Document:

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                                                                   EXHIBIT 10.23

(Multicurrency--Cross Border)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT
                  dated as of the 6th day of June, 2000 between

                 CANADIAN IMPERIAL BANK OF COMMERCE ("Party A")

                                       and

                       YOUNG BROADCASTING INC. ("Party B")

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:

1. Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement

(b) Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2. Obligations

(a) General Conditions.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.

        Copyright (C) 1992 by International Swap Dealers Association, Inc.
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(b) Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) Netting. If on any date amounts would otherwise be payable:--

      (i) in the same currency; and

      (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) Deduction or Withholding for Tax.

      (i) Gross-Up. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:--

            (1) promptly notify the other party ("Y") of such requirement;

            (2) pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3) promptly forward to Y an official receipt (or a certified copy),
            or other documentation reasonably acceptable to Y, evidencing such
            payment to such authorities; and

            (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount, as is necessary to ensure that the net
            amount actually received by Y (free and clear of Indemnifiable
            Taxes, whether assessed against X or Y) will equal the full amount Y
            would have received had no such deduction or withholding been
            required. However, X will not be required to pay any additional
            amount to Y to the extent that it would not be required to be paid
            but for:--

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

                                        2                          ISDA(R) 1992

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      (ii) Liability. If:--

            (1) X is required by any applicable law, as modified by the practice
            of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2) X does not so deduct or withhold; and

            (3) a liability resulting from such Tax is assessed directly against
            X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) Default Interest; Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3. Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a) Basic Representations.

      (i) Status. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii) Powers. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) No Violation or Conflict. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv) Consents. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v) Obligations Binding. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal. valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

                                       3                            ISDA(R) 1992
<PAGE>

(b) Absence of Certain Events. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

      (i) any forms, documents or certificates relating to taxation specified in
      the Schedule or any Confirmation;

      (ii) any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                       4                            ISDA(R) 1992
<PAGE>

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5. Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or. if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

      (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

      (ii) Breach of Agreement. Failure by the party to comply with or perform
      any agreement or obligation (other than an obligation to make any payment
      under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
      notice of a Termination Event or any agreement or obligation under Section
      4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
      in accordance with this Agreement if such failure is not remedied on or
      before the thirtieth day after notice of such failure is given to the
      party;

      (iii) Credit Support Default.

            (1) Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2) the expiration or termination of such Credit Support Document or
            the failing or ceasing of such Credit Support Document to be in full
            force and effect for the purpose of this Agreement (in either case
            other than in accordance with its terms) prior to the satisfaction
            of all obligations of such party under each Transaction to which
            such Credit Support Document relates without the written consent of
            the other party; or

            (3) the party or such Credit Support Provider disaffirms, disclaims,
            repudiates or rejects, in whole or in part, or challenges the
            validity of, such Credit Support Document;

      (iv) Misrepresentation. A representation (other than a representation
      under Section 3(e) or (f)) made or repeated or deemed to have been made or
      repeated by the party or any Credit Support Provider of such party in this
      Agreement or any Credit Support Document proves to have been incorrect or
      misleading in any material respect when made or repeated or deemed to have
      been made or repeated;

      (v) Default under Specified Transaction. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party
      (1) defaults under a Specified Transaction and, after giving effect to any
      applicable notice requirement or grace period, there occurs a liquidation
      of, an acceleration of obligations under, or an early termination of, that
      Specified Transaction, (2) defaults, after giving effect to any applicable
      notice requirement or grace period, in making any payment or delivery due
      on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at
      least three Local Business Days if there is no applicable notice
      requirement or grace period) or (3) disaffirms, disclaims, repudiates or
      rejects, in whole or in part, a Specified Transaction (or such action is
      taken by any person or entity appointed or empowered to operate it or act
      on its behalf);

      (vi) Cross Default. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however

                                       5                            ISDA(R) 1992
<PAGE>

      described) in respect of such party, any Credit Support Provider of such
      party or any applicable Specified Entity of such party under one or more
      agreements or instruments relating to Specified Indebtedness of any of
      them (individually or collectively) in an aggregate amount of not less
      than the applicable Threshold Amount (as specified in the Schedule) which
      has resulted in such Specified Indebtedness becoming, or becoming capable
      at such time of being declared, due and payable under such agreements or
      instruments, before it would otherwise have been due and payable or (2) a
      default by such party, such Credit Support Provider or such Specified
      Entity (individually or collectively) in making one or more payments on
      the due date thereof in an aggregate amount of not less than the
      applicable Threshold Amount under such agreements or instruments (after
      giving effect to any applicable notice requirement or grace period);

      (vii) Bankruptcy. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party:--

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof; (5) has a resolution passed for its
            winding-up, official management or liquidation (other than pursuant
            to a consolidation, amalgamation or merger); (6) seeks or becomes
            subject to the appointment of an administrator, provisional
            liquidator, conservator, receiver, trustee, custodian or other
            similar official for it or for all or substantially all its assets;
            (7) has a secured party take possession of all or substantially all
            its assets or has a distress, execution, attachment, sequestration
            or other legal process levied, enforced or sued on or against all or
            substantially all its assets and such secured party maintains
            possession, or any such process is not dismissed, discharged, stayed
            or restrained, in each case within 30 days thereafter; (8) causes or
            is subject to any event with respect to it which, under the
            applicable laws of any jurisdiction, has an analogous effect to any
            of the events specified in clauses (1) to (7) (inclusive); or (9)
            takes any action in furtherance of, or indicating its consent to,
            approval of, or acquiescence in, any of the foregoing acts; or

      (viii) Merger Without Assumption. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, another entity and, at
      the time of such consolidation, amalgamation, merger or transfer:--

            (1) the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2) the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                       6                            ISDA(R) 1992
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Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

      (i) Illegality. Due to the adoption of, or any chance in, any applicable
      law after the date on which a Transaction is entered into, or due to the
      promulgation of, or any change in, the interpretation by any court,
      tribunal or regulatory authority with competent jurisdiction of any
      applicable law after such date, it becomes unlawful (other than as a
      result of a breach by the party of Section 4(b)) for such party (which
      will be the Affected Party):--

            (1) to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2) to perform, or for any Credit Support Provider of such party to
            perform, any contingent or other obligation which the party (or such
            Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

      (ii) Tax Event. Due to (x) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, on or after the date on
      which a Transaction is entered into (regardless of whether such action is
      taken or brought with respect to a party to this Agreement) or (y) a
      Change in Tax Law, the party (which will be the Affected Party) will, or
      there is a substantial likelihood that it will, on the next succeeding
      Scheduled Payment Date (1) be required to pay to the other party an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount is required to be
      deducted or withheld for or on account of a Tax (except in respect of
      interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the next
      succeeding Scheduled Payment Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount has been deducted or
      withheld for or on account of any Indemnifiable Tax in respect of which
      the other party is not required to pay an additional amount (other than by
      reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
      party consolidating or amalgamating with, or merging with or into, or
      transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

      (iv) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, such party ("X"), any Credit
      Support Provider of X or any applicable Specified Entity of X consolidates
      or amalgamates with, or merges with or into, or transfers all or
      substantially all its assets to, another entity and such action does not
      constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is
      materially weaker than that of X, such Credit Support Provider or such
      Specified Entity, as the case may be, immediately prior to such action
      (and, in such event, X or its successor or transferee, as appropriate,
      will be the Affected Party); or

      (v) Additional Termination Event. If any "Additional Termination Event" is
      specified in the Schedule or any Confirmation as applying, the occurrence
      of such event (and, in such event, the Affected Party or Affected Parties
      shall be as specified for such Additional Termination Event in the
      Schedule or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                       7                            ISDA(R) 1992
<PAGE>

6. Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

      (i) Notice. If a Termination Event occurs, an Affected Party will,
      promptly upon becoming aware of it, notify the other party, specifying the
      nature of that Termination Event and each Affected Transaction and will
      also give such other information about that Termination Event as the other
      party may reasonably require.

      (ii) Transfer to Avoid Termination Event. If either an Illegality under
      Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
      Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
      Affected Party, the Affected Party will, as a condition to its right to
      designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss,
      excluding immaterial, incidental expenses) to transfer within 20 days
      after it gives notice under Section 6(b)(i) all its rights and obligations
      under this Agreement in respect of the Affected Transactions to another of
      its Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a
      Tax Event occurs and there are two Affected Parties, each party will use
      all reasonable efforts to reach agreement within 30 days after notice
      thereof is given under Section 6(b)(i) on action to avoid that Termination
      Event.

      (iv) Right to Terminate. If:--

            (1) a transfer under Section 6(b)(ii) or an agreement under Section
            6(b)(iii), as the case may be, has not been effected with respect to
            all Affected Transactions within 30 days after an Affected Party
            gives notice under Section 6(b)(i); or

            (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then

                                       8                            ISDA(R) 1992
<PAGE>

      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c) Effect of Designation.

      (i) If notice designating an Early Termination Date is given under Section
      6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii) Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
      respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

(d) Calculations.

      (i) Statement. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

      (ii) Payment Date. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

      (i) Events of Default. If the Early Termination Date results from an Event
      of Default:--

            (1) First Method and Market Quotation. If the First Method and
            Market Quotation apply, the Defaulting Party will pay to the
            Non-defaulting Party the excess, if a positive number, of (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party.

            (2) First Method and Loss. If the First Method and Loss apply, the
            Defaulting Party will pay to the Non-defaulting Party, if a positive
            number, the Non-defaulting Party's Loss in respect of this
            Agreement.

            (3) Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the

                                       9                            ISDA(R) 1992
<PAGE>

            Non-defaulting Party) in respect of the Terminated Transactions and
            the Termination Currency Equivalent of the Unpaid Amounts owing to
            the Non-defaulting Party less (B) the Termination Currency
            Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
            that amount is a positive number, the Defaulting Party will pay it
            to the Non-defaulting Party; if it is a negative number, the
            Non-defaulting Party will pay the absolute value of that amount to
            the Defaulting Party.

            (4) Second Method and Loss. If the Second Method and Loss apply, an
            amount will be payable equal to the Non-defaulting Party's Loss in
            respect of this Agreement. If that amount is a positive number, the
            Defaulting Party will pay it to the Non-defaulting Party; if it is a
            negative number, the Non-defaulting Party will pay the absolute
            value of that amount to the Defaulting Party.

      (ii) Termination Events. If the Early Termination Date results from a
      Termination Event:--

            (1) One Affected Party. If there is one Affected Party, the amount
            payable will be determined in accordance with Section 6(e)(i)(3), if
            Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
            except that, in either case, references to the Defaulting Party and
            to the Non-defaulting Party will be deemed to be references to the
            Affected Party and the party which is not the Affected Party,
            respectively, and, if Loss applies and fewer than all the
            Transactions are being terminated, Loss shall be calculated in
            respect of all Terminated Transactions.

            (2) Two Affected Parties. If there are two Affected Parties:--

                  (A) if Market Quotation applies, each party will determine a
                  Settlement Amount in respect of the Terminated Transactions,
                  and an amount will be payable equal to (I) the sum of (a)
                  one-half of the difference between the Settlement Amount of
                  the party with the higher Settlement Amount ("X") and the
                  Settlement Amount of the party with the lower Settlement
                  Amount ("Y") and (b) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to X less (II) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to Y; and

                  (B) if Loss applies, each party will determine its Loss in
                  respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

      (iii) Adjustment for Bankruptcy. In circumstances where an Early
      Termination Date occurs because "Automatic Early Termination" applies in
      respect of a party, the amount determined under this Section 6(e) will be
      subject to such adjustments as are appropriate and permitted by law to
      reflect any payments or deliveries made by one party to the other under
      this Agreement (and retained by such other party) during the period from
      the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

      (iv) Pre-Estimate. The parties agree that if Market Quotation applies an
      amount recoverable under this Section 6(e) is a reasonable pre-estimate of
      loss and not a penalty. Such amount is payable for the loss of bargain and
      the loss of protection against future risks and except as otherwise
      provided in this Agreement neither party will be entitled to recover any
      additional damages as a consequence of such losses.

                                       10                           ISDA(R) 1992
<PAGE>

7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                       11                           ISDA(R) 1992
<PAGE>

9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) Counterparts and Confirmations.

      (i) This Agreement (and each amendment, modification and waiver in respect
      of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

      (ii) The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation shall be entered into as soon as practicable
      and may be executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes or by an exchange of
      electronic messages on an electronic messaging system, which in each case
      will be sufficient for all purposes to evidence a binding supplement to
      this Agreement. The parties will specify therein or through another
      effective means that any such counterpart, telex or electronic message
      constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

19. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(h) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                       12                           ISDA(R) 1992
<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

      (i) if in writing and delivered in person or by courier, on the date it is
      delivered;

      (ii) if sent by telex, on the date the recipient's answerback is received;

      (iii) if sent by facsimile transmission, on the date that transmission is
      received by a responsible employee of the recipient in legible form (it
      being agreed that the burden of proving receipt will be on the sender and
      will not be met by a transmission report generated by the sender's
      facsimile machine);

      (iv) if sent by certified or registered mail (airmail, if overseas) or the
      equivalent (return receipt requested), on the date that mail is delivered
      or its delivery is attempted; or

      (v) if sent by electronic messaging system, on the date that electronic
      message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

      (i) submits to the jurisdiction of the English courts, if this Agreement
      is expressed to be governed by English law, or to the non-exclusive
      jurisdiction of the courts of the State of New York and the United States
      District Court located in the Borough of Manhattan in New York City, if
      this Agreement is expressed to be governed by the laws of the State of New
      York; and

      (ii) waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13                           ISDA(R) 1992
<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction. order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in this Agreement:--

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate,

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                       14                           ISDA(R) 1992
<PAGE>

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15                           ISDA(R) 1992
<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meaning specified in the Schedule.

                                       16                           ISDA(R) 1992
<PAGE>

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                       17                           ISDA(R) 1992
<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

CANADIAN IMPERIAL BANK OF COMMERCE              YOUNG BROADCASTING INC.

By: /s/ Wayne J. Halenda                        By: /s/ Stephen Baker
----------------------------------                  ----------------------------

Name:  Wayne J. Halenda                         Name:  Stephen Baker

Title: Vice President                           Title: Vice President/Controller

Date:                                           Date: 7/12/00

By: /s/ John E. Dick                            By: /s/ Stephen Baker
   ----------------------------------               ----------------------------

Name    John E. Dick                            Name: Stephen Baker
        General Manager
Title:  General Manager                         Title: Vice President/Controller

Date:                                           Date: 7/12/00

                                       18
<PAGE>

                                    SCHEDULE
                                     to the
                                Master Agreement
                            Dated as of June 6, 2000
                                     between

                 CANADIAN IMPERIAL BANK OF COMMERCE ("Party A")
                                       and

                       YOUNG BROADCASTING INC. ("Party B")

                                     Part 1

                             Termination Provisions

In this Agreement:

(a) "Specified Entity" means in relation to Party A for the purpose of:

      Section 5(a)(v), Inapplicable
      Section 5(a)(vi), Inapplicable
      Section 5(a)(vii), Inapplicable
      Section 5(b)(iv), Inapplicable

      in relation to Party B for the purpose of:

      Section 5(a)(v), Affiliates
      Section 5(a)(vi), Affiliates
      Section 5(a)(vii), Affiliates
      Section 5(b)(iv), Affiliates

(b) "Specified Transaction" will have the meaning specified in Section 14 of
this Agreement.

(c) The "Cross Default" provisions of Section 5(a)(vi) will apply to Party A and
will apply to Party B.

If such provisions apply:

"Specified Indebtedness" will have the meaning specified in Section 14 of this
Agreement except that such term shall not include obligations in respect of
deposits received in the ordinary course of business.

"Threshold Amount" means 3% of shareholders' equity in relation to Party A and
USD1,000,000 in relation to Party B, or its equivalent amount in other
currencies.

(d) The "Credit Event Upon Merger" provisions of Section 5(b)(iv) will apply to
Party A and will apply to Party B. Notwithstanding Section 5(b)(iv) of this
Agreement, "Credit Event Upon Merger" shall mean, with respect to a party, the
occurrence of a Designated Event (as defined below) with respect to such party,
any Credit Support Provider of such party or any applicable Specified Entity of
such party (in each case referred to as "X") and such Designated Event does not
constitute an event described in Section 5(a)(viii) but that, in the reasonable
opinion of the other party, and after taking into account any applicable Credit
Support Document, the ability of X or the resulting, surviving or transferee
entity of X to meet the obligations contained in this Agreement or any
applicable Credit Support Document (as the case may be) is materially weaker
than that of X immediately prior to such action (and, in such event, X will be
the Affected Party).

For purposes of this Agreement, a Designated Event with respect to X means that:

                                       19
<PAGE>

            (i) X consolidates, amalgamates or merges with, or transfers all or
      substantially all its assets to, or receives all or substantially all the
      assets or obligations of, another entity;

            (ii) any person or entity acquires directly or indirectly the
      beneficial ownership of equity securities having the power to elect a
      majority of the board of directors of X;

            (iii) X effects any substantial change in its capital structure by
      means of the issuance or occurrence of debt or preferred stock or other
      securities convertible into or exchangeable for, debt or preferred stock;
      or

            (iv) X enters into any agreement providing for any of the foregoing.

(e) The Automatic Early Termination provision of Section 6(a) will not apply to
Party A and will not apply to Party B.

(f) Payment on Early Termination. For the purpose of Section 6(e) of the
Agreement:

      (i) Market Quotation will apply to this Agreement.

      (ii) The Second Method will apply to this Agreement.

(g) Termination Currency means the currency selected by the Non-defaulting Party
or the non-Affected Party or in circumstances where there are two Affected
Parties the currency agreed upon by these parties and failing such agreement US
Dollars. However the Termination Currency selected by the Non-defaulting Party
or the non-Affected Party (i) shall be one of the currencies in which payments
in any Terminated Transaction are required to be made and/or (ii) shall be
freely available and convertible into at least one of the currencies in which
payments are to be made in respect of any Terminated Transaction and otherwise
US Dollars.

(h) Additional Event of Default. In addition to the Events of Default specified
in Section 5(a), the occurrence at any time of an "Event of Default" under and
as defined in the Credit Agreement (as the term "Event of Default" is defined
therein) constitutes an Event of Default with respect to Party B. "Credit
Agreement" is defined in Part 4(f).

                                     Part 2

                               Tax Representations

(a) Payer Tax Representations. For the purpose of Section 3(e) of this
Agreement, Party A will make the following representation and Party B will make
the following representation:

It is not required by any applicable law, as modified by the practice of any
relevant governmental revenue authority, of any Relevant Jurisdiction to make
any deduction or withholding for or on account of any Tax from any payment
(other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
be made by it to the other party under this Agreement. In making this
representation, it may rely on,

      (i)   the accuracy of any representation made by the other party pursuant
            to Section 3(f) of this Agreement;

      (ii)  the satisfaction of the agreement contained in Section 4(a)(i) or
            4(a)(iii) and the accuracy and effectiveness of any document
            provided by the other party pursuant to Section 4(a)(i) or Section
            4(a)(iii) of this Agreement; and

      (iii) the satisfaction of the agreement of the other party contained in
            Section 4(d) of this Agreement,

provided that it shall not be a breach of this representation where reliance is
placed on clause (ii) and the other party does not deliver a form or document
under Section 4(a)(iii) by reason of material prejudice to its legal or
commercial position.

                                       20
<PAGE>

(b) Payee Tax Representation. For the purpose of Section 3(f) of this Agreement,
Party A and Party B make the representations specified below, if any:

      (i)   The following representation will apply to Party A and will apply to
            Party B, in relation to a Transaction in which it acts through an
            Office outside the United States of America:

      It is fully eligible for the benefits of the "Business Profits" or
      "Industrial and Commercial Profits" provision, as the case may be, the
      "Interest" provision or the "Other Income" provision (if any) of the
      Specified Treaty with respect to any payment described in such provisions
      and received or to be received by it in connection with this Agreement and
      no such payment is attributable to a trade or business carried on by it
      through a permanent establishment in the Specified Jurisdiction.

            "Specified Treaty" means, with respect to Party A, the Canada-U.S.
            Income Tax Convention, 1980.

            "Specified Jurisdiction" means, with respect to Party A, the United
            States of America.

            "Specified Treaty" means, with respect to Party B, the Canada-U.S.
            Income Tax Convention, 1980.

            "Specified Jurisdiction" means, with respect to Party B, Canada.

      (ii)  The following representation will apply to Party A and will not
            apply to Party B:

            Each payment received or to be received by it in connection with
            this Agreement relates to the regular business operations of the
            party (and not to an investment of the party) in the Specified
            Jurisdiction.

                  If such representation applies, then:

                  "Specified Jurisdiction" means, with respect to Party A, the
                  United States of America.

                  "Specified Jurisdiction" means, with respect to Party B,
                  Canada.

      (iii) The following representation will apply to Party A and will apply to
            Party B:

            Each payment received or to be received by it in connection with
            this Agreement will be included in computing its income for purposes
            of filing with the relevant taxing authorities of the Specified
            Jurisdiction.

            If such representation applies, then:

                  "Specified Jurisdiction" means, with respect to Party A and
                  Party B, the United States of America.

      (iv)  The following representations will apply to Party A and will not
            apply to Party B in relation to Transactions in which it acts
            through an Office in England:

            (A)   It is entering into each Transaction in the ordinary course of
                  its trade as, and is, either (1) a recognised U.K. bank or (2)
                  a recognised U.K. swaps dealer (in either case (1) or (2), for
                  purposes of the United Kingdom Inland Revenue extra statutory
                  concession C17 on interest and currency swaps dated March 14,
                  1989) and

            (B)   It will bring into account payments made and received in
                  respect of each Transaction in computing its income for United
                  Kingdom tax purposes.

                                     Part 3

                         Agreement to Deliver Documents

                                       21
<PAGE>

For the purpose of Section 4(a)(i) or 4(a)(ii) of the Agreement, each party (as
specified below) agrees to deliver the following documents:

<TABLE>
<CAPTION>
Party required to   Form/Document/Certificate            Date by which to be            Covered by Section 3(d)
deliver document                                         delivered                      Representation
<C>                 <S>                                  <C>                            <C>
Party A             Incumbency Certificate               Upon execution and             YES
                                                         delivery of Agreement and,
                                                         if requested, each
                                                         Confirmation

Such document to be in form and substance satisfactory to Party B.

Party B             Incumbency Certificate               Upon execution and             YES
                                                         delivery of Agreement and,
                                                         if requested, each
                                                         Confirmation

Party B             Authorizing Resolution               Upon execution and             YES
                                                         delivery of Agreement and,
                                                         if requested, each
                                                         Confirmation

Party B             Opinion of Counsel                   Upon execution and             NO
                    addressing due authorization,        delivery of Agreement and,
                    capacity, execution, delivery and    if requested. each
                    enforceability                       Confirmation
</TABLE>

all of such documents to be in form and substance satisfactory to Party A.

                                     Part 4

                                  Miscellaneous

(a)   Addresses for Notices. For the purpose of Section 12(a):

Addresses for notices or communications to Party A:

with respect to the Master Agreement:

Office:         Toronto, Canada
Address:        161 Bay Street, 11th Floor, BCE Place, Toronto, Ontario,
                Canada M5J 2S8
Attention:      Vice President, Trading Credit Risk Management
Telex No:       065-24116 Answerback: CANBANK TOR
Facsimile No:   416-594-8230     Telephone: 416-594-8047

with respect to Transactions:

Office:         Toronto, Canada
Address:        161 Bay Street, 5th Floor, BCE Place, Toronto, Ontario,
                Canada M5J 2S8
Attention:      Manager, Swap Operations
Telex No:       065-24116 Answerback: CANBANK TOR

                                       22
<PAGE>

Facsimile No:   416-594-7343     Telephone: 416-594-8566

(Only with respect to Transactions through that Office)

Office:         London, England
Address:        Cottons Centre, Cottons Lane, London SE1 2QL, England
Attention:      Head of European Operations
Telex No:       889342 Answerback: CIBC G
Facsimile No:   71-234-6423 Telephone: 71-234-6963

(Only with respect to Transactions through that Office)

Office:         New York, U.S.A.
Address:        425 Lexington Avenue, New York, New York, U.S.A. 10017
Attention:      Manager, Swaps Operations
Telex No:       Answerback:
Facsimile No:   212-856-6699     Telephone: 212-856-4000

(Only with respect to Transactions through that Office)

Address for notices or communications to Party B:

Address:        599 Lexington Avenue, 47th Floor, NY, NY 10022
Attention:      James Morgan, Chief Financial Officer
Facsimile No:   212-758-1229 Telephone: 212-754-7070

(For all purposes)

(b)   Process Agent. For the purpose of Section 13(c) of this Agreement:

            Party A appoints as its Process Agent. None

            Party B appoints as its Process Agent. None

(c)   Offices. The provisions of Section 10(a) will apply to this Agreement.

(d)   Multibranch Party. For the purpose of Section 10(c) of this Agreement:

            Party A is a Multibranch Party and may act through the following
            Offices: London, U.K.; Toronto, Canada and New York, U.S.A.

            Party B is not a Multibranch Party.

(e)   Calculation Agent. The Calculation Agent is Party A unless otherwise
      specified in a Confirmation in relation to the relevant Transaction.

(f)   Credit Support Document. In respect of Party A, not applicable. In respect
      of Party B:

      Credit Agreement dated as of June 26, 2000 among Party B, the banks and
      other financial institutions from time to time parties thereunder, Bankers
      Trust Company, as administrative agent, and First Union National Bank and
      Party A, as syndication agents, and all documents defined as or referred
      to as security, collateral or guarantee therein, as the same may from time
      to time be amended, restated, modified or replaced, and Amended and
      Restated Credit Agreement dated as of June 26, 2000 among Party B, the
      banks and other financial institutions from time to time parties
      thereunder, Bankers Trust Company, as administrative agent, and First
      Union National Bank and Party A, as syndication agents, and all documents
      defined as or referred to as security, collateral or guarantee therein, as
      the same may from time to time be amended, restated, modified or replaced
      (each a

                                       23
<PAGE>

      "Credit Agreement") (which Credit Agreement and security, collateral,
      guarantee documents shall individually or collectively be referred to as
      "Credit Support Document").

      Party B agrees and confirms that if a Credit Agreement shall expire, be
      cancelled or terminated, the covenants then existing in such Credit
      Agreement at the time of such expiration, cancellation or termination
      shall remain in full force and effect and be the covenants which form a
      part of this Agreement.

(g)   Credit Support Provider. In respect of Party A, not applicable. In respect
      of Party B, any person or entity which provides or is from time to time
      required to provide a guarantee in respect of Party B's obligations
      hereunder.

(h)   Governing Law. This Agreement will be governed by and construed in
      accordance with the laws of the State of New York, without reference to
      the choice of law doctrine.

(i)   Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement
      will apply to all Transactions unless otherwise agreed. Section 2(c)(i) of
      this Agreement is amended to insert after the words "in the same currency
      the words "but, in the case of an amount of euros (whether denominated in
      the euro unit or in a national currency unit) payable on any day on or
      prior to December 31, 2002, only if stipulated to be payable in the euro
      unit only or in the same national currency unit."

(j)   Affiliate will have the meaning specified in Section 14 of the Agreement
      except for the purpose of Section 3(c) in which case it will mean any
      Specified Entity for the purpose of Section 5(a)(v).

                                     Part 5

                                Other Provisions

(a)   1991 ISDA Definitions. Unless otherwise specified in a Confirmation, this
      Agreement incorporates, and is subject to and governed by, the 1991 ISDA
      Definitions as supplemented by the 1998 Supplement (the "1991
      Definitions"), as published by the International Swaps and Derivatives
      Association, Inc. Any terms used and not otherwise defined in this
      Agreement that are contained in the 1991 Definitions shall have the
      respective meanings specified therein (without regard to any amendments
      thereto after the date of this Agreement). In the event of any
      inconsistency between the provisions of this Agreement and the 1991
      Definitions, this Agreement will prevail.

(b)   Illegality. The "Illegality" provisions Section 5(b)(i) shall be expanded
      to include the obligation of a party to comply with any directive,
      direction or similar order issued or given by any government agency or
      authority with competent jurisdiction (whether or not having the force of
      law) which prohibits its performance under this Agreement, and in that
      event such party will be the Affected Party for the purpose of that
      Section.

(c)   Telephonic Recording. Each party consents to the electronic recording of
      all telephonic conversations between the parties and their trading and
      marketing personnel and agrees to obtain any necessary consents of, and
      give any necessary notice of such recording to, such personnel. Each party
      agrees that any such electronic recordings may be submitted as evidence in
      any Proceedings. In the event of any dispute between the parties relating
      to a Transaction, the parties may use electronic recordings between the
      persons who entered into such Transaction as the preferred evidence of the
      provisions of such Transaction, despite any writing to the contrary.

(d)   No Obligation. Neither party to this Agreement shall be required to enter
      into any Transaction with the other.

(e)   Generic Risk Disclosure Statement. Party B represents to Party A that it
      has read and understands the Generic Risk Disclosure Statement provided to
      Party B by Party A.

(f)   Party To Rely On Its Own Expertise. Each party represents to the other
      party (which representations will be deemed to be repeated by each party
      on each date on which a Transaction is entered into) that in connection
      with the negotiation of, the entering into, and the confirming of the
      execution of this Agreement, any Credit

                                       24
<PAGE>

      Support Document to which it is a party, each Transaction, and any other
      documentation relating to this Agreement to which it is a party or that it
      is required by this Agreement to deliver:

      (i)   it is not relying (for purposes of making any investment decision or
            otherwise) upon any advice, counsel or representations (whether
            written or oral) of the other Party to this Agreement, such Credit
            Support Document, each Transaction or such other documentation,
            other than the representations expressly set forth in this
            Agreement, such Credit Support Document and in any Confirmation;

      (ii)  it has consulted with its own legal, regulatory, tax, business,
            investment, financial and accounting advisors to the extent it has
            deemed necessary, and it has made its own investment, hedging and
            trading decisions (including decisions regarding the suitability of
            any Transaction pursuant to this Agreement) based upon its own
            judgment and upon any advice from such advisors as it has deemed
            necessary and not upon any view expressed by the other Party to this
            Agreement, such Credit Support Document, each Transaction or such
            other documentation;

      (iii) it has full understanding of all the terms, conditions and risks
            (economic and otherwise) of the Agreement, such Credit Support
            Document, each Transaction and such other documentation and is
            capable of assuming and willing to assume (financially and
            otherwise) those risks;

      (iv)  it is entering into this Agreement, such Credit Support Document,
            each Transaction and such other documentation for the purposes of
            managing it borrowings or investments, hedging its underlying assets
            or liabilities or in connection with a line of business;

      (v)   it is entering into this Agreement, such Credit Support Document,
            each Transaction and such other documentation as principal, and not
            as agent or in any other capacity, fiduciary or otherwise; and

      (vi)  the other party to this Agreement, such Credit Support Document,
            each Transaction and such other documentation: (a) is not acting as
            a fiduciary or financial, investment or commodity trading advisor
            for it; (b) has not given to it (directly or indirectly through any
            other person) any assurance, guarantee or representation whatsoever
            as to the merits (either legal, regulatory, tax, financial,
            accounting or otherwise) of this Agreement, such Credit Support
            Document, each Transaction or such other documentation; and (c) has
            not committed to unwind the Transactions.

(g)   Transfer. Section 7 shall be amended by adding the words "which consent
      shall not be unreasonably withheld" after the word "party" in the third
      line thereof.

(h)   U.S. Provisions.

      (i)   Qualification. Each party represents to the other party (which
            representations will be deemed to be repeated by each party on each
            date on which a Transaction is entered into) that it is an "eligible
            swap participant" as defined in 17 C.F.R. 35.1 and was not formed
            solely for the purpose of constituting an eligible swap participant;

      (ii)  Master Agreement. The parties hereto intend that this Agreement
            shall be a master agreement, as defined in 11 U.S.C. ss. 101 (53B)
            and 12 U.S.C. 1821(e)(8)(D)(vii).

(i)   Canada Provisions.

      (i)   Equivalency Clause. For the purpose of disclosure pursuant to the
            Interest Act (Canada), the yearly rate of interest to which any rate
            of interest payable under this Agreement that is calculated on any
            basis other than a full calendar year is equivalent may be
            determined by multiplying such rate by a fraction the numerator of
            which is the actual number of days in the calendar year in which
            such yearly rate of interest is to be ascertained and the
            denominator of which is the number of days comprising such other
            basis.

                                       25
<PAGE>

(j)   Set-off. Without affecting the provisions of this Agreement requiring the
      calculation of certain net payment amounts, all payments under this
      Agreement will be made without set-off or counterclaim, provided however,
      that upon the designation or deemed designation of an Early Termination
      Date, in addition to and not in limitation of any other remedy (including
      any right to set-off, counterclaim or otherwise withhold payment) under
      applicable law, the Non-defaulting Party, the party that is not the
      Affected Party, if there is only one Affected Party, or either party, if
      there is more than one Affected Party (any such party, "X") may without
      prior notice to any person set-off any sum or obligation (whether or not
      arising under this Agreement) owed or due by the Defaulting Party, the
      Affected Party, if there is only one Affected Party, or the other party,
      if there is more than one Affected Party (any such party, "Y") to X
      against any sum or obligation (whether or not arising under this
      Agreement, and whether contingent or absolute, matured or unmatured) owed
      or due by X (the "Original Obligation") to Y. Any such set-off shall
      automatically satisfy and discharge the Original Obligation to Y and, if
      the Original Obligation exceeds the sum or obligation to be set off
      against, the Original Obligation shall be novated and replaced by an
      obligation to pay to Y only the excess of the Original Obligation over
      such sum or obligation.

            For this purpose, any amount may be converted by X into the currency
            in which an other amount is denominated at the rate of exchange at
            which such party would be able, acting in a reasonable manner and in
            good faith, the purchase the relevant amount of such currency.

            If an 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 party when the obligation is
            ascertained.

            Nothing in this provision shall be effective to create a charge or
            other security interest.

(k)   EMU - Continuity of Contract

      (a) The parties confirm that, except as provided in subsection (b) below,
      the occurrence or non-occurrence of an event associated with economic and
      monetary union in the European Community will not have the effect of
      altering any term of, or discharging or excusing performance under, the
      Agreement or any Transaction, give a party the right unilaterally to alter
      or terminate the Agreement or any Transaction or, in and of itself, give
      rise to an Event of Default, Termination Event or otherwise be the basis
      for the effective designation of any Early Termination Date.

      "An event associated with economic and monetary union in the European
      Community" includes, without limitation, each (and any combination) of the
      following:

      (i)   the introduction of, changeover to or operation of a single or
            unified European currency (whether known as the euro or otherwise):

      (ii)  the fixing of conversion rates between a member state's currency and
            the new currency or between the currencies of member states;

      (iii) the substitution of that new currency for the ECU as the unit of
            account of the European Community;

      (iv)  the introduction of that new currency as lawful currency in a member
            states;

      (v)   the withdrawal from legal tender of any currency that, before the
            introduction of the new currency, was lawful currency in one of the
            member states; or

      (vi)  the disappearance or replacement of a relevant rate option or other
            price source for the ECU or the national currency of any member
            state, or the failure of the agreed sponsor (or a successor sponsor)
            to publish or display a relevant rate, index, price, page or screen.

      (b)   Any agreement between the parties that amends or overrides the
            provisions of this Section in respect of any Transaction will be
            effective if it is in writing and expressly refers to this Section
            or to European monetary

                                       26
<PAGE>

            union or an event associated with economic and monetary union in the
            European Community and would otherwise be effective in accordance
            with Section 9(b).

(l)   Waiver Jury Trial. To the extent permitted by applicable law, each party
      hereby waives and agrees to waive the right to trial by jury in any action
      or proceeding or proceeding instituted with respect to this Agreement or
      the transactions contemplated hereby.

(m)   Pari Passu - Priority. Party B represents to Party A that its payment
      obligations hereunder rank at all times at least pari passu in all
      respects with all of its other senior secured obligations (except for
      those which are preferred by operation of law). This provision shall be
      construed as part of Section 3 of the Agreement except to the extent that
      it is a unilateral representation made by Party B.

                                     Part 6
                  FX Transaction and Currency Option Provisions

(a)   1998 FX and Currency Option Definitions. Unless otherwise specified in a
      Confirmation, this Agreement incorporates, and is subject to and governed
      by, the 1998 FX and Currency Option Definitions (the "FX Definitions"), as
      published by the International Swaps and Derivatives Association, Inc. In
      the event of any inconsistency between the FX Definitions and any other
      provisions or definitions that are incorporated by reference into this
      Agreement, the FX Definitions shall prevail with respect to a FX
      Transaction or a Currency Option Transaction. In the event of any
      inconsistency between the FX Definitions and the provisions and
      definitions otherwise contained in this Agreement, those provisions
      otherwise contained in this Agreement shall prevail.

(b)   Confirmations. Any FX Transaction or Currency Option into which the
      parties may before the date of this Agreement have entered, or may in the
      future enter, where the relevant Confirmation on its face does not
      expressly exclude the application of this Agreement, shall (to the extent
      not otherwise provided for in this Agreement) be subject to, governed by
      and construed in accordance with this Agreement (in substitution for any
      existing terms, if any, whether express or implied). Each such FX
      Transaction and Currency Option shall be a Transaction, and the documents
      and other confirming evidence (including electronic messages on an
      electronic messaging service) exchanged between the parties confirming
      such FX Transaction or Currency Option shall each be a Confirmation (even
      where not so specified therein), for the purposes of this Agreement.

(c)   Payment Instructions. All payments to be made in respect of FX
      Transactions and Currency Options shall be made in accordance with
      standing payment instructions provided by the parties (or as otherwise
      specified in a Confirmation). Any such instructions from a party must be
      received no later than one Business Day prior to the Value Date or Premium
      Payment Date (as the case may be) for such Transaction and otherwise be in
      conformity with standard inter-dealer market practice regarding foreign
      currency delivery.

(d)   FX Transaction Novation Netting.

      (i)   Automatic Novation Netting. In addition to the settlement netting
            provisions of Section 2(c) of this Agreement, unless otherwise
            agreed, if the parties enter into an FX Transaction that is governed
            by this Agreement through a pair of Novation Netting Offices giving
            rise to an obligation of a party under this Agreement to pay an
            amount of currency (a "Currency Obligation") on the same date and in
            the same currency as a then existing Currency Obligation between the
            same pair of Novation Netting Offices, then immediately upon
            entering into such FX Transaction, each such Currency Obligation
            shall automatically and without further action be cancelled and
            simultaneously replaced by a new Currency Obligation for such date
            determined as follows: the amount of such currency that would
            otherwise have been payable by each party on such date shall be
            aggregated and the party with the larger aggregate amount shall have
            a new Currency Obligation to pay to the other party the amount of
            such currency by which its aggregate amount exceeds the other
            party's aggregate amount, provided that if the aggregate amounts are
            equal, no new Currency Obligation shall arise. This paragraph (d)
            shall not affect any other Currency Obligation of a party to pay any
            different currency on the same date. This provision shall apply
            notwithstanding that

                                       27
<PAGE>

            either party (i) may fail to send out a Confirmation in respect of
            any such novation, or (ii) may fail to make changes in any of its
            books as a result of any such novation.

      (ii)  "Novation Netting Office" means, as to either party. the office or
            offices specified in Part 4, Section A in the Schedule and any other
            office specified from time to time by one party and agreed to in
            writing by the other party.

(e)   Currency Option Discharge and Termination

      (i)   Automatic Discharge and Termination of Offsetting Options. Unless
            otherwise agreed, any Call Option or any Put Option written by a
            party will automatically be terminated and discharged, in whole or
            in part, as applicable, against a Call Option or a Put Option,
            respectively, written by the other party, such termination and
            discharge to occur automatically upon the payment in full of the
            last Premium payable in respect of such Currency Options; provided
            that such termination and discharge may only occur in respect of
            Options:

            (1)   each being with respect to the same Put Currency and the same
                  Call Currency;
            (2)   each having the same Expiration Date and Expiration Time;
            (3)   each being of the same style, i.e. either both being American
                  Style Options or both being European Style Options;
            (4)   each having the same Strike Price;
            (5)   neither of which shall have been exercised by delivery of a
                  Notice of Exercise;

            and, upon occurrence of such termination and discharge, neither
            party shall have any further obligation to the other party in
            respect of the relevant Currency Options or, as the case may be,
            parts thereof so terminated and discharged. In the case of a partial
            termination and discharge (i.e. where the relevant Currency Options
            are for different amounts of the Currency Pair), the remaining
            portion of the Currency Option which is partially discharged and
            terminated shall continue to be a Currency Option for all purposes
            of this Agreement. This provision shall apply notwithstanding that
            either party (i) may fail to send out a Confirmation in respect of
            any such discharge and termination, or (ii) may fail to make changes
            in any of its books as a result of any such discharge and
            termination.

      (ii)  Additional Definitions

            (1)   "Call Option" means a Currency Option entitling, but not
                  obligating, the Buyer to purchase from the Seller at the
                  Strike Price a specified quantity of the Call Currency.

            (2)   "Put Option" means a Currency Option entitling, but not
                  obligating, the Buyer to sell to the Seller at the Strike
                  Price a specified quantity of the Put Currency.

                                     Part 7
                              Commodity Provisions

(a)   Incorporation of Definitions. The 1993 ISDA Commodity Derivatives
      Definitions are incorporated by reference in, and made part of, this
      Agreement to the same extent as if such Definitions were set forth in full
      herein.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

                                       28
<PAGE>

CANADIAN IMPERIAL BANK OF               YOUNG BROADCASTING INC.
COMMERCE

By: /s/ Wayne J. Halenda                By: /s/ Stephen Baker

Name:    Wayne J. Halenda               Name: Stephen Baker

Title:   Vice President                 Title: Vice President/Controller

Date:                                   Date: 7/12/00

By: /s/ John E. Dick                    By: /s/ Stephen Baker

Name: John E. Dick                      Name: Stephen Baker
      General Manager
Title: General Manager                  Title: Vice President/Controller

Date:                                   Date: 7/12/00

                                       29
<PAGE>

                            CERTIFICATE OF INCUMBENCY

I, VALERIE K. PETTIPAS, Assistant Corporate Secretary of Canadian Imperial Bank
of Commerce ("CIBC"), hereby certify as follows:

1.    The individual identified below is a duly appointed officer of CIBC and
      the signature appearing opposite his name is his true facsimile signature,
      and

2.    The individual identified below is duly authorized to execute and deliver
      documents on behalf of CIBC.

       I.J. Heppell                     /s/ I.J. Heppell
                                     -----------------------

       W.J. Halenda                     /s/ W.J. Halenda
                                     -----------------------

       J.E. Dick                        /s/ J.E. Dick
                                     -----------------------

       A.K. Retzer                      /s/ A.K. Retzer
                                     -----------------------

DATED at Toronto, Ontario this 18th day of March, 1999.

                                                  /s/ Valerie K. Pettipas
                                               -----------------------------
                                               Valerie K. Pettipas
                                               Assistant Corporate Secretary
<PAGE>

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

Date: June 7, 2000

To: Young Broadcasting Inc.,        From: Canadian Imperial Bank of Commerce

Attention: Steve Baker              Contact: Sarvneet Kohli

Phone Number: (212) 754-7070        Phone Number: (212) 855-4413

Facsimile Number: (212) 758-1229    Facsimile Number: (212) 885-4378

Re: CIBC Reference # 380333

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

The purpose of this letter agreement is to confirm the terms and conditions of
the Transaction entered into between Canadian Imperial Bank of Commerce
("CIBC"), and Young Broadcasting Inc. ("Counterparty") on the Trade Date
referred below (the "Transaction"). References herein to a "Transaction" shall
be deemed reference to a Swap Transaction for purposes of the 1991 ISDA
Definitions (as published by the International Swap Dealers Association, Inc.
("ISDA"). It constitutes a "Confirmation" as referred to in the ISDA Master
Agreement specified below.

The definitions and provisions contained in the 1991 ISDA Definitions (the
"Definitions") (as supplemented by the 1998 Supplement), as published by the
International Swaps and Derivatives Association, inc., are incorporated into
this Confirmation. In the event of any inconsistency between those definitions
and provisions and this Confirmation, this Confirmation will govern.

1.    This Confirmation evidences a complete binding agreement between CIBC and
      Counterparty as to the terms of the Transaction to which this Confirmation
      relates. In addition, CIBC and Counterparty agree to use all reasonable
      efforts promptly to negotiate, execute and deliver an agreement (the
      "Master Agreement") in the form of the ISDA Master Agreement
      (Multicurrency-Cross Border) (the "ISDA Form"), with such modifications as
      CIBC and Counterparty will in good faith agree. Upon the execution and
      delivery by CIBC and Counterparty of that agreement (i) this Confirmation
      shall supplement, form a part of, and be subject to that agreement and
      (ii) all provisions contained or incorporated by reference in that
      agreement upon its execution will govern this Confirmation except as
      expressly modified below. Until such execution and delivery, this
      Confirmation, together with all other documents referring to the ISDA Form
      (each a "Confirmation") confirming transactions (each a "Transaction")
      entered into between CIBC and Counterparty (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 CIBC and
      Counterparty had executed an agreement in such form (including a Schedule
      in the form most recently provided to Counterparty by CIBC) on the Trade
      Date of the first such Transaction between CIBC and Counterparty. In the
      event of any inconsistency between the provisions of that agreement and
      this Confirmation, 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 136,000,000

Trade Date:                           June 6, 2000

Effective Date:                       January 2, 2002

Termination Date:                     July 2, 2003, subject to adjustment in
                                      accordance with the Modified Following
                                      Business Day

                                       1
<PAGE>

                                      Convention.

FIXED AMOUNTS:
Fixed Rate Payer:                     Counterparty

Fixed Rate Payer Payment Dates:       April 2, 2002, July 2, 2002, October 2,
                                      2002 and January 2, 2003, subject to
                                      adjustment in accordance with the Modified
                                      Following Business Day Convention.

Fixed Rate:                           7.25%

Fixed Rate Day Count Fraction:        Actual/360

FLOATING AMOUNTS:

Floating Rate Payer:                  CIBC

Floating Rate Payer Payment Dates:    April 2, 2002, July 2, 2002, October 2,
                                      2002 and January 2, 2003, subject to
                                      adjustment in accordance with the Modified
                                      Following Business Day Convention.

Floating Rate for initial
Calculation Period:                   To be determined

Floating Rate Option:                 USD-LIBOR-BBA

Designated Maturity:                  3 months

Spread:                               None

Floating Rate Day Count Fraction:     Actual/360

Reset Dates:                          The first Business Day of each Calculation
                                      Period.

Method of Averaging:                  Inapplicable

Compounding:                          Inapplicable

Business Days:                        London, New York

Calculation Agent:                    CIBC

3. ACCOUNT DETAILS:

   Payments to CIBC:

     Account for Payments:            Chase Manhattan Bank New York
                                      For the account of: Canadian Imperial Bank
                                      of Commerce, Toronto.
                                      Account No: 544-708-234

   Payments to Counterparty:

     Account for Payments:            Please Advise.

                                       2
<PAGE>

4. OTHER PROVISIONS:

   Transfer:                          Unless otherwise specified in the Master
                                      Agreement neither the Transaction nor any
                                      interest or obligation in or under the
                                      Transaction may be transferred (whether by
                                      way of security or otherwise) by either
                                      party without the prior written consent of
                                      the other party. Any purported transfer
                                      that is not in compliance with this
                                      provision will be void.

   Governing Law:                     The Laws of the State of New York (without
                                      reference to the choice of law doctrine).

5. OFFICES

      (a) The Office of CIBC for the Transaction is 161 Bay Street, 5th Fl.
      Toronto, Canada M5J 2S8.

      (b) The Office of Counterparty for the Transaction is New York.

6. Broker/Arranger:                   None

7. This Confirmation may be executed in one or more counterparts, either in
   original or facsimile form, each of which shall constitute an original and
   all of which together shall constitute one and the same agreement. When
   executed by the parties through facsimile transmission, this Confirmation
   shall constitute the original agreement between the parties and the
   parties hereby adopt the signatures printed by the receiving facsimile
   machine as the original signatures of the parties.

                                       3
<PAGE>

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

Entering into a derivative transaction involves certain risks. An identification
of the principal risks is provided in the CIBC World Markets Risk Disclosure
Statement, which has been delivered to you. If you have not received a copy,
please let us know and one will be provided to you. You should always consider
those risks in determining whether to enter into derivatives transactions.

Except as if expressly agreed to by you or us in writing, neither of us has
acted as advisor to the other with respect to the desirability or
appropriateness of entering into the Transaction confirmed hereby or with
respect to the other party's risk management needs generally. This pertains not
only to the financial and market risk management risks and consequences of the
confirmed or any proposed Transaction, but also to any legal, regulatory, tax,
accounting and credit issues generated by such transactions, which each party
must evaluate for itself and in reliance on its own professional advisors.

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

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us or by sending to us a letter or telex substantially
similar to this letter, which letter or telex sets forth the material terms of
the Transaction to which this Confirmation relates and indicates your agreement
to those terms.

                                      Yours Sincerely,

                                      CANADIAN IMPERIAL BANK OF COMMERCE

                                      By: /s/ Gina S. Ghent
                                         --------------------------------------

                                      Name:  Gina S. Ghent
                                      Title: Executive Director

Confirmed as of the date first written:

YOUNG BROADCASTING INC.

By: /s/ Stephen J. Baker
    ----------------------------------

Name:  Stephen J. Baker
Title: Vice President

                                       4EXHIBIT 10.24

                         [Letterhead of Deutsche Bank]

                           Revised as of June 29, 2000

Date:              June 9, 2000

To:                Young Broadcasting, Inc.

Attention:         Steve Baker

Telephone No.:     212-754-7070

Facsimile No.:     212-758-1229

Cc:                Dennis Rosenfeld
                   Quantitative Interest Applications

Facsimile No.:     818-790-2848

Our Reference:     541402 -- KB

Re:                Interest Rate Swap Transaction This Confirmation supersedes
                   and replaces all prior communication between the parties
                   hereto with respect to the Transaction described below

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 1991 ISDA Definitions (as
supplemented by the 1998 Supplement) (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, 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
<PAGE>

      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 terms 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 136,000,000.00

      Trade Date:                    June 6, 2000

      Effective Date:                January 2, 2002

      Termination Date:              July 2, 2003, subject to adjustment in
                                     accordance with the Modified Following
                                     Business Day Convention.

Fixed Amounts:

      Fixed Rate Payer:              Counterparty

      Fixed Rate Payer
      Payment Dates:                 The 2nd day of January, April. July
                                     and October of each year, commencing April
                                     2, 2002, through and including the
                                     Termination Date, subject to adjustment in
                                     accordance with the Modified Following
                                     Business Day Convention.

      Fixed Rate:                    7.2625%

      Fixed Rate Day
      Count Fraction:                Actual/360

Floating Amounts:

      Floating Rate Payer:           DBAG

      Floating Rate Payer
      Payment Dates:                 The 2nd day of January, April, July
                                     and October of each year, commencing April
                                     2, 2002, through and including the
                                     Termination Date, subject to adjustment in
                                     accordance with the Modified Following
                                     Business Day Convention.

                                        2
<PAGE>

            Floating Rate Option:    USD-LIBOR-BBA

            Designated Maturity:     Three months

            Spread:                  None

            Floating Rate Day
            Count Fraction:          Actual/360

            Floating Rate for
            initial Calculation
            Period:                  To be determined

            Reset Dates:             The first Business Day in each
                                     Calculation Period.

            Compounding:             Inapplicable

Business Days:                       London and New York

3.    Account Details:

            Account Details for DBAG:

                  Deutsche Bank AG New York Branch (Direct)
                  CHIPS UID 053335 ABA #: 026003780
                  Ref: Interest Rate Swaps

            Account Details for Counterparty:

                  Please provide us your account details.

4.    Offices:

            The Office of DBAG for this Transaction is New York.

5.    Calculation Agent:             DBAG

6.    Representations

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 judgment 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

                                       3
<PAGE>

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.

7. Other Provisions

Each of the representations, warranties, covenants and events of default
contained in the Amended and Restated Credit Agreement, dated as of November 25,
1997 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, Canadian Imperial Bank of
Commerce, as Documentation Agent for the Lenders thereunder, and Morgan Guaranty
Trust Company of New York, as Syndication Agent for the Lenders thereunder (the
"Credit Agreement") is hereby incorporated into this Confirmation by this
reference and made a part to the same extent as if the Credit Agreement 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
Agreement or if such Credit Agreement should for any reason terminate or if
Bankers Trust Company (or any of its affiliates) shall object to any amendment
to the Credit Agreement, such 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 Agreement. 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 the Security Agreements under the Credit
Agreement. Such Security Documents under the Credit Agreement 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 Agreement pursuant to the Security Documents such event will constitute
an Additional Termination Event with the Counterparty as the Affected Party

8. 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.

                                        4
<PAGE>

9. Please confirm that the foregoing correctly sets forth the terms of our
agreement by having an authorized officer sign this Confirmation and return it
by facsimile to:

      Attention Ken Brougher - Swap Documentation
      Telephone: (212) 250-5360
      Facsimile: 212) 669-1592

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/ Maria Costagliola

      Name: Maria Costagliola
      Authorized Signatory

      By: /s/ [ILLEGIBLE] Montalvo

      Name: [ILLEGIBLE] Montalvo
      Authorized Signatory

Confirmed as of the date first written above:

Young Broadcasting, Inc.

By:    /s/ Stephen Baker
       ---------------------------
Name:  Stephen Baker
       ---------------------------
Title: Vice President/Controller
       ---------------------------

                                        5

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