signatory 

By:

/s/  KEITH DOREE    

Name: Keith Doree

Authorized Signatory 

Confirmed
as of the date first written above: 

Young
Broadcasting Inc, 

By:
/s/  JAMES A. MORGAN     

Name: James A. Morgan

Title: Exec VP-CFO 

6

 
 
 

EXHIBIT 1    
  

        With respect to the Optional Early Termination Date for any Calculation Period falling within the periods set forth below, the Termination Fee shall be calculated
as a percentage of the Notional Amount as set forth opposite the relevant period and underneath the caption Termination Fee, as follows: 

	From and including *`
 
	 	To but excluding*
	 	Termination Fee

	March 1, 2006	 	March 1, 2007	 	5.00%
	March 1, 2007	 	March 1, 2008	 	3.333%
	March 1, 2008	 	March 1, 2009	 	1.667%
	March 1, 2009	 	March 1, 2011	 	0.00%

	*
	All
dates listed above shall not be subject to adjustment in accordance with any Modified Following Business Day Convention 

7

QuickLinks

EXHIBIT 1<Page>

                                                                     EXHIBIT 4.1

                      UNITED WISCONSIN GRAIN PRODUCERS, LLC
                             SUBSCRIPTION AGREEMENT
                                Membership Units

                                 $1,000 PER UNIT

                       10 UNIT MINIMUM PURCHASE ($10,000)

The undersigned subscriber, desiring to become a member of United Wisconsin
Grain Producers, LLC ("UWGP"), a Wisconsin limited liability company, with its
principal place of business at PO BOX 247 Richland Street, Friesland, Wisconsin,
53935, hereby subscribes for the purchase of the membership interests of UWGP,
and agrees to pay the related purchase price, identified below.

A.   SUBSCRIBER INFORMATION. Please print your individual or entity name and
address. Joint subscribers should provide their respective names. Your name and
address will be recorded exactly as printed below.

  1.  Subscriber's Printed Name        _________________________________________
  2.  Title, if applicable:            _________________________________________
  3.  Subscriber's Address:
         Street                        _________________________________________
         City, State, Zip Code         _________________________________________

B.   NUMBER OF UNITS PURCHASED. You must purchase at least 10 units. Your
ownership interest may not exceed 30% of all of our outstanding membership
units. Accordingly, assuming that we sell the minimum number of 19,250 Units in
this Offering, you may not purchase more than 6,207 Units. We presently have
1,280 Units outstanding.

         ____________________________

C.   PURCHASE PRICE.  Indicate the dollar amount of your investment.

<Table>
<S>                                     <C>                                       <C>
  1. Total Purchase Price            =  2. Ten Percent (10%) 1st Installment   +  3. Ninety Percent (90%) 2nd Installment
     --------------------                  ---------------------------------         ------------------------------------
($1,000 per Unit  multiplied  by           (10% of the Total Purchase                (90%  of the  Total  Purchase
the number in box B above.)                Price)                                    Price)

___________________________________  =  _____________________________________  +  _________________________________________
</Table>

D.   GENERAL INSTRUCTIONS FOR SUBSCRIBERS:

You should read the Prospectus dated [Date of Effectiveness] (the "Prospectus")
in its entirety including financial statements and exhibits for a complete
explanation of an investment in UWGP. To subscribe, you must:

     1.   Complete all information required in this Subscription Agreement, and
date and sign this Subscription Agreement at page 5.

     2.   Complete all information required by the Member Signature Page of the
Operating Agreement, and date and sign the Member Signature Page (the last page
attached to this Subscription Agreement).

     3.   Immediately provide your personal (or business) check for the first
installment of ten percent (10%) of your investment amount made payable to "U.S.
BANK -- ESCROW AGENT FOR UWGP". You will determine this amount in box C.2 on
page 1 of this Subscription Agreement.

                                        1
<Page>

     4.   Execute the Promissory Note and Security Agreement on page 7 of this
Subscription Agreement evidencing your commitment to pay the remaining ninety
percent (90%) due for the Units that is attached to this Subscription Agreement
and your agreement to grant UWGP a security interest in your membership units.

     5.   Deliver each of the original executed documents referenced in Items 1,
2, and 4 of these Instructions, together with your personal check described in
Item 3 of these Instructions to any one of the UWGP board members listed below
or via mail to:

                        US Bank Corporate Trust Services
                    1555 North River Center Drive, Suite 301
                               Milwaukee, WI 53212

     6.   Secure an additional personal (or business) check for the second
installment of ninety percent (90%) of your investment amount made payable to
"U.S. BANK -- ESCROW AGENT FOR UWGP" in satisfaction of the Promissory Note. You
will determine this amount in box C.3 on page 1 of this Subscription Agreement.
Deliver this check to the same address set forth above in Instruction 5 within
twenty (20) days of the date of UWGP's written notice that its sales of Units
have exceeded the Minimum Escrow Deposit of $19,250,000.

Your funds will be placed in UWGP's escrow account US Bank Corporate Trust
Services, and the funds will be released to UWGP or returned to you in
accordance with the escrow arrangements described in the Prospectus. If UWGP
rejects your subscription, your Subscription Agreement and investment will be
returned to you within 30 days of such rejection, plus nominal interest, minus
escrow fees. UWGP may not consider the acceptance or rejection of your
subscription until a future date near the end of this Offering.

YOU MAY DIRECT YOUR QUESTIONS TO ONE OF OUR DIRECTORS LISTED BELOW OR TO UWGP AT
(920) 348-5016.

<Table>
<Caption>
                                 Additional                                         Additional
                  Telephone       Telephone                        Telephone         Telephone
   Director        Number          Number         Director          Number            Number
   --------       ---------      ----------       --------         ---------        ----------
<S>             <C>              <C>            <C>              <C>              <C>
Mr. Kevin M.
Roche           (920) 210-2490                  Cal Dalton       (608) 429-2544   (608) 444-1571
William R.
Herrmann        (920) 623-3729                  Jerry Franz      (608) 635-4093
Robert Miller   (262) 966-2702                  Carl Benck       (920) 484-3943   (920) 948-3127
                                                Berwyn
Bob Lange       (920) 623-3317                  Westra           (920) 326-3885
</Table>

E.   ADDITIONAL SUBSCRIBER INFORMATION. The subscriber, named above, certifies
the following under penalties of perjury:

     1.   FORM OF OWNERSHIP. Check the appropriate box (one only) to indicate
          form of ownership. If the subscriber is a Custodian, Corporation,
          Partnership or Trust, please provide the additional information
          requested.

          / /     Individual

          / /     Joint Tenants with Right of Survivorship (Both signatures must
                  appear below)

          / /     Corporation or Partnership (Corporate Resolutions or
                  Partnership Agreement must be enclosed)

          / /     IRA

          / /     KEOGH

          / /     Pension or Profit Sharing Plan

          / /     Trust

                  Trustee's Name: _____________________________________

                                        2
<Page>

                  Trust Date: ______________________________________________

          / /     Other: Provide detailed information in the space immediately
                         below.

     2.   SUBSCRIBER'S TAXPAYER INFORMATION. Check the appropriate box if you
          are a non-resident alien, a U.S. Citizen residing outside the United
          States or subject to back up withholding. KEOGHS should provide the
          taxpayer identification number of the account and the social security
          number of the accountholder. Trusts should provide their taxpayer
          identification number. Custodians should provide the minor's social
          security number. All individual subscribers and IRA subscribers should
          provide their social security number. Other entities should provide
          their taxpayer identification number.

          / /     Check box if you are a non-resident alien

          / /     Check box if you are a U.S. citizen residing outside of the
                  United States

          / /     Check this box if you are subject to backup withholding

          Subscriber's Social Security No.   ______________________________

          Joint Subscriber's Social Security No.  ___________________________

          Taxpayer Identification No.   ______________________________

     3.   MEMBER REPORT ADDRESS. If you would like duplicate copies of member
          reports sent to an address that is different than the address
          identified in section A, please complete this section.

          Address:     _________________________________________

                       _____________________________________________

     4.   STATE OF RESIDENCE.

          State of Principal Residence:   _________________________________

          State where driver's license is issued   _____________________

          State where income taxes are filed     ___________________________

          State(s) in which you have maintained your principal residence during
          the past three years:

          a.                      b.                      c.
          ___________________     ____________________    ______________________

     5.   SUITABILITY STANDARDS. You cannot invest in UWGP unless you meet one,
          or more, of the suitability tests set forth below. Please review the
          suitability tests and check the box(es) next to the following
          suitability test that you meet. For husbands and wives purchasing
          jointly, the tests above will be applied on a joint basis.

          / /     I (We) have annual income from whatever source of at least
                  $30,000 and a net worth of at least $30,000, exclusive of
                  home, furnishings and automobiles; or

          / /     I (We) have a net worth of at least $75,000, exclusive of
                  home, furnishings and automobiles.

     6.   SUBSCRIBER'S REPRESENTATIONS AND WARRANTIES. You must read and certify
          your representations and warranties and sign and date this
          Subscription Agreement.

                                        3
<Page>

          By signing below the subscriber represents and warrants to UWGP that
          he, she or it:

          a.   has received a copy of and is familiar with and understands
               UWGP's Prospectus, and all modifications or supplements thereto;
          b.   has relied solely upon the Prospectus in evaluating the purchase
               of the Units;
          c.   has been informed that the Units of UWGP are offered and sold in
               reliance upon a federal securities registration, Illinois and
               Wisconsin securities registrations, and exemptions from
               securities registrations in various other states, and understands
               that the Units to be issued pursuant to this subscription
               agreement can only be sold to a person meeting requirements of
               suitability;
          d.   has been informed that the securities purchased pursuant to this
               Subscription Agreement have not been registered under the
               securities laws of any state other than the States of Illinois
               and Wisconsin, and that UWGP is relying in part upon the
               representations of the undersigned Subscriber contained herein;
          e.   has been informed that the securities subscribed for have not
               been approved or disapproved by the Securities and Exchange
               Commission or the Illinois and Wisconsin Securities Departments
               or any other regulatory authority, nor has any regulatory
               authority passed upon the accuracy or adequacy of the Prospectus;
          f.   intends to acquire the Units for his/her/its own account without
               a view to public distribution or resale and that he/she/it has no
               contract, undertaking, agreement or arrangement to sell or
               otherwise transfer or dispose of any Units or any portion thereof
               to any other person;
          g.   understands that there is no present market for UWGP's membership
               units, that the membership units will not trade on an exchange or
               automatic quotation system, that no such market is expected to
               develop in the future and that there are significant restrictions
               on the transferability of the membership units;
          h.   has received a copy of the UWGP Operating Agreement, and
               understands that upon closing the escrow by UWGP, the subscriber
               and the membership units will be bound by the provisions of the
               Operating Agreement which contains, among other things,
               provisions that restrict the transfer of membership units;
          i.   understands that the Units are subject to substantial
               restrictions on transfer under federal and state securities laws
               along with restrictions in the UWGP Operating Agreement and
               agrees that if the membership units or any part thereof are sold
               or distributed in the future, the subscriber shall sell or
               distribute them pursuant to the terms of the Operating Agreement,
               and the requirements of the Securities Act of 1933, as amended,
               and applicable state securities laws;
          j.   meets the suitability test marked in Item 5 above and is capable
               of bearing the economic risk of this investment, including the
               possible total loss of the investment;
          k.   understands that UWGP will place a restrictive legend on any
               certificate representing any unit containing substantially the
               following language as the same may be amended by the Directors of
               UWGP in their sole discretion:
                    THE TRANSFERABILITY OF THE UNITS REPRESENTED BY THIS
                    CERTIFICATE IS RESTRICTED. SUCH UNITS MAY NOT BE SOLD,
                    ASSIGNED, OR TRANSFERRED, NOR WILL ANY ASSIGNEE, VENDEE,
                    TRANSFEREE, OR ENDORSEE THEREOF BE RECOGNIZED AS HAVING
                    ACQUIRED ANY SUCH UNITS FOR ANY PURPOSES, UNLESS AND TO THE
                    EXTENT SUCH SALE, TRANSFER, HYPOTHECATION, OR ASSIGNMENT IS
                    PERMITTED BY, AND IS COMPLETED IN STRICT ACCORDANCE WITH,
                    APPLICABLE STATE AND FEDERAL LAW AND THE TERMS AND
                    CONDITIONS SET FORTH IN THE OPERATING AGREEMENT AS AGREED TO
                    BY EACH MEMBER.

                    THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE
                    SOLD, OFFERED FOR SALE, OR TRANSFERRED IN THE ABSENCE OF
                    EITHER AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OF
                    1933, AS AMENDED, AND UNDER APPLICABLE STATE SECURITIES
                    LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
                    THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE
                    SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE
                    STATE SECURITIES LAWS.

                                        4
<Page>

          l.   and that, to enforce the above legend, UWGP may place a stop
               transfer order with its registrar and stock transfer agent (if
               any) covering all certificates representing any of the membership
               units;
          m.   may not transfer or assign this subscription agreement, or any of
               the subscriber's interest herein;
          n.   has written his, her, or its correct taxpayer identification
               number under Item 2 on this subscription agreement; and
          o.   is not subject to back up withholding either because he, she or
               it has not been notified by the Internal Revenue Service ("IRS")
               that he, she or it is subject to backup withholding as a result
               of a failure to report all interest or dividends, or the IRS has
               notified him, her or it that he is no longer subject to backup
               withholding (Note this clause (p) should be crossed out if the
               backup withholding box in Item 2 is checked).
          p.   understands that execution of the attached Promissory Note and
               Security Agreement will allow UWGP or its assigns to pursue the
               obligor for payment of the amount due thereon by any legal means,
               including, but not limited to, acquisition of a judgment against
               the obligor in the event that the subscriber defaults on that
               Promissory Note; and
          q.   Acknowledges that UWGP may retain possession of certificates
               representing subscriber's Units to perfect its security interest
               in those Units.

SIGNATURE OF SUBSCRIBER/ JOINT SUBSCRIBER:

DATE:
          ------------------------------------

INDIVIDUALS:                                           ENTITIES:

----------------------------------------------  --------------------------------
  Name of Individual Subscriber (Please Print)  Name of Entity (Please Print)

----------------------------------------------  --------------------------------
  Signature of Individual                       Print Name and Title of Officer

----------------------------------------------  --------------------------------
  Name of Joint Individual Subscriber                 Signature of Officer
  (Please Print)

----------------------------------------------
  Signature of Joint Individual Subscriber

                                        5
<Page>

       ACCEPTANCE OF SUBSCRIPTION BY UNITED WISCONSIN GRAIN PRODUCERS, LLC

United Wisconsin Grain Producers, LLC hereby accepts the subscription for the
above Units.

Dated this _____ day of _________________________, 200__.

UNITED WISCONSIN GRAIN PRODUCERS, LLC

By:
    -------------------------------------

Its:
    -------------------------------------

                                        6
<Page>

                     PROMISSORY NOTE AND SECURITY AGREEMENT
                                 $1,000 PER UNIT
                       10 UNIT MINIMUM PURCHASE ($10,000)

Date of Subscription Agreement: ___________________________________, 200__.

__________ Number of Units subscribed

__________ Total Purchase Price ($1,000 per Unit multiplied by number of Units
           subscribed)

_(______)_ Less Initial Payment (10% of Principal Amount)

__________ Principal Balance

FOR VALUE RECEIVED, the undersigned hereby promises to pay to the order of
United Wisconsin Grain Producers, LLC, a Wisconsin limited liability company
("UWGP"), at its principal office located at PO BOX 247 Richland Street,
Friesland, Wisconsin, 53935, or at such other place as required by UWGP, the
Principal Balance set forth above in one lump sum to be paid without interest
within 20 days following the call of the UWGP Board of Directors, as described
in the Subscription Agreement. In the event the undersigned fails to timely make
any payment owed, the entire balance of any amounts due under this Promissory
Note and Security Agreement shall be immediately due and payable in full with
interest at the rate of 12% per annum from the due date.

The undersigned agrees to pay to UWGP on demand, all costs and expenses incurred
to collect any indebtedness evidenced by this Promissory Note and Security
Agreement, including, without limitation, reasonable attorneys' fees. This
Promissory Note and Security Agreement may not be modified orally and shall in
all respects be governed by, construed, and enforced in accordance with the laws
of the State of Wisconsin.

The provisions of this Promissory Note and Security Agreement shall inure to the
benefit of UWGP and its successors and assigns.

The undersigned waives presentment, demand for payment, notice of dishonor,
notice of protest, and all other notices or demands in connection with the
delivery, acceptance, performance or default of this Promissory Note and
Security Agreement.

The undersigned grants to UWGP, and its successors and assigns ("Secured
Party"), a purchase money security interest in all of the undersigned's
Membership Units of UWGP now owned or hereafter acquired. This security interest
is granted as non-exclusive collateral to secure payment and performance on the
obligation owed Secured Party from the undersigned evidenced by this Promissory
Note. The undersigned further authorizes Secured Party to retain possession of
certificates representing such Membership Units and to take any other actions
necessary to perfect the security interest granted herein.

Dated:    , 200 .

OBLIGOR/DEBTOR:                           JOINT OBLIGOR/DEBTOR:

--------------------------------------    --------------------------------------
Printed or Typed Name of Joint Obligor    Printed or Typed Name of Obligor

By:                                       By:
   -----------------------------------       -----------------------------------
   (Signature)                               (Signature)

--------------------------------------
Officer Title if Obligor is an Entity

--------------------------------------

--------------------------------------
Address of Obligor

                                        7
<Page>

                              MEMBER SIGNATURE PAGE

                                     ADDENDA
                                     TO THE
                      UNITED WISCONSIN GRAIN PRODUCERS, LLC
                               OPERATING AGREEMENT

     The undersigned does hereby represent and warrant that the undersigned, as
a condition to becoming a Member in United Wisconsin Grain Producers, LLC (the
"Company"), has received a copy of the Operating Agreement, dated November 2,
2001, and, if applicable, all amendments and modifications thereto, and does
hereby agree that the undersigned, along with the other parties to the Operating
Agreement, shall be subject to and comply with all terms and conditions of said
Operating Agreement in all respects as if the undersigned had executed said
Operating Agreement on the original date thereof and that the undersigned is and
shall be bound by all of the provisions of said Agreement from and after the
date of execution hereof.

INDIVIDUALS:                                    ENTITIES:

--------------------------------------------  ----------------------------------
  Name of Individual Subscriber                 Name of Entity
  (Please Print or Type)                        (Please Print or Type)

--------------------------------------------  ----------------------------------
  Signature of Individual                       Print Name and Title of Officer

--------------------------------------------  ----------------------------------
  Name of Joint Individual Subscriber                Signature of Officer
  (Please Print or Type)

--------------------------------------------
  Signature of Joint Individual Subscriber

Agreed and accepted on behalf of the
Company and its Members:

UNITED WISCONSIN GRAIN PRODUCERS, LLC

By:
   -------------------------------------

Its:
    -------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]