Document:

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                                                                    EXHIBIT 10.1

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                              AMENDED AND RESTATED
                                CREDIT AGREEMENT

                                   DATED AS OF

                                 JUNE 29, 2001,

                                      AMONG

                               LIN HOLDINGS CORP.,

                           LIN TELEVISION CORPORATION,
                                  AS BORROWER,

                            THE LENDERS PARTY HERETO,

                            THE CHASE MANHATTAN BANK,
                            AS ADMINISTRATIVE AGENT,
                                AS ISSUING LENDER
                             AND AS SWINGLINE LENDER

                            JPMORGAN SECURITIES INC.,
                                   AS ARRANGER

                              THE BANK OF NEW YORK
                                       AND
                              FLEET NATIONAL BANK,
                            AS CO-SYNDICATION AGENTS,

                                       AND

                             THE BANK OF NOVA SCOTIA
                                       AND
                             BANK OF AMERICA, N.A.,
                           AS CO-DOCUMENTATION AGENTS

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                                TABLE OF CONTENTS

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SECTION 1. DEFINITIONS ...............................................         4
    1.1     Defined Terms ............................................         4
    1.2     Other Definitional Provisions ............................        40

SECTION 2. AMOUNT AND TERMS OF COMMITMENTS ...........................        42
    2.1     Term Commitments .........................................        41
    2.2     Procedure for Term Loan Borrowing ........................        42
    2.3     Repayment of Term Loans ..................................        42
    2.4     Revolving Credit Commitments .............................        43
    2.5     Procedure for Revolving Credit Borrowing .................        45
    2.6     Commitment Fees, etc. ....................................        46
    2.7     Termination or Reduction of Commitments ..................        46
    2.8     Optional Prepayments .....................................        46
    2.9     Mandatory Prepayments and Commitment Reductions ..........        48
    2.10    Conversion and Continuation Options ......................        50
    2.11    Minimum Amounts and Maximum Number of Eurodollar Tranches         51
    2.12    Interest Rates and Payment Dates .........................        51
    2.13    Computation of Interest and Fees .........................        52
    2.14    Inability to Determine Interest Rate .....................        52
    2.15    Pro Rata Treatment and Payments ..........................        53
    2.16    Requirements of Law ......................................        55
    2.17    Taxes ....................................................        56
    2.18    Indemnity ................................................        58
    2.19    Change of Lending Office .................................        59
    2.20    Replacement of Lenders under Certain Circumstances .......        59
    2.21    Notice of Certain Costs ..................................        60

SECTION 3. LETTERS OF CREDIT .........................................        60
    3.1     L/C Commitment ...........................................        60
    3.2     Procedure for Issuance of Letter of Credit ...............        60
    3.3     Commissions, Fees and Other Charges ......................        61
    3.4     L/C Participations .......................................        61
    3.5     Reimbursement Obligation of the Borrower .................        62
    3.6     Obligations Absolute .....................................        62
    3.7     Letter of Credit Payments ................................        63
    3.8     Applications .............................................        63

SECTION 4. REPRESENTATIONS AND WARRANTIES ............................        63
    4.1     Financial Condition ......................................        63
    4.2     No Change ................................................        64
    4.3     Corporate Existence; Compliance with Law .................        64
    4.4     Corporate Power; Authorization; Enforceable Obligations ..        64
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    4.5     No Legal Bar .............................................        65
    4.6     No Material Litigation ...................................        65
    4.7     No Default ...............................................        65
    4.8     Ownership of Property; Liens .............................        65
    4.9     Intellectual Property ....................................        65
    4.10    Taxes ....................................................        65
    4.11    Federal Regulations ......................................        66
    4.12    Labor Matters ............................................        66
    4.13    ERISA ....................................................        66
    4.14    Investment Company Act; Other Regulations ................        67
    4.15    Subsidiaries .............................................        67
    4.16    Use of Proceeds ..........................................        67
    4.17    Environmental Matters ....................................        67
    4.18    Accuracy of Information, etc. ............................        68
    4.19    Security Documents .......................................        69
    4.20    Solvency .................................................        69
    4.21    Senior Indebtedness ......................................        69
    4.22    Station Licenses .........................................        69

SECTION 5. CONDITIONS PRECEDENT ......................................        70
    5.1     Conditions to Initial Extension of Credit ................        70
    5.2     Conditions to Each Extension of Credit ...................        70

SECTION 6. AFFIRMATIVE COVENANTS .....................................        71
    6.1     Financial Statements .....................................        71
    6.2     Certificates; Other Information ..........................        72
    6.3     Payment of Obligations ...................................        73
    6.4     Conduct of Business and Maintenance of Existence, etc. ...        73
    6.5     Maintenance of Property; Insurance .......................        73
    6.6     Inspection of Property; Books and Records; Discussions ...        74
    6.7     Notices ..................................................        74
    6.8     Environmental Laws .......................................        75
    6.9     Interest Rate Protection .................................        75
    6.10    Additional Collateral, etc. ..............................        76
    6.11    Intentionally deleted ....................................        78
    6.12    After-Acquired Stations ..................................        78
    6.13    Changes in Locations, Name, etc. .........................        78

SECTION 7. NEGATIVE COVENANTS ........................................        78
    7.1     Financial Condition Covenants ............................        78
    7.2     Limitation on Indebtedness ...............................        79
    7.3     Limitation on Liens ......................................        81
    7.4     Limitation on Fundamental Changes ........................        84
    7.5     Limitation on Sale of Assets .............................        85
    7.6     Limitation on Dividends ..................................        86
    7.7     Limitation on Capital Expenditures .......................        87
    7.8     Limitation on Investments, Loans and Advances ............        88
    7.9     Limitation on Optional Payments and Modifications of Debt
            Instruments, etc. ........................................        89
    7.10    Limitation on Transactions with Affiliates ...............        91
    7.11    Limitation on Sales and Leasebacks .......................        91
    7.12    Limitation on Changes in Fiscal Periods ..................        91
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    7.13    Limitation on Negative Pledge Clauses ....................        91
    7.14    Limitation on Lines of Business ..........................        92
    7.15    Limitation on Amendments to Constituent and Transaction
            Documents ................................................        92
    7.16    Limitations on Changes in Holding Company Status .........        92
    7.17    Limitation on Changes in Station Affiliation .............        92
    7.18    Limitation on Minority Investments .......................        92
    7.19    Approval of Joint Venture Actions ........................        93

SECTION 8. EVENTS OF DEFAULT .........................................        93

SECTION 9. THE ADMINISTRATIVE AGENT ..................................        97
    9.1     Appointment ..............................................        97
    9.2     Delegation of Duties .....................................        97
    9.3     Exculpatory Provisions ...................................        97
    9.4     Reliance by Administrative Agent .........................        98
    9.5     Notice of Default ........................................        98
    9.6     Non-Reliance on the Administrative Agent and Other Lenders        98
    9.7     Indemnification ..........................................        99
    9.8     Agent in Its Individual Capacity .........................        99
    9.9     Successor Administrative Agent ...........................       100

SECTION 10. MISCELLANEOUS ............................................       100
   10.1     Amendments and Waivers ...................................       101
   10.2     Notices ..................................................       102
   10.3     No Waiver; Cumulative Remedies ...........................       103
   10.4     Survival of Representations and Warranties ...............       103
   10.5     Payment of Expenses and Taxes ............................       103
   10.6     Successors and Assigns; Participations and Assignments ...       104
   10.7     Adjustments; Set-off .....................................       107
   10.8     Counterparts .............................................       108
   10.9     Severability .............................................       108
   10.10    Integration ..............................................       108
   10.11    GOVERNING LAW ............................................       108
   10.12    Submission To Jurisdiction; Waivers ......................       108
   10.13    Acknowledgments ..........................................       109
   10.14    WAIVERS OF JURY TRIAL ....................................       109
   10.15    Confidentiality ..........................................       109
   10.16    FCC Compliance ...........................................       110
   10.17    Filing of Mortgages ......................................       110
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SCHEDULES:
1.1A    Loans and Commitments
1.1B    Mortgaged Properties
1.1C    Consolidated EBITDA Prior to Closing Date
1.1D    Network Affiliation Agreements
1.1E    Applicable Margin on Incremental Term Loans outstanding as of
        June 29, 2001
4.4     Consents, Authorizations, Filings and Notices
4.6     Litigation
4.12    Labor Matters
4.15    Subsidiaries
4.17    Environmental Matters
4.19(a) UCC Filing Jurisdictions
4.19(b) Mortgage Filing Jurisdictions
4.22    Station Licenses
7.2(e)  Existing Indebtedness
7.3(f)  Existing Liens
7.8(g)  Existing Investments
7.8(l)  Investments Existing under 7.8(l) as of April 12, 2001

EXHIBITS:
A       Intentionally Deleted
B       Form of Compliance Certificate
C       Form of Closing Certificate
D-1     Form of Mortgage--Borrower
D-2     Form of Mortgage--Subsidiary Guarantor
E       Form of Assignment and Acceptance
F       Form of Legal Opinion of Weil, Gotshal & Manges LLP
G       Form of Incremental Term Loan Activation Notice
H       Form of Swingline Loan Participation Certificate
I-1     Form of Revolving Credit Note
I-2     Form of Term Loan Note
I-3     Form of Swingline Note
J       Form of Borrowing Notice
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                  AMENDED AND RESTATED CREDIT AGREEMENT, dated as of June 29,
            2001, among LIN HOLDINGS CORP., a Delaware corporation ("Holdings")
            organized by Hicks, Muse, Tate & Furst Incorporated ("Hicks Muse"),
            LIN TELEVISION CORPORATION, a Delaware corporation (the "Borrower"),
            the several banks and other financial institutions or entities from
            time to time parties to this Agreement (the "Lenders"), THE CHASE
            MANHATTAN BANK, as administrative agent (in such capacity, the
            "Administrative Agent"), as issuing lender (in such capacity, the
            "Issuing Lender"), and as swingline lender (in such capacity, the
            "Swingline Lender"), The Bank of Nova Scotia and Bank of America,
            N.A., as co-documentation agents (in such capacity, the
            "Co-Documentation Agents"), and The Bank of New York and Fleet
            National Bank, as co-syndication agents (in such capacity, the
            "Co-Syndication Agents").

            Pursuant to the Agreement and Plan of Merger dated as of August 12,
1997 (as amended by the Amendment thereto dated October 21, 1997, the "Merger
Agreement"), among the Borrower, Holdings and LIN Acquisition Company ("LIN"),
LIN was merged (the "Merger") with and into the Borrower, with the Borrower
being the surviving entity.

            In connection with the Merger, (a) the Borrower issued the Senior
Subordinated Notes (such term and each other capitalized term used but not
defined in the preamble of this Agreement having the meaning assigned to such
term in subsection 1.1) in a public offering or Rule 144A offering or private
placement, (b) Holdings issued the Holdings Discount Notes in a public offering
or Rule 144A offering or private placement, (c) Holdings contributed to the
Borrower at least $555,000,000 (less the amount of rollover investment by
members of management and employees of the Borrower and its Subsidiaries), along
with the net proceeds of the issuance of the Holdings Discount Notes, in cash as
common equity from the proceeds of capital contributions made to Holdings by (i)
Ranger Equity Holdings A Corp., a Delaware corporation ("Equity Holdings A"), in
an aggregate amount of at least $188,000,000, in exchange for approximately 37%
of the common stock of Holdings, and (ii) Ranger Equity Holdings B Corp., a
Delaware corporation ("Equity Holdings B"), in an aggregate amount of at least
$350,000,000, in exchange for the remaining common stock of Holdings, in each
case from the proceeds of a capital contribution made, directly or indirectly,
by funds managed by Hicks Muse and certain other investors (collectively, the
"Investors"), in exchange for the issuance to the Investors, directly or
indirectly, of all the common stock of Equity Holdings A and Equity Holdings B,
(d) the Borrower refinanced all of its Existing Indebtedness other than Existing
Indebtedness that is permitted under subsection 7.2(e) ("Refinanced
Indebtedness") and (e) subsequent to receipt of approvals for such mergers and
the related asset transfers, each of Buffalo Broadcasting Co., Inc. and Buffalo
Management Enterprises Co. Inc. were merged with and into LWWI Broadcasting Inc.
("LWWI"), and LWWI was merged with and into the Borrower.

            In addition, in connection with the Merger and pursuant to the Joint
Venture Agreements, (a) on the Funding Date (i) LIN Texas obtained an
$815,500,000 25-year non-amortizing term loan (the "Joint Venture Loan") from
GECC, (ii) LIN Texas granted to GECC a first priority security interest (the
"Original Lien") in the KXAS Assets, and (iii) NBC contributed
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to the LLC an undivided 99% interest in the KNSD Assets that were immediately
contributed to the LP, (b) also on the Funding Date, (i) LIN Texas contributed
to the LLC the KXAS Assets, subject to the Original Lien, (ii) the Joint Venture
Loan was assigned to and assumed by the LLC and, upon the execution of the Joint
Venture Loan Guarantee, LIN Texas was released from all liability with respect
to the Joint Venture Loan, (iii) the LP granted to GECC a first priority
security interest (the "Additional Lien") in its 99% undivided interest in the
KNSD Assets, (iv) the Borrower executed a guarantee with respect to the LLC's
obligations under the Joint Venture Loan (the "Original Guarantee") and (v) LIN
Texas loaned the cash proceeds of the Joint Venture Loan to the Borrower or one
of its subsidiaries (any such loan, the "LIN Texas Loan"), (c) immediately
following the effective time of the Merger (i) the LLC contributed to the LP the
KXAS Assets (subject to the Original Lien), (ii) NBC contributed to the LP an
undivided 1% interest in the KNSD Assets, (iii) Equity Holdings B executed the
Joint Venture Loan Guarantee and (iv) the Borrower was released from the
Original Guarantee and has no obligations under the Joint Venture Loan, (d)
Holdings obtained from NBC an option to acquire the assets of television station
WVTM-TV, serving Birmingham, Alabama (the "WVTM Assets"), for a purchase price
of $199,000,000, subject to certain adjustments, as provided in the WVTM
Purchase Agreement, (e) the NBC network affiliation agreements for stations
KXAS-TV, KNSD-TV and WVTM-TV were modified to provide for a term of 25 years
from the Funding Date, (f) the NBC network affiliation agreements for the other
stations owned by the Borrower and its Subsidiaries and Affiliates were modified
to provide for (i) a term for each expiring in the year 2010 and (ii)
compensation thereunder at levels which, taken as a whole, are substantially no
less favorable to the Borrower and its Subsidiaries and Affiliates as
arrangements as may be agreed upon between NBC and a majority of NBC affiliates
in the 25 largest television markets (the network affiliation agreements of the
Borrower and its Subsidiaries described in this clause (f) and in clause (e)
above, together with any other related network affiliation compensation
arrangements, being collectively referred to as the "NBC Network Affiliation
Agreements") and (g) the LP entered into the LP Services Agreement.

            The Borrower requested (a) the Tranche A Term Loan Lenders to extend
credit in the form of (i) Initial Tranche A Term Loans on the Closing Date in an
aggregate principal amount not in excess of $50,000,000 and (ii) Delayed Tranche
A Term Loans at any one time during the Delayed Tranche A Commitment Period, in
an aggregate principal amount not in excess of $125,000,000, (b) the Tranche B
Term Loan Lenders to extend credit in the form of Tranche B Term Loans on the
Closing Date, in an aggregate principal amount not in excess of $120,000,000,
(c) the Revolving Credit Lenders to extend credit in the form of Revolving
Credit Loans from time to time during the Revolving Credit Commitment Period, in
an aggregate principal amount at any time outstanding not in excess of the
difference between (i) $160,000,000 and (ii) the sum of the L/C Obligations at
such time and the Swingline Exposure at such time, (d) the Issuing Lender to
issue Letters of Credit from time to time during the Revolving Credit Commitment
Period in an aggregate stated amount at any time outstanding not in excess of
$25,000,000 and (e) the Swingline Lender to extend credit in the form of
Swingline Loans from time to time during the Revolving Credit Commitment Period
in an aggregate principal amount at any time outstanding not in excess of
$25,000,000.

            The proceeds of the Initial Tranche A Term Loans and the Tranche B
Term Loans were used on the Closing Date, in part, to (i) finance the Merger
Transactions, (ii) repay in full the Refinanced Indebtedness and (iii) pay
related fees, expenses and other transaction costs (provided
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that fees and expenses payable in connection with the Joint Venture Loan were
reimbursed by NBC). The proceeds of the Delayed Tranche A Term Loans were used
solely to finance the acquisition by the Borrower of the assets of WOOD-TV
Station (the "WOOD-TV Acquisition"), pursuant to the terms of the WOOD-TV
Purchase Agreement. The Initial Tranche A Term Loans and the Delayed Tranche A
Term Loans were repaid in full on June 14, 2001. The proceeds of the Incremental
Term Loans have been and shall be used solely to finance Permitted Acquisitions
and transaction fees and expenses in connection therewith and to fund required
redemptions of the portion of Holdings Discount Notes issued in respect of
accrued interest on Holdings Discount Notes. The proceeds of Revolving Credit
Loans will be used for general corporate purposes, including Permitted
Acquisitions, provided that at no time shall the Total Revolving Extensions of
Credit exceed $60,000,000 except to the extent such excess results from the
borrowing (each, a "Notes Payment Borrowing") at any time of Revolving Credit
Loans the proceeds of which are used to make a dividend or other distribution
directly to Holdings to be applied by Holdings solely to (i) make a prepayment
(including pursuant to a redemption) of principal of the Holdings Discount Notes
that was issued or accreted in respect of the accrued interest or original issue
discount on the Holdings Discount Notes or (ii) pay cash interest on Holdings
Discount Indebtedness on or after March 1, 2003, in the case of clause (ii), in
accordance with the terms of any Holdings Discount Notes Indenture, as
contemplated by subsection 7.6(a)(vi) or 7.6(a)(vii) (each payment by Holdings
contemplated in the preceding clauses (i) and (ii), a "Permitted Notes
Payment"); provided that if any of the proceeds from any Notes Payment Borrowing
are not applied by Holdings by 5:00 p.m., New York City time, on the first
Business Day following the date of such Notes Payment Borrowing to make a
Permitted Notes Payment, then the proceeds from such Notes Payment Borrowing
shall be deposited in an escrow account with, and in the name of and under the
sole dominion and control of, the Administrative Agent, and subject to an
agreement reasonably satisfactory to the Administrative Agent and Holdings,
which agreement shall provide for the grant by Holdings to the Administrative
Agent, for the benefit of the Secured Parties (as defined in the Guarantee and
Collateral Agreement), of a security interest in such escrow account and all
funds from time to time on deposit therein to secure the Obligations, and which
such agreement shall provide that (A) any funds on deposit in such escrow
account may be released solely to make a Permitted Notes Payment on the date
such Permitted Notes Payment is made, (B) the only condition to the release of
such funds shall be the receipt by the Administrative Agent of an officer's
certificate of Holdings to the effect that (x) no Default or Event of Default
under subsection 8(a) in respect of the non-payment of principal (including the
amount of any Reimbursement Obligation), interest or fees (a "Specified Payment
Default"), other than any non-payment of amounts that became due solely as a
result of an acceleration of the maturity of such amounts under Section 8
(except for any such acceleration based upon a Specified Payment Default or
Event of Default under Subsection 8(f)), has occurred and is continuing and (y)
such funds, immediately upon their release, shall be used to make a Permitted
Notes Payment and (C) notwithstanding anything in any Loan Document to the
contrary, neither the Administrative Agent nor any Secured Party shall, or shall
have any right to, foreclose upon or take any other remedial action in respect
of its security interest in such escrow account or any funds on deposit therein,
except during the continuance of a Specified Payment Default or an Event of
Default under Subsection 8(f). The Letters of Credit and Swingline Loans will be
used for general corporate purposes.
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                                                                               4

            The Lenders and the Swingline Lender are willing to extend such
credit to the Borrower and the Issuing Lender is willing to issue Letters of
Credit for the account of the Borrower, in each case on the terms and subject to
the conditions set forth herein.

            The parties hereto hereby agree as follows:

            1.1 Defined Terms. As used in this Agreement, the following terms
shall have the following meanings:

            "ABC":  the American Broadcasting Companies, Inc.

            "ABR": for any day, a rate per annum (rounded upwards, if necessary,
      to the next 1/16 of 1%) equal to the greatest of (a) the Prime Rate in
      effect on such day, (b) the Base CD Rate in effect on such day plus 1% and
      (c) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.
      For purposes hereof: "Prime Rate" shall mean the rate of interest per
      annum publicly announced from time to time by Chase as its prime rate in
      effect at its principal office in New York City (the Prime Rate not being
      intended to be the lowest rate of interest charged by Chase in connection
      with extensions of credit to debtors); "Base CD Rate" shall mean the sum
      of (a) the product of (i) the Three-Month Secondary CD Rate and (ii) a
      fraction, the numerator of which is one and the denominator of which is
      one minus the C/D Reserve Percentage and (b) the C/D Assessment Rate;
      "Three-Month Secondary CD Rate" shall mean, for any day, the secondary
      market rate for three-month certificates of deposit reported as being in
      effect on such day (or, if such day shall not be a Business Day, the next
      preceding Business Day) by the Board through the public information
      telephone line of the Federal Reserve Bank of New York (which rate will,
      under the current practices of the Board, be published in Federal Reserve
      Statistical Release H.15(519) during the week following such day), or, if
      such rate shall not be so reported on such day or such next preceding
      Business Day, the average of the secondary market quotations for
      three-month certificates of deposit of major money center banks in New
      York City received at approximately 10:00 A.M., New York City time, on
      such day (or, if such day shall not be a Business Day, on the next
      preceding Business Day) by the Administrative Agent from three New York
      City negotiable certificate of deposit dealers of recognized standing
      selected by it; and "Federal Funds Effective Rate" shall mean, for any
      day, the weighted average of the rates on overnight federal funds
      transactions with members of the Federal Reserve System arranged by
      federal funds brokers, as published on the next succeeding Business Day by
      the Federal Reserve Bank of New York, or, if such rate is not so published
      for any day which is a Business Day, the average of the quotations for the
      day of such transactions received by the Administrative Agent from three
      federal funds brokers of recognized standing selected by it. Any change in
      the ABR due to a change in the Prime Rate, the Base CD Rate or the Federal
      Funds Effective Rate shall be effective as of the opening of business on
      the effective day of such change in the Prime Rate, the Base CD Rate or
      the Federal Funds Effective Rate, respectively.
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                                                                               5

            "ABR Loans": Loans the rate of interest applicable to which is based
      upon the ABR.

            "Acquisition Funding Account": as defined in subsection 2.8(a).

            "Additional Holdings Discount Notes": any notes issued after June 8,
      2001, by Holdings on terms substantially similar (other than with regard
      to pricing and except that the Additional Holdings Discount Notes shall
      not be subject to any mandatory redemption requirement in respect of
      principal issued or accreted in respect of accrued interest or original
      issue discount on the Additional Holdings Discount Notes) to those of the
      Holdings Discount Notes (and shall include any substantially identical
      discount notes of Holdings in the same aggregate principal amount issued
      thereafter in exchange therefor pursuant to a registered exchange offer or
      shelf registration statement in accordance with the indenture pursuant to
      which the Additional Holdings Discount Notes were issued).

            "Additional Lien": as defined in the preamble of this Agreement.

            "Additional Senior Subordinated Notes": any notes issued by the
      Borrower on terms substantially similar (other than with regard to
      pricing) to those of the Senior Subordinated Notes after the Closing Date
      (and shall include any substantially identical senior subordinated notes
      of the Borrower in the same aggregate principal amount issued thereafter
      in exchange therefor pursuant to a registered exchange offer or shelf
      registration statement in accordance with any applicable indenture).

            "Adjustment Date":  as defined in the Pricing Grid.

            "Administrative Agent": Chase, together with its affiliates, as the
      arranger of the Commitments and as the administrative agent for the
      Lenders under this Agreement and the other Loan Documents, together with
      any of its successors.

            "Affected Eurodollar Loans": as defined in subsection 2.9(f).

            "Affiliate": as to any Person, any other Person (other than a
      Subsidiary) which, directly or indirectly, is in control of, is controlled
      by, or is under common control with, such Person. For purposes of this
      definition, "control" of a Person means the power, directly or indirectly,
      either to (a) vote 51% or more of the securities having ordinary voting
      power for the election of directors (or persons performing similar
      functions) of such Person or (b) direct or cause the direction of the
      management and policies of such Person, whether by contract or otherwise.

            "Agreement":  this Amended and Restated Credit Agreement,
      as further amended, supplemented or otherwise modified from time
      to time.

            "Applicable Margin": (a) for all Loans, other than Incremental Term
      Loans, the Applicable Margin as determined pursuant to the Pricing Grid,
      (b) with respect to Incremental Term Loans outstanding as of April 12,
      2001, the Applicable Margin as determined pursuant to Schedule 1.1E, and
      (c) with respect to Incremental Term Loans
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      made after April 12, 2001, the rate per annum for Incremental Term Loans
      agreed to, or the rate per annum determined pursuant to a pricing grid
      agreed to, by the Borrower and the applicable Incremental Lenders in the
      applicable Incremental Term Loan Activation Notice.

            "Application":  an application, in such form (reasonably
      acceptable to the Borrower) as the Issuing Lender may specify
      from time to time, requesting the Issuing Lender to open a Letter
      of Credit.

            "Approved Fund": with respect to any Lender that is a fund that
      invests in bank loans, any other fund that invests in bank loans and is
      advised or managed by the same investment advisor as such Lender or by an
      affiliate of such investment advisor.

            "Asset Sale": any sale, transfer or other disposition (including any
      sale and leaseback of assets and any sale of accounts receivable in
      connection with a receivable financing transaction) by Holdings or any of
      its Subsidiaries of any property of Holdings or any such Subsidiary
      (including property subject to any Lien under any Security Document),
      other than as permitted pursuant to subsection 7.5(a), (b) (provided that,
      except with respect to the loss or condemnation of all or substantially
      all of the assets of Holdings and its Subsidiaries, the proceeds from such
      casualty or condemnation (including insurance) are used to replace or
      rebuild the lost or condemned assets within the time period specified in
      subsection 2.9(b)) and (c) through (g).

            "Asset Swap Transaction": a substantially concurrent purchase and
      sale, or exchange, of a Broadcasting Asset of the Borrower or all the
      Capital Stock of, or other equity interests in, a Subsidiary owning a
      Broadcasting Asset, for a Broadcast Station or Broadcast Enterprise of
      another Person or group of affiliated Persons, or all the Capital Stock
      of, or other equity interests in, a Person or group of affiliated Persons
      owning a Broadcast Station or Broadcast Enterprise (or such lesser amount
      as shall be determined by the Board of Directors of the Borrower or such
      Subsidiary as fair consideration), including, without limitation, the KXTX
      Transaction, provided that (a) the Borrower shall receive, in exchange for
      such Broadcasting Asset, or Capital Stock of, or other equity interests
      in, such Subsidiary owning a Broadcasting Asset, a Broadcast Station or
      Broadcast Enterprise, or Capital Stock of, or other equity interests in, a
      Person or group of affiliated Persons owning a Broadcast Station or
      Broadcast Enterprise, (b) on a pro forma basis for the most recently
      completed four-fiscal-quarter period for which financial statements are
      available on the date of such Asset Swap Transaction, no Default or Event
      of Default will have occurred and be continuing (including, without
      limitation, pursuant to subsection 7.1), provided that for purposes of
      calculating Consolidated EBITDA pursuant to this clause (b), the
      Consolidated EBITDA of such Broadcast Station or Broadcast Enterprise
      being acquired for such four-fiscal-quarter period shall equal the
      Consolidated EBITDA of such Broadcast Station or Broadcast Enterprise, as
      applicable, for the 12-month period preceding such Asset Swap Transaction,
      (c) (i) the Consolidated EBITDA of the Broadcasting Asset being sold or
      exchanged plus the Consolidated EBITDA of all Broadcasting Assets that
      were sold pursuant to subsection 7.5(h) or exchanged pursuant to
      subsection 7.5(i) in such fiscal quarter and in the immediately preceding
      four-fiscal-quarter period shall not exceed 25% of the Consolidated EBITDA
      of
<PAGE>   12
                                                                               7

      the Borrower for such immediately preceding four-fiscal-quarter period,
      (ii) the Consolidated EBITDA of the Broadcasting Asset being sold or
      exchanged plus the Consolidated EBITDA of all Broadcasting Assets that
      were sold pursuant to subsection 7.5(h) or exchanged pursuant to
      subsection 7.5(i) in such fiscal quarter and in the immediately preceding
      eight-fiscal-quarter period shall not exceed 40% of the Consolidated
      EBITDA of the Borrower for such eight-fiscal-quarter period and (iii) the
      Consolidated EBITDA of the Broadcasting Asset being sold or exchanged plus
      the Consolidated EBITDA of all Broadcasting Assets that were sold pursuant
      to subsection 7.5(h) or exchanged pursuant to subsection 7.5(i) in such
      fiscal quarter and in the preceding twenty-fiscal-quarter period shall not
      exceed 60% of the Consolidated EBITDA of the Borrower for such
      twenty-fiscal-quarter period, (d) any Net Cash Proceeds of such Asset Swap
      Transaction shall be deemed Net Cash Proceeds of an Asset Sale, and shall
      be applied pursuant to subsection 2.9(d) or reinvested pursuant to
      subsection 2.9(b), (e) the Borrower provides the Administrative Agent with
      a certificate showing compliance with all of the covenants contained in
      subsection 7.1, (f) the Borrower takes such actions as may be required or
      reasonably requested to ensure that the Administrative Agent, for the
      ratable benefit of the Lenders, has a perfected first priority security
      interest in any assets required to be secured pursuant to subsection 6.10
      or any other Loan Document, subject to Liens permitted by subsection 7.3,
      and (g) the Borrower provides the Administrative Agent with appropriate
      supporting documentation if reasonably requested by the Administrative
      Agent, including, without limitation, any exchange agreement in connection
      with such transaction, opinions of counsel, including FCC counsel, in
      connection therewith and copies of an FCC consent on Form 732 (or any
      comparable form issued by the FCC) relating to the transfer of control or
      assignment of the Station Licenses of the acquired Broadcast Station to
      the Borrower or its Subsidiary and, unless the Administrative Agent shall
      otherwise agree, such consent shall have become a Final Order.

            "Assignee":  as defined in subsection 10.6(c).

            "Assignor":  as defined in subsection 10.6(c).

            "Available Revolving Credit Commitment": as to any Lender at any
      time, an amount equal to (a) such Lender's Revolving Credit Commitment
      minus (b) such Lender's Revolving Extensions of Credit.

            "Benefitted Lender":  as defined in subsection 10.7(a).

            "Board": the Board of Governors of the Federal Reserve System of the
      United States (or any successor).

            "Borrower": as defined in the introductory paragraph of this
      Agreement.

            "Borrowing Date": any Business Day specified by the Borrower as a
      date on which the Borrower requests the Lenders or Swingline Lender to
      make Loans or Swingline Loans hereunder.
<PAGE>   13
                                                                               8

            "Broadcast Enterprise": assets used and useful for the operation of
      broadcasting or entertainment businesses, or any businesses reasonably
      related thereto.

            "Broadcast Station": all or substantially all the assets used and
      useful for operating a full service commercial television broadcast
      station pursuant to a Station License, including without limitation the
      rights to use such Station License.

            "Broadcasting Assets": collectively, any Stations and any
      Non-Station Assets of the Borrower and its Subsidiaries.

            "Broadcasting Asset Temporary Repayment": as defined in subsection
      2.8(b).

            "Business":  as defined in subsection 4.17(b).

            "Business Day": a day other than a Saturday, Sunday or other day on
      which commercial banks in New York City are authorized or required by law
      to close, provided that when used in connection with a Eurodollar Loan,
      the term "Business Day" shall also exclude any day on which commercial
      banks are not open for dealing in Dollar deposits in the London interbank
      market.

            "Capital Expenditures": for any period, with respect to any Person,
      the aggregate of all expenditures (whether paid in cash or accrued as a
      liability) by such Person and its Subsidiaries for the acquisition or
      leasing (pursuant to a capital lease) of fixed or capital assets or
      additions to equipment (including replacements, capitalized repairs and
      improvements during such period). For purposes of this definition, the
      following items will be excluded from the definition of "Capital
      Expenditures": (a) Capital Expenditures to the extent funded by insurance
      proceeds, condemnation awards or payments pursuant to a deed in lieu
      thereof, (b) Capital Expenditures to the extent made through barter
      transactions and (c) assets acquired pursuant to (i) Permitted
      Acquisitions, (ii) Asset Swap Transactions and (iii) a reinvestment of
      proceeds received under subsection 7.5(c).

            "Capital Lease Obligations": as to any Person, the obligations of
      such Person to pay rent or other amounts under any lease of (or other
      arrangement conveying the right to use) real or personal property, or a
      combination thereof, which obligations are required to be classified and
      accounted for as capital leases on a balance sheet of such Person under
      GAAP and, for the purposes of this Agreement, the amount of such
      obligations at any time shall be the capitalized amount thereof at such
      time determined in accordance with GAAP.

            "Capital Stock": any and all shares, interests, participations or
      other equivalents (however designated) of capital stock of a corporation,
      any and all equivalent ownership interests in a Person (other than a
      corporation) and any and all warrants, rights or options to purchase any
      of the foregoing.

            "Cash Equivalents": (a) marketable direct obligations issued by, or
      unconditionally guaranteed by, the United States Government or issued by
      any agency thereof and backed by the full faith and credit of the United
      States, in each case maturing on or within one year from the date of
      acquisition; (b) certificates of deposit, time
<PAGE>   14
                                                                               9

      deposits, Eurodollar time deposits, bankers' acceptances and repurchase
      agreements, or overnight bank deposits having maturities of one year or
      less from the date of acquisition issued by any Lender or by any
      commercial bank organized under the laws of the United States of America
      or any state thereof having combined capital and surplus (or whose
      obligations are guaranteed by an affiliated commercial bank which has
      capital and surplus) of not less than $500,000,000; (c) commercial paper
      of an issuer rated at least A-2 by Standard & Poor's Ratings Services or
      P-2 by Moody's Investors Service, Inc., or carrying an equivalent rating
      by a nationally recognized rating agency, if both of the two named rating
      agencies cease publishing ratings of commercial paper issuers generally;
      (d) money market accounts or funds with or issued by Qualified Issuers;
      (e) repurchase obligations with a term of not more than 90 days for
      underlying securities of the types described in clause (a) above entered
      into with any bank meeting the qualifications specified in clause (b)
      above and (f) demand deposit accounts maintained in the ordinary course of
      business with any Lender or with any bank that is not a Lender not in
      excess of $100,000 in the aggregate on deposit with such Lender or any
      such bank.

            "CBS":  the CBS Television Network, a division of CBS, Inc.

            "C/D Assessment Rate": for any day as applied to the Base CD Rate,
      the net annual assessment rate (rounded upward to the nearest 1/100th of
      1%) determined by Chase to be payable on such day to the Federal Deposit
      Insurance Corporation or any successor (the "FDIC") for the FDIC's
      insuring time deposits made in Dollars at offices of Chase in the United
      States.

            "C/D Reserve Percentage": for any day as applied to the Base CD
      Rate, that percentage (expressed as a decimal) which is in effect on such
      day, as prescribed by the Board, for determining the maximum reserve
      requirement for a member of the Federal Reserve System in New York City
      with deposits exceeding one billion Dollars in respect of new non-personal
      time deposits in Dollars having a three month maturity and in an amount of
      $100,000 or more.

            "Change of Control": the earliest to occur of (a) Hicks Muse, its
      principals and their Affiliates and management of Holdings and the
      Borrower ("HMTF") ceasing to own, beneficially and of record, common stock
      of Holdings representing greater than 50% of the aggregate equity value
      represented by the issued and outstanding common stock of Holdings, (b)
      any "Person" or "group" (as such terms are used in Sections 13(d) and
      14(d) of the Securities Exchange Act of 1934, as amended), excluding the
      holders of record and "beneficial owners" (as defined in Rules 13(d)-3 and
      13(d)-5 under such Act) of the outstanding voting stock of Holdings on
      January 21, 2000, becoming the beneficial owner, directly or indirectly,
      of more than 50% of the then outstanding voting stock of Holdings and (c)
      a Change of Control as defined in any document pertaining to any Senior
      Subordinated Indebtedness, Senior Unsecured Indebtedness or the Holdings
      Discount Indebtedness.

            "Chase":  The Chase Manhattan Bank.

            "Closing Date":  March 3, 1998.
<PAGE>   15
                                                                              10

            "Code": the Internal Revenue Code of 1986, as amended from time to
      time.

            "Co-Documentation Agents": as defined in the introductory paragraph
      of this Agreement.

            "Commitment": as to any Lender, the sum of the Term Commitments, the
      Revolving Credit Commitment and the Swingline Loan Commitment of such
      Lender and with respect to the Issuing Lender and L/C Participants, as
      applicable, their L/C Obligations.

            "Commitment Fee Rate": as determined pursuant to the Pricing Grid.

            "Commonly Controlled Entity": an entity, whether or not
      incorporated, which is under common control with the Borrower within the
      meaning of Section 4001 of ERISA or is part of a group which includes the
      Borrower and which is treated as a single employer under Section 414 of
      the Code.

            "Compliance Certificate": a certificate duly executed by a
      Responsible Officer substantially in the form of Exhibit B.

            "Consolidated Cash Interest Expense": for any period, Consolidated
      Interest Expense (including, without limitation, that attributable to
      Capital Lease Obligations but excluding capitalized financing fees), net
      of cash interest income of the Borrower and its Subsidiaries, for such
      period (a) minus, in each case to the extent included in determining such
      Consolidated Interest Expense for such period, the sum of the following:
      (i) non-cash expenses for interest payable in kind and (ii) amortization
      of debt discount and fees and (b) plus the sum of cash payments made by
      the Borrower or any of its Subsidiaries during such period in respect of
      the items referred to in clause (a)(i) of this definition to the extent
      previously subtracted pursuant to clause (a) of this definition
      (including, without limitation, all commissions, discounts and other fees
      and charges owed with respect to letters of credit and bankers' acceptance
      financing and net costs under Interest Rate Protection Agreements to the
      extent such net costs are allocable to such period in accordance with
      GAAP). Prior to the completion of 12 full calendar months after the
      Closing Date, Consolidated Cash Interest Expense will be annualized by
      multiplying Consolidated Cash Interest Expense for the number of then
      completed months after the Closing Date by a fraction, the numerator of
      which is 12 and the denominator of which is the number of months in such
      shorter period.

            "Consolidated Current Assets": at a particular date, all amounts
      (other than cash, Cash Equivalents and the current portion of programming
      rights) which would, in conformity with GAAP, be set forth opposite the
      caption "total current assets" (or any like caption) on a consolidated
      balance sheet of the Borrower and its Subsidiaries at such date.

            "Consolidated Current Liabilities": at a particular date, all
      amounts which would, in conformity with GAAP, be set forth opposite the
      caption "total current liabilities" (or any like caption) on a
      consolidated balance sheet of the Borrower and its
<PAGE>   16
                                                                              11

      Subsidiaries at such date, but excluding (a) the current portion of any
      Funded Debt and Film Obligations of the Borrower and its Subsidiaries and
      (b) without duplication of clause (a) above, all Indebtedness consisting
      of Revolving Credit Loans to the extent otherwise included therein.

            "Consolidated Debt Service": for any period, the sum of Consolidated
      Cash Interest Expense plus any scheduled amortization payments on any
      Indebtedness made or payable during such period, but excluding mandatory
      prepayments on any such Indebtedness.

            "Consolidated EBITDA":  for any period:

            (a) Net Income for such period; plus

            (b) without duplication, the sum of the following items (to the
      extent deducted in the computation of such Net Income for such period):

                  (i) depreciation expense;

                  (ii) amortization expense (including amortization in respect
            of Film Obligations and other amortized film expense) and
            amortization of intangibles (including, but not limited to, goodwill
            and organizational costs (including costs associated with the
            Transactions));

                  (iii) Consolidated Interest Expense;

                  (iv) income and franchise tax expense;

                  (v) any extraordinary and unusual losses (net of
            income taxes);

                  (vi) the annualized promotional reimbursement from
            NBC not to exceed $2,000,000;

                  (vii) to the extent identified and reasonably satisfactory to
            the Administrative Agent, any cost savings realized in connection
            with any acquired Broadcasting Assets;

                  (viii) to the extent set forth in a written contract, any
            recurring improvements to Consolidated EBITDA as a result of any
            acquired Broadcasting Assets;

                  (ix) other non-cash charges (excluding barter expenses and
            trade expenses); and

                  (x) for all purposes of this Agreement other than the
            computation of the Consolidated Leverage Ratio for the purpose of
            determining the Applicable Margin and the Commitment Fee Rate,
            non-recurring charges for severance payments related to corporate
            restructuring and similar activities not exceeding, in the
            aggregate, $10,000,000 during the term of this Agreement;
<PAGE>   17
                                                                              12

            less (c) without duplication, the sum of the following
            items:

                  (i) all cash payments originally scheduled to be made
            during such period in respect of Film Obligations;

                  (ii) any extraordinary and unusual gains (net of
            income taxes);

                  (iii) non-cash gains included in Net Income; and

                  (iv) cash dividends or other distributions made by
            the Borrower to Holdings for its reasonable corporate
            overhead expenses,

      provided that for the purpose of calculating Consolidated EBITDA, not more
      than (A) 30% of Consolidated EBITDA for any period of four consecutive
      fiscal quarters may be attributable to local marketing agreements and (B)
      not more than 10% of Consolidated EBITDA for any period of four
      consecutive fiscal quarters may be attributable to non-broadcasting
      businesses. For purposes of subsection 2.9 and subsection 7.1(a),
      Consolidated EBITDA for any period will be adjusted to (A) exclude the
      Consolidated EBITDA attributable to any asset or business that was
      disposed of (either directly or as part of an exchange) by the Borrower or
      any of its Subsidiaries prior to the date of determination (as if such
      asset or business had not been owned by the Borrower or any of its
      Subsidiaries prior to the date of determination) and (B) include the
      Consolidated EBITDA attributable to any asset or business that was
      acquired (either directly or as part of an exchange) by the Borrower or
      any of its Subsidiaries (including, to the extent identified and
      reasonably satisfactory to the Administrative Agent, pro forma cost
      savings in connection therewith) prior to the date of determination (as if
      such asset or business had been owned by the Borrower or any of its
      Subsidiaries prior to the date of determination). Notwithstanding the
      foregoing, (a) the Consolidated EBITDA of each Designated LMA Station
      shall be excluded for purposes of determining Consolidated EBITDA for each
      fiscal quarter ending on or before the earlier of June 30, 1999 and the
      beginning of the first fiscal quarter after the Closing Date for which
      such Designated LMA Station has positive Consolidated EBITDA and (b) the
      Consolidated EBITDA of any Designated Future LMA Station shall be excluded
      for purposes of determining Consolidated EBITDA for each fiscal quarter
      ending on or before the earlier of the date that is three years after the
      acquisition of such Designated Future LMA Station and the beginning of the
      first fiscal quarter after such acquisition for which such Designated
      Future LMA Station has positive Consolidated EBITDA.

            "Consolidated Fixed Charge Coverage Ratio": for any period, the
      ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Fixed
      Charges for such period.

            "Consolidated Fixed Charges": for any period, the sum (without
      duplication) of (a) Consolidated Debt Service for such period, (b) Capital
      Expenditures made by the Borrower or any of its Subsidiaries during such
      period, (c) any income taxes paid by the Borrower or any of its
      Subsidiaries, and any amounts paid by the Borrower to Holdings
<PAGE>   18
                                                                              13

      for purposes of paying income taxes, in each case, during such period, (d)
      cash dividends paid by the Borrower during such period less the amount of
      any Indebtedness for money borrowed incurred by the Borrower to fund such
      dividends to the extent the proceeds of such dividends are used by
      Holdings during such period to pay required redemptions of Holdings
      Discount Notes after the fifth anniversary of the Closing Date and (e) any
      operating losses from Designated Future LMA Stations to the extent such
      losses are excluded from Consolidated EBITDA.

            "Consolidated Interest Coverage Ratio": for any period, the ratio of
      (a) Consolidated EBITDA for such period to (b) Consolidated Cash Interest
      Expense for such period.

            "Consolidated Interest Expense": for any period, the amount of
      interest expense, both expensed and capitalized, of the Borrower and its
      Subsidiaries, determined on a consolidated basis in accordance with GAAP,
      for such period on the aggregate principal amount of their Indebtedness,
      excluding non-cash deferred financing costs (other than for purposes of
      the definition of the term "Consolidated EBITDA").

            "Consolidated Leverage Ratio": as at the last day of any period, the
      ratio of (a) Consolidated Total Debt on such day to (b) Consolidated
      EBITDA for such period.

            "Consolidated Senior Secured Debt": Consolidated Total Debt less (a)
      any Senior Subordinated Indebtedness and any Senior Unsecured Indebtedness
      issued in accordance with the terms of this Agreement and (b) any
      subordinated Indebtedness assumed in connection with a Permitted
      Acquisition or an Asset Swap Transaction pursuant to subsection
      7.2(j)(iii).

            "Consolidated Senior Secured Leverage Ratio": as at the last day of
      any period, the ratio of (a) Consolidated Senior Secured Debt to (b)
      Consolidated EBITDA for such period.

            "Consolidated Total Debt": at any date, the aggregate principal
      amount of all Indebtedness for borrowed money of the Borrower and its
      Subsidiaries at such date, determined on a consolidated basis in
      accordance with GAAP, net of cash on the consolidated balance sheet of the
      Borrower to the extent the initial equity contribution (together with any
      equity contribution made within 45 days after the Closing Date) to the
      Borrower exceeds $555,000,000 less the amount of rollover investment by
      members of management and employees of the Borrower and its Subsidiaries
      (but only for so long as the cash relating to such equity contribution
      shall remain on the balance sheet), plus an amount of cash on the balance
      sheet not to exceed the sum of (a) $10,000,000 and (b) at any date, for
      all purposes under this Agreement other than the computation of the
      Consolidated Leverage Ratio for the purpose of determining the Applicable
      Margin and the Commitment Fee Rate, the amount of Retained Net Cash
      Proceeds held in the Acquisition Funding Account at such date.

            "Consolidated Working Capital": the excess of Consolidated Current
      Assets over Consolidated Current Liabilities.
<PAGE>   19
                                                                              14

            "Continuing Directors": the directors of Holdings on the Closing
      Date, after giving effect to the Merger and the other transactions
      contemplated hereby, and each other director, if, in each case, such other
      director's nomination for election to the board of directors of Holdings
      is recommended by a majority of the then Continuing Directors or such
      other director receives the vote of HMTF in his or her election by the
      stockholders of Holdings.

            "Contractual Obligation": as to any Person, any provision of any
      security issued by such Person or of any agreement, instrument or other
      undertaking (including, without limitation, any undertaking made to the
      FCC) to which such Person is a party or by which it or any of its property
      is bound.

            "Co-Syndication Agents": as defined in the introductory paragraph of
      this Agreement.

            "Default": any of the events specified in Section 8, whether or not
      any requirement for the giving of notice, the lapse of time, or both,
      unless cured or waived, has been satisfied.

            "Delayed Tranche A Commitment Period": the period from and including
      the Closing Date to the Delayed Tranche A Termination Date.

            "Delayed Tranche A Term Loan Commitment": as to any Tranche A Term
      Loan Lender, the obligation of such Tranche A Term Loan Lender to make
      Delayed Tranche A Term Loans to the Borrower hereunder in an aggregate
      principal amount not to exceed the amount set forth under the heading
      "Delayed Tranche A Term Loan Commitment" opposite such Lender's name on
      Schedule 1.1A to the Original Credit Agreement, as the same may be changed
      from time to time pursuant to the terms hereof. The original aggregate
      amount of the Delayed Tranche A Term Loan Commitments is $125,000,000.

            "Delayed Tranche A Term Loans": as defined in subsection 2.1(a)(i).

            "Delayed Tranche A Termination Date": June 30, 1999.

            "Designated Future LMA Station": any Station operated by the
      Borrower or any of its Subsidiaries pursuant to local marketing
      arrangements (or should the FCC rules permit, under direct ownership)
      established after the Closing Date, provided that at the time of such
      arrangement such Station has not had positive cash flow for at least four
      consecutive fiscal quarters.

            "Designated LMA Stations": any Existing LMA Station which has not
      had positive cash flow for at least four consecutive fiscal quarters.

            "Dollars" and "$": lawful currency of the United States of America.
<PAGE>   20
                                                                              15

            "ECF Percentage": 75%, provided that the ECF Percentage shall be
      deemed to be 50% if, on the applicable Excess Cash Flow Application Date,
      the Consolidated Leverage Ratio as of the end of the last fiscal quarter
      preceding such Excess Cash Flow Application Date was less than 6.00 to
      1.00, provided further that the ECF Percentage shall be deemed to be 0%
      if, on the applicable Excess Cash Flow Application Date, the Consolidated
      Leverage Ratio as of the end of the last fiscal quarter preceding such
      Excess Cash Flow Application Date was less than 5.00 to 1.00.

            "Environmental Laws": any and all applicable foreign, Federal,
      state, local or municipal laws, rules, orders, regulations, statutes,
      ordinances, codes, decrees, legally binding requirements of any
      Governmental Authority or other Requirements of Law (including common law)
      regulating, relating to or imposing liability or standards of conduct
      concerning protection of the environment, as now or may at any time
      hereafter be in effect.

            "Equity Holdings A": as defined in the preamble of this Agreement.

            "Equity Holdings B": as defined in the preamble of this Agreement.

            "ERISA": the Employee Retirement Income Security Act of 1974, as
      amended from time to time.

            "Eurocurrency Reserve Requirements": for any day as applied to a
      Eurodollar Loan, the aggregate (without duplication) of the rates
      (expressed as a decimal fraction) of reserve requirements in effect on
      such day (including, without limitation, basic, supplemental, marginal and
      emergency reserves under any regulations of the Board or other
      Governmental Authority having jurisdiction with respect thereto) dealing
      with reserve requirements prescribed for eurocurrency funding (currently
      referred to as "Eurocurrency Liabilities" in Regulation D of the Board)
      maintained by a member bank of the Federal Reserve System.

            "Eurodollar Base Rate": with respect to each day during each
      Interest Period pertaining to a Eurodollar Loan, the rate per annum equal
      to the rate at which Chase is offered Dollar deposits at or about 10:00
      A.M., New York City time, two Business Days prior to the beginning of such
      Interest Period in the interbank eurodollar market where the eurodollar
      and foreign currency and exchange operations in respect of its Eurodollar
      Loans are then being conducted for delivery on the first day of such
      Interest Period for the number of days comprised therein and in an amount
      comparable to the amount of its Eurodollar Loans to be outstanding during
      such Interest Period.

            "Eurodollar Loans": Loans the rate of interest applicable to which
      is based upon the Eurodollar Rate.
<PAGE>   21
                                                                              16

            "Eurodollar Rate": with respect to each day during each Interest
      Period pertaining to a Eurodollar Loan, a rate per annum determined for
      such day in accordance with the following formula (rounded upward to the
      nearest 1/100th of 1%):

                              Eurodollar Base Rate
                              --------------------
                    1.00 - Eurocurrency Reserve Requirements

            "Eurodollar Tranche": the collective reference to Eurodollar Loans
      under the same Facility the then current Interest Periods with respect to
      all of which begin on the same date and end on the same later date
      (whether or not such Loans shall originally have been made on the same
      day).

            "Event of Default": any of the events specified in Section 8,
      provided that any requirement for the giving of notice, the lapse of time,
      or both, has been satisfied.

            "Excess Cash Flow": for any fiscal year of the Borrower,
      Consolidated EBITDA (plus or minus the cash portion of any extraordinary
      gains or losses incurred during such fiscal year without duplication of
      mandatory prepayments resulting from any transaction giving rise thereto)
      for such period (before any adjustments thereto (a) to exclude the
      Consolidated EBITDA attributable to any asset or business that was
      disposed of (either directly or as part of an exchange) by the Borrower or
      any of its Subsidiaries during the period of calculation or (b) to include
      the Consolidated EBITDA attributable to any asset or business that was
      acquired (either directly or as part of an exchange) by the Borrower or
      any of its Subsidiaries (excluding, to the extent identified and
      reasonably satisfactory to the Administrative Agent, pro forma cost
      savings in connection therewith to the extent included in Consolidated
      EBITDA) during the period of calculation), minus the sum of the following
      (without duplication):

            (i) Consolidated Debt Service for such period;

            (ii) Capital Expenditures made during such period by the Borrower
      and its Subsidiaries;

            (iii) distributions permitted to be made by the Borrower pursuant to
      subsection 7.6(a)(iii) and other taxes of the Borrower for such period;

            (iv) the amount of any increases during such period in Consolidated
      Working Capital;

            (v) voluntary prepayments made during such period of the Term Loans;

            (vi) voluntary repayments made during such period of the Revolving
      Credit Loans, provided that substantially simultaneously therewith the
      aggregate Revolving Credit Commitments are permanently reduced by an
      amount equal to the amount of such repayment;

            (vii) any cash used during such period for any Restricted Payment
      (other than any dividend, repurchase of Capital Stock or other
      distribution made by the Borrower to
<PAGE>   22
                                                                              17

      Holdings), Permitted Acquisition, Asset Swap Transaction or Investment
      permitted pursuant to subsections 7.8(f), (j) or (i);

            (viii) amounts referred to in clause (ii) of subparagraph
      (b) of the proviso contained in the definition of the term "Net
      Income"; and

            (ix) the amount of payments from the Borrower to Holdings permitted
      by clause (a)(vi) of subsection 7.6;

      plus the sum of the following (without duplication):

            (i) the amount of all proceeds received during such period of
      Capital Lease Obligations, purchase money Indebtedness and any other
      Indebtedness to the extent used to finance any Capital Expenditures, to
      make any Restricted Payment (other than any dividend, repurchase of
      Capital Stock or other distribution made by the Borrower to Holdings) or
      to make a Permitted Acquisition; and

            (ii) the amount of any decreases during such period in Consolidated
      Working Capital.

            "Excess Cash Flow Application Date": as defined in subsection
      2.9(c).

            "Existing Indebtedness": all Indebtedness of the Borrower existing
      on the Closing Date and prior to the consummation of the Merger.

            "Existing LMA Station": any Station operated as of the Closing Date
      pursuant to local marketing arrangements, including WCTX-TV, serving New
      Haven, Connecticut, WVBT-TV, serving Norfolk, Virginia, KNVA-TV, serving
      Austin, Texas, and KXTX-TX, serving Dallas, Texas.

            "Facility": each of (a) the Tranche A Term Loan Commitments and the
      Tranche A Term Loans made thereunder (the "Tranche A Term Loan Facility"),
      (b) the Tranche B Term Loan Commitments and the Tranche B Term Loans made
      thereunder (the "Tranche B Term Loan Facility"), (c) the Incremental Term
      Loan Amounts and the Incremental Term Loans related thereto (the
      "Incremental Term Loan Facility"), (d) the Swingline Loan Commitments and
      the Swingline Loans made thereunder and (e) the Total Revolving Credit
      Commitments and the Revolving Extensions of Credit made thereunder (the
      "Revolving Credit Facility").

            "FCC": the Federal Communications Commission or any Governmental
      Authority substituted therefor.

            "Federal Funds Effective Rate": as defined in the definition of the
      term "ABR".

            "Film Cash Payments": for any period, the sum (determined on a
      consolidated basis in accordance with GAAP) of all scheduled payments made
      and to be made by
<PAGE>   23
                                                                              18

      Holdings or any of its Subsidiaries during such period on Film Obligations
      which were existing as of, or have been incurred at any time after, the
      Closing Date.

            "Film Obligations": all obligations in respect of the purchase, use,
      license or acquisition of programs, programming materials, films and
      similar assets used in connection with the business and operation of
      Holdings and its Subsidiaries.

            "Final Order": with respect to the assignment or transfer of control
      of the Station Licenses for any Station, an order of the FCC approving
      such assignment or transfer that is final (i.e., no longer subject to
      further judicial or administrative review), as to which no requests for
      judicial or administrative review are pending, and that has not been
      reversed, stayed, enjoined, set aside, annulled or suspended.

            "Fox":  the Fox Broadcasting Company.

            "Funded Debt": as to any Person, all Indebtedness of such Person
      that matures more than one year from the date of its creation or matures
      within one year from such date but is renewable or extendable, at the
      option of such Person, to a date more than one year from such date or
      arises under a revolving credit or similar agreement that obligates the
      lender or lenders to extend credit during a period of more than one year
      from such date, including, without limitation, all current maturities and
      current sinking fund payments in respect of such Indebtedness whether or
      not required to be paid within one year from the date of its creation and,
      in the case of the Borrower, Indebtedness in respect of the Loans.

            "Funding Date": the day immediately prior to the day on which the
      Merger is consummated.

            "GAAP": generally accepted accounting principles in the United
      States of America as in effect from time to time set forth in the opinions
      and pronouncements of the Accounting Principles Board and the American
      Institute of Certified Public Accountants and the statements and
      pronouncements of the Financial Accounting Standards Board and the rules
      and regulations of the Securities and Exchange Commission, or in such
      other statements by such other entity as may be in general use by
      significant segments of the accounting profession, which are applicable to
      the circumstances of Holdings and the Borrower as of the date of
      determination, except that for purposes of subsection 7.1, GAAP shall be
      determined on the basis of such principles in effect on the Closing Date
      and consistent with those used in the preparation of the audited financial
      statements referred to in subsection 4.1(a). In the event that any
      "Accounting Change" (as defined below) shall occur and such change results
      in a change in the method of calculation of financial covenants, standards
      or terms in this Agreement, then the Borrower and the Administrative Agent
      agree to enter into negotiations in order to amend such provisions of this
      Agreement so as to equitably reflect such Accounting Changes with the
      desired result that the criteria for evaluating the Borrower's financial
      condition shall be the same after such Accounting Changes as if such
      Accounting Changes had not been made. Until such time as such an amendment
      shall have been executed and delivered by the Borrower, the Administrative
      Agent and the Required Lenders, all financial covenants, standards and
      terms in this Agreement shall continue to be calculated or construed as if
      such Accounting
<PAGE>   24
                                                                              19

      Changes had not occurred. The term "Accounting Changes" refers to changes
      in accounting principles required by the promulgation of any rule,
      regulation, pronouncement or opinion by the Financial Accounting Standards
      Board or the American Institute of Certified Public Accountants or, if
      applicable, the Securities and Exchange Commission (or successors thereto
      or agencies with similar functions).

            "GECC": General Electric Capital Corporation, a New York
      corporation.

            "Governmental Authority": any nation or government, any state or
      other political subdivision thereof and any entity exercising executive,
      legislative, judicial, regulatory or administrative functions of or
      pertaining to government.

            "Guarantee and Collateral Agreement": the Amended and Restated
      Guarantee and Collateral Agreement executed and delivered by Holdings, the
      Borrower and each Subsidiary Guarantor, as amended as of June 29, 2001,
      and as the same may be further amended, supplemented or otherwise modified
      from time to time.

            "Guarantee Obligation": as to any Person (the "guaranteeing
      person"), any obligation of (a) the guaranteeing person or (b) another
      Person (including, without limitation, any bank under any letter of
      credit) to induce the creation of which the guaranteeing person has issued
      a reimbursement, counter indemnity or similar obligation, in either case
      guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends
      or other obligations (the "primary obligations") of any other third Person
      (the "primary obligor") in any manner, whether directly or indirectly,
      including, without limitation, any obligation of the guaranteeing person,
      whether or not contingent, (i) to purchase any such primary obligation or
      any property constituting direct or indirect security therefor, (ii) to
      advance or supply funds (A) for the purchase or payment of any such
      primary obligation or (B) to maintain working capital or equity capital of
      the primary obligor or otherwise to maintain the net worth or solvency of
      the primary obligor, (iii) to purchase property, securities or services
      primarily for the purpose of assuring the owner of any such primary
      obligation of the ability of the primary obligor to make payment of such
      primary obligation or (iv) otherwise to assure or hold harmless the owner
      of any such primary obligation against loss in respect thereof; provided,
      however, that the term "Guarantee Obligation" shall not include
      endorsements of instruments for deposit or collection in the ordinary
      course of business. The amount of any Guarantee Obligation of any
      guaranteeing person shall be deemed to be the lower of (a) an amount equal
      to the stated or determinable amount of the primary obligation in respect
      of which such Guarantee Obligation is made and (b) the maximum amount for
      which such guaranteeing person may be liable pursuant to the terms of the
      instrument embodying such Guarantee Obligation, unless such primary
      obligation and the maximum amount for which such guaranteeing person may
      be liable are not stated or determinable, in which case the amount of such
      Guarantee Obligation shall be such guaranteeing person's maximum
      reasonably anticipated liability in respect thereof as determined by such
      Person in good faith.

            "Guarantors": Holdings and the Subsidiary Guarantors.

            "Hicks Muse": as defined in the introductory paragraph of this
      Agreement.
<PAGE>   25
                                                                              20

            "HMTF": as defined in the definition of the term "Change of
      Control".

            "Holdings": as defined in the introductory paragraph of this
      Agreement.

            "Holdings Discount Indebtedness": the Holdings Discount Notes, the
      Additional Holdings Discount Notes and any unsecured senior indebtedness
      of Holdings the proceeds of which shall be used to refinance in full all
      of the Holdings Discount Notes, the Additional Holdings Discount Notes or
      other Holdings Discount Indebtedness outstanding, provided such
      refinancing Indebtedness has (a) no maturity, amortization, mandatory
      redemption or purchase option (other than with asset sale proceeds,
      subject to the provisions of this Agreement, or following a change of
      control) or sinking fund payment prior to March 1, 2008, (b) no financial
      maintenance covenants, (c) such other terms and conditions (including,
      without limitation, interest rate, pay-in-kind interest, events of default
      and covenants) as shall be reasonably satisfactory to the Administrative
      Agent and (d) any permanent refinancing shall not be less favorable to the
      Borrower and the Lenders as the Holdings Discount Notes or the Additional
      Holdings Discount Notes, respectively, taken as a whole.

            "Holdings Discount Notes": Holdings's 10% Discount Notes due 2008
      issued on the Closing Date (and shall include any substantially identical
      deferred interest senior unsecured notes of Holdings in the same aggregate
      principal amount issued after the Closing Date in exchange therefor
      pursuant to a registered exchange offer or shelf registration statement in
      accordance with the Holdings Discount Notes Indenture.)

            "Holdings Discount Notes Indenture": the indenture to be entered
      into by Holdings in connection with the issuance of the Holdings Discount
      Notes or any other Holdings Discount Indebtedness, together with all
      instruments and other agreements entered into by Holdings in connection
      therewith, all in form and substance reasonably satisfactory to the
      Administrative Agent, as the same may be amended, supplemented or
      otherwise modified from time to time in accordance with subsection 7.9.

            "Incremental Lenders": (a) on any Incremental Term Loan Activation
      Date, the Lenders signatory to the Incremental Term Loan Activation Notice
      and (b) thereafter, each Lender which has made, or acquired pursuant to an
      assignment made in accordance with subsection 10.6(c), an Incremental Term
      Loan.

            "Incremental Maturity Date": as to the Incremental Term Loans to be
      made pursuant to any Incremental Term Loan Activation Notice, the maturity
      date specified in such Incremental Term Loan Activation Notice, which date
      shall be a date at least six months after the Tranche B Maturity Date.

            "Incremental Term Loan Activation Date": each date, which shall be a
      Business Day on or before the Incremental Term Loan Termination Date, on
      which any Lender shall execute and deliver to the Administrative Agent an
      Incremental Term Loan Activation Notice pursuant to subsection 2.1(b).
<PAGE>   26
                                                                              21

            "Incremental Term Loan Activation Notice": a notice substantially in
      the form of Exhibit G.

            "Incremental Term Loan Amount": as to each Incremental Lender, on
      and after the effectiveness of any Incremental Term Loan Activation
      Notice, the obligation of such Incremental Lender to make Incremental Term
      Loans hereunder in a principal amount equal to the amount set forth under
      the heading "Incremental Term Loan Amount" opposite such Incremental
      Lender's name on such Incremental Term Loan Activation Notice.

            "Incremental Term Loan Closing Date": each date, which shall be a
      Business Day on or before the Incremental Term Loan Termination Date,
      designated as such in an Incremental Term Loan Activation Notice.

            "Incremental Term Loan Facility": as defined in the definition of
      the term "Facility".

            "Incremental Term Loan Percentage": as to any Incremental Lender,
      the percentage which such Lender's Incremental Term Loans then outstanding
      constitutes of the aggregate principal amount of the Incremental Term
      Loans then outstanding.

            "Incremental Term Loan Termination Date": December 31, 2003.

            "Incremental Term Loans":  as defined in subsection 2.1(b).

            "Incremental Term Note": a Term Note evidencing Incremental Term
      Loans.

            "Incur": as defined in subsection 7.2; and the term "Incurrence"
      shall have a correlative meaning.

            "Indebtedness": of any Person at any date, without duplication, (a)
      all indebtedness of such Person for borrowed money, (b) all obligations of
      such Person for the deferred purchase price of property or services (other
      than current trade payables and accrued expenses incurred in the ordinary
      course of such Person's business), (c) all obligations of such Person
      evidenced by notes, bonds, debentures or other similar instruments, (d)
      all indebtedness created or arising under any conditional sale or other
      title retention agreement with respect to property acquired by such Person
      (even though the rights and remedies of the seller or lender under such
      agreement in the event of default are limited to repossession or sale of
      such property), (e) all Capital Lease Obligations of such Person, (f) all
      obligations of such Person, contingent or otherwise, as an account party
      under a bankers' acceptance, letter of credit or similar facilities, (g)
      the obligations of such Person under any Interest Rate Protection
      Agreement, (h) all Guarantee Obligations of such Person in respect of
      obligations of the kind referred to in clauses (a) through (g) above and
      (i) all obligations of the kind referred to in clauses (a) through (h)
      above secured by (or for which the holder of such obligation has an
      existing right, contingent or otherwise, to be secured by) any Lien on
      property (including, without limitation, accounts and contract rights)
      owned by such Person, whether or not such Person has assumed or become
      liable for the payment of such obligation and on which obligations such
      Person
<PAGE>   27
                                                                              22

      has recourse only to such property; provided, however, that the amount of
      such Indebtedness of any Person described in this clause (i) shall, for
      the purposes of this Agreement, be deemed to be equal to the lesser of (i)
      the aggregate unpaid amount of such Indebtedness and (ii) the fair market
      value of the property or asset encumbered, as determined by such Person in
      good faith.

            "Initial Public Offering": an underwritten public offering by
      Holdings of Capital Stock of Holdings or any Subsidiary or parent thereof
      pursuant to a registration statement filed with the Securities and
      Exchange Commission in accordance with the Securities Act of 1933, as
      amended.

            "Initial Tranche A Term Loan Commitment": as to any Tranche A Term
      Loan Lender, the obligation of such Tranche A Term Loan Lender to make an
      Initial Tranche A Term Loan to the Borrower hereunder in a principal
      amount not to exceed the amount set forth under the heading "Initial
      Tranche A Term Loan Commitment" opposite such Lender's name on Schedule
      1.1A to the Original Credit Agreement. The original aggregate amount of
      the Initial Tranche A Term Loan Commitments is $50,000,000.

            "Initial Tranche A Term Loans": as defined in subsection 2.1(a)(i).

            "Insolvency": with respect to any Multiemployer Plan, the condition
      that such Plan is insolvent within the meaning of Section 4245 of ERISA.

            "Insolvent": pertaining to a condition of Insolvency.

            "Intellectual Property":  as defined in subsection 4.9.

            "Interest Payment Date": (a) as to any ABR Loan, the last day of
      each March, June, September and December to occur while such Loan is
      outstanding, (b) as to any Eurodollar Loan having an Interest Period of
      three months or less, the last day of such Interest Period, (c) as to any
      Eurodollar Loan having an Interest Period longer than three months, each
      day which is three months, or a whole multiple thereof, after the first
      day of such Interest Period and the last day of such Interest Period and
      (d) as to any Loan, the date of repayment thereof at final stated
      maturity.
<PAGE>   28
                                                                              23

            "Interest Period": as to any Eurodollar Loan, (a) initially, the
      period commencing on the borrowing or conversion date, as the case may be,
      with respect to such Eurodollar Loan and ending one, two, three, six or
      (if available to all Lenders under the relevant Facility as determined in
      good faith by such Lenders) nine or twelve months thereafter, as selected
      by the Borrower in its notice of borrowing or notice of conversion, as the
      case may be, given with respect thereto; and (b) thereafter, each period
      commencing on the last day of the next preceding Interest Period
      applicable to such Eurodollar Loan and ending one, two, three, six or (if
      available to all Lenders under the relevant Facility as determined in good
      faith by such Lenders) nine or twelve months thereafter, as selected by
      the Borrower by irrevocable notice to the Administrative Agent not less
      than three Business Days prior to the last day of the then current
      Interest Period with respect thereto, provided that all of the foregoing
      provisions relating to Interest Periods are subject to the following:

            (i) if any Interest Period would otherwise end on a day that is not
      a Business Day, such Interest Period shall be extended to the next
      succeeding Business Day unless the result of such extension would be to
      carry such Interest Period into another calendar month in which event such
      Interest Period shall end on the immediately preceding Business Day;

            (ii) any Interest Period that would otherwise extend beyond the
      Revolving Credit Termination Date, in the case of Revolving Credit Loans,
      or the date final payment is due, in the case of Term Loans, shall end on
      the Revolving Credit Termination Date or such due date, as applicable;

            (iii) any Interest Period that begins on the last Business Day of a
      calendar month (or on a day for which there is no numerically
      corresponding day in the calendar month at the end of such Interest
      Period) shall end on the last Business Day of the calendar month at the
      end of such Interest Period; and

            (iv) the Borrower shall select Interest Periods so as not to require
      a payment or prepayment of any Eurodollar Loan during an Interest Period
      for such Loan.

            "Interest Rate Protection Agreement": any interest rate protection
      agreement, interest rate futures contract, interest rate option, interest
      rate cap or other interest rate hedge arrangement, to or under which
      Holdings or any of its Subsidiaries is a party or a beneficiary on the
      Closing Date or becomes a party or a beneficiary thereafter.

            "Investment" as defined in subsection 7.8.

            "Investors":  as defined in the preamble of this Agreement.

            "Issuing Lender":  Chase or any of its affiliates, in its
      capacity as issuer of any Letter of Credit.

            "Joint Venture Agreements":  (a) the LP Agreement, (b) the
      LLC Agreement and (c) the NBC Transaction Agreements.
<PAGE>   29
                                                                              24

            "Joint Venture Loan": as defined in the preamble of this Agreement.

            "Joint Venture Loan Guarantee": the guarantee, in the form
      heretofore approved by the Administrative Agent, executed by Equity
      Holdings B with respect to the Joint Venture Loan.

            "KNSD Assets":  as defined in the Transaction Agreement.

            "KNSD-TV Station":  television station KNSD-TV, serving San
      Diego, California.

            "KXAN-TV Station": television station KXAN-TV, serving Austin,
      Texas.

            "KXAS Assets": as defined in the Transaction Agreement.

            "KXTX Transaction": any transaction whereby the Borrower contributes
      KXTX-TV Station to any Affiliate of Hicks Muse or its principals in
      exchange for cash, a minority ownership interest therein or a combination
      thereof, provided that (i) the cash component of any such consideration
      shall not exceed 20% of the total consideration received in connection
      with such transaction and (ii) the Borrower shall deliver to the
      Administrative Agent a fairness opinion with respect to such consideration
      delivered by an independent investment banking firm of nationally
      recognized standing.

            "KXTX-TV Station": television station KXTX-TV, serving Dallas,
      Texas.

            "L/C Commitment": $25,000,000.

            "L/C Fee Payment Date": the last day of each March, June, September
      and December and the last day of the Revolving Credit Commitment Period.

            "L/C Obligations": at any time, an amount equal to the sum of (a)
      the aggregate then undrawn and unexpired amount of the then outstanding
      Letters of Credit and (b) the aggregate amount of drawings under Letters
      of Credit which have not then been reimbursed pursuant to subsection 3.5.

            "L/C Participants": with respect to any Letter of Credit, the
      collective reference to all the Revolving Credit Lenders other than the
      Issuing Lender that issued such Letter of Credit.

            "Lenders":  as defined in the introductory paragraph of
      this Agreement.

            "Letters of Credit": as defined in subsection 3.1(a), provided that
      to the extent the Borrower shall have deposited amounts in a cash
      collateral account for the benefit of the Lenders, the Letters of Credit
      relating thereto shall be deemed not to be Letters of Credit for purposes
      of this Agreement.
<PAGE>   30
                                                                              25

            "License Subsidiary": (a) as of the Closing Date, (i) in the case of
      the WISH-TV Station, the WANE-TV Station, the WAVY-TV Station and the
      WIVB-TV Station, LWWI, (ii) in the case of the KXAN-TV Station, KXAN,
      Inc., (iii) in the case of the WTNH-TV Station, WTNH Broadcasting, Inc.
      and (iv) in the case of the WAND-TV Station, WAND Television, Inc. and (b)
      after the Closing Date, in each case for clauses (i) through (iv) below
      upon receipt of the necessary FCC approvals for any transfer, (i) in the
      case of the WISH-TV Station and the WANE-TV Station, Indiana Broadcasting
      LLC, (ii) in the case of the WIVB-TV Station, WIVB Broadcasting LLC, (iii)
      in the case of the WAVY-TV Station, WAVY Broadcasting LLC, (iv) in the
      case of the WTNH-TV Station, WTNH Broadcasting Inc., (v) in the case of
      the KXAN-TV Station, KXAN, Inc., (vi) in the case of the WAND-TV Station,
      WAND Television, Inc. and (vii) in the case of any Station acquired after
      the Closing Date, the Subsidiary of the Borrower that shall hold the
      respective Station Licenses under the authority of which such Station is
      operated, provided that each such License Subsidiary shall be a single
      purpose entity the sole purpose of which shall be to hold the Station
      Licenses and to perform related functions with respect thereto.

            "Lien": any mortgage, pledge, hypothecation, assignment, deposit
      arrangement, encumbrance, lien (statutory or other), charge or other
      security interest or any preference, priority or other security agreement
      or preferential arrangement of any kind or nature whatsoever (including,
      without limitation, any conditional sale or other title retention
      agreement and any capital lease having substantially the same economic
      effect as any of the foregoing).

            "LIN": as defined in the preamble of this Agreement.

            "LIN Texas": LIN Television of Texas, LP, a Delaware limited
      partnership.

            "LIN Texas Loan": as defined in the preamble of this Agreement.

            "LLC": Station Venture Holdings, LLC, a Delaware limited liability
      company.

            "LLC Agreement": the Station Venture Holdings, LLC Amended and
      Restated Limited Liability Company Agreement dated as of January 15, 1998,
      between Outlet and LIN Texas.

            "Loan": any loan made by any Lender pursuant to this Agreement.

            "Loan Documents":  this Agreement, the Security Documents
      and the Notes, if any.

            "Loan Parties":  Holdings, the Borrower and each Subsidiary
      of the Borrower which is a party to a Loan Document.

            "LP": Station Venture Operations, LP, a Delaware limited
      partnership.
<PAGE>   31
                                                                              26

            "LP Agreement": the Station Venture Operations, LP Amended and
      Restated Limited Partnership Agreement dated as of January 15, 1998,
      between Outlet, the LLC and Holdings.

            "LP Services Agreement": the TV Master Service Agreement dated as of
      January 15, 1998, among the LLC, the LP and NBC.

            "LWWI":  as defined in the preamble of this Agreement.

            "Majority Facility Lenders": with respect to any Facility, Lenders
      which collectively are the holders of more than 50% of the aggregate
      unpaid principal amount of the Tranche A Term Loans, the Tranche B Term
      Loans or the Incremental Term Loans, or of the Total Revolving Extensions
      of Credit, as the case may be, outstanding under such Facility (or, (a) in
      the case of the Revolving Credit Facility, prior to any termination of the
      Revolving Credit Commitments, Lenders which are collectively the holders
      of more than 50% of the aggregate Revolving Credit Commitments or, (b) in
      the case of the Tranche A Term Loan Facility, prior to the Delayed Tranche
      A Termination Date, Lenders which are collectively the holders of more
      than 50% of the sum of the Delayed Tranche A Term Loan Commitments and the
      outstanding Tranche A Term Loans).

            "Majority Revolving Credit Facility Lenders":  the Majority
      Facility Lenders in respect of the Revolving Credit Facility.

            "Majority Tranche A Term Facility Lenders":  the Majority
      Facility Lenders in respect of the Tranche A Term Loan Facility.

            "Material Adverse Effect": a material adverse effect on (a) at the
      Closing Date, the Transactions and the other transactions contemplated by
      this Agreement, (b) the business, operations, properties, condition
      (financial or otherwise) or prospects of Holdings and its Subsidiaries or
      the Borrower and its Subsidiaries, each taken as a whole (other than, for
      purposes of the conditions to the initial funding of Loans on the Closing
      Date, changes in general economic conditions or in economic conditions
      generally affecting the television broadcasting industry) or (c) the
      validity or enforceability of this Agreement or any of the other Loan
      Documents or the rights or remedies of the Administrative Agent, the
      Swingline Lender, the Issuing Lender or the Lenders hereunder or
      thereunder.

            "Materials of Environmental Concern": any gasoline or petroleum
      (including crude oil or any fraction thereof) or petroleum products or any
      hazardous or toxic substances, materials or wastes, defined or regulated
      as such in or under any Environmental Law, including, without limitation,
      asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

            "Merger":  as defined in the preamble of this Agreement.

            "Merger Agreement": as defined in the preamble of this Agreement.
<PAGE>   32
                                                                              27

            "Merger Transactions": the transactions contemplated by the Merger
      Agreement.

            "Mortgaged Properties": the real properties listed on Schedule 1.1B,
      as to which the Administrative Agent for the benefit of the Lenders shall,
      subject to subsection 10.17, be granted a Lien pursuant to the Mortgages
      and which Schedule 1.1B shall include only those real properties owned by
      the Borrower and its Subsidiaries at the Closing Date with a fair market
      value in excess of $1,500,000.

            "Mortgages": each of the mortgages and deeds of trust made by any
      Loan Party in favor of, or for the benefit of, the Administrative Agent
      for the benefit of the Lenders, substantially in the form of Exhibit D-1
      or D-2, as the case may be (with such changes thereto as shall be
      advisable under the law of the jurisdiction in which such mortgage or deed
      of trust is to be recorded), as the same may be amended, supplemented or
      otherwise modified from time to time.

            "Multiemployer Plan": a Plan which is a multiemployer plan as
      defined in Section 4001(a)(3) of ERISA.

            "NBC":  the National Broadcasting Company, Inc., a Delaware
      corporation.

            "NBC Network Affiliation Agreements": as defined in the preamble of
      this Agreement.

            "NBC Transaction Agreements": the Transaction Agreement and all
      exhibits and schedules thereto.

            "NBC Transactions": the transactions contemplated by the NBC
      Transaction Agreements.

            "Net Cash Proceeds": (a) in connection with any Asset Sale or any
      Recovery Event, the proceeds thereof in the form of cash and Cash
      Equivalents (including any such proceeds received by way of deferred
      payment of principal pursuant to a note or installment receivable or
      purchase price adjustment receivable or otherwise, but only as and when
      received) of such Asset Sale or Recovery Event, net of attorneys' fees,
      notarial fees, accountants' fees, investment banking fees, appraisal fees,
      survey costs, title insurance premiums, amounts to be applied to the
      repayment of Indebtedness secured by a Lien expressly permitted hereunder
      on any asset which is the subject of such Asset Sale or Recovery Event
      (other than any Lien pursuant to a Security Document) and other customary
      fees and expenses actually incurred in connection therewith, net of taxes
      paid or reasonably estimated to be payable as a result thereof (after
      taking into account any available tax credits or deductions and any tax
      sharing arrangements) and net of purchase price adjustments reasonably
      expected to be payable in connection therewith and (b) in connection with
      any issuance or sale of equity securities or debt securities or
      instruments or the incurrence of loans, the cash proceeds received from
      such issuance or Incurrence, net of attorneys' fees, notarial fees,
      investment banking fees, accountants' fees,
<PAGE>   33
                                                                              28

      underwriting discounts and commissions and other customary fees and
      expenses actually Incurred in connection therewith.

            "Net Income": at a particular date, all amounts which would, in
      conformity with GAAP, be set forth opposite the caption "Net Income" (or
      any like caption) on a consolidated statement of operations of the
      Borrower and its Subsidiaries at such date; provided that such amount
      shall be adjusted to exclude (to the extent otherwise included therein)
      (a) earnings or losses attributable to any Person (other than the LLC) in
      which the Borrower or any of its Subsidiaries has a joint interest, except
      to the extent of the amount of dividends or other distributions actually
      paid to the Borrower or such Subsidiary by such other Person in cash
      during such period and (b) any earnings or losses attributable to the
      interest of the Borrower or any of its Subsidiaries in the LLC, except for
      any such earnings to the extent of (i) actual distributions of
      Distributable Cash (as defined in the LLC Agreement) in respect of such
      interest made to the Borrower or any of its Subsidiaries and (ii) amounts
      that would have constituted Distributable Cash and would have been
      required to be distributed to the Borrower and its Subsidiaries in respect
      of such interest but for the reserve requirement of Section 8.06 of the
      LLC Agreement.

            "Network Affiliation Agreements": the NBC Network Affiliation
      Agreements, each agreement set forth on Schedule 1.1D and each other
      agreement entered into by the Borrower or any of its Subsidiaries
      (including any such agreement assumed pursuant to an Asset Swap
      Transaction or otherwise) pursuant to which a television network agrees to
      serve as the primary source within a designated market area for television
      programming for any Station.

            "Non-Consenting Lender":  as defined in subsection 2.20.

            "Non-Excluded Taxes":  as defined in subsection 2.17(a).

            "Non-Funding Lender":  as defined in subsection 2.15(c).

            "Non-Station Asset": all of the assets used and useful for the
      operation of the Borrower's and its Subsidiaries' broadcasting and
      entertainment businesses, other than the Stations.

            "Non-U.S. Lender":  as defined in subsection 2.17(b).

            "Notes":  the collective reference to the Term Notes, the
      Revolving Credit Notes and the Swingline Notes.

            "Notes Payment Borrowing": as defined in the penultimate sentence of
      the penultimate paragraph of the preamble of this Agreement.

            "Obligations": the unpaid principal of and interest on (including,
      without limitation, interest accruing after the maturity of the Loans and
      Reimbursement Obligations and interest accruing after the filing of any
      petition in bankruptcy, or the commencement of any insolvency,
      reorganization or like proceeding, relating to the Borrower, whether or
      not a claim for post-filing or post-petition interest is allowed in such
<PAGE>   34
                                                                              29

      proceeding) the Loans, the Reimbursement Obligations and all other
      obligations and liabilities of the Borrower to the Administrative Agent,
      the Swingline Lender, the Issuing Lender or to any Lender (or, in the case
      of Interest Rate Protection Agreements, any affiliate of any Lender),
      whether direct or indirect, absolute or contingent, due or to become due,
      or now existing or hereafter incurred, which may arise under, out of, or
      in connection with, the Original Credit Agreement, this Agreement, any
      Notes, any other Loan Document, the Letters of Credit, any Interest Rate
      Protection Agreement entered into with any Lender or any affiliate of any
      Lender or any other document made, delivered or given in connection
      herewith or therewith, whether on account of principal, interest,
      reimbursement obligations, fees, indemnities, costs, expenses (including,
      without limitation, all fees, charges and disbursements of counsel to the
      Administrative Agent, to the Swingline Lender, to the Issuing Lender or to
      any Lender that are required to be paid by the Borrower pursuant hereto)
      or otherwise.

            "Original Credit Agreement": the Credit Agreement dated as of March
      3, 1998, as amended (other than the replacement of Schedule 1.1A in the
      Fifth Amendment dated as of June 8, 2001, to this Agreement), among
      Holdings, the Borrower, the lenders party thereto, Chase, as
      administrative agent to the lenders, swingline lender and issuing lender,
      Bank of America, as documentation agent, and The Bank of New York, as
      syndication agent.

            "Original Guarantee": as defined in the preamble of this Agreement.

            "Original Lien": as defined in the preamble of this Agreement.

            "Outlet": Outlet Broadcasting, Inc., a Rhode Island corporation.

            "Participant":  as defined in subsection 10.6(b).

            "PBGC":  the Pension Benefit Guaranty Corporation
      established pursuant to Subtitle A of Title IV of ERISA (or any
      successor).

            "Permitted Acquisition": the acquisition by the Borrower or any of
      its Subsidiaries of one or more Broadcast Stations or Broadcast
      Enterprises, or all the capital stock of, or other equity interests in,
      any other Person whose primary business is the ownership and operation of
      one or more Broadcast Stations or Broadcast Enterprises, in the United
      States (or such lesser amount as shall be determined by the Board of
      Directors of the Borrower or such Subsidiary as fair consideration),
      including, without limitation, the KXTX Transaction, provided that (a) on
      a pro forma basis for the most recently completed four-fiscal-quarter
      period for which financial statements are available on the date of such
      acquisition, no Default or Event of Default will have occurred and be
      continuing (including, without limitation, pursuant to subsection 7.1),
      provided that for purposes of calculating Consolidated EBITDA pursuant to
      this clause (a), the Consolidated EBITDA of such Broadcast Stations or
      Broadcast Enterprises being acquired for such four-fiscal-quarter period
      shall be equal to the Consolidated EBITDA of such Broadcast Stations or
      Broadcast Enterprises for the 12-month period immediately preceding such
      acquisition, (b) the Borrower provides the Administrative Agent with a
<PAGE>   35
                                                                              30

      certificate showing compliance with all of the covenants contained in
      subsection 7.1 and showing the aggregate purchase price (including the
      assumption of any Indebtedness) for such Permitted Acquisition, (c) the
      Borrower takes such actions as may be required or reasonably requested to
      ensure that the Administrative Agent, for the ratable benefit of the
      Lenders, has a perfected first priority security interest in any assets
      required to be secured pursuant to subsection 6.10 or any other Loan
      Document, subject to Liens permitted by subsection 7.3, and (d) the
      Borrower provides the Administrative Agent with appropriate supporting
      documentation if reasonably requested by the Administrative Agent,
      including, without limitation, any acquisition documents in connection
      with such acquisition, opinions of counsel, including FCC counsel, in
      connection therewith and copies of an FCC consent on Form 732 (or any
      comparable form issued by the FCC) relating to the transfer of control or
      assignment of the Station Licenses of any acquired Broadcast Station to
      the Borrower or its Subsidiary and, unless the Administrative Agent shall
      otherwise agree, such consent shall have become a Final Order.

            "Permitted Issuance": (a) the issuance by Holdings of shares of
      Capital Stock as dividends on issued and outstanding Capital Stock of the
      same class of Holdings or pursuant to any dividend reinvestment plan, (b)
      the issuance by Holdings of options or other equity securities of Holdings
      to outside directors, members of management or employees of Holdings or
      any Subsidiary of Holdings, (c) the issuance of securities as interest or
      dividends on pay-in-kind debt or preferred equity securities in accordance
      with their terms permitted hereunder and under the other Loan Documents,
      (d) the issuance to Holdings or any Subsidiary (or any director, with
      respect to directors' qualifying shares) by any of its Subsidiaries of any
      of their respective Capital Stock, in each case with respect to this
      clause (d) to the extent such Capital Stock issued to Holdings or any
      Subsidiary is pledged to the Administrative Agent pursuant to the
      applicable Loan Document (provided that (i) only 65% of the voting Capital
      Stock of any foreign Subsidiary of the Borrower is required to be so
      pledged and (ii) no voting Capital Stock of any foreign Subsidiary of any
      other foreign Subsidiary is required to be so pledged), (e) the issuance
      by Holdings of shares of its common stock in connection with a Permitted
      Acquisition, (f) cash payments made in lieu of issuing fractional shares
      of Holdings Capital Stock in an aggregate amount not to exceed $100,000,
      and (g) the issuance by Holdings of shares of Capital Stock of Holdings to
      infuse additional capital into Holdings in an aggregate amount not to
      exceed $25,000,000, plus any amounts relating to the infusion of capital
      into Holdings made (i) within 45 days after the Closing Date and (ii)
      solely for the purpose of making an Investment in the Joint Venture as
      contemplated by subsection 7.8(o).

            "Permitted Notes Payment": as defined in the penultimate sentence of
      the penultimate paragraph of the preamble of this Agreement.

            "Person": an individual, partnership, corporation, limited liability
      company, business trust, joint stock company, trust, unincorporated
      association, joint venture, Governmental Authority or other entity of
      whatever nature.

            "Plan": at a particular time, any employee benefit plan which is
      covered by ERISA and in respect of which the Borrower or a Commonly
      Controlled Entity is (or, if
<PAGE>   36
                                                                              31

      such plan were terminated at such time, would under Section 4069 of ERISA
      be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

            "Pledged Debt Securities":  as defined in the Guarantee and
      Collateral Agreement.

            "Pledged Stock":  as defined in the Guarantee and
      Collateral Agreement.

            "Pricing Grid":  the pricing grid as follows:

                   Revolving Credit Loans and Swingline Loans

<TABLE>
<CAPTION>
                                                                                            Revolving
                                                    Applicable             Applicable    Credit Facility
Consolidated Leverage Ratio                         Margin for             Margin for       Commitment
                                                 Eurodollar Loans           ABR Loans          Fee
<S>               <C>                            <C>                       <C>           <C>
Level 1:          Greater than or equal to
                  6.50 to 1.00                          2.75%                  1.75%         0.750%

Level 2:          Greater than or equal to
                  6.00 to 1.00 and less                 2.50%                  1.50%         0.750%
                  than 6.50 to 1.00

Level 3:          Greater than or equal to
                  5.50 to 1.00 and less                 2.25%                  1.25%         0.500%
                  than 6.00 to 1.00

Level 4:          Greater than or equal to
                  5.00 to 1.00 and less                 2.00%                  1.00%         0.500%
                  than 5.50 to 1.00

Level 5:          Greater than or equal to
                  4.50 to 1.00 and less                 1.75%                  0.75%         0.500%
                  than 5.00 to 1.00

Level 6:          Less than 4.50 to 1.00                1.50%                  0.50%         0.375%
</TABLE>

                              Tranche B Term Loans

<TABLE>
<CAPTION>
                                                       Applicable                     Applicable
                                                       Margin for                     Margin for
Consolidated Leverage Ratio                         Eurodollar Loans                   ABR Loans
<S>               <C>                               <C>                               <C>
Level 1:          Greater than or equal to
                  6.50 to 1.00                            3.00%                          2.00%

Level 2:          Greater than or equal to
                  6.00 to 1.00 and less than              2.75%                          1.75%
</TABLE>
<PAGE>   37
                                                                              32

<TABLE>
<CAPTION>
                                                       Applicable                     Applicable
                                                       Margin for                     Margin for
Consolidated Leverage Ratio                         Eurodollar Loans                   ABR Loans
<S>               <C>                               <C>                               <C>
                  6.50 to 1.00

Level 3:          Greater than or equal to
                  5.50 to 1.00 and less                   2.75%                          1.75%
                  than 6.00 to 1.00

Level 4:          Greater than or equal to
                  5.00 to 1.00 and less                   2.50%                          1.50%
                  than 5.50 to 1.00

Level 5:          Greater than or equal to
                  4.50 to 1.00 and less                   2.50%                          1.50%
                  than 5.00 to 1.00

Level 6:          Less than 4.50 to 1.00                  2.50%                          1.50%
</TABLE>

Changes in the Applicable Margin and the Commitment Fee Rate resulting from
changes in the Consolidated Leverage Ratio shall become effective on the day
(the "Adjustment Date") of receipt by the Administrative Agent of the financial
statements delivered pursuant to subsection 6.1 and shall remain in effect until
the next change to be effected pursuant to this paragraph. If any financial
statements referred to above are not delivered within the time periods specified
above, then, until such financial statements are delivered, at the option of the
Administrative Agent or the Required Lenders, the Consolidated Leverage Ratio as
at the end of the fiscal period that would have been covered thereby shall for
the purposes of this definition be determined by reference to "Level 1". Each
determination of the Consolidated Leverage Ratio pursuant to this paragraph
shall be made with respect to the period of four consecutive fiscal quarters of
the Borrower ending at the end of the period covered by the relevant financial
statements.

            "Prime Rate": as defined in the definition of the term "ABR".

            "Projections":  as defined in subsection 6.2(c).

            "Properties":  as defined in subsection 4.17(a).

            "Property":  any right or interest in or to property of any
      kind whatsoever, whether real, personal or mixed and whether
      tangible or intangible, including, without limitation, Capital
      Stock.

            "Qualified Issuer": any commercial bank (a) which has, or whose
      obligations are guaranteed by an affiliated commercial bank which has,
      capital and surplus in excess of $500,000,000 and (b) the outstanding
      long-term debt securities of which are rated at least A-2 by Standard &
      Poor's Ratings Services or at least P-2 by Moody's Investors Service,
      Inc., or carry an equivalent rating by a nationally recognized rating
      agency if both of the two named rating agencies cease publishing ratings
      of investments.
<PAGE>   38
                                                                              33

            "Recovery Event": any settlement of or payment in respect of any
      property insurance or casualty insurance claim or any condemnation
      proceeding or deed in lieu thereof relating to any Property of Holdings or
      any of its Subsidiaries, excluding any such settlement or payment which,
      together with any related settlement or payment, yields gross proceeds to
      Holdings or any of its Subsidiaries of less than $5,000,000.

            "Refinanced Indebtedness": as defined in the preamble of this
      Agreement.

            "Refunded Swingline Loans": as defined in subsection 2.4(c)(ii).

            "Register":  as defined in subsection 10.6(d).

            "Reimbursement Obligation": the obligation of the Borrower to
      reimburse the Issuing Lender pursuant to subsection 3.5 for amounts drawn
      under Letters of Credit.

            "Reinvestment Deferred Amount": with respect to any Reinvestment
      Event, the aggregate Net Cash Proceeds received by Holdings or any of its
      Subsidiaries in connection therewith which are not applied to prepay the
      Term Loans or reduce the Revolving Credit Commitments pursuant to
      subsection 2.9(d) as a result of the delivery of a Reinvestment Notice.

            "Reinvestment Event": any Asset Sale or Recovery Event in respect of
      which the Borrower has delivered a Reinvestment Notice.

            "Reinvestment Notice": a written notice executed by a Responsible
      Officer stating that no Event of Default has occurred and is continuing
      and that the Borrower (directly or indirectly through a Subsidiary)
      intends and expects to use all or a specified portion of the Net Cash
      Proceeds of an Asset Sale or Recovery Event to acquire assets useful in
      its business, provided that to the extent the Net Cash Proceeds of an
      Asset Sale relate to the sale of a Broadcasting Asset sold in accordance
      with subsection 7.5(h) or exchanged in accordance with subsection 7.5(i)
      or relate to a Recovery Event with respect to a Broadcasting Asset, the
      Borrower may deliver a Reinvestment Notice with respect to such Net Cash
      Proceeds only to the extent such Net Cash Proceeds shall be used to make a
      Permitted Acquisition pursuant to subsection 7.5(h) or to pay cash
      consideration in connection with an Asset Swap Transaction pursuant to
      subsection 7.5(i).

            "Reinvestment Prepayment Amount": with respect to any Reinvestment
      Event, the Reinvestment Deferred Amount relating thereto less any amount
      expended prior to the relevant Reinvestment Prepayment Date to acquire
      assets useful in the Borrower's business.

            "Reinvestment Prepayment Date": with respect to any Reinvestment
      Event, the earlier of (a) the date occurring 365 days after such
      Reinvestment Event and (b) the date on which the Borrower shall have
      determined not to, or shall have otherwise ceased to, acquire assets
      useful in the Borrower's business with all or any portion of the relevant
      Reinvestment Deferred Amount, provided that if the Reinvestment Notice
      with respect to such Reinvestment Event relates to the acquisition of a
      new Station by the Borrower or
<PAGE>   39
                                                                              34

      any of its Subsidiaries (whether as a result of a Permitted Acquisition,
      an Asset Swap Transaction or otherwise) and the Borrower or such
      Subsidiary has filed within 365 days of the Reinvestment Event an
      application with the FCC for the approval of the transfer of control or
      assignment of the Station License of such acquired Station, the period
      specified in paragraph (a) shall be extended to a period equal to five
      Business Days after the time required for the FCC to issue a Final Order
      relating to the transfer of control of such Station License.

            "Reorganization": with respect to any Multiemployer Plan, the
      condition that such plan is in reorganization within the meaning of
      Section 4241 of ERISA.

            "Replacement Guarantor Pledge Agreement": as defined in the credit
      agreement governing the Joint Venture Loan.

            "Reportable Event": any of the events set forth in Section 4043(b)
      of ERISA, other than those events as to which the thirty day notice period
      is waived under the regulations issued pursuant to Section 4043(b) of
      ERISA.

            "Required Lenders": Lenders, other than Non-Funding Lenders, which
      collectively are the holders of more than 50% of the sum of (i) the Loans,
      (ii) the unused Tranche A Term Loan Commitments and (iii) the aggregate
      unused Revolving Credit Commitments (excluding commitments to issue
      Letters of Credit or make Swingline Loans) or, if the Revolving Credit
      Commitments have been terminated, the Total Revolving Extensions of Credit
      (other than Swingline Loans).

            "Requirement of Law": as to any Person, the Certificate of
      Incorporation and By-Laws or other organizational or governing documents
      of such Person, and any law, treaty, rule or regulation (including,
      without limitation, Environmental Laws or rules, regulations or orders,
      whether addressed to Holdings, the Borrower or any of its Subsidiaries, of
      the FCC) or determination of an arbitrator or a court or other
      Governmental Authority, in each case applicable to or binding upon such
      Person or any of its property or to which such Person or any of its
      property is subject.

            "Responsible Officer": the chief executive officer, the president,
      any vice president or senior vice president, the treasurer or any
      assistant treasurer, the secretary or assistant secretary and the chief
      financial officer (or officer having comparable duties) of the Borrower.

            "Restricted Payment" as defined in subsection 7.6.

            "Retained Net Cash Proceeds": as defined in subsection 2.8(a).

            "Revolving Credit Commitment": as to any Revolving Credit Lender,
      the obligation of such Revolving Credit Lender, if any, to make Revolving
      Credit Loans, and to participate in Swingline Loans and Letters of Credit,
      in an aggregate principal and/or face amount not to exceed the amount set
      forth under the heading "Revolving Credit Commitment" opposite such
      Lender's name on Schedule 1.1A, as the same may be
<PAGE>   40
                                                                              35

      changed from time to time pursuant to the terms hereof. The aggregate
      amount of the Revolving Credit Commitments as of June 14, 2001, is
      $160,000,000.

            "Revolving Credit Commitment Period": the period from and including
      the Closing Date to the Revolving Credit Termination Date.

            "Revolving Credit Facility": as defined in the definition of the
      term "Facility".

            "Revolving Credit Lender": each Lender which has a Revolving Credit
      Commitment or which has made, or acquired pursuant to an assignment made
      in accordance with subsection 10.6(c), Revolving Credit Loans or has
      participations in outstanding Letters of Credit or Swingline Loans.

            "Revolving Credit Loans":  as defined in subsection 2.4(a).

            "Revolving Credit Note":  as defined in subsection 10.6(f).

            "Revolving Credit Percentage": as to any Revolving Credit Lender at
      any time, the percentage which such Lender's Revolving Credit Commitment
      then constitutes of the aggregate Revolving Credit Commitments (or, at any
      time after the Revolving Credit Commitments shall have expired or
      terminated, the percentage which the aggregate principal amount of such
      Lender's Revolving Credit Loans then outstanding constitutes of the
      aggregate principal amount of the Revolving Credit Loans then
      outstanding).

            "Revolving Credit Termination Date": the earlier of (a) the
      Scheduled Revolving Credit Termination Date or, if such date is not a
      Business Day, the Business Day next preceding such date and (b) the date
      upon which the Revolving Credit Commitments shall be earlier terminated
      pursuant hereto.

            "Revolving Extensions of Credit": as to any Revolving Credit Lender
      at any time, an amount equal to the sum of (a) the aggregate principal
      amount of all Revolving Credit Loans made by such Lender then outstanding,
      (b) such Lender's Revolving Credit Percentage of the L/C Obligations then
      outstanding and (c) such Lender's Swingline Exposure at such time.

            "Scheduled Revolving Credit Termination Date": March 31, 2005.

            "Security Documents": the collective reference to the Guarantee and
      Collateral Agreement, the Mortgages and all other security documents
      hereafter delivered to the Administrative Agent granting a Lien on any
      Property of any Person to secure the obligations and liabilities of any
      Loan Party under any Loan Document.

            "Senior Subordinated Indebtedness": the Senior Subordinated Notes,
      the Additional Senior Subordinated Notes and any unsecured senior
      subordinated Indebtedness of the Borrower the proceeds of which shall be
      used to refinance in full all of the Senior Subordinated Notes, the
      Additional Senior Subordinated Notes or other Senior Subordinated
      Indebtedness outstanding, provided such refinancing Indebtedness has
<PAGE>   41
                                                                              36

      (a) no maturity, amortization, mandatory redemption or purchase option
      (other than with asset sale proceeds, subject to the provisions of this
      Agreement, or following a change of control) or sinking fund payment prior
      to the tenth anniversary of the Closing Date, (b) no financial maintenance
      covenants, (c) such other terms and conditions (including without
      limitation, interest rate, events of default, subordination and covenants)
      as shall be reasonably satisfactory to the Administrative Agent and (d)
      any permanent refinancing shall not be less favorable to the Borrower and
      the Lenders as the Senior Subordinated Notes or the Additional Senior
      Subordinated Notes, respectively, taken as a whole.

            "Senior Subordinated Note Indenture": the indenture to be entered
      into by the Borrower and certain of its Subsidiaries in connection with
      the issuance of the Senior Subordinated Notes or any other Senior
      Subordinated Indebtedness, together with all instruments and other
      agreements entered into by the Borrower and such Subsidiaries in
      connection therewith, all in form and substance reasonably satisfactory to
      the Administrative Agent, as the same may be amended, supplemented or
      otherwise modified from time to time in accordance with subsection 7.9.

            "Senior Subordinated Notes": the Borrower's 8 3/8% Senior
      Subordinated Notes due 2008 issued on the Closing Date (and shall include
      any substantially identical senior subordinated notes of the Borrower in
      the same aggregate principal amount issued after the Closing Date in
      exchange therefor pursuant to a registered exchange offer or shelf
      registration statement in accordance with the Senior Subordinated Note
      Indenture).

            "Senior Unsecured Indebtedness": the Senior Unsecured Notes and any
      unsecured senior indebtedness of the Borrower the proceeds of which shall
      be used to refinance in full all of the Senior Unsecured Notes or other
      Senior Unsecured Indebtedness outstanding, provided such refinancing
      Indebtedness has (a) no maturity, amortization, mandatory redemption or
      purchase option (other than with asset sale proceeds, subject to the
      provisions of this Agreement, or following a change of control) or sinking
      fund payment prior to January 15, 2008, (b) no financial maintenance
      covenants, (c) such other terms and conditions (including, without
      limitation, interest rate, events of default and covenants) as shall be
      reasonably satisfactory to the Administrative Agent and (d) any permanent
      refinancing shall not be less favorable to the Borrower and the Lenders as
      the Senior Unsecured Notes taken as a whole.

            "Senior Unsecured Notes": any notes issued after June 8, 2001, by
      the Borrower on terms substantially similar (other than with regard to
      pricing and subordination) to those of the Senior Subordinated Notes (and
      shall include any substantially identical senior unsecured notes of the
      Borrower in the same aggregate principal amount issued thereafter in
      exchange therefor pursuant to a registered exchange offer or shelf
      registration statement in accordance with the Senior Unsecured Notes
      Indenture).

            "Senior Unsecured Notes Indenture": the indenture to be entered into
      by the Borrower and certain of its Subsidiaries in connection with the
      issuance of the Senior Unsecured Notes or any other Senior Unsecured
      Indebtedness, together with all instruments and other agreements entered
      into by the Borrower and its Subsidiaries in connection therewith, all in
      form and substance reasonably satisfactory to the
<PAGE>   42
                                                                              37

      Administrative Agent, as the same may be amended, supplemented or
      otherwise modified from time to time in accordance with subsection 7.9.

            "Single Employer Plan": any Plan which is covered by Title IV of
      ERISA, but which is not a Multiemployer Plan.

            "Solvent": when used with respect to any Person, means that, as of
      any date of determination, (a) the fair value of the property of such
      Person is greater than the total amount of liabilities, including, without
      limitation, contingent liabilities, of such Person, (b) the present fair
      salable value of the assets of such Person is not less than the amount
      that will be required to pay the probable liability of such Person on its
      debts as they become absolute and matured, (c) such Person does not intend
      to, and does not believe that it will, incur debts or liabilities beyond
      such Person's ability to pay as such debts and liabilities mature, and (d)
      such Person is not engaged in business or a transaction, and is not about
      to engage in business or a transaction, for which such Person's property
      would constitute an unreasonably small capital.

            "Specified Payment Default": as defined in the penultimate sentence
      of the penultimate paragraph of the preamble of this Agreement.

            "Station Licenses": (a) with respect to the Borrower or any of its
      Subsidiaries, all authorizations, licenses or permits issued by the FCC
      and granted or assigned to the Borrower or any of its Subsidiaries, or
      under which the Borrower or any of its Subsidiaries has the right to
      operate any Station, together with any extensions or renewals thereof and
      (b) with respect to any other Person, all authorizations, licenses or
      permits issued by the FCC and granted or assigned to such Person, or under
      which such Person has the right to operate any Broadcast Station, together
      with any extensions or renewals thereof.

            "Stations": collectively, (a) the WISH-TV Station, (b) the WANE-TV
      Station, (c) the WIVB-TV Station, (d) the WAVY-TV Station, (e) the WTNH-TV
      Station, (f) the KXAN-TV Station, (g) the WAND-TV Station and (h) any
      additional Broadcast Station acquired after the Closing Date.

            "Subsidiary": as to any Person, a corporation, partnership, limited
      liability company or other entity of which shares of stock or other
      ownership interests having ordinary voting power (other than stock or such
      other ownership interests having such power only by reason of the
      happening of a contingency) to elect a majority of the board of directors
      or other managers of such corporation, partnership or other entity are at
      the time owned, or the management of which is otherwise controlled,
      directly or indirectly through one or more intermediaries, or both, by
      such Person. Unless otherwise qualified, all references to a "Subsidiary"
      or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or
      Subsidiaries of the Borrower after giving effect to the Transactions.

            "Subsidiary Guarantor": each Subsidiary of the Borrower party to the
      Guarantee and Collateral Agreement.

            "Swingline Exposure": at any time, the aggregate principal amount of
      all outstanding Swingline Loans at such time. The Swingline Exposure of
      any Revolving
<PAGE>   43
                                                                              38

      Credit Lender at any time shall mean its Revolving Credit Percentage of
      the aggregate Swingline Exposure at such time.

            "Swingline Lender": as defined in the introductory paragraph of this
      Agreement.

            "Swingline Loan Participation Certificate": a certificate in
      substantially the form of Exhibit H.

            "Swingline Loan Commitment": the obligation of the Swingline Lender
      to make Swingline Loans to the Borrower hereunder. The original amount of
      the Swingline Loan Commitment is $25,000,000.

            "Swingline Loans":  as defined in subsection 2.4(c)(i).

            "Swingline Note":  as defined in subsection 10.6(f).

            "Term Commitments": the Tranche A Term Loan Commitments and the
      Tranche B Term Loan Commitments.

            "Term Loans": the Tranche A Term Loans, the Tranche B Term Loans and
      the Incremental Term Loans made by the Lenders to the Borrower pursuant to
      subsection 2.1 and outstanding as of June 29, 2001, as set forth under the
      respective headings opposite each applicable Lender's name on Schedule
      1.1A.

            "Term Notes": as defined in subsection 10.6(f).

            "Test Period": any period of four consecutive fiscal quarters of the
      Borrower most recently ended.

            "Total Revolving Extensions of Credit": at any time, the aggregate
      amount of the Revolving Extensions of Credit of the Revolving Credit
      Lenders at such time.

            "Tranche A Term Loan Commitment": as to any Tranche A Term Loan
      Lender, such Tranche A Term Loan Lender's Initial Tranche A Term Loan
      Commitment and Delayed Tranche A Term Loan Commitment.

            "Tranche A Term Loan Facility": as defined in the definition of the
      term "Facility".

            "Tranche A Term Loan Lender": each Lender which has a Tranche A Term
      Loan Commitment or which has made, or acquired pursuant to an assignment
      made in accordance with subsection 10.6(c), a Tranche A Term Loan.

            "Tranche A Term Loan Percentage": as to any Tranche A Term Loan
      Lender (a) at any time prior to the Closing Date, the percentage which
      such Lender's Tranche A Term Loan Commitment then constitutes of the
      aggregate Tranche A Term Loan Commitments, (b) at any time during the
      Delayed Tranche A Commitment Period, the
<PAGE>   44
                                                                              39

      percentage which the sum of such Lender's Delayed Tranche A Term Loan
      Commitment and the principal amount of such Lender's Tranche A Term Loans
      then outstanding constitutes of the sum of the aggregate Delayed Tranche A
      Term Loan Commitments and the aggregate principal amount of the Tranche A
      Term Loans then outstanding and (c) at any time after the end of the
      Delayed Tranche A Commitment Period, the percentage which the principal
      amount of such Lender's Tranche A Term Loans then outstanding constitutes
      of the aggregate principal amount of the Tranche A Term Loans then
      outstanding.

            "Tranche A Term Loans": the Initial Tranche A Term Loans and the
      Delayed Tranche A Term Loans.

            "Tranche A Term Note": any Term Note evidencing Tranche A Term
      Loans.

            "Tranche B Maturity Date":  as defined in subsection 2.3(b).

            "Tranche B Term Loan Commitment": as to any Tranche B Term Loan
      Lender, the obligation of such Tranche B Term Loan Lender to make a
      Tranche B Term Loan to the Borrower hereunder in a principal amount not to
      exceed the amount set forth under the heading "Tranche B Term Loan
      Commitment" opposite such Lender's name on Schedule 1.1A to the Original
      Credit Agreement. The original aggregate amount of the Tranche B Term Loan
      Commitments is $120,000,000.

            "Tranche B Term Loan Facility": as defined in the definition of the
      term "Facility".

            "Tranche B Term Loan Lender": each Lender which has a Tranche B Term
      Loan Commitment or which has made, or acquired pursuant to an assignment
      made in accordance with subsection 10.6(c), a Tranche B Term Loan.

            "Tranche B Term Loan Percentage": as to any Tranche B Term Loan
      Lender at any time, the percentage which such Lender's Tranche B Term Loan
      Commitment then constitutes of the aggregate Tranche B Term Loan
      Commitments (or, at any time after the Closing Date, the percentage which
      the principal amount of such Lender's Tranche B Term Loans then
      outstanding constitutes of the aggregate principal amount of the Tranche B
      Term Loans then outstanding).

            "Tranche B Term Loans": as defined in subsection 2.1(a)(ii).

            "Tranche B Term Note":  any Term Note evidencing Tranche B
      Term Loans.

            "Transaction Agreement": the Transaction Agreement dated as of
      January 15, 1998, between NBC, Outlet, LIN Texas, the Borrower, the LLC,
      the LP and Holdings.

            "Transaction Documents": the Merger Agreement, the Joint Venture
      Agreements and the other documents relating to the Transactions.

<PAGE>   45
                                                                              40

                  "Transactions": the Merger Transactions and the NBC
         Transactions.

                  "Transferee": as defined in subsection 10.6(g).

                  "Type": as to any Loan, its nature as an ABR Loan or a
         Eurodollar Loan.

                  "Uniform Customs": the Uniform Customs and Practice for
         Documentary Credits (1993 Revision), International Chamber of Commerce
         Publication No. 500, as the same may be revised from time to time.

                  "WAND-TV Station": television station WAND (TV), serving
         Decatur, Illinois.

                  "WANE-TV Station": television station WANE-TV, serving Fort
         Wayne, Indiana.

                  "WAVY-TV Station": television station WAVY-TV, serving
         Norfolk, Virginia.

                  "Wholly Owned Subsidiary": as to any Person, any other Person
         all of the Capital Stock of which (other than directors' qualifying
         shares required by law) is owned by such Person directly and/or through
         other Wholly Owned Subsidiaries.

                  "Wholly Owned Subsidiary Guarantor": any Subsidiary Guarantor
         that is a Wholly Owned Subsidiary of the Borrower.

                  "WISH-TV Station": television station WISH-TV, serving
         Indianapolis, Indiana.

                  "WIVB-TV Station": television station WIVB-TV, serving
         Buffalo, New York.

                  "WOOD-TV Acquisition": as defined in the preamble of this
         Agreement.

                  "WOOD-TV Purchase Agreement": the Asset Purchase Agreement
         dated August 12, 1997, among Holdings, LIN Broadcasting Corporation,
         LIN Michigan Broadcasting Corporation, LCH Communications, Inc. and the
         Borrower.

                  "WOOD-TV Station": television station WOOD-TV, serving Grand
         Rapids, Michigan.

                  "WTNH-TV Station": means television station WTNH-TV, serving
         New Haven, Connecticut.

                  "WVTM Assets": as defined in the preamble of this Agreement.

                  "WVTM Purchase Agreement": the Asset Purchase Option Agreement
         among Holdings, Birmingham Broadcasting (WVTM TV), Inc. and NBC dated
         January 15, 1998.

                  1.2 Other Definitional Provisions. (a) Unless otherwise
specified therein, all terms defined in this Agreement shall have the defined
meanings when used in the other Loan Documents or any certificate or other
document made or delivered pursuant hereto or thereto.
<PAGE>   46
                                                                              41

                  (b) As used herein and in the other Loan Documents, and any
certificate or other document made or delivered pursuant hereto or thereto,
accounting terms relating to Holdings and its Subsidiaries not defined in
subsection 1.1 and accounting terms partly defined in subsection 1.1, to the
extent not defined, shall have the respective meanings given to them under GAAP.

                  (c) The words "hereof", "herein" and "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement, and Section,
Schedule and Exhibit references are to this Agreement unless otherwise
specified.

                  (d) The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms.

                   SECTION 2. AMOUNT AND TERMS OF COMMITMENTS

                  2.1 Term Commitments. (a) Subject to the terms and conditions
hereof,

                  (i) each Tranche A Term Loan Lender severally agreed pursuant
to the Original Credit Agreement (A) to make a term loan (an "Initial Tranche A
Term Loan") to the Borrower on the Closing Date in a principal amount not to
exceed the amount of the Initial Tranche A Term Loan Commitment of such Lender
and (B) to make a term loan (a "Delayed Tranche A Term Loan") to the Borrower at
any one time during the Delayed Tranche A Commitment Period in a principal
amount not to exceed the Delayed Tranche A Term Loan Commitment of such Lender.
Prior to the date hereof, the Initial Tranche A Terms Loans were made and
Delayed Tranche A Term Loans in the aggregate principal amount of $93,000,000
were made. Thereafter, the Initial Tranche A Term Loans and Delayed Tranche A
Term Loans were repaid in full.

                  (ii) each Tranche B Term Loan Lender severally agreed to make
a term loan (a "Tranche B Term Loan") to the Borrower on the Closing Date in a
principal amount not to exceed the Tranche B Term Loan Commitment of such
Lender.

                  (b) The Borrower and all or certain of the Lenders may, up to
five times during the period from and including April 12, 2001, to but excluding
the Incremental Term Loan Termination Date, agree that such Lenders shall become
Incremental Lenders or increase the principal amount of their Incremental Term
Loans by executing and delivering to the Administrative Agent an Incremental
Term Loan Activation Notice specifying (i) the respective Incremental Term Loan
Amount of such Incremental Lenders, (ii) the applicable Incremental Term Loan
Closing Date, (iii) the applicable Incremental Maturity Date, (iv) the
amortization schedule for the applicable Incremental Term Loans, which shall
comply with subsection 2.3(c) and (v) the Applicable Margin for the Incremental
Term Loans to be made pursuant to such Incremental Term Loan Activation Notice,
and which shall be otherwise duly completed. Each Incremental Lender that is a
signatory to an Incremental Term Loan Activation Notice severally agrees, on the
terms and conditions of this Agreement, to make a term loan (an "Incremental
Term Loan") to the Borrower on the Incremental Term Loan Closing Date specified
in such Incremental Term Loan Activation Notice in a principal amount not to
exceed the amount of the Incremental Term Loan
<PAGE>   47
                                                                              42

Amount of such Incremental Lender specified in such Incremental Term Loan
Activation Notice. Subject to the terms and conditions of this Agreement, the
Borrower may convert Incremental Term Loans of one Type into Incremental Term
Loans of another Type (as provided in subsection 2.10) or continue Incremental
Term Loans of one Type as Incremental Term Loans of the same Type (as provided
in subsection 2.10). Incremental Term Loans that are prepaid may not be
reborrowed. Nothing in this subsection 2.1(b) shall be construed to obligate any
Lender to execute an Incremental Term Loan Activation Notice. Notwithstanding
the foregoing, the aggregate amount of Incremental Term Loans made after June 8,
2001, shall not exceed $75,000,000.

                  (c) The Term Loans may from time to time be Eurodollar Loans
or ABR Loans, as determined by the Borrower and notified to the Administrative
Agent in accordance with subsections 2.2 and 2.10.

                  2.2 Procedure for Term Loan Borrowing. Intentionally deleted.

                  (b) The Borrower shall give the Administrative Agent
irrevocable written (or telephonic promptly confirmed in writing) notice of each
borrowing of Incremental Term Loans (which notice must be received by the
Administrative Agent prior to 12:00 Noon, New York City time, (i) three Business
Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or
(ii) one Business Day prior to the requested Borrowing Date, in the case of ABR
Loans), specifying (A) the amount and Type of Incremental Term Loans to be
borrowed, (B) the requested Borrowing Date and (C) in the case of Eurodollar
Loans, the respective amounts of each such Type of Loan and the respective
lengths of the initial Interest Period therefor. Each such notice shall be given
by the Borrower in the form of Exhibit J. There shall be no more than seven
borrowings under the Incremental Term Loan Facility. Each borrowing under the
Incremental Term Loan Facility shall be in an amount equal to (x) in the case of
ABR Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof and (y)
in the case of Eurodollar Loans, $5,000,000 or a whole multiple of $100,000 in
excess thereof. Upon receipt of any such notice with respect to an Incremental
Term Loan from the Borrower, the Administrative Agent shall promptly notify each
Tranche A Term Loan Lender or Incremental Lender, as the case may be, thereof.
Each Incremental Lender will make its respective Incremental Term Loan Amount
available to the Administrative Agent for the account of the Borrower at the
office of the Administrative Agent specified in subsection 10.2 prior to 12:00
Noon, New York City time, on the Borrowing Date requested by the Borrower in
funds immediately available to the Administrative Agent. Such borrowing will
then be made available to the Borrower by the Administrative Agent crediting the
account of the Borrower on the books of such office with the aggregate of the
amounts made available to the Administrative Agent by the applicable Lenders and
in like funds as received by the Administrative Agent.

                  2.3 Repayment of Term Loans. (a) Intentionally deleted.

                  (b) The Tranche B Term Loans of each Tranche B Term Loan
Lender shall mature in consecutive quarterly installments, each of which
installments in any calendar year specified below shall be in an amount equal to
the product of (i) one quarter of the amount set forth opposite such calendar
year (except (i) with respect to 2005 during which there will be one installment
of the entire amount set forth opposite such year on December 31, 2005, and (ii)
with respect to 2007 during which there will be one installment of the entire
amount of the lesser of the amount of Tranche B Term Loans then outstanding and
the amount set forth below opposite such
<PAGE>   48
                                                                              43

year on March 31, 2007 (the "Tranche B Maturity Date")) and (ii) such Lender's
Tranche B Term Loan Percentage:

<TABLE>
<CAPTION>
                  Year                            Amount
<S>                                       <C>
                  2001                             $0.00
                  2002                              0.00
                  2003                              0.00
                  2004                              0.00
                  2005                      2,993,818.49
                  2006                     65,298,694.10
                  2007                     18,673,135.33
</TABLE>

                  (c) The Incremental Term Loans made prior to April 12, 2001,
shall mature in a single installment on September 30, 2007. The Incremental Term
Loans made after April 12, 2001, if any, of each Incremental Lender shall mature
in consecutive quarterly installments as specified in the Incremental Term Loan
Activation Notice pursuant to which such Incremental Term Loans were made;
provided that such Incremental Term Loans shall have a longer average weighted
life than that of the outstanding Term Loans and such Incremental Term Loans,
taken as a whole.

                  2.4 Revolving Credit Commitments. (a) Subject to the terms and
conditions hereof, each Revolving Credit Lender severally agrees to make
revolving credit loans ("Revolving Credit Loans") to the Borrower from time to
time during the Revolving Credit Commitment Period in an aggregate principal
amount at any one time outstanding which, when added to such Lender's Swingline
Exposure at such time and Revolving Credit Percentage of the L/C Obligations
then outstanding, does not exceed the amount of such Lender's Revolving Credit
Commitment. During the Revolving Credit Commitment Period the Borrower may use
the Revolving Credit Commitments by borrowing, prepaying and reborrowing the
Revolving Credit Loans in whole or in part, all in accordance with the terms and
conditions hereof. The Revolving Credit Loans may from time to time be
Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the
Administrative Agent in accordance with subsections 2.5 and 2.10, provided that
no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that
is one month prior to the Scheduled Revolving Credit Termination Date.
Notwithstanding the foregoing, at no time shall any Revolving Credit Loan be
made if, after giving effect thereto, the Total Revolving Extensions of Credit
would exceed $60,000,000 except to the extent such excess would result from a
Notes Payment Borrowing.

                  (b) The Borrower shall repay all outstanding Revolving Credit
Loans on the Revolving Credit Termination Date and all outstanding Swingline
Loans on the earlier of the Revolving Credit Termination Date and the first date
after such Swingline Loan is made that is the 15th or last day of a calendar
month and is at least two Business Days after such Swingline Loan is made.

                  (c)(i) Subject to the terms and conditions hereof, the
Swingline Lender agrees to make swingline loans ("Swingline Loans") to the
Borrower from time to time during the Revolving Credit Commitment Period in an
aggregate principal amount at any one time
<PAGE>   49
                                                                              44

outstanding not to exceed $25,000,000, provided that at no time may the Total
Revolving Extensions of Credit exceed the aggregate Revolving Credit
Commitments. During the Revolving Credit Commitment Period, the Borrower may use
the Swingline Loan Commitment by borrowing, prepaying, in whole or in part, and
reborrowing the Swingline Loans, all in accordance with the terms and conditions
hereof. All Swingline Loans shall be ABR Loans. The Borrower shall give the
Swingline Lender irrevocable written (or telephonic promptly confirmed in
writing) notice (which notice must be received by the Swingline Lender prior to
12:00 noon New York City time) on the requested Borrowing Date specifying the
amount of the requested Swingline Loan which shall be in an aggregate minimum
amount of $100,000, or a whole multiple of $25,000 in excess thereof. Each such
notice shall be given by the Borrower in the form of Exhibit J. The proceeds of
the Swingline Loan will be made available by the Swingline Lender to the
Borrower at the office of the Swingline Lender by 2:00 p.m. New York City time
on the Borrowing Date by crediting the account of the Borrower at such office
with such proceeds. The Borrower may, at any time and from time to time, prepay
the Swingline Loans, in whole or in part, without premium or penalty, by
notifying the Swingline Lender prior to 12:00 noon New York City time on any
Business Day of the date and amount of prepayment. If any such notice is given,
the amount specified in such notice shall be due and payable on the date
specified therein. Partial prepayments shall be in an aggregate principal amount
of $100,000, or a whole multiple of $25,000 in excess thereof.

                  (ii) The Swingline Lender, at any time in its sole and
absolute discretion, may, on behalf of the Borrower (which hereby irrevocably
directs the Swingline Lender to act on its behalf), and without regard to the
minimum amounts in subsection 2.5, request each Revolving Credit Lender
including the Swingline Lender to make a Revolving Credit Loan in an amount
equal to such Lender's Revolving Credit Percentage of the amount of the
Swingline Loans outstanding on the date such notice is given (the "Refunded
Swingline Loans"). Unless any of the events described in paragraph (f) of
Section 8 shall have occurred with respect to the Borrower (in which event the
procedures of subparagraph (iii) of this subsection 2.4(c) shall apply), each
Revolving Credit Lender shall make the proceeds of its Revolving Credit Loan
available to the Administrative Agent for the account of the Swingline Lender at
the office of the Administrative Agent specified in subsection 10.2 prior to
1:00 p.m. New York City time in immediately available funds on the Business Day
next succeeding the date such notice is given. The proceeds of such Revolving
Credit Loans shall be immediately applied to repay the Refunded Swingline Loans.
Effective on the day such Revolving Credit Loans are made, the portion of such
Loans so paid shall no longer be outstanding as Swingline Loans, shall no longer
be due under any Swingline Note and shall be Revolving Credit Loans made by the
Revolving Credit Lenders in accordance with their respective Revolving Credit
Percentages. The Borrower authorizes the Swingline Lender to charge its accounts
with the Administrative Agent (up to the amount available in each such account)
in order to immediately pay the amount of such Refunded Swingline Loans to the
extent amounts received from the Revolving Credit Lenders are not sufficient to
repay in full such Refunded Swingline Loans.

                  (iii) If prior to the making of a Revolving Credit Loan
pursuant to subparagraph (ii) of this subsection 2.4(c) one of the events
described in paragraph (f) of Section 8 shall have occurred and be continuing
with respect to the Borrower, each Revolving Credit Lender will, on the date
such Revolving Credit Loan was to have been made pursuant to the notice in
subsection 2.4(c)(ii), purchase an undivided participating interest in the
Refunded
<PAGE>   50
                                                                              45

Swingline Loan in an amount equal to (i) its Revolving Credit Percentage times
(ii) the Refunded Swingline Loans. Each Revolving Credit Lender will immediately
transfer to the Swingline Lender, in immediately available funds, the amount of
its participation, and upon receipt thereof the Swingline Lender will deliver to
such Revolving Credit Lender a Swingline Loan Participation Certificate dated
the date of receipt of such funds and in such amount.

                  (iv) Whenever, at any time after any Revolving Credit Lender
has purchased a participating interest in a Swingline Loan, the Swingline Lender
receives any payment on account thereof, the Swingline Lender will distribute to
such Revolving Credit Lender its participating interest in such amount
(appropriately adjusted, in the case of interest payments, to reflect the period
of time during which such Revolving Credit Lender's participating interest was
outstanding and funded); provided, however, that in the event that such payment
received by the Swingline Lender is required to be returned, such Revolving
Credit Lender will return to the Swingline Lender any portion thereof previously
distributed by the Swingline Lender to it.

                  (v) Each Revolving Credit Lender's obligation to make the
Loans referred to in subsection 2.4(c)(ii) and to purchase participating
interests pursuant to subsection 2.4(c)(iii) shall be absolute and unconditional
and shall not be affected by any circumstance, including, without limitation,
(A) any set-off, counterclaim, recoupment, defense or other right which such
Revolving Credit Lender or the Borrower may have against the Swingline Lender,
the Borrower or any other Person for any reason whatsoever; (B) the occurrence
or continuance of a Default or an Event of Default; (C) any adverse change in
the condition (financial or otherwise) of the Borrower; (D) any breach of this
Agreement or any other Loan Document by Holdings, the Borrower or any of its
Subsidiaries or any other Lender; or (E) any other circumstance, happening or
event whatsoever, whether or not similar to any of the foregoing.

                  2.5 Procedure for Revolving Credit Borrowing. Subject to
subsection 2.8(b), the Borrower may borrow under the Revolving Credit
Commitments during the Revolving Credit Commitment Period on any Business Day,
provided that the Borrower shall give the Administrative Agent irrevocable
written (or telephonic promptly confirmed in writing) notice (which notice must
be received by the Administrative Agent prior to 12:00 Noon, New York City time,
(a) three Business Days prior to the requested Borrowing Date, in the case of
Eurodollar Loans, or (b) one Business Day prior to the requested Borrowing Date,
in the case of ABR Loans), specifying (i) the amount and Type of Revolving
Credit Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the
case of Eurodollar Loans, the respective amounts of each such Type of Loan and
the respective lengths of the initial Interest Period therefor. Each such notice
shall be given by the Borrower in the form of Exhibit J. Each borrowing under
the Revolving Credit Commitments shall be in an amount equal to (A) in the case
of ABR Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof (or,
if the then aggregate Available Revolving Credit Commitments are less than
$1,000,000, such lesser amount) and (B) in the case of Eurodollar Loans,
$5,000,000 or a whole multiple of $100,000 in excess thereof. Upon receipt of
any such notice from the Borrower, the Administrative Agent shall promptly
notify each Revolving Credit Lender thereof. Each Revolving Credit Lender will
make the amount of its pro rata share of each borrowing available to the
Administrative Agent for the account of the Borrower at the office of the
Administrative Agent specified in subsection 10.2 prior to 12:00 Noon, New York
City time, on the Borrowing Date requested by the Borrower in funds immediately
available to the Administrative Agent. Such borrowing will then be made
available
<PAGE>   51
                                                                              46

to the Borrower by the Administrative Agent crediting the account of
the Borrower on the books of such office with the aggregate of the amounts made
available to the Administrative Agent by the Revolving Credit Lenders and in
like funds as received by the Administrative Agent.

                  2.6 Commitment Fees, etc. (a) The Borrower agrees to pay to
the Administrative Agent for the account of each Revolving Credit Lender a
commitment fee for the period from and including the Closing Date to the last
day of the Revolving Credit Commitment Period, computed at the Commitment Fee
Rate on the average daily amount of the Available Revolving Credit Commitment of
such Lender during the period for which payment is made, payable quarterly in
arrears on the last day of each March, June, September and December and on the
Revolving Credit Termination Date, commencing on the first of such dates to
occur after March 3, 1998. For purposes of calculating commitment fees under
this subsection 2.6(a) only, no portion of the Revolving Credit Commitments
shall be deemed utilized as a result of outstanding Swingline Loans.

                  (b) Intentionally deleted.

                  (c) The Borrower agrees to pay to the Administrative Agent the
fees in the amounts and on the dates set forth in the Amended and Restated Fee
Letter dated January 12, 1998, in writing among Holdings, the Borrower, the
Administrative Agent and Chase Securities Inc.

                  2.7 Termination or Reduction of Commitments.

                  (a) The Initial Tranche A Term Loan Commitments and the
Tranche B Term Loan Commitments were automatically and permanently terminated at
5:00 p.m., New York City time, on the Closing Date. The Delayed Tranche A Term
Loan Commitments were automatically and permanently terminated at 5:00 p.m., New
York City time, on the Delayed Tranche A Termination Date. The Revolving Credit
Commitments shall be automatically and permanently terminated at 5:00 p.m., New
York City time, on the Revolving Credit Termination Date.

                  (b) The Borrower shall have the right, upon not less than
three Business Days' notice to the Administrative Agent, to terminate the
Revolving Credit Commitments or, from time to time, to reduce the amount of the
Revolving Credit Commitments, provided that no such termination or reduction
with respect to Revolving Credit Commitments shall be permitted if, after giving
effect thereto and to any prepayments of the Swingline Loans and the Revolving
Credit Loans made on the effective date thereof, the Total Revolving Extensions
of Credit would exceed the Revolving Credit Commitments then in effect. Any
reduction pursuant to this subsection 2.7(b) shall be in an amount equal to
$1,000,000, or a whole multiple of $100,000 in excess thereof, and shall reduce
permanently the Revolving Credit Commitments then in effect. Upon receipt of any
notice pursuant to this subsection 2.7(b), the Administrative Agent shall
promptly notify each Revolving Credit Lender and the Swingline Lender, as
applicable, of the contents thereof).

                  2.8 Optional Prepayments. (a) The Borrower may at any time and
from time to time prepay the Loans, in whole or in part, without premium or
penalty, upon irrevocable written (or telephonic promptly confirmed in writing)
notice delivered to the Administrative Agent at
<PAGE>   52
                                                                              47

least three Business Days prior thereto in the case of Eurodollar Loans and at
least one Business Day prior thereto in the case of ABR Loans, which notice
shall specify the date and amount of prepayment and whether the prepayment is of
Eurodollar Loans, ABR Loans or a combination thereof, and, if of a combination
thereof, the amount allocable to each, provided that if a Eurodollar Loan is
prepaid on any day other than the last day of the Interest Period applicable
thereto, the Borrower shall also pay any amounts owing pursuant to subsection
2.18. Upon receipt of any such notice the Administrative Agent shall promptly
notify each relevant Lender thereof. If any such notice is given, the amount
specified in such notice shall be due and payable on the date specified therein.
Amounts prepaid on account of the Term Loans may not be reborrowed. Partial
prepayments (other than as contemplated in subsection 2.8(b)) of Eurodollar
Loans shall be in an aggregate principal amount of $5,000,000 or a whole
multiple of $100,000 in excess thereof. Partial prepayments (other than of a
Swingline Loan or as contemplated by subsection 2.8(b)) of ABR Loans shall be in
an aggregate principal amount of $1,000,000 or a whole multiple of $100,000
thereof. At the election of the Borrower, the first $20,000,000 in aggregate
amount of optional prepayments on account of the Term Loans shall be applied to
the then remaining installments thereof as the Borrower elects and thereafter
optional prepayments of the Term Loans shall be allocated among the Term Loans
under the Tranche A Term Loan Facility, the Tranche B Term Loan Facility and the
Incremental Term Loan Facility ratably based on the outstanding principal amount
of the Term Loans under each such Facility and applied to the then remaining
installments (except that optional prepayments as contemplated by Section 7.2(g)
of Term Loans using the Net Cash Proceeds of the issuance of Additional Holdings
Discount Notes or Senior Unsecured Notes shall be allocated first to prepay all
outstanding Tranche A Term Loans and second, after all outstanding Tranche A
Term Loans have been paid in full, among the Term Loans under the Tranche B Term
Loan Facility and the Incremental Term Loan Facility ratably based on the
outstanding Term Loans under each such Facility, provided that the Borrower may
retain Net Cash Proceeds so allocated to Term Loans under the Tranche B Term
Loan Facility in an aggregate amount equal to $35,000,000 during the term of
this Agreement (the "Retained Net Cash Proceeds")) of the Term Loans under each
such Facility ratably based on the number of then remaining installments under
such Facility (i.e. each then remaining installment of the applicable Term Loans
shall be reduced by an amount equal to the aggregate amount to be applied to
such Term Loan divided by the number of the then remaining installments for such
Term Loans), provided that if the amount to be applied to any installment
required by this Agreement would exceed the then remaining amount of such
installment, then an amount equal to such excess shall be applied to the
remaining installments in the order of maturity after giving effect to all prior
reductions thereto (including the amount of prepayments theretofore allocated
pursuant to the preceding portion of this sentence). The Retained Net Cash
Proceeds shall be deposited in a single bank account with, and in the name of
and under the sole dominion and control of, the Administrative Agent or any
Lender (the "Acquisition Funding Account") and (A) any funds on deposit in such
Acquisition Funding Account may be withdrawn by the Borrower solely to make a
Permitted Acquisition on the date such Permitted Acquisition is made or to make
a voluntary prepayment of Tranche B Term Loans in accordance with this
subsection 2.8(a) on the date such prepayment is made, and (B) the Borrower
shall not withdraw any funds on deposit in such Acquisition Funding Account
unless immediately prior to such withdrawal it has delivered to the
Administrative Agent an officer's certificate of the Borrower to the effect that
(x) if the proceeds of such withdrawal are to be used to effect a Permitted
Acquisition, no Default or Event of Default has occurred and is continuing, and
(y) such funds, immediately upon their withdrawal, shall be used to make a
Permitted
<PAGE>   53
                                                                              48

Acquisition, or to make a voluntary prepayment of Tranche B Term Loans in
accordance with this subsection 2.8(a), provided that, if any funds remain in
the Acquisition Funding Account on December 9, 2002, all such funds shall be
applied on such date to make a voluntary prepayment of Tranche B Term Loans in
accordance with this subsection 2.8(a).

                  (b) In the event that the Borrower specifies in the
Reinvestment Notice with respect to the sale of any Broadcasting Asset that the
Borrower will apply the Net Cash Proceeds of such sale to the temporary
repayment of Revolving Credit Loans pursuant to this subsection 2.8(b), the
Borrower shall apply such Net Cash Proceeds to the repayment of Revolving Credit
Loans as provided in subsection 2.8(a), without giving effect to any minimum
repayment amounts set forth therein. Any such repayment is referred to herein as
a "Broadcasting Asset Temporary Repayment". The Borrower may from time to time
reborrow all or a portion of the amount prepaid pursuant to any Broadcasting
Asset Temporary Repayment if (i) such borrowing complies with all the procedures
for borrowing set forth in subsection 2.5 and (ii) promptly upon the receipt of
the proceeds of such borrowing, the Borrower (A) applies such proceeds to make a
Permitted Acquisition, (B) deposits such proceeds in a cash collateral account
with the Administrative Agent as contemplated by subsection 2.9(b) or (C)
applies such proceeds to the prepayment of Term Loans and the permanent
reduction of Revolving Credit Commitments in the manner specified in such
subsection 2.9(d). So long as any portion of any Broadcasting Asset Temporary
Repayment has not been reborrowed, the Borrower shall not be entitled to borrow,
and no Lender shall be entitled to make, Revolving Credit Loans or Swingline
Loans if after giving effect thereto the aggregate amount of outstanding
Revolving Extensions of Credit at such time would exceed an amount equal to (i)
the aggregate amount of the Revolving Credit Commitments at such time minus (ii)
the aggregate amount of all Broadcasting Asset Temporary Repayments that have
not been reborrowed at such time.

                  2.9 Mandatory Prepayments and Commitment Reductions. (a) If
any Capital Stock (other than a Permitted Issuance) or Indebtedness shall be
issued or Incurred by Holdings, the Borrower or any of its Subsidiaries
(excluding any Incurrence of Indebtedness in accordance with subsection 7.2
other than the issuance of the Additional Senior Subordinated Notes), an amount
equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of
such issuance or Incurrence toward the prepayment of the Term Loans and to the
extent of any excess to the reduction of the Revolving Credit Commitments as set
forth in subsection 2.9(d), provided that if, at the time of such issuance or
Incurrence, the Consolidated Leverage Ratio as of the last day of the most
recent Test Period is (i) less than 5.00 to 1.00 and greater than or equal to
4.00 to 1.00, an amount equal to 50% of the Net Cash Proceeds thereof shall be
applied on the date of such issuance or Incurrence first, toward the prepayment
of the Term Loans, and second, to the reduction of the Revolving Credit
Commitments as set forth in subsection 2.9(d) and (ii) less than 4.00 to 1.00,
no such prepayment or reduction shall be required in respect of such issuance or
Incurrence.

                  (b) If on any date Holdings, the Borrower or any of its
Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or Recovery
Event then, unless a Reinvestment Notice shall be delivered in respect thereof,
such Net Cash Proceeds shall be applied, within five Business Days after such
date, toward the prepayment of the Term Loans and the reduction of the Revolving
Credit Commitments as set forth in subsection 2.9(d), provided that if a
Reinvestment Notice shall be delivered in respect thereof (i) on each
Reinvestment Prepayment Date, an amount
<PAGE>   54
                                                                              49

equal to the Reinvestment Prepayment Amount with respect to the relevant
Reinvestment Event shall be applied toward the prepayment of the Term Loans and
the reduction of the Revolving Credit Commitments as set forth in subsection
2.9(d) and (ii) if such Net Cash Proceeds relate to an Asset Sale pursuant to
subsection 7.5(h) or an Asset Swap Transaction pursuant to subsection 7.5(i) and
a Reinvestment Notice has been delivered in connection therewith, pending such
Reinvestment Prepayment Date, such Net Cash Proceeds shall be (A) applied to the
repayment of Revolving Credit Loans pursuant to subsection 2.8(b) to be
reborrowed by the Borrower, subject to compliance by the Borrower at the time of
such reborrowing with the terms and conditions of this Agreement, to make a
Permitted Acquisition or as cash consideration in connection with an Asset Swap
Transaction or (B) deposited in a cash collateral account with the
Administrative Agent (the proceeds of which will be invested by the
Administrative Agent in Cash Equivalents at the request of the Borrower) to be
released by the Administrative Agent at the request of the Borrower, subject to
compliance by the Borrower at the time of such release with the terms and
conditions of this Agreement, to make a Permitted Acquisition or as cash
consideration in connection with an Asset Swap Transaction, provided further,
that, notwithstanding subsection 2.9(d), if, at the time of receipt of such Net
Cash Proceeds, the Consolidated Leverage Ratio as of the last day of the most
recent Test Period is (i) less than 5.00 to 1.00 and greater than or equal to
4.00 to 1.00, an amount equal to 50% of the Net Cash Proceeds thereof shall be
applied as set forth in subsection 2.9(d) and (ii) less than 4.00 to 1.00, no
such prepayment or reduction shall be required in respect of such Net Cash
Proceeds, (provided that amounts not required to be applied toward the
prepayment of the Term Loans and, if applicable, the reduction of the Revolving
Credit Commitments pursuant to clauses (i) and (ii) above shall be reinvested in
the business of the Borrower or any of its Subsidiaries in a manner permitted by
Section 4.08 of the Senior Subordinated Note Indenture (or any comparable
section after the Closing Date) on or prior to the 179th day after receipt of
such Net Cash Proceeds, and any amounts not so reinvested on or prior to such
time shall be applied first, toward the prepayment of the Term Loans and,
second, to the reduction of the Revolving Credit Commitments prior to the 180th
day after receipt thereof).

                  (c) If, for any fiscal year of the Borrower commencing with
the fiscal year ending December 31, 1998, there shall be Excess Cash Flow, the
Borrower shall, on the relevant Excess Cash Flow Application Date, apply the ECF
Percentage of such Excess Cash Flow toward the prepayment of the Term Loans and
the reduction of the Revolving Credit Commitments as set forth in subsection
2.9(d). Each such prepayment shall be made on a date (an "Excess Cash Flow
Application Date") no later than five days after the earlier of (i) the date on
which the financial statements of the Borrower referred to in subsection 6.1(a),
for the fiscal year with respect to which such prepayment is made, are required
to be delivered to the Lenders and (ii) the date such financial statements are
delivered.

                  (d) Subject to the other provisions of this subsection 2.9,
(i) 100% of the Net Cash Proceeds of the issuance of any Capital Stock (other
than a Permitted Issuance) or the issuance or Incurrence of any Indebtedness as
provided in subsection 2.9(a), (ii) 100% of the Net Cash Proceeds of any Asset
Sale or Recovery Event, unless a Reinvestment Notice shall be delivered in
respect of any Asset Sale or Recovery Event (in which case the terms of
subsection 2.9(b) shall apply) as provided in subsection 2.9(b) and (iii) the
Excess Cash Flow to be applied pursuant to subsection 2.9(c) shall be applied
first, to the prepayment of the Term Loans, and second, to the permanent
reduction of the Revolving Credit Commitments. Any such
<PAGE>   55
                                                                              50

reduction of the Revolving Credit Commitments shall be accompanied by prepayment
of first, the Swingline Loans, and second, the Revolving Credit Loans, to the
extent, if any, that the Total Revolving Extensions of Credit exceed the amount
of the aggregate Revolving Credit Commitments as so reduced, provided that if
the aggregate principal amount of the Swingline Loans and Revolving Credit Loans
then outstanding is less than the amount of such excess (because L/C Obligations
constitute a portion thereof), the Borrower shall, to the extent of the balance
of such excess, deposit an amount in cash in a cash collateral account
established with the Administrative Agent for the benefit of the Lenders on
terms and conditions reasonably satisfactory to the Administrative Agent. The
application of any prepayment pursuant to this subsection 2.9 shall be made
first to ABR Loans and second to Eurodollar Loans. Subject to subsection 2.9(e),
amounts prepaid on account of the Term Loans (i) shall be allocated among the
Term Loans under the Tranche A Term Loan Facility, the Tranche B Term Loan
Facility and the Incremental Term Loan Facility ratably based on the outstanding
principal amount of the Term Loans under each such Facility and applied to the
then remaining installments of the Term Loans under each such Facility ratably
based on the number of such installments under such Facility and (ii) may not be
reborrowed.

                  (e) Any Lender holding Tranche B Term Loans or Incremental
Term Loans may, to the extent Tranche A Term Loans are outstanding, elect on not
less than one Business Day's prior written notice to the Administrative Agent
with respect to any mandatory prepayment made pursuant to this subsection 2.9,
not to have such prepayment applied to such Lender's Tranche B Term Loans or
Incremental Term Loans, as applicable, until all Tranche A Term Loans shall have
been paid in full, in which case the amount not so applied shall be applied to
prepay Tranche A Term Loans and shall reduce the then remaining installments of
the Tranche A Term Loans ratably based on the number of such installments.

                  (f) Notwithstanding the foregoing provisions of this
subsection 2.9, if at any time the mandatory prepayment of any Loans pursuant to
this Agreement would result, after giving effect to the procedures set forth in
this Agreement, in the Borrower incurring costs under subsection 2.16, 2.17 or
2.18 as a result of Eurodollar Loans ("Affected Eurodollar Loans") being prepaid
other than on the last day of an Interest Period applicable thereto, which costs
are required to be paid pursuant to subsection 2.18, then, the Borrower may, in
its sole discretion, initially deposit a portion (up to 100%) of the amounts
that otherwise would have been paid in respect of the Affected Eurodollar Loans
with the Administrative Agent (which deposit must be equal in amount to the
amount of the Affected Eurodollar Loans not immediately prepaid) to be held as
security for the obligations of the Borrower to make such mandatory prepayment
pursuant to a cash collateral agreement to be entered into in form and substance
reasonably satisfactory to the Administrative Agent, with such cash collateral
to be directly applied upon the first occurrence (or occurrences) thereafter of
the last day of an Interest Period applicable to the relevant Loan that is a
Eurodollar Loan (or such earlier date or dates as shall be requested by the
Borrower), to repay an aggregate principal amount of such Loan equal to the
Affected Eurodollar Loans not initially repaid pursuant to this sentence.

                  2.10 Conversion and Continuation Options. (a) The Borrower may
elect from time to time to convert Eurodollar Loans to ABR Loans by giving the
Administrative Agent at least one Business Day's prior irrevocable written (or
telephonic promptly confirmed in writing) notice of such election (but no later
than 12:00 Noon, New York City time on the Business Day
<PAGE>   56
                                                                              51

immediately prior to such election), provided that unless the Borrower elects to
deposit with the Administrative Agent the amount of any breakage costs and other
Eurodollar Loans related costs to be incurred by the Borrower under this
Agreement with respect to any prepayment or conversion of such Eurodollar Loans
prior to the end of an Interest Period, any such conversion of Eurodollar Loans
may only be made on the last day of an Interest Period with respect thereto. The
Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by
giving the Administrative Agent at least three Business Days' prior irrevocable
written (or telephonic promptly confirmed in writing) notice of such election by
12:00 Noon, New York City time (which notice shall specify the length of the
initial Interest Period therefor), provided that no ABR Loan may be converted
into a Eurodollar Loan (i) when any Event of Default has occurred and is
continuing and the Administrative Agent or the Required Lenders have determined
that such a conversion is not appropriate or (ii) after the date that is one
month prior to the final scheduled termination or maturity date of such
Facility. Upon receipt of any such notice the Administrative Agent shall
promptly notify each relevant Lender thereof.

                  (b) Any Eurodollar Loan may be continued as such upon the
expiration of the then current Interest Period with respect thereto by the
Borrower giving irrevocable notice to the Administrative Agent, in accordance
with the applicable provisions of the term "Interest Period" set forth in
subsection 1.1, of the length of the next Interest Period to be applicable to
such Loans, provided that no Eurodollar Loan may be continued as such (i) when
any Event of Default has occurred and is continuing and the Administrative Agent
has or the Required Lenders have determined that such a continuation is not
appropriate or (ii) after the date that is one month prior to the final
scheduled termination or maturity date of any Facility, and provided further
that if the Borrower shall fail to give any required notice as described above
in this paragraph or if such continuation is not permitted pursuant to the
preceding proviso such Eurodollar Loans shall be automatically converted to ABR
Loans on the last day of such then expiring Interest Period. Upon receipt of any
such notice the Administrative Agent shall promptly notify each relevant Lender
thereof.

                  2.11 Minimum Amounts and Maximum Number of Eurodollar
Tranches. Notwithstanding anything to the contrary in this Agreement, all
borrowings, conversions, continuations and optional prepayments of Eurodollar
Loans hereunder and all selections of Interest Periods hereunder shall be in
such amounts and be made pursuant to such elections so that, after giving effect
thereto, (a) the aggregate principal amount of the Eurodollar Loans comprising
each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of
$100,000 in excess thereof, (b) no more than six Eurodollar Tranches under a
particular Facility shall be outstanding at any one time and (c) no more than
ten Eurodollar Tranches in the aggregate shall be outstanding at any one time.

                  2.12 Interest Rates and Payment Dates. (a) Each Eurodollar
Loan shall bear interest for each day during each Interest Period with respect
thereto at a rate per annum equal to the Eurodollar Rate determined for such day
plus the Applicable Margin.

                  (b) Each ABR Loan shall bear interest at a rate per annum
equal to the ABR plus the Applicable Margin.
<PAGE>   57
                                                                              52

                  (c) Upon the occurrence and during the continuance of an Event
of Default under subsection 8(a), (i) all outstanding Loans and any overdue
amounts hereunder shall bear interest at a rate per annum which is (A) in the
case of the Loans, the rate that would otherwise be applicable thereto pursuant
to the foregoing provisions of this subsection 2.12 plus 2% or (B) in the case
of Reimbursement Obligations, overdue interest, commitment fee or other amount
payable at a rate per annum equal to the rate applicable to ABR Loans under the
relevant Facility plus 2% (or, in the case of any such other amounts that do not
relate to a particular Facility, the rate applicable to ABR Loans under the
Revolving Credit Facility plus 2%), in each case, with respect to clauses (i)
and (ii) above, from the date of such non-payment until such amount is paid in
full (after judgment as well as before judgment).

                  (d) Interest shall be payable in arrears on each Interest
Payment Date, provided that interest accruing pursuant to paragraph (c) of this
subsection 2.12 shall be payable from time to time on demand.

                  2.13 Computation of Interest and Fees. (a) Interest, fees and
other amounts payable pursuant hereto shall be calculated on the basis of a
360-day year for the actual days elapsed, except that, with respect to ABR Loans
the rate of interest on which is calculated on the basis of the Prime Rate, the
interest thereon shall be calculated on the basis of a 365- (or 366-, as the
case may be) day year for the actual days elapsed. The Administrative Agent
shall as soon as practicable notify the Borrower and the relevant Lenders of
each determination of a Eurodollar Rate. Any change in the interest rate on a
Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements
shall become effective as of the opening of business on the day on which such
change becomes effective. The Administrative Agent shall as soon as practicable
notify the Borrower and the relevant Lenders of the effective date and the
amount of each such change in interest rate.

                  (b) Each determination of an interest rate by the
Administrative Agent pursuant to any provision of this Agreement shall be
conclusive and binding on the Borrower and the Lenders in the absence of
manifest error. The Administrative Agent shall, at the request of the Borrower,
deliver to the Borrower a statement showing the quotations used by the
Administrative Agent in determining any interest rate pursuant to subsections
2.12.

                  2.14 Inability to Determine Interest Rate. If prior to the
first day of any Interest Period:

                  (a) the Administrative Agent shall have determined (which
         determination, absent manifest error, shall be conclusive and binding
         upon the Borrower) that, by reason of circumstances affecting the
         relevant market, adequate and reasonable means do not exist for
         ascertaining the Eurodollar Rate for such Interest Period, or

                  (b) the Administrative Agent shall have received notice from
         the Required Lenders that the Eurodollar Rate determined or to be
         determined for such Interest Period will not adequately and fairly
         reflect the cost to such Lenders (as conclusively certified by such
         Lenders) of making or maintaining their affected Loans during such
         Interest Period,

the Administrative Agent shall give telecopy or telephonic notice thereof to the
Borrower and the relevant Lenders as soon as practicable thereafter. If such
notice is given (x) any Eurodollar
<PAGE>   58
                                                                              53

Loans requested to be made on the first day of such Interest Period shall be
made as ABR Loans, (y) any Loans that were to have been converted on the first
day of such Interest Period to Eurodollar Loans shall be continued as ABR Loans
and (z) any outstanding Eurodollar Loans shall be converted to ABR Loans on the
last day of the Interest Period applicable thereto. Until such notice has been
withdrawn by the Administrative Agent (which the Administrative Agent agrees to
do when the circumstances that prompted delivery of such notice no longer
exist), no further Eurodollar Loans under the relevant Facility shall be made or
continued as such, nor shall the Borrower have the right to convert Loans under
the relevant Facility to Eurodollar Loans.

                  2.15 Pro Rata Treatment and Payments. (a) Each borrowing by
the Borrower from the Lenders hereunder, each payment by the Borrower on account
of any commitment fee and any reduction of the Commitments of the Lenders shall
be made, with regard to the applicable Facility, pro rata according to the
respective Tranche A Term Loan Percentages, Tranche B Term Loan Percentages,
Incremental Term Loan Percentages or Revolving Credit Percentages, as the case
may be, of the relevant Lenders.

                  (b) Whenever (i) any payment received by the Administrative
Agent under this Agreement or any Note or (ii) any other amounts received by the
Administrative Agent for or on behalf of the Borrower (including, without
limitation, proceeds of collateral or payments under any guarantee) is
insufficient to pay in full all amounts then due and payable to the
Administrative Agent and the Lenders under this Agreement and any Note, such
payment shall be distributed by the Administrative Agent and applied by the
Administrative Agent and the Lenders in the following order: first, to the
payment of fees and expenses due and payable to the Administrative Agent under
and in connection with this Agreement; second, to the payment of all expenses
due and payable under subsection 10.5, ratably among the Administrative Agent
and the Lenders in accordance with the aggregate amount of such payments owed to
the Administrative Agent and each such Lender; third, to the payment of fees due
and payable under subsections 2.6 and 3.3, ratably among the Revolving Credit
Lenders in accordance with the Revolving Credit Commitment of each Revolving
Credit Lender , the Tranche A Term Loan Lenders in accordance with the Delayed
Tranche A Term Loan Commitments of each Tranche A Term Loan Lender, if
applicable, and, in the case of the Issuing Lender, the amount retained by the
Issuing Lender for its own account pursuant to subsection 3.3(a); fourth, to the
payment of interest then due and payable under the Loans, ratably in accordance
with the aggregate amount of interest owed to each such Lender; and fifth, to
the payment of the principal amount of the Loans and the L/C Obligations then
due and payable and, in the case of proceeds of collateral or payments under any
guarantee, to the payment of any other obligations to any Lender not covered in
first through fourth above ratably secured by such collateral or ratably
guaranteed under any such guarantee, ratably among the Lenders in accordance
with the aggregate principal amount and, in the case of proceeds of collateral
or payments under any guarantee, the obligations secured or guaranteed thereby
owed to each such Lender.

                  (c) If any Revolving Credit Lender (each, a "Non-Funding
Lender") has (x) failed to make a Revolving Credit Loan required to be made by
it hereunder, and the Administrative Agent has determined that such Revolving
Credit Lender is not likely to make such Revolving Credit Loan or (y) given
notice to the Borrower or the Administrative Agent that it will not make, or
that it has disaffirmed or repudiated any obligation to make, any Revolving
Credit Loans, in each case by reason of the provisions of the Financial
Institutions Reform,
<PAGE>   59
                                                                              54

Recovery and Enforcement Act of 1989, as amended, or otherwise, any payment made
on account of the principal of the Revolving Credit Loans outstanding shall be
made as follows:

                  (i) with respect to Revolving Credit Loans, in the case of any
         such payment made on any date when and to the extent that, in the
         determination of the Administrative Agent, the Borrower would be able,
         under the terms and conditions hereof, to reborrow the amount of such
         payment under the Revolving Credit Commitments and to satisfy any
         applicable conditions precedent set forth in subsection 5.2 to such
         reborrowing, such payment shall be made on account of the outstanding
         Revolving Credit Loans held by the Revolving Credit Lenders other than
         the Non-Funding Lender pro rata according to the respective outstanding
         principal amounts of the Revolving Credit Loans of such Revolving
         Credit Lenders;

                  (ii) otherwise, such payment shall be made on account of the
         outstanding Revolving Credit Loans held by the Revolving Credit Lenders
         pro rata according to the respective outstanding principal amounts of
         such Revolving Credit Loans; and

                  (iii) any payment made on account of interest on the Revolving
         Credit Loans shall be made pro rata according to the respective amounts
         of accrued and unpaid interest due and payable on the Revolving Credit
         Loans with respect to which such payment is being made.

The Borrower agrees to give the Administrative Agent such assistance in making
any determination pursuant to this paragraph as the Administrative Agent may
reasonably request. Any such determination by the Administrative Agent shall be
conclusive and binding on the Lenders.

                  (d) Subject to subsection 2.15(c) and subsection 2.9(e), each
payment (including each prepayment) by the Borrower on account of principal of
and interest on the Tranche A Term Loans, the Tranche B Term Loans and the
Incremental Term Loans shall be made pro rata according to the respective
outstanding principal amounts of the applicable Term Loans then held by the
applicable Term Loan Lenders.

                  (e) Each payment (including each prepayment) by the Borrower
on account of principal of and interest on the Loans (other than the Term Loans)
shall be made first to the Swingline Loans and then pro rata according to the
respective outstanding principal amounts of the Revolving Credit Loans then held
by the Revolving Credit Lenders.

                  (f) All payments (including prepayments) to be made by the
Borrower hereunder, whether on account of principal, interest, fees or
otherwise, shall be made without setoff or counterclaim and shall be made prior
to 12:00 Noon, New York City time, on the due date thereof to the Administrative
Agent, for the account of the Lenders, at the Administrative Agent's office
specified in subsection 10.2, in Dollars and in immediately available funds.
Payments received by the Administrative Agent after such time shall be deemed to
have been received on the next Business Day. The Administrative Agent shall
distribute such payments to the Lenders promptly upon receipt in like funds as
received. If any payment hereunder becomes due and payable on a day other than a
Business Day, such payment shall be extended to the next
<PAGE>   60
                                                                              55

succeeding Business Day (except, in the case of Eurodollar Loans, as otherwise
provided in clause (i) of the definition of "Interest Period"). In the case of
any extension of any payment of principal pursuant to the preceding sentence,
interest thereon shall be payable at the then applicable rate during such
extension.

                  (g) Unless the Administrative Agent shall have been notified
in writing by any Lender prior to a Borrowing Date that such Lender will not
make the amount that would constitute its share of such borrowing available to
the Administrative Agent, the Administrative Agent may assume that such Lender
is making such amount available to the Administrative Agent, and the
Administrative Agent may, in reliance upon such assumption, make available to
the Borrower a corresponding amount. If such amount is not made available to the
Administrative Agent by the required time on the Borrowing Date therefor, such
Lender shall pay to the Administrative Agent, on demand, such amount with
interest thereon at a rate equal to the greater of the daily average Federal
Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation for the period
until such Lender makes such amount immediately available to the Administrative
Agent. A certificate of the Administrative Agent submitted to any Lender with
respect to any amounts owing under this subsection 2.15(g) shall be conclusive
in the absence of manifest error. If such Lender's share of such borrowing is
not made available to the Administrative Agent by such Lender within three
Business Days of such Borrowing Date, the Administrative Agent shall also be
entitled to recover such amount with interest thereon at the rate per annum
applicable to ABR Loans under the relevant Facility, on demand, from the
Borrower. The failure of any Lender to make any Loan to be made by it shall not
relieve any other Lender of its obligation, if any, hereunder to make its Loan
on such Borrowing Date, but no Lender shall be responsible for the failure of
any other Lender to make the Loan to be made by such other Lender on such
Borrowing Date.

                  2.16 Requirements of Law. (a) If the adoption of or any change
in any Requirement of Law or in the interpretation or application thereof or
compliance by any Lender with any request or directive (whether or not having
the force of law) from any central bank or other Governmental Authority made
subsequent to the Closing Date:

                  (i) shall subject any Lender to any tax of any kind whatsoever
         with respect to this Agreement, any Letter of Credit, any Application
         or any Eurodollar Loan made by it, or change the basis of taxation of
         payments to such Lender in respect thereof (except for Non-Excluded
         Taxes covered by subsection 2.17 and the establishment of a tax based
         on the net income of such Lender and changes in the rate of tax on the
         net income of such Lender);

                  (ii) shall impose, modify or hold applicable any reserve,
         special deposit, compulsory loan or similar requirement against assets
         held by, deposits or other liabilities in or for the account of,
         advances, loans or other extensions of credit by, or any other
         acquisition of funds by, any office of such Lender which is not
         otherwise included in the determination of the Eurodollar Rate
         hereunder; or

                  (iii) shall impose on such Lender any other condition;
<PAGE>   61
                                                                              56

and the result of any of the foregoing is to increase the cost to such Lender,
by an amount which such Lender deems to be material, of making, converting into,
continuing or maintaining Eurodollar Loans or issuing or participating in
Letters of Credit, or to reduce any amount receivable hereunder in respect
thereof, then, in any such case, the Borrower shall promptly pay such Lender,
upon its demand, any additional amounts necessary to compensate such Lender for
such increased cost or reduced amount receivable, provided that before making
any such demand, each Lender agrees to use reasonable efforts (consistent with
its internal policy and legal and regulatory restrictions and so long as such
efforts would not be disadvantageous to it, in its reasonable discretion, in any
legal, economic or regulatory manner) to designate a different Eurodollar
lending office if the making of such designation would allow the Lender or its
Eurodollar lending office to continue to perform its obligations to make
Eurodollar Loans or to continue to fund or maintain Eurodollar Loans and avoid
the need for, or materially reduce the amount of, such increased cost. If any
Lender becomes entitled to claim any additional amounts pursuant to this
subsection 2.16, it shall promptly notify the Borrower, through the
Administrative Agent, of the event by reason of which it has become so entitled.
If the Borrower notifies the Administrative Agent within five Business Days
after any Lender notifies the Borrower of any increased cost pursuant to the
foregoing provisions of this subsection 2.16(a), the Borrower may convert all
Eurodollar Loans of such Lender then outstanding into ABR Loans in accordance
with subsection 2.10 and shall, additionally, reimburse such Lender for any cost
in accordance with subsection 2.18.

                  (b) If any Lender shall have determined that the adoption of
or any change in any Requirement of Law regarding capital adequacy or in the
interpretation or application thereof or compliance by such Lender or any
corporation controlling such Lender with any request or directive regarding
capital adequacy (whether or not having the force of law) from any Governmental
Authority made subsequent to the Closing Date shall have the effect of reducing
the rate of return on such Lender's or such corporation's capital as a
consequence of its obligations hereunder or under or in respect of any Letter of
Credit to a level below that which such Lender or such corporation could have
achieved but for such adoption, change or compliance (taking into consideration
such Lender's or such corporation's policies with respect to capital adequacy)
by an amount deemed by such Lender to be material, then from time to time, after
submission by such Lender, to the Borrower, through the Administrative Agent, of
a written request therefor, the Borrower shall pay to such Lender such
additional amount or amounts as will compensate such Lender or such corporation
for such reduction.

                  (c) A certificate as to any additional amounts payable
pursuant to this subsection 2.16, showing in reasonable detail the calculation
thereof and certifying that it is generally charging such costs to other
similarly situated borrowers under similar credit facilities, submitted by any
Lender through the Administrative Agent shall be conclusive in the absence of
manifest error, provided that the determination of such amounts shall be made in
good faith in a manner generally consistent with such Lender's standard
practices. The obligations of the Borrower pursuant to this subsection 2.16
shall survive the termination of this Agreement and the payment of the Loans and
all other amounts payable hereunder for a period of nine months thereafter.

                  2.17 Taxes. (a) Except as provided below in this subsection,
all payments made by the Borrower under this Agreement shall be made free and
clear of, and without deduction or
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                                                                              57

withholding for or on account of, any present or future income, stamp or other
taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now
or hereafter imposed, levied, collected, withheld or assessed by any
Governmental Authority, excluding net income taxes and franchise taxes (imposed
in lieu of net income taxes) imposed on the Administrative Agent or any Lender
as a result of a present or former connection between the Administrative Agent
or such Lender and the jurisdiction of the Governmental Authority imposing such
tax or any political subdivision or taxing authority thereof or therein (other
than any such connection arising solely from the Administrative Agent or such
Lender having executed, delivered or performed its obligations or received a
payment under, or enforced, this Agreement or any other Loan Document). If any
such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or
withholdings ("Non-Excluded Taxes") are required to be withheld from any amounts
payable to the Administrative Agent or any Lender hereunder, the amounts so
payable to the Administrative Agent or such Lender shall be increased to the
extent necessary to yield to the Administrative Agent or such Lender (after
payment of all Non-Excluded Taxes) interest or any such other amounts payable
hereunder at the rates or in the amounts specified in this Agreement; provided,
however, that the Borrower shall be entitled to deduct and withhold any
Non-Excluded Taxes and shall not be required to increase any such amounts
payable to any Lender that is not organized under the laws of the United States
of America or a state thereof to the extent such Lender's compliance with the
requirements of subsection 2.17(b) at the time such Lender becomes a party to
this Agreement fails to establish a complete exemption from such withholding or
to the extent such failure to establish a complete exemption from such
withholding thereafter is attributable to the actions of such Lender. Whenever
any Non-Excluded Taxes are payable by the Borrower, as promptly as possible
thereafter the Borrower shall send to the Administrative Agent for its own
account or for the account of such Lender, as the case may be, a certified copy
of an original official receipt received by the Borrower showing payment
thereof. If the Borrower fails to pay any Non-Excluded Taxes when due to the
appropriate taxing authority or fails to remit to the Administrative Agent the
required receipts or other required documentary evidence, the Borrower shall
indemnify the Administrative Agent and the Lenders for any incremental taxes,
interest or penalties that may become payable by the Administrative Agent or any
Lender as a result of any such failure. The agreements in this subsection 2.17
shall survive the termination of this Agreement and the payment of the Loans and
all other amounts payable hereunder for a period of nine months thereafter.

                  (b) Each Lender (or Transferee) that is not a United States
person within the meaning of Section 7701(a)(30) of the Code (a "Non-U.S.
Lender") shall deliver to the Borrower and the Administrative Agent (or, in the
case of a Participant, to the Lender from which the related participation shall
have been purchased) two copies of either U.S. Internal Revenue Service Form
W-8ECI or Form W-8BEN, or, in the case of a Non-U.S. Lender claiming exemption
from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code
with respect to payments of "portfolio interest", a Form W-8BEN, or any
subsequent versions thereof or successors thereto (and, if such Non-U.S. Lender
delivers a Form W-8BEN, an annual certificate representing, under penalty of
perjury, that such Non-U.S. Lender is not a "bank" for purposes of Section
881(c) of the Code, is not a 10-percent shareholder (within the meaning of
Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled
foreign corporation related to the Borrower (within the meaning of Section
864(d)(4) of the Code)), properly completed and duly executed by such Non-U.S.
Lender claiming complete exemption from, or a reduced rate of, U.S. federal
withholding tax on all payments by the Borrower under this
<PAGE>   63
                                                                              58

Agreement and the other Loan Documents. Such forms shall be delivered by each
Non-U.S. Lender on or before the date it becomes a party to this Agreement (or,
in the case of any Participant, on or before the date such Participant purchases
the related participation). In addition, each Non-U.S. Lender shall deliver such
forms on or before the expiration or obsolescence and promptly upon the
invalidity of any form previously delivered by such Non-U.S. Lender and after
the occurrence of any event requiring a change in the most recently provided
form and, if necessary, obtain any extensions of time reasonably requested by
the Borrower or the Administrative Agent for filing and completing such forms.
Each Non-U.S. Lender (and, if applicable, any other Lender or Transferee)
agrees, to the extent legally entitled to do so, upon reasonable request by the
Borrower, to provide to the Borrower (for the benefit of the Borrower and the
Administrative Agent) such other forms as may be reasonably required in order to
establish the legal entitlement of such Lender to an exemption from withholding
with respect to payments of interest under this Agreement or the other Loan
Documents, provided that in determining the reasonableness of such a request,
such Lender shall be entitled to consider the cost of complying with such
request (to the extent unreimbursed by the Borrower) that would be imposed on
such Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any time
it determines that it is no longer in a position to provide any previously
delivered certificate to the Borrower (or any other form of certification
adopted by the U.S. taxing authorities for such purpose). Notwithstanding any
other provision of this subsection 2.17(b), a Non-U.S. Lender shall not be
required to deliver any form pursuant to this subsection 2.17(b) that such
Non-U.S. Lender is not legally able to deliver. If the Administrative Agent or
any Lender (or Transferee) receives a refund in respect of Non-Excluded Taxes
paid by the Borrower, it shall promptly pay such refund, together with any other
amounts paid by the Borrower in connection with such refunded Non-Excluded
Taxes, to the Borrower, net of all out-of-pocket expenses of such Lender
incurred in obtaining such refund, provided that the Borrower agrees to promptly
return such refund to the Administrative Agent or the applicable Lender if it
receives notices from the Administrative Agent or applicable Lender that such
Administrative Agent or Lender is required to repay such refund.

                  2.18 Indemnity. The Borrower agrees to indemnify each Lender
and to hold each Lender harmless from any loss (excluding loss of profit) or
expense which such Lender actually incurs as a consequence of (a) withdrawal of
notice given by the Borrower in making a borrowing of, conversion into or
continuation of Eurodollar Loans after the Borrower has given a notice
requesting the same in accordance with the provisions of this Agreement, (b)
failure by the Borrower to make any prepayment after the Borrower has given a
notice thereof in accordance with the provisions of this Agreement or (c) the
making of a prepayment of Eurodollar Loans on a day which is not the last day of
an Interest Period with respect thereto. Such indemnification may include an
amount equal to the excess, if any, of (i) the amount of interest which would
have accrued on the amount so prepaid, or not so borrowed, converted or
continued, for the period from the date of such prepayment or of such failure to
borrow, convert or continue to the last day of such Interest Period (or, in the
case of a failure to borrow, convert or continue, the Interest Period that would
have commenced on the date of such failure) in each case at the applicable rate
of interest for such Loans provided for herein (excluding, however, the
Applicable Margin included therein, if any) over (ii) the amount of interest (as
reasonably determined by such Lender) which would have accrued to such Lender on
such amount by placing such amount on deposit for a comparable period with
leading banks in the interbank eurodollar market. A certificate as to any
amounts payable pursuant to this subsection 2.18, showing in reasonable detail
the calculation thereof, submitted to the Borrower by any Lender shall be
conclusive in the
<PAGE>   64
                                                                              59

absence of manifest error. This covenant shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder
for a period of nine months thereafter.

                  2.19 Change of Lending Office. Each Lender agrees that, upon
the occurrence of any event giving rise to the operation of subsection 2.16 or
2.17(a) with respect to such Lender, it will, if requested by the Borrower, use
reasonable efforts (subject to overall policy considerations of such Lender) to
designate another lending office for any Loans affected by such event with the
object of avoiding the consequences of such event, provided that such
designation is made on terms that in the reasonable judgment of such Lender,
cause such Lender and its lending office(s) to suffer no economic, legal or
regulatory disadvantage, and provided further that nothing in this subsection
2.19 shall affect or postpone any of the obligations of any Borrower or the
rights of any Lender pursuant to subsection 2.16 or 2.17(a).

                  2.20 Replacement of Lenders under Certain Circumstances. If at
any time (a) the Borrower becomes obligated to pay additional amounts described
in subsection 2.16 or 2.17 as a result of any condition described in such
subsections or any Lender ceases to make Eurodollar Loans pursuant to subsection
2.16, (b) any Lender becomes insolvent and its assets become subject to a
receiver, liquidator, trustee, custodian or other Person having similar powers,
(c) any Lender becomes a "Non-Consenting Lender" (as defined below in this
subsection 2.20) or (d) any Lender becomes a "Non-Funding Lender", then the
Borrower may, on ten Business Days' prior written notice to the Administrative
Agent and such Lender, replace such Lender by causing such Lender to (and such
Lender shall be obligated to) assign pursuant to subsection 10.6(c) all of its
rights and obligations under this Agreement to a Lender or other entity selected
by the Borrower and reasonably acceptable to the Administrative Agent (and in
the case of Revolving Credit Commitments or Revolving Loans, reasonably
acceptable to the Issuing Lender and the Swingline Lender) for a purchase price
equal to the outstanding principal amount of such Lender's Loans and all accrued
interest and fees and other amounts payable hereunder (including amounts payable
under subsection 2.18 as though such Loans were being paid instead of being
purchased), provided that (i) neither the Administrative Agent nor any Lender
shall have any obligation to the Borrower to find a replacement Lender or other
such entity, (ii) in the event of a replacement of a Non-Consenting Lender or a
Lender to which the Borrower becomes obligated to pay additional amounts
pursuant to clause (a) of this subsection 2.20, in order for the Borrower to be
entitled to replace such a Lender, such replacement must take place no later
than 180 days after (A) the date the Non-Consenting Lender shall have notified
the Borrower and the Administrative Agent of its failure to agree to any
requested consent, waiver or amendment or (B) the Lender shall have demanded
payment of additional amounts under one of the subsections described in clause
(a) of this subsection 2.20, as the case may be, and (iii) in no event shall the
Lender hereby replaced be required to pay or surrender to such replacement
Lender or other entity any of the fees received by such Lender hereby replaced
pursuant to this Agreement. In the case of a replacement of a Lender to which
the Borrower becomes obligated to pay additional amounts pursuant to clause (a)
of this subsection 2.20, the Borrower shall pay such additional amounts to such
Lender prior to such Lender being replaced and the payment of such additional
amounts shall be a condition to the replacement of such Lender. In the event
that (x) the Borrower or the Administrative Agent has requested the Lenders to
consent to a departure or waiver of any provisions of the Loan Documents or to
agree to any amendment thereto, (y) the consent, waiver or amendment in question
requires the agreement of all Lenders in accordance with the terms of
<PAGE>   65
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subsection 10.1 or all the Lenders with respect to a certain class of the Loans
and (z) Required Lenders or more than 50% of the class of such Lenders have
agreed to such consent, waiver or amendment, then any Lender who does not agree
to such consent, waiver or amendment shall be deemed a "Non-Consenting Lender".
The Borrower's right to replace a Non-Funding Lender pursuant to this subsection
2.20 is, and shall be, in addition to, and not in lieu of, all other rights and
remedies available to the Borrower against such Non-Funding Lender under this
Agreement, at law, in equity, or by statute.

                  2.21. Notice of Certain Costs. Notwithstanding anything in
this Agreement to the contrary, to the extent any notice required by subsection
2.15 through and including subsection 2.18 is given by any Lender more than 90
days after such Lender has knowledge (or should have had knowledge) of the
occurrence of the event giving rise to the additional cost, reduction in
amounts, loss, tax or other additional amounts described in such subsections,
such Lender shall not be entitled to compensation under such subsections for any
such amounts incurred or accruing prior to the giving of such notice to the
Borrower.

                          SECTION 3. LETTERS OF CREDIT

                  3.1 L/C Commitment. (a) Subject to the terms and conditions
hereof, the Issuing Lender, in reliance on the agreements of the other Revolving
Credit Lenders set forth in subsection 3.4(a), agrees to issue letters of credit
("Letters of Credit") for the account of the Borrower on any Business Day during
the Revolving Credit Commitment Period in such form as may be approved from time
to time by the Issuing Lender, provided that the Issuing Lender shall not have
any obligation to issue any Letter of Credit if, after giving effect to such
issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the
aggregate amount of the Available Revolving Credit Commitments would be less
than zero. Each Letter of Credit shall (i) be denominated in Dollars and (ii)
expire no later than the earlier of (x) the first anniversary of its date of
issuance and (y) the date which is five Business Days prior to the Scheduled
Revolving Credit Termination Date, provided that any Letter of Credit with a
one-year term may provide for the renewal thereof for additional one-year
periods (which shall in no event extend beyond the date referred to in clause
(y) above).

                  (b) Each Letter of Credit shall be subject to the Uniform
Customs and, to the extent not inconsistent therewith, the laws of the State of
New York.

                  (c) The Issuing Lender shall not at any time be obligated to
issue any Letter of Credit hereunder if such issuance would conflict with, or
cause the Issuing Lender or any L/C Participant to exceed any limits imposed by,
any applicable Requirement of Law.

                  3.2 Procedure for Issuance of Letter of Credit. The Borrower
may from time to time request that the Issuing Lender issue a Letter of Credit
by delivering to the Issuing Lender at its address for notices specified herein
an Application therefor, completed to the satisfaction of the Issuing Lender,
and such other certificates, documents and other papers and information as the
Issuing Lender may reasonably request. Upon receipt of any Application, the
Issuing Lender will process such Application and the certificates, documents and
other papers and information delivered to it in connection therewith in
accordance with its customary procedures and shall
<PAGE>   66
                                                                              61

promptly issue the Letter of Credit requested thereby (but in no event shall the
Issuing Lender be required to issue any Letter of Credit earlier than three
Business Days after its receipt of the Application therefor and all such other
certificates, documents and other papers and information relating thereto) by
issuing the original of such Letter of Credit to the beneficiary thereof or as
otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing
Lender shall furnish a copy of such Letter of Credit to the Borrower promptly
following the issuance thereof. The Issuing Lender shall promptly furnish to the
Administrative Agent notice of the issuance of each Letter of Credit (including
the amount thereof). The Administrative Agent will furnish to the Revolving
Credit Lenders (a) prompt notice of the issuance of each standby Letter of
Credit and (b) a monthly report setting forth for the relevant month the total
aggregate daily amount available to be drawn under commercial Letters of Credit
that were outstanding during such month.

                  3.3 Commissions, Fees and Other Charges. (a) The Borrower will
pay to the Administrative Agent, for the account of each Revolving Credit
Lender, a commission on the average daily face amount of each Letter of Credit
at a per annum rate equal to the Applicable Margin then in effect with respect
to Eurodollar Loans under the Revolving Credit Facility minus the fronting fee
referred to below, shared ratably among the Revolving Credit Lenders and payable
quarterly in arrears on each L/C Fee Payment Date after the issuance date. In
addition, the Borrower shall pay to the Issuing Lender for its own account a
fronting fee of 1/4 of 1% per annum of the average daily face amount of each
Letter of Credit issued by the Issuing Lender, payable quarterly in arrears on
each L/C Fee Payment Date after the issuance date.

                  (b) In addition to the foregoing fees and commissions, the
Borrower shall pay or reimburse the Issuing Lender for such normal and customary
costs and expenses as are incurred or charged by the Issuing Lender in issuing,
negotiating, effecting payment under, amending or otherwise administering any
Letter of Credit.

                  3.4 L/C Participations. (a) The Issuing Lender irrevocably
agrees to grant and hereby grants to each L/C Participant, and, to induce the
Issuing Lender to issue Letters of Credit hereunder, each L/C Participant
irrevocably agrees to accept and purchase and hereby accepts and purchases from
the Issuing Lender, on the terms and conditions hereinafter stated, for such L/C
Participant's own account and risk an undivided interest equal to such L/C
Participant's Revolving Credit Percentage in the Issuing Lender's obligations
and rights under each Letter of Credit issued by the Issuing Lender and the
amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant
unconditionally and irrevocably agrees with the Issuing Lender that, if a draft
is paid under any Letter of Credit issued by the Issuing Lender for which the
Issuing Lender is not reimbursed in full by the Borrower in accordance with the
terms of this Agreement, such L/C Participant shall pay to the Issuing Lender
upon demand an amount equal to such L/C Participant's Revolving Credit
Percentage of the amount of such draft or any part thereof, which is not so
reimbursed.

                  (b) If any amount required to be paid by any L/C Participant
to the Issuing Lender pursuant to subsection 3.4(a) in respect of any
unreimbursed portion of any payment made by the Issuing Lender under any Letter
of Credit is paid to the Issuing Lender within three Business Days after the
date such payment is due, such L/C Participant shall pay to the Issuing Lender
on demand an amount equal to the product of (i) such amount, times (ii) the
greater of the
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daily average Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank
compensation during the period from and including the date such payment is
required to the date on which such payment is immediately available to the
Issuing Lender, times (iii) a fraction the numerator of which is the number of
days that elapse during such period and the denominator of which is 360. If any
such amount required to be paid by any L/C Participant pursuant to subsection
3.4(a) is not made available to the Issuing Lender by such L/C Participant
within three Business Days after the date such payment is due, the Issuing
Lender shall be entitled to recover from such L/C Participant, on demand, such
amount with interest thereon calculated from such due date at the rate per annum
applicable to ABR Loans under the Revolving Credit Facility. A certificate of
the Issuing Lender submitted to any L/C Participant with respect to any amounts
owing under this subsection shall be conclusive in the absence of manifest
error.

                  (c) Whenever, at any time after the Issuing Lender has made
payment under any Letter of Credit and has received from any L/C Participant its
pro rata share of such payment in accordance with subsection 3.4(a), the Issuing
Lender receives any payment related to such Letter of Credit (whether directly
from the Borrower or otherwise, including proceeds of collateral applied thereto
by the Issuing Lender), or any payment of interest on account thereof, the
Issuing Lender will distribute to such L/C Participant its pro rata share
thereof; provided, however, that in the event that any such payment received by
the Issuing Lender shall be required to be returned by the Issuing Lender, such
L/C Participant shall return to the Issuing Lender the portion thereof
previously distributed by the Issuing Lender to it.

                  3.5 Reimbursement Obligation of the Borrower. The Borrower
agrees to reimburse the Issuing Lender on each date on which the Issuing Lender
notifies the Borrower of the date and amount of a draft presented under any
Letter of Credit and paid by the Issuing Lender for the amount of (a) such draft
so paid and (b) any taxes, fees, charges or other costs or expenses incurred by
the Issuing Lender in connection with such payment. Each such payment shall be
made to the Issuing Lender in Dollars and in immediately available funds.
Interest shall be payable on any and all amounts remaining unpaid by the
Borrower under this subsection from the date such amounts become payable
(whether at stated maturity, by acceleration or otherwise) until payment in full
at the rate set forth in subsection 2.12(c).

                  3.6 Obligations Absolute. The Borrower's obligations under
this Section 3 shall be absolute and unconditional under any and all
circumstances and irrespective of any setoff, counterclaim or defense to payment
which the Borrower may have or have had against the Issuing Lender (except to
the extent resulting from the gross negligence or willful misconduct of the
Issuing Lender), any beneficiary of a Letter of Credit or any other Person. The
Borrower also agrees with the Issuing Lender that, subject to the last sentence
of this subsection 3.6, the Issuing Lender shall not be responsible for, and the
Borrower's Reimbursement Obligations under subsection 3.5 shall not be affected
by, among other things, the validity or genuineness of documents or of any
endorsements thereon, even though such documents shall in fact prove to be
invalid, fraudulent or forged, or any dispute between or among the Borrower and
any beneficiary of any Letter of Credit or any other party to which such Letter
of Credit may be transferred or any claims whatsoever of the Borrower against
any beneficiary of such Letter of Credit or any such transferee. The Issuing
Lender shall not be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however
transmitted, in connection
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with any Letter of Credit, except for errors, omissions or delays in
transmission found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct of
the Issuing Lender. The Borrower agrees that any action taken or omitted by the
Issuing Lender under or in connection with any Letter of Credit or the related
drafts or documents, if done in the absence of gross negligence or willful
misconduct and in accordance with the standards or care specified in the Uniform
Commercial Code of the State of New York, shall be binding on the Borrower and
shall not result in any liability of the Issuing Lender to the Borrower.

                  3.7 Letter of Credit Payments. If any draft shall be presented
for payment under any Letter of Credit, the Issuing Lender shall promptly notify
the Borrower of the date and amount thereof. The responsibility of the Issuing
Lender to the Borrower in connection with any draft presented for payment under
any Letter of Credit issued by it shall, in addition to any payment obligation
expressly provided for in such Letter of Credit, be limited to determining that
the documents (including each draft) delivered under such Letter of Credit in
connection with such presentment are substantially in conformity with such
Letter of Credit.

                  3.8 Applications. To the extent that any provision of any
Application related to any Letter of Credit is inconsistent with the provisions
of this Section 3, the provisions of this Section 3 shall apply.

                    SECTION 4. REPRESENTATIONS AND WARRANTIES

                  To induce the Administrative Agent, the Lenders, the Swingline
Lender and the Issuing Lender to enter into this Agreement and to make the Loans
and issue or participate in the Letters of Credit, Holdings and the Borrower
hereby represent and warrant to the Administrative Agent, the Swingline Lender,
the Issuing Lender and each Lender that:

                  4.1 Financial Condition. (a) The audited consolidated
financial statements of the Borrower as of and for the fiscal year ending
December 31, 1997, reported on by Ernst & Young LLP, present fairly the
consolidated financial condition of the Borrower and the results of operations
and cash flows as of such date and for such period. All such financial
statements, including the related schedules and notes thereto, have been
prepared in accordance with GAAP applied consistently throughout the period
involved (except as approved by the relevant firm of accountants and disclosed
therein). The most recent balance sheet referred to above reflects, as required
by GAAP, any material Guarantee Obligations, contingent liabilities and
liabilities for taxes, and any long-term leases and unusual forward or long-term
commitments, including, without limitation, any interest rate or foreign
currency swap or exchange transaction or other obligation in respect of
derivatives, in each case as of the date of such balance sheet.

                  (b) The two unaudited pro forma consolidated balance sheets of
Holdings and its consolidated Subsidiaries as at December 31, 1997 (including
the notes thereto), copies of which have heretofore been furnished to each
Lender, have each been prepared giving effect (as if such events had occurred on
such date) to (i) the consummation of the Transactions, (ii) the Loans to be
made hereunder and the use of proceeds thereof and (iii) the payment of fees and
expenses in connection with the foregoing, provided, that one such balance sheet
gives effect to such events assuming consummation of the WOOD-TV Acquisition and
one such balance sheet gives effect
<PAGE>   69
                                                                              64

to such events assuming the WOOD-TV Acquisition has not been consummated. Each
of the aforementioned unaudited pro forma consolidated balance sheets presents
fairly on a pro forma basis the financial position of Holdings and its
consolidated Subsidiaries, as at December 31, 1997 and is based upon good faith
estimates and assumptions believed by management of Holdings and the Borrower to
be reasonable at the time made, assuming that the events specified in the
preceding sentence had actually occurred at such date.

                  4.2 No Change. Since the date of the most recent audited
financial statements delivered pursuant to subsection 4.1(a)(i), there has been
no (a) development or event which has had or could reasonably be expected to
have a Material Adverse Effect, provided that nothing specifically disclosed in
the financial model delivered to the Lenders on June 4, 2001, shall constitute a
Material Adverse Effect, or (b) sale, transfer or other disposition by the
Borrower or any of its Subsidiaries of any material part of its business or
property, other than as contemplated in the NBC Transactions.

                  4.3 Corporate Existence; Compliance with Law. Each of Holdings
and its Subsidiaries (a) is duly organized or formed, as the case may be,
validly existing and in good standing under the laws of the jurisdiction of its
organization or formation, (b) has the requisite power and authority, and the
legal right, to own and operate its property, to lease the property it operates
as lessee and to conduct the business in which it is currently engaged, (c) is
duly qualified as a foreign corporation and in good standing under the laws of
each jurisdiction where its ownership, lease or operation of property or the
conduct of its business requires such qualification except to the extent that
the failure to so qualify could not, in the aggregate, reasonably be expected to
have a Material Adverse Effect and (d) is in compliance with all Requirements of
Law except to the extent that the failure to comply therewith could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect.

                  4.4 Corporate Power; Authorization; Enforceable Obligations.
Each Loan Party has the requisite power and authority, and the legal right, to
make, deliver and perform the Loan Documents and the Transaction Documents to
which it is a party and, in the case of the Borrower, to borrow and obtain other
extensions of credit hereunder. Each Loan Party has taken all necessary
corporate or other action to authorize the execution, delivery and performance
of the Loan Documents and the Transaction Documents to which it is a party and,
in the case of the Borrower, to authorize the borrowings and other extensions of
credit on the terms and conditions of this Agreement. Other than consents from
the FCC as required pursuant to the Merger Agreement, no consent or
authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other Person is required in connection with the
Transactions and the borrowings and other extensions of credit hereunder or with
the execution, delivery, performance, validity or enforceability of this
Agreement, any of the other Loan Documents or the Transaction Documents, except
(i) consents, authorizations, filings and notices described in Schedule 4.4,
which consents, authorizations, filings and notices have been obtained or made
and are in full force and effect, (ii) consents under immaterial Contractual
Obligations and (iii) the filings referred to in subsections 4.19 and 10.17.
Each Loan Document and each Transaction Document has been duly executed and
delivered on behalf of each Loan Party thereto. This Agreement and each
Transaction Document constitutes, and each Loan Document upon execution will
constitute, a legal, valid and binding obligation of each Loan party thereto,
enforceable against each such Loan Party in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws
<PAGE>   70
                                                                              65

affecting the enforcement of creditors' rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or
at law).

                  4.5 No Legal Bar. The execution, delivery and performance of
this Agreement, the Transaction Documents and the Loan Documents, the issuance
of Letters of Credit, the borrowings hereunder and the use of the proceeds
thereof will not violate any Requirement of Law or any material Contractual
Obligation of any of the Loan Parties and will not result in, or require, the
creation or imposition of any Lien on any of their respective properties or
revenues pursuant to any Requirement of Law or any such material Contractual
Obligation (other than the Liens created by the Security Documents).

                  4.6 No Material Litigation. Except as set forth in Schedule
4.6, no litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of Holdings or the
Borrower, threatened by or against any of the Loan Parties or against any of
their respective properties or revenues (a) with respect to any of the Loan
Documents or any of the transactions contemplated hereby or thereby, (b) as of
the Closing Date, with respect to the Transaction Documents or any of the
transactions contemplated thereby or (c) which, if adversely determined, could
reasonably be expected to have a Material Adverse Effect.

                  4.7 No Default. None of the Loan Parties is in default under
or with respect to any of its Contractual Obligations (including the Transaction
Documents) in any respect which could reasonably be expected to have a Material
Adverse Effect. No Default or Event of Default has occurred and is continuing.

                  4.8 Ownership of Property; Liens. Each of the Loan Parties has
title in fee simple to, or a valid leasehold interest in, all its material real
property, and good title to, or a valid leasehold interest in, all its other
material property, and none of such property is subject to any Lien except as
permitted by subsection 7.3.

                  4.9 Intellectual Property. Each of the Borrower and each of
its Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
service marks, copyrights, technology, know-how and processes ("Intellectual
Property") necessary for the conduct of its business as currently conducted,
except for those the failure to own or license which could not reasonably be
expected to have a Material Adverse Effect . Except as, in the aggregate, could
not reasonably be expected to have a Material Adverse Effect and to the
knowledge of Holdings and the Borrower (a) no claim has been asserted and is
pending by any Person challenging or questioning the use of any Intellectual
Property or the validity of any Intellectual Property (nor does Holdings or the
Borrower know of any valid basis for any such claim) and (b) the use of
Intellectual Property by the Borrower and its Subsidiaries does not infringe on
the rights of, and no Intellectual Property of the Borrower or any of its
Subsidiaries is being infringed upon by, any Person.

                  4.10 Taxes. Each of the Loan Parties has filed or caused to be
filed all Federal and all other material tax returns which are required to be
filed and has paid all taxes shown to be due and payable on said returns or on
any material assessments made against it or any of its property and all other
material taxes, fees or other charges imposed on it or any of its property by
any Governmental Authority (other than (a) any taxes, fees or other charges the
amount or
<PAGE>   71
                                                                              66

validity of which are currently being contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have been
provided on the books of the applicable Loan Party, and (b) taxes, assessments,
fees or other charges imposed by any Governmental Authority, other than income
taxes imposed by the United States of America, with respect to which the failure
to make payments could not, by reason of the amount thereof or of remedies
available to such Governmental Authorities, reasonably be expected to have a
Material Adverse Effect); and no tax Lien has been filed, and, to the knowledge
of Holdings and the Borrower, no material claim is being asserted, with respect
to any such material tax, fee or other charge, other than those being contested
in good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided on the books of the Loan Parties.

                  4.11 Federal Regulations. No Letters of Credit and no part of
the proceeds of any Loans will be used for "buying" or "carrying" any "margin
stock" within the respective meanings of each of the quoted terms under
Regulation U of the Board as now and from time to time hereafter in effect or
for any purpose which violates the provisions of the Regulations of the Board.
If requested by any Lender or the Administrative Agent, the Borrower will
furnish to the Administrative Agent and each Lender a statement to the foregoing
effect in conformity with the requirements of FR Form G-3 or FR Form U-1
referred to in said Regulation U.

                  4.12 Labor Matters. Except as set forth on Schedule 4.12,
there are no strikes or other labor disputes against the Borrower or any of its
Subsidiaries pending or, to the knowledge of Holdings and the Borrower,
threatened that (individually or in the aggregate) could reasonably be expected
to have a Material Adverse Effect. Hours worked by and payments made to
employees of the Borrower and its Subsidiaries have not been in violation of the
Fair Labor Standards Act or any other applicable Requirement of Law dealing with
such matters that (individually or in the aggregate) could reasonably be
expected to have a Material Adverse Effect. To the knowledge of Holdings and the
Borrower, all payments due from the Borrower or any of its Subsidiaries on
account of employee health and welfare insurance that (individually or in the
aggregate) could reasonably be expected to have a Material Adverse Effect if not
paid have been paid or accrued as a liability on the books of the Borrower or
the relevant Subsidiary.

                  4.13 ERISA. Except where the liability, individually or in the
aggregate, which could reasonably be expected to result has not had or could not
reasonably be expected to have a Material Adverse Effect: (a) neither a
Reportable Event nor an "accumulated funding deficiency" (within the meaning of
Section 412 of the Code or Section 302 of ERISA) has occurred during the
five-year period prior to the date on which this representation is made or
deemed made with respect to any Single Employer Plan; (b) each Plan (other than
a Multiemployer Plan) has complied in all material respects with the applicable
provisions of ERISA and the Code; (c) no termination of a Single Employer Plan
has occurred, and no Lien in favor of the PBGC or a Single Employer Plan has
arisen and remains outstanding, during such five-year period; (d) the present
value of all accrued benefits under each Single Employer Plan (based on those
assumptions used to fund such Plans) did not, as of the last annual valuation
date prior to the date on which this representation is made or deemed made,
exceed the value of the assets of such Plan allocable to such accrued benefits
in an amount that could reasonably be expected to have a Material Adverse
Effect; (e) none of the Loan Parties nor any Commonly Controlled Entity has had
a complete or partial withdrawal from any Multiemployer Plan, and, to
<PAGE>   72
                                                                              67

the knowledge of the Loan Parties, none of the Loan Parties nor any Commonly
Controlled Entity would become subject to any liability under ERISA if the Loan
Parties or any such Commonly Controlled Entity were to withdraw completely from
all Multiemployer Plans as of the valuation date most closely preceding the date
on which this representation is made or deemed made; (f) no such Multiemployer
Plan is in Reorganization or Insolvent; (g) the present value (determined using
actuarial and other assumptions which are reasonable in respect of the benefits
provided and the employees participating) of the liability of the Borrower and
each Commonly Controlled Entity for post retirement benefits to be provided to
their current and former employees under Plans which are welfare benefit plans
(as defined in Section 3(l) of ERISA) does not, in the aggregate, exceed the
assets under all such Plans allocable to such benefits.

                  4.14 Investment Company Act; Other Regulations. No Loan Party
is an "investment company", or a company "controlled" by an "investment
company", within the meaning of the Investment Company Act of 1940, as amended.
No Loan Party is subject to regulation under any Requirement of Law (other than
Regulation X of the Board) which limits its ability to incur Indebtedness.

                  4.15 Subsidiaries. The Subsidiaries listed on Schedule 4.15
constitute after the completion of the Transactions all the Subsidiaries of the
Borrower at the Closing Date. Holdings has no Subsidiaries other than the
Borrower.

                  4.16 Use of Proceeds. The proceeds of the Loans and the
issuances of Letters of Credit shall be used solely for the purposes specified
in the preamble of this Agreement.

                  4.17 Environmental Matters. Except as set forth on Schedule
4.17:

                  (a) The facilities and properties owned, leased or operated by
the Borrower or any of its Subsidiaries (the "Properties") do not contain, and
have not previously contained, any Materials of Environmental Concern in amounts
or concentrations or under such conditions which (i) constitute or constituted a
violation of, or could reasonably be expected to give rise to liability under,
any Environmental Law in effect at the time of the making of this
representation, or (ii) could materially and adversely interfere with the
continued operation of the Properties, or (iii) materially impair the fair
saleable value thereof except in each case insofar as such violation, liability,
interference, or reduction in fair market value, or any aggregation thereof, is
not reasonably likely to result in a Material Adverse Effect.

                  (b) The business operated by the Borrower or any of its
Subsidiaries (the "Business"), the Properties and all operations at the
Properties are, and to the knowledge of Holdings and the Borrower have been, in
compliance in all respects with all applicable Environmental Laws except for
noncompliance which is not reasonably likely to result in a Material Adverse
Effect.

                  (c) Neither Holdings, the Borrower nor any of its Subsidiaries
has received any written notice of violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or compliance
with Environmental Laws with regard to any of the Properties or the Business,
nor does Holdings or the Borrower have knowledge or reason to believe that any
such notice will be received or is being threatened except insofar as such
notice
<PAGE>   73
                                                                              68

or threatened notice, or any aggregation thereof, does not involve a matter or
matters that is or are reasonably likely to result in a Material Adverse Effect.

                  (d) Materials of Environmental Concern have not been
transported or disposed of from the Properties in violation of, or in a manner
or to a location which could reasonably be expected to result in the Borrower or
any of its Subsidiaries incurring liability under, any Environmental Law in
effect at the time of the making of this representation, nor have any Materials
of Environmental Concern been generated, treated, stored or disposed of at, on
or under any of the Properties in violation of, or in a manner that could
reasonably be expected to result in the Borrower or any of its Subsidiaries
incurring liability under, any applicable Environmental Law in effect at the
time of the making of this representation except insofar as any such violation
or liability referred to in this paragraph, or any aggregation thereof, is not
reasonably likely to result in a Material Adverse Effect.

                  (e) No judicial proceeding or governmental or administrative
action is pending or, to the knowledge of Holdings or the Borrower, threatened,
under any Environmental Law to which Holdings, the Borrower or any of its
Subsidiaries is or will be named as a party with respect to the Properties or
the Business, nor are there any consent decrees or other decrees, consent
orders, administrative orders or other orders, or other administrative or
judicial requirements outstanding under any Environmental Law with respect to
the Properties or the Business except insofar as such proceeding, action,
decree, order or other requirement, or any aggregation thereof, is not
reasonably likely to result in a Material Adverse Effect.

                  (f) There has been no release or, to the best knowledge of
Holdings or the Borrower, threat of release of Materials of Environmental
Concern at or from the Properties, or arising from or related to the operations
of Holdings or any of its Subsidiaries in connection with the Properties or
otherwise in connection with the Business, in violation of or in amounts or in a
manner that could reasonably give rise to liability under Environmental Laws in
effect at the time of making this representation except insofar as any such
violation or liability referred to in this paragraph, or any aggregation
thereof, is not reasonably likely to result in a Material Adverse Effect.

                  4.18 Accuracy of Information, etc. No statement or information
contained in this Agreement, any other Loan Document or any other document,
certificate or statement furnished to the Administrative Agent or the Lenders,
or any of them, by or on behalf of any Loan Party for use in connection with the
transactions contemplated by this Agreement or the other Loan Documents (but
excluding all projections and pro forma financial information and other
estimates covered by the next sentence), contained as of the date such
statement, information, document or certificate was so furnished, any untrue
statement of a material fact or omitted to state a material fact necessary in
order to make the statements contained herein or therein not misleading. The
projections and pro forma financial information and other estimates and opinions
contained in the materials referenced above are based upon good faith estimates
and assumptions believed by management of the Borrower to be reasonable at the
time made, it being recognized by the Administrative Agent and the Lenders that
such financial information as it relates to future events is not to be viewed as
fact and that actual results during the period or periods covered by such
financial information may differ from the projected results set forth therein by
a material amount. As of the Closing Date, the representations and warranties
(a) of Holdings and LIN in the Merger Agreement are true and correct in all
material respects, (b) of
<PAGE>   74
                                                                              69

Holdings and LIN in the NBC Transaction Agreements are true and correct in all
material respects and (c) of all other parties to the Merger Agreement and the
NBC Transaction Agreements, to the knowledge of Holdings and the Borrower, are
true and correct in all material respects. As of the Closing Date, there is no
fact known to any Loan Party (other than general economic conditions, which
conditions are commonly known and affect businesses generally) that could
reasonably be expected to have a Material Adverse Effect that has not been
expressly disclosed herein, in the other Loan Documents or in any other
documents, certificates and statements furnished to the Administrative Agent and
the Lenders for use in connection with the transactions contemplated hereby and
by the other Loan Documents.

                  4.19 Security Documents. (a) Except as described in subsection
10.16, the Guarantee and Collateral Agreement is effective to create in favor of
the Administrative Agent, for the benefit of the Lenders, a legal, valid and
enforceable security interest in the collateral described therein and proceeds
thereof. In the case of the Pledged Stock and the Pledged Debt Securities, when
stock certificates representing such Pledged Stock or certificates representing
such Pledged Debt Securities are delivered to the Administrative Agent, or when
financing statements in appropriate form are filed in the offices specified on
Schedule 4.19(a), and in the case of the other collateral described in the
Guarantee and Collateral Agreement, when financing statements in appropriate
form are filed in the offices specified on Schedule 4.19(a), the Guarantee and
Collateral Agreement shall constitute a fully perfected Lien on, and security
interest in, all right, title and interest of the Loan Parties in such
collateral and the proceeds thereof, as security for the Obligations (as defined
in the Guarantee and Collateral Agreement), in each case prior and superior in
right to any other Person subject, except in the case of such Pledged Stock and
the Pledged Debt Securities, to Liens permitted by subsection 7.3.

                  (b) Each of the Mortgages is effective to create in favor of
the Administrative Agent, for the benefit of the Lenders, a legal, valid and
enforceable Lien on the Mortgaged Properties described therein and proceeds
thereof, and when the Mortgages are filed in the offices specified on Schedule
4.19(b) in accordance with subsection 10.17, each Mortgage shall constitute a
fully perfected Lien on, and security interest in, all right, title and interest
of the Loan Parties in the Mortgaged Properties and the proceeds thereof, as
security for the Obligations (as defined in the relevant Mortgage), in each case
prior and superior in right to any other Person, subject to Liens permitted by
subsection 7.3 (other than, with respect to Mortgaged Properties as of the
Closing Date, subsections 7.3(g) and (q)).

                  4.20 Solvency. Each Loan Party is, and after giving effect to
the Transactions and the incurrence of all Indebtedness and obligations being
incurred in connection herewith and therewith will be, Solvent.

                  4.21 Senior Indebtedness. The Obligations will constitute
"Senior Indebtedness" of the Borrower under and as defined in the Senior
Subordinated Note Indenture. The obligations of each Subsidiary Guarantor and
Holdings under the Guarantee and Collateral Agreement will constitute "Guarantor
Senior Indebtedness" of such Subsidiary Guarantor or Holdings under and as
defined in the Senior Subordinated Note Indenture.

                  4.22 Station Licenses. Schedule 4.22 accurately and completely
lists as of the Closing Date (after giving effect to the Transactions), for each
Station, all Station Licenses
<PAGE>   75
                                                                              70

granted or assigned to the Borrower or any of its Subsidiaries, or under which
the Borrower and its Subsidiaries have the right to operate such Station. As of
the Closing Date, the Station Licenses listed on Schedule 4.22 with respect to
any Station include all material authorizations, licenses and permits issued by
the FCC that are required or necessary for the operation of such Station, and
the conduct of the business of the Borrower and its Subsidiaries with respect to
such Station, as now conducted or proposed to be conducted. The Station Licenses
listed on Schedule 4.22 will be, as of the Closing Date, issued in the name of,
or validly assigned to the respective License Subsidiary for the Station being
operated under authority of such Station Licenses and validly issued and in full
force and effect, and the Borrower and its Subsidiaries will have fulfilled and
performed in all material respects their obligations with respect thereto and
have full power and authority to operate thereunder, and, except as described in
Schedule 4.22 hereto, all consents to the transfer of control of the principal
broadcasting licenses and any other material Station Licenses in connection with
the transactions contemplated hereby and in the Transaction Documents shall have
been granted by the FCC, provided that such consents will not be required to
have become Final Orders.

                         SECTION 5. CONDITIONS PRECEDENT

                  5.1 Conditions to Initial Extension of Credit. Intentionally
Deleted.

                  5.2 Conditions to Each Extension of Credit. The agreement of
each Lender and the Swingline Lender to make any extension of credit requested
to be made by it on any date (including, without limitation, its initial
extension of credit) is subject to the satisfaction of the following conditions
precedent:

                  (a) Representations and Warranties. Each of the
         representations and warranties made by any Loan Party in or pursuant to
         the Loan Documents shall be true and correct in all material respects
         on and as of such date as if made on and as of such date except for any
         representation and warranty which is expressly made as of an earlier
         date, which representation and warranty shall have been true and
         correct in all material respects as of such earlier date.

                  (b) No Default. No Default or Event of Default shall have
         occurred and be continuing on such date or after giving effect to the
         extensions of credit requested to be made on such date.

Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower
hereunder shall constitute a representation and warranty by the Borrower as of
the date of such extension of credit that the conditions contained in this
subsection 5.2 have been satisfied.
<PAGE>   76
                                                                              71

                        SECTION 6. AFFIRMATIVE COVENANTS

                  Each of Holdings and the Borrower hereby agree that, so long
as the Commitments remain in effect, any Letter of Credit remains outstanding or
any Loan or other amount is owing to any Lender, the Swingline Lender, the
Issuing Lender or the Administrative Agent hereunder, each of Holdings and the
Borrower shall and (except in the case of delivery of financial information
reports and notices) shall cause each of its Subsidiaries to:

                  6.1 Financial Statements. Furnish to the Administrative Agent
which shall in turn be promptly distributed by the Administrative Agent to the
Lenders or, in the case of clause (c) hereof, upon the request of any Lender):

                  (a) as soon as available but in any event within 90 days after
         the end of each fiscal year of Holdings and the Borrower, as
         applicable, (i) a copy of the audited consolidated balance sheet of
         each of Holdings and its consolidated Subsidiaries and the Borrower and
         its consolidated Subsidiaries as at the end of such year and the
         related audited consolidated statements of operations and of cash flows
         for such year, and (ii) the annual operating statements of each
         Station, in each case setting forth in comparative form the figures for
         the previous year, and, in the case of clause (i), reported on without
         a "going concern" or like qualification or exception, or qualification
         arising out of the scope of the audit, by independent certified public
         accountants of nationally recognized standing;

                  (b) as soon as available, but in any event not later than 45
         days after the end of each of the first three quarterly periods of each
         fiscal year of Holdings and the Borrower, as applicable (i) the
         unaudited consolidated balance sheet of each of Holdings and its
         consolidated Subsidiaries and the Borrower and its consolidated
         Subsidiaries as at the end of such quarter and the related unaudited
         consolidated statements of income and of cash flows for such quarter
         and the portion of the fiscal year through the end of such quarter, and
         (ii) the quarterly operating statements of each Station, in each case
         setting forth in comparative form the figures for the corresponding
         period in the previous year, certified by a Responsible Officer as
         being fairly stated in all material respects (subject to normal
         year-end audit adjustments); and

                  (c) as soon as available, but in any event not later than 15
         days after receipt thereof, the information set forth in clauses (a),
         (b), (c) and (d) of Annex D to the Joint Venture Loan.

All such financial statements shall fairly present in all material respects the
financial position of Holdings and its Subsidiaries or the Borrower and its
Subsidiaries, as applicable, as of such date and shall be prepared in reasonable
detail and in accordance with GAAP applied consistently throughout the periods
reflected therein and with prior periods (except as approved by such accountants
or officer, as the case may be, and disclosed therein).
<PAGE>   77
                                                                              72

                  6.2 Certificates; Other Information. Furnish to the
Administrative Agent (which shall in turn be promptly distributed by the
Administrative Agent to the Lenders) or, in the case of clause (f), to the
relevant Lender:

                  (a) concurrently with the delivery of the financial statements
         referred to in subsection 6.1(a)(i), a certificate of the independent
         certified public accountants reporting on such financial statements
         stating that in making the examination necessary therefor no knowledge
         was obtained of any Default or Event of Default relating to the
         covenants contained in subsections 7.1 and 7.7, except as specified in
         such certificate;

                  (b) concurrently with the delivery of any financial statements
         pursuant to subsection 6.1(a) and 6.1(b),(i) a certificate of a
         Responsible Officer stating that, to such Responsible Officer's
         knowledge, each Loan Party during such period has observed or performed
         all of its covenants and other agreements, and satisfied every
         condition, contained in this Agreement and the other Loan Documents to
         which it is a party to be observed, performed or satisfied by it, in
         all material respects, and that such Responsible Officer has obtained
         no knowledge of any Default or Event of Default except as specified in
         such certificate, (ii) (A) a Compliance Certificate containing all
         information necessary for determining compliance by Holdings and its
         Subsidiaries with the provisions of this Agreement referred to therein
         as of the last day of the relevant fiscal quarter or fiscal year and
         (B) to the extent not previously disclosed to the Administrative Agent,
         a listing of any state within the United States where any Loan Party
         keeps inventory or equipment and of any Intellectual Property arising
         under the laws of the United States (or any jurisdiction therein)
         acquired by any Loan Party since the date of the most recent list
         delivered pursuant to this clause (B) (or, in the case of the first
         such list so delivered, since the Closing Date) and (iii) any final
         accountants' management letters delivered by the independent certified
         public accountants reporting on such financial statements to Holdings
         or any of its Subsidiaries;

                  (c) as soon as available, and in any event no later than 45
         days after the end of each fiscal year of Holdings, a detailed
         consolidated budget for (i) Holdings and its consolidated Subsidiaries
         and (ii) each Station, in each case for such fiscal year (including a
         projected consolidated balance sheet of Holdings and its Subsidiaries,
         as applicable, as of the end of such fiscal year, and the related
         consolidated statements of projected cash flow, projected changes in
         financial position and projected income), and, as soon as available,
         significant revisions, if any, of such budget and projections with
         respect to such fiscal year (collectively, the "Projections"), which
         Projections shall in each case be accompanied by a certificate of a
         Responsible Officer stating that such Projections are based upon good
         faith estimates and assumptions believed by management of Holdings to
         be reasonable at the time made, it being recognized by the Lenders that
         such financial information as it relates to future events is not to be
         viewed as fact and that actual results during the period or periods
         covered by such financial information may differ from the projected
         results set forth therein by a material amount;

                  (d) within five days after the same are sent, copies of all
         financial statements and reports which Holdings or the Borrower sends
         to the holders of any class of its debt securities or public equity
         securities and within five days after the same are filed, copies
<PAGE>   78
                                                                              73

         of all financial statements and reports which Holdings or the Borrower
         may make to, or file with, the Securities and Exchange Commission or
         any successor or analogous Governmental Authority;

                  (e) promptly following their submission with the FCC or any
         other Federal, state or local Governmental Authority, copies of any and
         all periodic or special reports filed by Holdings or any of its
         Subsidiaries, if such reports are publicly available and indicate any
         material adverse change in the business, operations or financial
         condition of Holdings or any of its Subsidiaries or if copies thereof
         are requested by any Lender or the Administrative Agent (but only to
         the extent such reports are publicly available), and copies of any and
         all material notices and other material communications from the FCC or
         from any other Federal, state or local Governmental Authority with
         respect to Holdings or any of its Subsidiaries or any Station; and

                  (f) promptly, such additional financial and other information
         as any Lender may from time to time reasonably request.

                  6.3 Payment of Obligations. Pay, discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may
be, all its material obligations of whatever nature, except where the amount or
validity thereof is currently being contested in good faith by appropriate
proceedings and reserves in conformity with GAAP with respect thereto have been
provided on the books of Holdings or its Subsidiaries, as the case may be,
provided that notwithstanding the foregoing, Holdings and each of its
Subsidiaries shall have the right to pay any such obligation and in good faith
contest, by proper legal actions or proceedings, the validity or amount of such
claims.

                  6.4 Conduct of Business and Maintenance of Existence, etc. (a)
Except as contemplated by subsection 7.4, (i) continue to engage in business of
the same general type as now conducted by it, (ii) preserve, renew and keep in
full force and effect its existence and (iii) take all reasonable action to
preserve and maintain all rights, privileges, licenses and franchises necessary
or desirable in the normal conduct of its business, except (other than with
respect to the Station Licenses), in the case of this clause (iii), to the
extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect and except if (A) in the reasonable business judgment of
Holdings, the Borrower or such Subsidiary, as the case may be, it is in its best
economic interest not to preserve and maintain such privileges, rights or
franchises (other than the Station Licenses), and (B) such failure to preserve
and maintain such privileges, rights or franchises (other than the Station
Licenses) would not materially adversely affect the rights of the Lenders
hereunder or the value of the collateral security for the Loans; (b) comply with
all Contractual Obligations and Requirements of Law except to the extent that
failure to comply therewith could not, in the aggregate, reasonably be expected
to have a Material Adverse Effect and (c) comply in all material respects with
the terms of all Station Licenses.

                  6.5 Maintenance of Property; Insurance. (a) Keep all property
useful and necessary in its business in good working order and condition,
ordinary wear and tear excepted, and maintain with financially sound and
reputable insurance companies insurance on all its property in at least such
amounts and against at least such risks (but including in any event public
liability, product liability and business interruption) as are usually insured
against in the same general area by companies engaged in the same or a similar
business or as otherwise
<PAGE>   79
                                                                              74

reasonably requested by the Administrative Agent; and furnish to the
Administrative Agent, upon written request, information in reasonable detail as
to the insurance carried except to the extent that the failure to do any of the
foregoing with respect to any such property could not reasonably be expected to
materially adversely affect the value or usefulness of such property.

                  (b) All such insurance shall (i) provide that no cancelation,
material reduction in amount or material change in coverage thereof shall be
effective until at least thirty (30) days after receipt by the Administrative
Agent of written notice thereof, (ii) name the Administrative Agent as insured
party or loss payee and (iii) if reasonably requested by the Administrative
Agent, include a breach of warranty clause.

                  6.6 Inspection of Property; Books and Records; Discussions.
(a) Keep proper books of records and accounts in accordance with sound business
practices and (b) upon reasonable prior notice and at any reasonable time,
permit representatives of the Administrative Agent or any Lender to visit and
inspect any of its properties and examine and, if reasonably requested, make
copies of its contracts, books and records and to discuss the business,
operations, properties and financial and other condition of Holdings and its
Subsidiaries with officers and employees of Holdings and its Subsidiaries and
with its independent certified public accountants, provided that the
Administrative Agent or such Lender shall notify Holdings and the Borrower prior
to any contact with such accountants and give Holdings and the Borrower the
opportunity to participate in such discussions.

                  6.7 Notices. Promptly give notice to the Administrative Agent
and each Lender of:

                  (a) the occurrence of any Default or Event of Default;

                  (b) any (i) default or event of default under any Contractual
         Obligation of Holdings or any of its Subsidiaries or (ii) litigation,
         investigation or proceeding which may exist at any time between
         Holdings or any of its Subsidiaries and any Governmental Authority and
         which has a reasonable likelihood of being adversely determined, which
         in either case, if not cured or if adversely determined, as the case
         may be, could reasonably be expected to have a Material Adverse Effect;

                  (c) any litigation or proceeding affecting Holdings or any of
         its Subsidiaries in which the amount involved is $5,000,000 or more and
         not covered by insurance or in which injunctive or similar relief is
         sought;

                  (d) the following events, as soon as possible and in any event
         within 30 days after Holdings or the Borrower knows or has reason to
         know thereof and if, individually or in the aggregate, the liability
         that could reasonably be expected to result would be material to
         Holdings and its Subsidiaries taken as a whole: (i) the occurrence of
         any Reportable Event with respect to any Plan (other than a
         Multiemployer Plan), a failure to make any required contribution to a
         Plan, the creation of any Lien in favor of the PBGC or a Plan or any
         withdrawal from, or the termination, Reorganization or Insolvency of,
         any Multiemployer Plan or (ii) the institution of proceedings or the
         taking of any other action by the PBGC or the Borrower or any Commonly
         Controlled Entity or any
<PAGE>   80
                                                                              75

         Multiemployer Plan with respect to the withdrawal from, or the
         termination, Reorganization or Insolvency of, any Plan;

                  (e) any development or event which has had or could reasonably
         be expected to have a Material Adverse Effect; and

                  (f) the receipt by Holdings or any of its Subsidiaries of any
         complaint, order, citation, notice or other written communication from
         any Person with respect to the existence or alleged existence of a
         violation of any Environmental Laws or Materials of Environmental
         Concern or any other environmental matter including the occurrence of
         any spill, discharge or release in a quantity that is reportable under
         any Environmental Laws on any Mortgaged Properties or any other
         property owned, leased or utilized by Holdings or any of its
         Subsidiaries but only to the extent that such complaint, order,
         citation, notice or written communication individually could reasonably
         be expected to result in liability or an obligation under any
         Environmental Law that could reasonably be expected to have a Material
         Adverse Effect.

Each notice pursuant to this subsection 6.7 shall be accompanied by a statement
of a Responsible Officer setting forth details of the occurrence referred to
therein and stating what action Holdings or the relevant Subsidiary proposes to
take with respect thereto.

                  6.8 Environmental Laws. (a) Except as could not reasonably be
expected to have a Material Adverse Effect, comply with, and use reasonable
efforts to ensure compliance by all tenants and subtenants, if any, with all
applicable Environmental Laws, and obtain and comply with and maintain, and use
reasonable efforts to ensure that all tenants and subtenants obtain and comply
with and maintain, any and all licenses, approvals, notifications, registrations
or permits required by applicable Environmental Laws.

                  (b) Conduct and complete (or cause to be conducted and
completed) in all material respects all investigations, studies, sampling and
testing, and all remedial, removal and other actions required under
Environmental Laws and in a timely fashion comply in all material respects with
all lawful orders and directives of all Governmental Authorities regarding
Environmental Laws, except to the extent that the failure to do so could not be
reasonably expected to have a Material Adverse Effect.

                  6.9 Interest Rate Protection. On or before the date that is
the earlier to occur of (a) September 30, 1998 and (b) 60 days after the closing
of the WOOD-TV Acquisition, enter into Interest Rate Protection Agreements to
the extent necessary to provide that at least 50% of the aggregate principal
amount of Indebtedness of the Borrower and its Subsidiaries outstanding after
the Closing Date is subject to either a fixed interest rate or interest rate
protection for a period of not less than two years (provided, that in the event
that the term thereof shall be less than two years, such Interest Rate
Protection Agreements shall be extended or replaced no later than the expiration
of such term, with the term of such extended or replacement Interest Rate
Protection Agreements ending no earlier than the second anniversary of the date
on which the original Interest Rate Protection Agreements were entered into),
which Interest Rate Protection Agreements shall in each case have terms and
conditions reasonably satisfactory to the Administrative Agent. None of Holdings
or any of its Subsidiaries shall default (beyond any applicable grace period) in
the performance of any of its material obligations thereunder.
<PAGE>   81
                                                                              76

                  6.10 Additional Collateral, etc. (a) If at any time following
the Closing Date the aggregate monetary value (as determined by aggregating the
monetary value of each item or items of property so acquired on the date of the
acquisition thereof) of all property (to the extent not already secured) of any
nature whatsoever acquired by the Borrower or any Subsidiary after the Closing
Date is in excess of $1,000,000 (other than (i) any Property described in
paragraph (b) or (c) below and (ii) any Property subject to a Lien expressly
permitted by subsection 7.3(g)) as to which the Administrative Agent, for the
benefit of the Lenders, does not have a perfected Lien, promptly (i) execute and
deliver to the Administrative Agent such amendments to the Guarantee and
Collateral Agreement or such other documents as the Administrative Agent deems
necessary or advisable in order to grant to the Administrative Agent, for the
benefit of the Lenders, a security interest in such Property and (ii) take all
actions necessary or advisable to grant to the Administrative Agent, for the
benefit of the Lenders, a perfected first priority security interest in such
Property, including without limitation, the filing of Uniform Commercial Code
financing statements and filings with the United States Patent and Trademark
Office and in such jurisdictions as may be required by the Guarantee and
Collateral Agreement or by law or as may be reasonably requested by the
Administrative Agent.

                  (b) With respect to any fee interest in any real estate
acquired after the Closing Date by the Borrower or any of its Subsidiaries
(other than any such real estate subject to a Lien expressly permitted by
subsection 7.3(g), (j) or (q) (but in the case of clause (q), only to the extent
of such Lien)), promptly (i) execute and deliver a first priority Mortgage
(subject only to Liens permitted by subsection 7.3) in favor of the
Administrative Agent, for the benefit of the Lenders, covering such real estate,
(ii) if reasonably requested by the Administrative Agent, provide the Lenders
with a title report as well as a current ALTA survey thereof, together with a
surveyor's certificate, in each case in form and substance reasonably
satisfactory to the Administrative Agent. Notwithstanding the foregoing, the
Borrower and its Subsidiaries shall only be required to execute and deliver
Mortgages and/or provide title reports and current ALTA surveys covering fee
properties acquired after the Closing Date by the Borrower or its Subsidiaries
with a fair market value at the time of such acquisition in excess of
$1,500,000.

                  (c) With respect to any new Subsidiary created or acquired
after the Closing Date by the Borrower or any of its Subsidiaries, promptly (i)
execute and deliver to the Administrative Agent such amendments to the Guarantee
and Collateral Agreement as the Administrative Agent deems necessary or
advisable in order to grant to the Administrative Agent, for the benefit of the
Lenders, a perfected first priority security interest in the Capital Stock and
debt securities of such new Subsidiary which are owned by the Borrower or any of
its Subsidiaries and required to be pledged pursuant to the Guarantee and
Collateral Agreement, (ii) deliver to the Administrative Agent the certificates
representing such Capital Stock and debt securities, together with (A) in the
case of such Capital Stock, undated stock powers endorsed in blank, and (B) in
the case of such debt securities, endorsed in blank, in each case executed and
delivered by a Responsible Officer of the Borrower or such Subsidiary, as the
case may be, (iii) cause such new Subsidiary (A) to become a party to the
Guarantee and Collateral Agreement and (B) to take such actions necessary or
advisable to grant to the Administrative Agent for the benefit of the Lenders a
perfected first priority security interest in the collateral described in the
Guarantee and Collateral Agreement with respect to such new Subsidiary,
including, without limitation, the filing of Uniform Commercial Code financing
statements in such jurisdictions as
<PAGE>   82
                                                                              77

may be required by the Guarantee and Collateral Agreement or by law or as may be
reasonably requested by the Administrative Agent and (iv) if reasonably
requested by the Administrative Agent, deliver to the Administrative Agent legal
opinions relating to the matters described above, which opinion shall be in form
and substance, and from counsel, reasonably satisfactory to the Administrative
Agent, provided that notwithstanding the foregoing, only 65% of the voting
Capital Stock of any direct foreign Subsidiary of Holdings, the Borrower or any
domestic Subsidiary need be pledged under this clause (c), no voting Capital
Stock of any foreign Subsidiary of any other foreign Subsidiary need be pledged
under this clause (c) and no direct or indirect foreign Subsidiary shall become
a Guarantor hereunder or shall be required to pledge any of its assets.

                  (d) Promptly, but in any event not later than 30 Business Days
after the Administrative Agent or the Required Lenders, as applicable, shall
have made a request contemplated by subsection 10.17, provide to the
Administrative Agent in respect of each Mortgaged Property (i) a mortgagee's
title insurance policy (or policies) or marked up unconditional binder for such
insurance, provided that each such policy shall (A) be in an amount reasonably
satisfactory to the Administrative Agent with respect to each Mortgaged Property
covered thereby (but not in excess of the fair market value thereof); (B) insure
that the Mortgage insured thereby creates a valid first Lien on such Mortgaged
Property free and clear of all defects and encumbrances, except as disclosed
therein or otherwise permitted by subsection 7.3 (other than subsections 7.3(g)
and (q)); (C) name the Administrative Agent for the benefit of the Lenders as
the insured thereunder; (D) be in the form of ALTA Loan Policy - 1992 (or
equivalent policies) to the extent available in the applicable jurisdictions;
(E) contain such endorsements and affirmative coverage as the Administrative
Agent may reasonably request to the extent available in the applicable
jurisdictions and available without material cost to the Borrower or its
Subsidiaries; and (F) be issued by title companies satisfactory to the
Administrative Agent (including any such title companies acting as co-insurers
or reinsurers, at the option of the Administrative Agent) and (ii) evidence
satisfactory to it that all premiums in respect of each such policy, all charges
for mortgage recording tax, and all related expenses, if any, have been paid or
duly provided for.

                  (e) Upon the request of the Administrative Agent, to the
extent permitted by applicable Requirements of Law at the time of such request,
grant or cause its Subsidiaries to grant, to the Administrative Agent, a direct
security interest in the Station Licenses within 30 days after receipt of such
request, provided that to the extent FCC consent shall be required in connection
with granting such security interest, such consent shall be requested within 30
days after receipt of such request and upon receipt of such FCC consent, such
security interest shall be granted within 10 Business Days thereof.

                  (f) Upon the occurrence and during the continuance of (i) any
Event of Default with respect to paragraph (a) of Section 8, (ii) any payment
default with respect to any Senior Subordinated Indebtedness, Senior Unsecured
Indebtedness or Holdings Discount Indebtedness or (iii) any Event of Default
with respect to subsection 7.1, promptly, but in any event not more than 30
Business Days (subject to necessary approvals by the FCC), following the request
of the Administrative Agent, cause the assets relating to each Station held by
the Borrower to be transferred to its respective License Subsidiary or, at the
election of the Administrative Agent, another Subsidiary that has no other
assets or liabilities.
<PAGE>   83
                                                                              78

                  6.11 Intentionally deleted.

                  6.12 After-Acquired Stations. Unless the Borrower and the
Administrative Agent shall otherwise agree, cause the Station License relating
to each after-acquired Station to be held in a separate License Subsidiary,
provided that to the extent the Borrower shall not have received FCC approval
with respect to the foregoing at the scheduled closing of the acquisition of
such Station, the Borrower shall comply with the foregoing requirement as soon
as practicable following such acquisition (but in any event within 60 days after
such acquisition).

                  6.13 Changes in Locations, Name, etc. The Borrower shall not,
except upon not less than 15 days' prior written notice to the Administrative
Agent and delivery to the Administrative Agent of all additional executed
financing statements and other documents reasonably requested by the
Administrative Agent to maintain the validity, perfection and priority of the
security interests provided for in the Guarantee and Collateral Agreement:

                  (a) permit any of the Inventory or Equipment (each as defined
in the Guarantee and Collateral Agreement) (other than (i) immaterial Inventory
and Equipment and (ii) Inventory and Equipment in transit in the ordinary course
of business) to be kept at a location other than those listed on Schedule 5 of
the Guarantee and Collateral Agreement;

                  (b) change the location of its chief executive office or sole
place of business from that referred to in Section 4.4 of the Guarantee and
Collateral Agreement; or

                  (c) change its name, identity or corporate structure to such
an extent that any financing statement filed by the Administrative Agent in
connection with the Guarantee and Collateral Agreement would become misleading.

                          SECTION 7. NEGATIVE COVENANTS

                  Each of Holdings and the Borrower hereby agrees that, so long
as the Commitments remain in effect, any Letter of Credit remains outstanding or
any Loan or other amount is owing to any Lender or the Administrative Agent
hereunder, neither Holdings nor the Borrower shall, or shall permit (except with
respect to subsection 7.1) any of its Subsidiaries to, directly or indirectly:

                  7.1 Financial Condition Covenants. (a) Consolidated Leverage
Ratio. Permit the Consolidated Leverage Ratio as of the last day of any Test
Period set forth below to exceed the ratio set forth below opposite such period:

<TABLE>
<CAPTION>
Period                                         Consolidated Leverage Ratio
<S>                                            <C>
04/01/01 to 03/31/04                                      7.40x
04/01/04 to 12/31/04                                      6.75x
01/01/05 and thereafter                                   6.25x
</TABLE>
<PAGE>   84
                                                                              79

                  (b) Consolidated Interest Coverage Ratio. Permit the
Consolidated Interest Coverage Ratio as of the last day of any Test Period set
forth below to be less than the ratio set forth below opposite such period:

<TABLE>
<CAPTION>
Period                                            Consolidated Interest
                                                     Coverage Ratio
<S>                                               <C>
04/01/01 to 12/31/03                                      1.50x
01/01/04 to 03/31/04                                      1.60x
04/01/04 to 06/30/04                                      1.65x
07/01/04 to 09/30/04                                      1.70x
10/01/04 and thereafter                                   1.75x
</TABLE>

                  (c) Consolidated Fixed Charge Coverage Ratio. Permit the
Consolidated Fixed Charge Coverage Ratio as at the completion of any Test Period
to be less than 1.05x.

                  (d) Consolidated Senior Secured Leverage Ratio. Permit the
Consolidated Senior Secured Leverage Ratio as of the last day of any Test Period
to exceed 3.00x.

                  7.2 Limitation on Indebtedness. Create, incur, assume or
suffer to exist (in each case, to "Incur") any Indebtedness, except:

                  (a) Indebtedness of any Loan Party pursuant to any Loan
         Document;

                  (b) Indebtedness among the Loan Parties (other than Holdings)
         arising as a result of intercompany loans;

                  (c) purchase money Indebtedness, provided that the aggregate
         amount of Indebtedness incurred pursuant to this subsection 7.2(c)
         shall not exceed $20,000,000 at any one time outstanding;

                  (d) Capital Lease Obligations, provided that the aggregate
         principal amount of Capital Lease Obligations incurred pursuant to this
         subsection 7.2(d) in any fiscal year of the Borrower, when added to the
         aggregate amount of other Capital Expenditures made during such fiscal
         year pursuant to subsection 7.7, shall not exceed the amount permitted
         to be expended during such fiscal year pursuant to subsection 7.7;

                  (e) Indebtedness (other than Senior Subordinated Indebtedness
         and Holdings Discount Indebtedness) outstanding on the Closing Date and
         listed on Schedule 7.2(e) and any refinancings, refundings, renewals or
         extensions thereof (without any increase in the principal amount
         thereof other than pursuant to the instrument creating such Lien
         without any modification thereof after the Closing Date);

                  (f) (i) indemnities and guarantees (including guarantees of
         Indebtedness if such Indebtedness is otherwise permitted hereunder)
         made in the ordinary course of business by the Borrower or any of its
         Subsidiaries, provided that such indemnities and guarantees could not
         individually or in the aggregate have a Material Adverse Effect, (ii)
         guarantees
<PAGE>   85
                                                                              80

         by Holdings or any of its Subsidiaries of (A) real property leases and
         (B) personal property operating leases, in each case entered into in
         the ordinary course of business by the Borrower or any of its
         Subsidiaries and (iii) indemnities in favor of the Persons issuing
         title insurance policies insuring the title to any property;

                  (g)(i) Senior Subordinated Indebtedness of the Borrower in an
         aggregate principal amount not to exceed $650,000,000, (ii) Senior
         Unsecured Indebtedness of the Borrower in an aggregate principal amount
         not to exceed $350,000,000, provided that the Net Cash Proceeds of the
         issuance of any Senior Unsecured Notes shall be applied to the optional
         prepayment of the Term Loans as provided in Section 2.8 (other than to
         the extent that such issuance is made in accordance with Section 7.9 to
         effect a refinancing of any Senior Unsecured Notes), (iii) Holdings
         Discount Indebtedness in an aggregate principal amount at maturity not
         to exceed $425,000,000 minus the aggregate principal amount of Holdings
         Discount Notes prepaid (other than to the extent that such issuance is
         made in accordance with Section 7.9 to effect a refinancing of any
         Holdings Discount Notes except pursuant to any mandatory redemption),
         including pursuant to a mandatory redemption, at any time during the
         term of this Agreement, provided that the Net Cash Proceeds of the
         issuance of any Additional Holdings Discount Notes shall be contributed
         by Holdings to the Borrower as common equity and applied to the
         optional prepayment of the Term Loans as provided in Section 2.8 (other
         than to the extent that such issuance is made in accordance with
         Section 7.9 to effect a refinancing of any Holdings Discount Notes),
         and (iv) Guarantee Obligations of any Subsidiary Guarantor in respect
         of Indebtedness referred to in clause (i) or (ii) of this subsection
         7.2(g), provided that (A) a Subsidiary Guarantor shall not guarantee
         any Senior Subordinated Indebtedness unless such guarantee of the
         Senior Subordinated Indebtedness is subordinated to the guarantee of
         such Subsidiary Guarantor of the Obligations on terms no less favorable
         to the Lenders than the subordination provisions of the Senior
         Subordinated Notes or Additional Senior Subordinated Notes, as
         applicable, and (B) a Subsidiary Guarantor shall not guarantee any
         Senior Subordinated Indebtedness or Senior Unsecured Indebtedness
         unless such guarantee of the Senior Subordinated Indebtedness or the
         Senior Unsecured Indebtedness, as the case may be, provides for the
         release and termination thereof, and is released and terminated,
         without action by any party, upon (I) the sale of all or substantially
         all of the assets of such Subsidiary Guarantor (including by way of an
         Asset Swap Transaction), (II) a sale of all of the equity interest in
         such Subsidiary Guarantor or (III) such Subsidiary Guarantor ceasing to
         be a Restricted Subsidiary (as defined in the Senior Subordinated Note
         Indenture or any Additional Senior Subordinated Notes Indenture or the
         Senior Unsecured Notes Indenture, as the case may be);

                  (h) Indebtedness resulting from the endorsement of negotiable
         instruments in the ordinary course of business;

                  (i) Indebtedness in respect of any Interest Rate Protection
         Agreements;

                  (j) Indebtedness (i) of the Borrower or any of its
         Subsidiaries to the seller on an unsecured basis representing the
         purchase price in a Permitted Acquisition or any Asset Swap Transaction
         in an aggregate amount for all Permitted Acquisitions and Asset Swap
         Transactions not to exceed $30,000,000, (ii) of the Borrower or any of
         its Subsidiaries that is not subordinated to the Obligations, assumed
         in connection with any Permitted
<PAGE>   86
                                                                              81

         Acquisition or any Asset Swap Transaction in an aggregate amount for
         all Permitted Acquisitions and Asset Swap Transactions not to exceed
         $30,000,000 and (iii) (A) of the Borrower and (B) of any Subsidiary of
         the Borrower, in each case that is subordinated to the Obligations and
         is assumed in connection with any Permitted Acquisition or any Asset
         Swap Transaction, in an aggregate amount for all Permitted Acquisitions
         and Asset Swap Transactions not to exceed $200,000,000 in the case of
         clause (A) and $30,000,000 in the case of clause (B), provided that in
         the case of this clause (iii), (A) after giving effect to the
         assumption of such Indebtedness, (I) no Default or Event of Default
         will have occurred and be continuing and no default or event of default
         shall have occurred and be continuing under the Senior Subordinated
         Note Indenture and (II) the Borrower shall be in compliance with all
         covenants contained in subsection 7.1, (B) the subordination provisions
         of such Indebtedness shall be reasonably satisfactory in all respects
         to the Administrative Agent (it being understood that, to the extent
         such subordination provisions are no less favorable to the Lenders than
         the subordination provisions of the Senior Subordinated Notes, such
         terms shall be deemed satisfactory) (C) the aggregate amount of such
         Indebtedness, to the extent its terms provide for any maturity,
         amortization or mandatory redemption (other than with asset sale
         proceeds, subject to the provisions of this Agreement, or following a
         change of control) or sinking fund payment prior to the date that is
         six months following the Tranche B Maturity Date, shall not exceed
         $100,000,000 and (D) the covenants and events of default relating to
         such Indebtedness shall be no more restrictive than those contained in
         this Agreement taken as a whole;

                  (k) Indebtedness of any Loan Party (other than Holdings) to
         any other Loan Party from intercompany transfers of assets made in the
         ordinary course of business or to the extent permitted under
         subsections 7.5 and 7.8;

                  (l) Indebtedness subject to Liens permitted under subsections
         7.3(a), (b), (c), (d) and (r);

                  (m) indemnities made in (i) the Loan Documents, the
         Transaction Documents or in any of the agreements contemplated hereby
         and thereby and (ii) the monitoring and oversight agreement and
         financial advisory agreement described in subsection 7.6(a)(iv), and in
         the corporate charter and/or bylaws or other comparable constituent
         documents of Holdings and its Subsidiaries; and

                  (n) additional Indebtedness of the Borrower or any of its
         Subsidiaries in an aggregate principal amount (for the Borrower and all
         Subsidiaries) not to exceed $25,000,000 at any one time outstanding.

                  7.3 Limitation on Liens. Create, incur, assume or suffer to
exist any Lien upon any of its Property or revenues, whether now owned or
hereafter acquired, except for:

                  (a) Liens for taxes not yet due or which are being contested
         in good faith by appropriate proceedings, provided that adequate
         reserves with respect to contested taxes are maintained on the books of
         Holdings or one of its Subsidiaries, as the case may be, in conformity
         with GAAP;
<PAGE>   87
                                                                              82

                  (b) carriers', landlord's, warehousemen's, mechanics',
         materialmen's, repairmen's or other like Liens arising in the ordinary
         course of business which are not overdue for a period of more than 60
         days or which are being contested in good faith by appropriate
         proceedings;

                  (c) pledges or deposits in connection with workers'
         compensation, unemployment insurance and other social security
         legislation;

                  (d) deposits to secure the performance of bids, trade
         contracts (other than for borrowed money), leases, statutory
         obligations, insurance contracts, surety and appeal bonds, performance
         bonds and other obligations of a like nature incurred in the ordinary
         course of business;

                  (e) easements, rights-of-way, restrictions, covenants, minor
         exceptions to title and other similar encumbrances (i) previously or
         hereinafter incurred in the ordinary course of business which, in the
         aggregate, are not material in amount and which, in the case of such
         encumbrances on any of the Mortgaged Properties, do not in the
         aggregate materially detract from the value of the Property subject
         thereto or, in the case of such encumbrances on property, materially
         interfere with the ordinary conduct of the business of the Borrower or
         any of its Subsidiaries or (ii) which are set forth in the title
         reports delivered to the Administrative Agent on or prior to the
         Closing Date or after the Closing Date pursuant to subsection 6.10(b);

                  (f) Liens in existence on the Closing Date listed on Schedule
         7.3(f), securing Indebtedness permitted by subsection 7.2(e) (including
         refinancings, refundings, renewals and extensions of such Indebtedness
         as permitted by subsection 7.2(e)), provided that no such Lien is
         spread to cover any additional property (other than after acquired
         title in or on such property and proceeds of the existing collateral in
         accordance with the instrument creating such Lien) after the Closing
         Date and that the amount of Indebtedness secured thereby is not
         increased except pursuant to the instrument creating such Lien (without
         any modification thereof after the Closing Date);

                  (g) (i) Liens securing Indebtedness of the Borrower or any of
         its Subsidiaries permitted pursuant to subsections 7.2(c) and 7.2(d)
         (provided that (A) such Liens shall be created substantially
         simultaneously with the acquisition of such fixed or capital assets,
         (B) such Liens do not at any time encumber any property other than the
         property financed by such Indebtedness and (C) the amount of
         Indebtedness secured thereby is not increased except pursuant to the
         instrument creating such Lien (without any modification thereof after
         the Closing Date)) and (ii) Liens existing on any property or asset at
         the time of acquisition thereof by the Borrower or any Subsidiary or
         existing on any property or asset of any Person that becomes a
         Subsidiary after the Closing Date at the time such Person becomes a
         Subsidiary (provided that (x) such Lien is not created in contemplation
         of or in connection with such acquisition or such Person becoming a
         Subsidiary, as the case may be, (y) such Lien shall not apply to any
         other property or assets of the Borrower or any of its Subsidiaries and
         (z) such Lien shall secure only those obligations which it secures on
         the date of such acquisition or the date such Person becomes a
         Subsidiary, as the case may be) and (iii) Liens securing Indebtedness
         of the Borrower or any of its
<PAGE>   88
                                                                              83

         Subsidiaries assumed in connection with a Permitted Acquisition or an
         Asset Swap Transaction in accordance with the terms of subsection
         7.2(j)(ii);

                  (h) Liens created pursuant to the Security Documents;

                  (i) any interest or title of a lessor under any lease entered
         into by the Borrower or any of its Subsidiaries in the ordinary course
         of its business and covering only the assets so leased;

                  (j) any obligations or duties affecting any of the Property of
         the Borrower or its Subsidiaries to any municipality or public
         authority with respect to any franchise, grant, license or permit which
         do not materially impair the use of such Property for the purposes for
         which it is held;

                  (k) Liens imposed by operation of law with respect to any
         judgments or orders not constituting an Event of Default;

                  (l) attachment or judgment Liens (other than judgment Liens
         paid or fully covered by insurance which are not outstanding for more
         than 60 days) in an aggregate amount outstanding at any one time not in
         excess of $10,000,000;

                  (m) Liens arising from precautionary Uniform Commercial Code
         financing statement filings with respect to operating leases or
         consignment arrangements entered into by the Borrower or any of its
         Subsidiaries in the ordinary course of business;

                  (n) Liens in favor of a banking institution arising by
         operation of law encumbering deposits (including the right of set-off)
         held by such banking institution incurred in the ordinary course of
         business and which are within the general parameters customary in the
         banking industry;

                  (o) licenses (other than Station Licenses), leases or
         subleases permitted hereunder granted to others not interfering in any
         material respect with the business of Holdings or any of its
         Subsidiaries;

                  (p) Liens on property of the Borrower or any of its
         Subsidiaries in favor of landlords securing licenses (other than
         Station Licenses), subleases and leases permitted hereunder and granted
         to others and not interfering in any material respect in the business
         of Holdings or any of its Subsidiaries;

                  (q) Liens not otherwise permitted by this subsection 7.3 so
         long as the aggregate outstanding principal amount of the obligations
         secured thereby does not exceed $7,500,000 at any one time; and

                  (r) Liens granted by LIN Texas with respect to its interest in
         the LLC to GECC in connection with the Joint Venture Loan.
<PAGE>   89
                                                                              84

                  7.4 Limitation on Fundamental Changes. Enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer
or otherwise dispose of, all or substantially all of its property, business or
assets, or make any material change in its present method of conducting
business, except:

                  (a) any Subsidiary of the Borrower (other than, except as set
         forth below, any License Subsidiary or, at any time after any of the
         conditions set forth in subsection 6.10(f)(i), (ii) or (iii) shall have
         occurred, any Subsidiary holding the assets and liabilities of any
         Station) may be merged or consolidated with or into the Borrower
         (provided that the Borrower shall be the continuing or surviving
         corporation) or with or into any Wholly Owned Subsidiary Guarantor
         (other than, except as set forth below, any License Subsidiary or, at
         any time after any of the conditions set forth in subsection 6.10(f)
         (i), (ii) or (iii) shall have occurred, any Subsidiary holding the
         assets and liabilities of any Station) (provided that the Wholly Owned
         Subsidiary Guarantor shall be the continuing or surviving corporation);
         provided, however, that (i) a License Subsidiary and any Subsidiary
         holding the assets and liabilities of any Station may take any actions
         otherwise prohibited by this clause (a) to the extent such merger or
         consolidation occurs in contemplation of, and immediately preceding, a
         sale, transfer or other disposition (including an Asset Swap
         Transaction) of such License Subsidiary or other Subsidiary and (ii)
         any Subsidiary may take any actions otherwise prohibited by this clause
         (a) to the extent necessary to comply with the requirements of
         subsection 6.10(f);

                  (b) any Subsidiary of the Borrower (other than, except as set
         forth below, any License Subsidiary or, at any time after any of the
         conditions set forth in subsection 6.10(f)(i), (ii) or (iii) shall have
         occurred, any Subsidiary holding the assets and liabilities of any
         Station) may sell, lease, transfer or otherwise dispose of any or all
         of its assets (upon voluntary liquidation or otherwise) to the Borrower
         or any Wholly Owned Subsidiary Guarantor; provided, however, that (i) a
         License Subsidiary and any Subsidiary holding the assets and
         liabilities of any Station may take any actions otherwise prohibited by
         this clause (b) to the extent any sale, transfer or other disposition
         occurs in contemplation of, and immediately preceding, a sale, transfer
         or other disposition (including an Asset Swap Transaction) of such
         License Subsidiary or other Subsidiary and (ii) any Subsidiary may take
         any actions otherwise prohibited by this clause (b) to the extent
         necessary to comply with the requirements of subsection 6.10(f); and

                  (c) the Borrower may be merged or consolidated with or into a
         newly formed limited liability company with no assets or liabilities
         that is a Subsidiary of Holdings solely for the purposes of realizing
         certain tax benefits so long as Holdings shall take such actions as
         would be required under subsection 6.10(c) if such limited liability
         company were a Subsidiary of the Borrower.
<PAGE>   90
                                                                              85

                  7.5 Limitation on Sale of Assets. Convey, sell, lease, assign,
transfer or otherwise dispose of any of its property, business or assets
(including, without limitation, receivables, leasehold interests and its
interest in the LLC), whether now owned or hereafter acquired, except:

                  (a) obsolete or worn out property disposed of in the ordinary
         course of business or property that is no longer useful in the conduct
         of the Borrower's business disposed of in the ordinary course of
         business;

                  (b) transfers resulting from any casualty or condemnation of
         property or assets;

                  (c) any sale or other transfer at fair market value of any
         property or assets constituting fixed assets for at least 75% cash,
         provided that the aggregate net cash proceeds of the sales and
         transfers made pursuant to this paragraph (c) in the aggregate do not
         exceed $5,000,000 in any fiscal year;

                  (d) intercompany sales or transfers of assets made in the
         ordinary course of business;

                  (e) the sale or discount of overdue accounts receivable
         arising in the ordinary course of business, but only in connection with
         the compromise or collection thereof;

                  (f) licenses or sublicenses of intellectual property and
         general intangibles (other than any Station Licenses) and licenses,
         leases or subleases of other property (other than any Station Licenses)
         in each case in the ordinary course of business and which do not
         materially interfere with the business of the Borrower and its
         Subsidiaries;

                  (g) dispositions permitted by subsection 7.4;

                  (h) the sale of any Broadcasting Asset for aggregate
         consideration equal to the fair market value of such Broadcasting Asset
         (as determined in good faith by the board of directors of the Borrower
         or the applicable Subsidiary), provided that (i) after giving effect to
         such sale, no Default or Event of Default exists or shall be
         continuing, (ii) at least 75% of such consideration received by the
         Borrower in respect thereof shall be in the form of cash and Cash
         Equivalents, (iii) the Net Cash Proceeds of such sale shall be applied
         in the manner prescribed by subsection 2.9(d) and (iv) (A) the
         Consolidated EBITDA of the Broadcasting Asset being sold plus the
         Consolidated EBITDA of all Broadcasting Assets that were sold pursuant
         to this subsection 7.5(h) or exchanged pursuant to subsection 7.5(i) in
         such fiscal quarter and in the immediately preceding
         four-fiscal-quarter period shall not exceed 25% of the Consolidated
         EBITDA of the Borrower for such immediately preceding
         four-fiscal-quarter period, (B) the Consolidated EBITDA of the
         Broadcasting Asset being sold plus the Consolidated EBITDA of all
         Broadcasting Assets that were sold pursuant to this subsection 7.5(h)
         or exchanged pursuant to subsection 7.5(i) in such fiscal quarter and
         in the preceding eight-fiscal-quarter period shall not exceed 40% of
         the Consolidated EBITDA of the Borrower for such eight-fiscal quarter
         period and (C) the Consolidated EBITDA of the Broadcasting Assets being
         sold plus the Consolidated EBITDA of all Broadcasting Assets that were
         sold pursuant to this
<PAGE>   91
                                                                              86

         subsection 7.5(h) or exchanged pursuant to subsection 7.5(i) in such
         fiscal quarter and in the preceding twenty-fiscal-quarter period shall
         not exceed 60% of the Consolidated EBITDA of the Borrower for such
         twenty-fiscal-quarter period;

                  (i) Asset Swap Transactions; and

                  (j) the KXTX Transaction

                  7.6 Limitation on Dividends. Declare or pay any dividend
(other than dividends payable solely in common stock) on, or make any payment on
account of, or set apart assets for a sinking or other analogous fund for, the
purchase, redemption, defeasance, retirement or other acquisition of, any shares
of any class of Capital Stock of Holdings or any of its Subsidiaries or any
warrants or options to purchase any such Capital Stock, whether now or hereafter
outstanding, or make any other distribution in respect thereof, either directly
or indirectly, whether in cash or property or in obligations of Holdings or any
of its Subsidiaries (such declarations, payments, setting apart, purchases,
redemptions, defeasance, retirements, acquisitions and distributions being
herein called "Restricted Payments"), except that:

                  (a) the Borrower may make Restricted Payments to Holdings, so
         long as no Event of Default (or with respect to clause (vi) below, any
         interest payment Default) has occurred and is continuing or would be
         continuing after giving effect to such Restricted Payment, provided
         that the Borrower shall be permitted to make the Restricted Payments in
         clauses (iii) and (iv) below notwithstanding any such Event of Default,
         unless, in the case of clause (iv), such Event of Default relates to a
         payment Default under subsection 8(a):

                           (i) the proceeds of which shall be applied by
                  Holdings directly to pay out of pocket expenses, for
                  administrative, legal and accounting services provided by
                  third parties that are reasonable and customary and incurred
                  in the ordinary course of business for such professional
                  services, or to pay franchise fees and similar costs;
                  provided, however, any such administrative expenses shall not
                  exceed an aggregate amount of $3,000,000 per fiscal year;

                           (ii) payments, the proceeds of which will be used to
                  repurchase the Capital Stock or other securities of Holdings
                  from outside directors, employees or members of the management
                  of Holdings, or any Subsidiary of Holdings, at a price not in
                  excess of fair market value, in an aggregate amount not in
                  excess of $15,000,000, net of the proceeds received by
                  Holdings as a result of any resales of any such Capital Stock
                  or other securities;

                           (iii) payments, the proceeds of which will be used to
                  pay taxes of Holdings, the Borrower and its Subsidiaries as
                  part of a consolidated, combined or unitary tax filing group
                  or of the separate operations of Holdings;

                           (iv) payments, the proceeds of which will be used to
                  pay management fees to Hicks Muse & Co. Partners, L.P. in
                  accordance with the terms of its monitoring
<PAGE>   92
                                                                              87

                  and oversight agreement and the financial advisory agreement
                  contemplated by subsection 7.10(b)(ii);

                           (v) if such Restricted Payment is a purchase of
                  Capital Stock or a distribution to Holdings to permit Holdings
                  to purchase its Capital Stock, in either case, made in order
                  to fulfill the obligations of Holdings or any of its
                  Subsidiaries under an employee stock purchase plan or similar
                  plan covering employees of Holdings or any Subsidiary of
                  Holdings as from time to time in effect in an aggregate net
                  amount not to exceed $15,000,000;

                           (vi) at any time on or after March 1, 2003, the
                  proceeds of which shall be applied by Holdings to pay cash
                  interest and scheduled principal (including pursuant to a
                  mandatory redemption) on the Holdings Discount Indebtedness in
                  accordance with its terms, provided that such Restricted
                  Payments shall not exceed in any quarterly period, the amounts
                  due with respect to the Holdings Accrued Indebtedness for such
                  quarter; and

                           (vii) at any time, using the proceeds of any Notes
                  Payment Borrowing the proceeds of which will be either (A)
                  used solely to make Permitted Notes Payments or (B) placed
                  into an escrow account as provided in the penultimate sentence
                  of the penultimate paragraph of the preamble of this
                  Agreement;

                  (b) any Subsidiary may make Restricted Payments to the
         Borrower or any of its Subsidiaries;

                  (c) Permitted Issuances may be made; and

                  (d) Restricted Payments necessary to complete the
         Transactions.

                  7.7 Limitation on Capital Expenditures. (a) Make or commit to
make any Capital Expenditure, except Capital Expenditures of the Borrower and
its Subsidiaries in the ordinary course of business not exceeding for any fiscal
year $35,000,000, provided that 100% of any amount not used in any fiscal year
may be carried forward into the next succeeding fiscal year (it being understood
and agreed that no amount may be carried forward beyond the year immediately
succeeding the fiscal year in which it arose).

                  (b) In addition to the Capital Expenditures permitted pursuant
to paragraph (a) of this subsection 7.7, to the extent such proceeds are not
otherwise utilized pursuant to subsection 7.8(n) or 7.9(e), the Borrower and its
Subsidiaries may make additional Capital Expenditures (which shall not be
counted in the limitations set forth in paragraph (a) of this subsection 7.7)
consisting of (i) the investment of Net Cash Proceeds not required to be applied
pursuant to subsection 2.9, including with respect to the investment of the
proceeds of the sale of assets which are permitted pursuant to subsection 7.5
and (ii) the investment of Excess Cash Flow generated during prior fiscal years
(beginning with Excess Cash Flow generated in the fiscal year ended in December
1998 but, in each case, including the retained portion of Excess Cash Flow for
only those periods where the respective Excess Cash Flow payment has theretofore
occurred) and not required to be applied pursuant to subsection 2.9(c).

<PAGE>   93
                                                                              88

            (c) Notwithstanding the foregoing, in no event shall Capital
Expenditures be made by Holdings.

            7.8 Limitation on Investments, Loans and Advances. Make any advance,
loan, extension of credit (by way of guaranty or otherwise) or capital
contribution to, or purchase any stock, bonds, notes, debentures or other
securities of or any assets constituting a business unit of, or make any other
investment in, any Person ("Investments"), except:

            (a) extensions of trade credit in the ordinary course of business;

            (b) Investments in Cash Equivalents;

            (c) Guarantee Obligations permitted by subsection 7.2(f) and
      subsection 7.2(g)(iii);

            (d) the Transactions and, subject to the proviso set forth in the
      definition of the term "Permitted Acquisition", the WOOD-TV Acquisition
      and the acquisition of the WVTM Assets in accordance with all material
      applicable Requirements of Law and the terms of the WVTM Purchase
      Agreement (without giving effect to any amendments or waivers that could
      reasonably be expected to adversely impact the Facilities and are not
      reasonably satisfactory to the Administrative Agent);

            (e) Investments (other than Permitted Acquisitions) by Holdings and
      its Subsidiaries in any of the Loan Parties, including any new Subsidiary
      which becomes a Loan Party;

            (f) loans and advances by Holdings or its Subsidiaries to their
      respective directors, officers and employees in an aggregate principal
      amount not exceeding $5,000,000 at any one time outstanding;

            (g) loans, advances or Investments in existence on the Closing Date
      and listed on Schedule 7.8(g), and extensions, renewals, modifications or
      restatements or replacements thereof, provided that no such extension,
      renewal, modification or restatement shall (i) increase the amount of the
      original loan, advance or Investment or (ii) adversely affect the
      interests of the Lenders with respect to such original loan, advance or
      Investment or the interests of the Lenders under this Agreement or any
      other Loan Document in any material respect;

            (h) Investments permitted by subsections 7.2(b), (f) and (l),
      subsections 7.4 and 7.6 and Capital Expenditures permitted by subsection
      7.7;

            (i) promissory notes and other similar non-cash consideration
      received by the Subsidiaries of Holdings in connection with the
      dispositions permitted by subsection 7.5, including equity interests
      received in connection with Asset Swap Transactions permitted by
      subsection 7.5(i);
<PAGE>   94
                                                                              89

            (j) Investments in Interest Rate Protection Agreements in the
      ordinary course of the business of the Borrower or any of its Subsidiaries
      and not for purposes of speculation;

            (k) Investments (including debt obligations and Capital Stock)
      received in connection with the bankruptcy or reorganization of suppliers
      and customers and in settlement of delinquent obligations of, and other
      disputes with, customers and suppliers arising in the ordinary course of
      business;

            (l) (i) Investments listed on Schedule 7.8(l) and extensions,
      renewals, modifications or restatements or replacements thereof, provided
      that no such extension, renewal, modification or restatement shall (A)
      increase the amount of the original loans, advances or Investments or (B)
      adversely affect the interests of the Lenders with respect to such
      original loans, advances or Investments or the interests of the Lenders
      under this Agreement or any other Loan Document in any material respect;
      and (ii) in addition to the foregoing but subject to subsection 7.18,
      Investments by the Borrower and its Subsidiaries in an aggregate amount
      not exceeding $30,000,000 (valued at cost, without regard to any write
      down or write up thereof) at any one time outstanding;

            (m) Investments after the Closing Date by the Borrower and its
      Subsidiaries constituting Permitted Acquisitions or Asset Swap
      Transactions;

            (n) in addition to the foregoing, to the extent such proceeds are
      not otherwise utilized pursuant to subsection 7.7(b) or 7.9(e), the
      Subsidiaries of Holdings may make additional Investments (which shall not
      be counted in the limitations set forth above) as follows: (i) Investments
      consisting of the Investment of Net Cash Proceeds not required to be
      applied pursuant to subsection 2.9, including (A) with respect to the
      Investment of proceeds of the insurance and condemnation proceeds not
      required to be applied pursuant to subsection 2.9 and (B) with respect to
      the Investment of proceeds of the sale of assets which are permitted
      pursuant to subsection 7.5; and (ii) Investments consisting of the
      Investment of Excess Cash Flow generated during prior fiscal years
      (beginning with Excess Cash Flow generated in the fiscal year ended in
      December 1998 but, in each case, including the retained portion of the
      respective Excess Cash Flow for only those periods where the respective
      Excess Cash Flow payment has theretofore occurred) and not required to be
      applied pursuant to subsection 2.9(c); and

            (o) Investments in Holdings that are downstreamed to the Joint
      Venture within two Business Days solely for the purpose of curing any
      event of default under the Joint Venture Loan.

            7.9 Limitation on Optional Payments and Modifications of Debt
Instruments, etc. (a) Make any optional payment or prepayment on or redemption
of or any payments in redemption, defeasance or repurchase of (A) any Senior
Subordinated Indebtedness (except pursuant to a permanent refinancing of Senior
Subordinated Indebtedness) or (B) the Holdings Discount Indebtedness (except
pursuant to a permanent refinancing of the Holdings Discount Indebtedness) or
(C) the Senior Unsecured Indebtedness (except pursuant to a permanent
refinancing of the Senior Unsecured Indebtedness), except in each case mandatory
payments of interest, scheduled principal (including pursuant to a mandatory
redemption) on or after March 1,
<PAGE>   95
                                                                              90

2003, with respect to interest accruing following the Closing Date, fees and
expenses required by the terms of the agreement governing or instrument
evidencing such Indebtedness but only to the extent permitted under the
subordination provisions, if any, applicable thereto, and except, in the case of
the Holdings Discount Notes, any Permitted Notes Payment;

            (b) amend, supplement, waive or otherwise modify any of the
provisions of any Senior Subordinated Indebtedness, the Senior Subordinated Note
Indenture, any Senior Unsecured Indebtedness, the Senior Unsecured Notes
Indenture, the Holdings Discount Indebtedness or the Holdings Discount Notes
Indenture:

            (i) in the case of Senior Subordinated Indebtedness and the Senior
      Subordinated Note Indenture, which amends or modifies any subordination
      provisions contained therein;

            (ii) which shortens the fixed maturity, or increases the rate or
      shortens the time of payment of interest on, or increases the amount or
      shortens the time of payment of any principal or premium payable whether
      at maturity, at a date fixed for prepayment or by acceleration or
      otherwise of such Indebtedness, or increases the amount of, or accelerates
      the time of payment of, any fees payable in connection therewith;

            (iii) which relates to the affirmative or negative covenants, events
      of default or remedies under the documents or instruments evidencing such
      Indebtedness and the effect of which is to subject Holdings or any of its
      Subsidiaries to any more onerous or more restrictive provisions; or

            (iv) which otherwise adversely affects the interests of the Lenders
      as senior creditors or the interests of the Lenders under this Agreement
      or any other Loan Document in any respect;

            (c) make any payment in cash on any equity or debt security that may
be made under the terms thereof by the issuance of any security of the same
nature;

            (d) designate any Indebtedness (other than the Loans and the Senior
Unsecured Indebtedness) as "Designated Senior Indebtedness" under any Senior
Subordinated Indebtedness (including, without limitation, under the Senior
Subordinated Note Indenture); or

            (e) make any optional payment or prepayment on or redemption of or
any payments in redemption, defeasance or repurchase of any Indebtedness that is
subordinated to the Obligations and that is assumed in connection with a
Permitted Acquisition or an Asset Swap Transaction pursuant to subsection
7.2(j)(iii) (except pursuant to a permanent refinancing of such Indebtedness),
except (i) mandatory payments of interest, fees and expenses required by the
terms of the agreement governing or instrument evidencing such Indebtedness but
only to the extent permitted under the subordination provisions, if any,
applicable thereto, and (ii) the Borrower and its Subsidiaries may, to the
extent such proceeds are not otherwise utilized pursuant to subsections 7.7(b)
or 7.8(n), use cash consisting of the retained amount of Excess Cash Flow
generated during prior fiscal years (beginning with Excess Cash Flow generated
in the fiscal year ended December 1998 but, in each case, including the retained
portion of the respective Excess
<PAGE>   96
                                                                              91

Cash flow for only those periods where the respective Excess Cash Flow payment
has theretofore occurred) to make voluntary prepayments on such Indebtedness in
an aggregate amount, which, when added to the aggregate amount of all prior
prepayments of such Indebtedness, shall not exceed $100,000,000.

            7.10 Limitation on Transactions with Affiliates. (a) Enter into any
transaction, including, without limitation, any purchase, sale, lease or
exchange of Property or the rendering of any service, with any Affiliate unless
such transaction is (i) otherwise permitted under this Agreement, (ii) in the
ordinary course of business of Holdings or the relevant Subsidiary of Holdings,
as the case may be, and (iii) upon fair and reasonable terms no less favorable
to Holdings or such Subsidiary, as the case may be, than it would obtain in a
comparable arm's length transaction with a Person which is not an Affiliate.

            (b) In addition, notwithstanding the foregoing, Holdings and its
Subsidiaries shall be entitled to make the following payments and/or to enter
into the following transactions:

            (i) the payment of reasonable and customary fees and reimbursement
      of expenses payable to directors of Holdings;

            (ii) the payment to Hicks Muse & Co. Partners, L.P. of fees and
      expenses pursuant to a monitoring and oversight agreement and a financial
      advisory agreement approved by the board of directors of Holdings; and

            (iii) the employment arrangements with respect to the procurement of
      services of directors, officers and employees in the ordinary course of
      business and the payment of reasonable fees in connection therewith.

            7.11 Limitation on Sales and Leasebacks. Enter into any arrangement
with any Person providing for the leasing by the Borrower or any Subsidiary of
real or personal, immovable or movable, property which has been or is to be sold
or transferred by the Borrower or such Subsidiary to such Person or to any other
Person to whom funds have been or are to be advanced by such Person on the
security of such property or rental obligations of the Borrower or such
Subsidiary, provided that this subsection 7.11 shall not prohibit any sale and
leaseback resulting from the incurrence of any lease in respect of any capital
asset entered into within 120 days of the acquisition of such capital asset for
the purpose of providing permanent financing of such capital asset.

            7.12 Limitation on Changes in Fiscal Periods. Permit the fiscal year
of Holdings or the Borrower to end on a day other than December 31, provided
that Holdings and the Borrower may change such fiscal year upon the approval of
the Administrative Agent or change Holdings's or the Borrower's method of
determining fiscal quarters.

            7.13 Limitation on Negative Pledge Clauses. Enter into with any
Person, or suffer to exist, any agreement, other than (a) this Agreement and the
other Loan Documents, (b) the Senior Subordinated Note Indenture and any other
agreement evidencing Senior Subordinated Indebtedness, (c) the Holdings Discount
Notes Indenture and any other agreement evidencing the Holdings Discount
Indebtedness, (d) any indenture evidencing Indebtedness
<PAGE>   97
                                                                              92

permitted under subsection 7.2(j)(iii), (e) the Senior Unsecured Notes Indenture
and any other agreement evidencing Senior Unsecured Indebtedness and (f) in the
case of clause (i) below only, any agreements governing any purchase money Liens
Capital Lease Obligations, Liens permitted under subsection 7.3(j) or any other
similar agreement or transaction otherwise permitted hereby (in which case, any
prohibition or limitation shall only be effective against the assets financed
thereby), which prohibits or limits the ability of Holdings, the Borrower or any
of its Subsidiaries to (i) create, incur, assume or suffer to exist any Lien
upon any of its Property or revenues, whether now owned or hereafter acquired,
or (ii) pay dividends or make other distributions, or pay any Indebtedness owed,
to Holdings, the Borrower or any of its Subsidiaries.

            7.14 Limitation on Lines of Business. Enter into any business,
either directly or through any Subsidiary, except for those businesses in which
the Borrower and its Subsidiaries are engaged on the date of this Agreement or
which are reasonably related thereto (including, without limitation, in
connection with any Permitted Acquisition, Asset Swap Transaction or otherwise).

            7.15 Limitation on Amendments to Constituent and Transaction
Documents. (a) Amend, supplement or otherwise modify its certificate of
incorporation or by-laws unless such amendment, supplement or other modification
does not adversely affect the interests of any Lender in any material respect or
(b) amend, supplement or otherwise modify (pursuant to a waiver or otherwise)
the Joint Venture Loan Guarantee, the LLC Agreement, the LP Agreement or the
Network Affiliation Agreements or consent to, or permit Equity Holdings B to
consent to, any amendment, supplement or other modification (pursuant to a
waiver or otherwise) to the Joint Venture Loan or the Replacement Guarantor
Pledge Agreement unless such amendment, supplement or other modification does
not adversely affect the interests of any Lender in any material respect.

            7.16 Limitations on Changes in Holding Company Status. Permit
Holdings, Equity Holdings B or Equity Holdings A to engage in any activities or
incur any Indebtedness or Guarantee Obligations other than (a) in the case of
Holdings, (i) owning the stock of the Borrower, (ii) its activities incident to
the performance of the Loan Documents, including its guarantee thereunder, (iii)
transactions pursuant to or expressly contemplated by the Transaction Documents
or this Agreement, (iv) its unsecured subordinated guarantee of any Senior
Subordinated Indebtedness in accordance with the terms of this Agreement and (v)
any Holdings Discount Indebtedness, (b) in the case of Equity Holdings B, (i)
owning the stock of Holdings and (ii) the Joint Venture Loan Guarantee and (c)
in the case of Equity Holdings A, owning the stock of Holdings.

            7.17 Limitation on Changes in Station Affiliation. Permit any
Station (other than a Station that, on the Closing Date, is affiliated with
United Paramount Network or Warner Brothers Network) to change its network
affiliation if the percentage represented by such Station of Consolidated EBITDA
for the twelve month period preceding the date of the proposed change (giving
pro forma effect to any acquisitions or dispositions that have occurred since
the beginning of such twelve month period as if such acquisitions or
dispositions had occurred at the beginning of such twelve month period),
together with the percentage represented by each such other Station that
previously changed its network affiliation after the Closing Date of the
Consolidated EBITDA for the twelve month period preceding the date of such
previous change (determined on a pro forma basis as aforesaid), would exceed
40%, provided that WAVY-TV Station may
<PAGE>   98
                                                                              93

become affiliated with Fox and such change will not be subject to the foregoing
restriction and will not be taken into account for purposes of this subsection
7.17.

            7.18 Limitation on Minority Investments. Permit more than 10% of
Consolidated EBITDA for any Test Period to be derived from minority investments
in partnerships and local marketing agreements where the Borrower or any Wholly
Owned Subsidiary is not the operating and control entity of the local marketing
agreement, provided that such percentage shall be increased to 15% following any
KXTX Transaction.

            7.19 Approval of Joint Venture Actions. Approve any corporate
transaction involving the LLC or the LP that could reasonably be expected to
materially and adversely impact the Lenders without the prior consent of the
Required Lenders.

                          SECTION 8. EVENTS OF DEFAULT

            If any of the following events shall occur and be continuing:

            (a) The Borrower shall fail to pay any principal of any Loan or
      Reimbursement Obligation when due in accordance with the terms hereof; or
      the Borrower shall fail to pay any interest on any Loan or Reimbursement
      Obligation, or any other amount payable hereunder or under any other Loan
      Document, within five days after any such interest or other amount becomes
      due in accordance with the terms hereof; or Holdings, after the delivery
      of an officer's certificate relating to the release of funds held in
      escrow as provided in the penultimate sentence of the penultimate
      paragraph of the preamble of this Agreement, shall fail to make the
      Permitted Notes Payment referred to in such officer's certificate on the
      date of such release; or the Borrower, after the delivery of an officer's
      certificate relating to the withdrawal of funds held in the Acquisition
      Funding Account, shall fail to make the Permitted Acquisition or prepay
      the Tranche B Term Loans referred to in such officer's certificate on the
      date of such withdrawal; or

            (b) Any representation or warranty made or deemed made by any Loan
      Party herein or in any other Loan Document or which is contained in any
      certificate, document or financial or other statement furnished by it at
      any time under or in connection with this Agreement or any such other Loan
      Document shall prove to have been inaccurate in any material respect on or
      as of the date made or deemed made; or

            (c) (i) Holdings, the Borrower or any of their Subsidiaries shall
      default in the observance or performance of any agreement contained in
      subsection 6.4(a)(ii), subsection 6.7(a), subsection 6.10(e) or (f),
      subsection 6.13 or Section 7 of this Agreement; or

            (d) Holdings, the Borrower or any Subsidiary shall default in the
      observance or performance of any other agreement contained in this
      Agreement or any other Loan Document (other than as provided in paragraphs
      (a) through (c) of this subsection), and such default shall continue
      unremedied for a period of 30 days after notice thereof from the
      Administrative Agent to the Borrower (which notice will be given at the
      request of any Lender); or
<PAGE>   99
                                                                              94

            (e) Holdings, the Borrower or any of its Subsidiaries shall (i)
      default in making any payment of any principal of or interest on any
      Indebtedness (other than pursuant to the Loan Documents) beyond the period
      of grace, if any, provided in the instrument or agreement under which such
      Indebtedness was created; or (ii) default in the observance or performance
      of any other agreement or condition relating to any such Indebtedness or
      contained in any instrument or agreement evidencing, securing or relating
      thereto, or any other event shall occur or condition exist, the effect of
      which default or other event or condition is to cause, or to permit the
      holder or beneficiary of such Indebtedness (or a trustee or agent on
      behalf of such holder or beneficiary) to cause, with the giving of notice
      if required, such Indebtedness to become due prior to its stated maturity
      or (in the case of any such Indebtedness constituting a Guarantee
      Obligation) to become payable, provided that a default, event or condition
      described in clause (i) or (ii) of this paragraph (e) shall not at any
      time constitute an Event of Default under this Agreement unless, at such
      time, one or more defaults, events or conditions (without duplication as
      to the same item of Indebtedness) of the type described in clauses (i) and
      (ii) of this paragraph (e) shall have occurred and be continuing with
      respect to Indebtedness the outstanding amount of which exceeds in the
      aggregate $10,000,000; or

            (f) (i) Holdings, the Borrower or any of its Subsidiaries shall
      commence any case, proceeding or other action (A) under any existing or
      future law of any jurisdiction, domestic or foreign, relating to
      bankruptcy, insolvency, reorganization or relief of debtors, seeking to
      have an order for relief entered with respect to it, or seeking to
      adjudicate it a bankrupt or insolvent, or seeking reorganization,
      winding-up, liquidation, dissolution, composition or other relief with
      respect to it or its debts, or (B) seeking appointment of a receiver,
      trustee, custodian, conservator or other similar official for it or for
      all or any substantial part of its assets, or Holdings, the Borrower or
      any of its Subsidiaries shall make a general assignment for the benefit of
      its creditors; or (ii) there shall be commenced against Holdings, the
      Borrower or any of its Subsidiaries any case, proceeding or other action
      of a nature referred to in clause (i) above which (A) results in the entry
      of an order for relief or any such adjudication or appointment or (B)
      remains undismissed, undischarged or unbonded for a period of 60 days; or
      (iii) there shall be commenced against Holdings, the Borrower or any of
      its Subsidiaries any case, proceeding or other action seeking issuance of
      a warrant of attachment, execution, distraint or similar process against
      all or any substantial part of its assets which results in the entry of an
      order for any such relief which shall not have been vacated, discharged,
      or stayed or bonded pending appeal within 60 days from the entry thereof,
      or (iv) Holdings, the Borrower or any of its Subsidiaries shall take any
      action in furtherance of, or indicating its consent to, approval of, or
      acquiescence in, any of the acts set forth in clause (i), (ii), or (iii)
      above; or (v) Holdings, the Borrower or any of its Subsidiaries shall
      generally not, or shall be unable to, or shall admit in writing its
      inability to, pay its debts (other than intercompany debt) as they become
      due; or

            (g) (i) Any Person shall engage in any "prohibited transaction" (as
      defined in Section 406 of ERISA or Section 4975 of the Code) involving any
      Plan, (ii) any "accumulated funding deficiency" (as defined in Section 302
      of ERISA), whether or not waived, shall exist with respect to any Plan or
      any Lien in favor of the PBGC or a Plan
<PAGE>   100
                                                                              95

      shall arise on the assets of the Borrower or any Commonly Controlled
      Entity, (iii) a Reportable Event shall occur with respect to, or
      proceedings shall commence to have a trustee appointed (or a trustee shall
      be appointed) to administer, or to terminate, any Single Employer Plan,
      which Reportable Event or commencement of proceedings or appointment of a
      trustee is, in the reasonable opinion of the Required Lenders, likely to
      result in the termination of such Plan for purposes of Title IV of ERISA,
      (iv) any Single Employer Plan shall terminate for purposes of Title IV of
      ERISA, (v) the Borrower or any Commonly Controlled Entity shall, or in the
      reasonable opinion of the Required Lenders is likely to, incur any
      liability in connection with a withdrawal from, or the Insolvency or
      Reorganization of, a Multiemployer Plan or (vi) any other event or
      condition shall occur or exist with respect to a Plan; and in each case in
      clauses (i) through (vi) above, such event or condition, together with all
      other such events or conditions, if any, could reasonably be expected to
      have a Material Adverse Effect; or

            (h) One or more judgments or decrees shall be entered against
      Holdings, the Borrower or any of its Subsidiaries involving in the
      aggregate a liability (not paid or fully covered by insurance) of
      $10,000,000 or more, and all such judgments or decrees shall not have been
      vacated, discharged, stayed or bonded pending appeal within 60 days from
      the entry thereof; or

            (i) Any Loan Document shall, at any time, cease to be in full force
      and effect (unless released by the Administrative Agent at the direction
      of the Required Lenders or all Lenders (to the extent required by
      subsection 10.1) or as otherwise permitted under this Agreement or the
      other Loan Documents) or shall be declared null and void (and, if such
      invalidity is such so as to be amenable to cure without materially
      disadvantaging the position of the Administrative Agent and the Lenders
      thereunder, the relevant Loan Party shall have failed to cure such
      invalidity within 30 days after notice from the Administrative Agent or
      such shorter time period as is specified by the Administrative Agent in
      such notice and is reasonable in the circumstances), or the validity or
      enforceability thereof shall be contested by any Loan Party, or any of the
      Liens intended to be created by any Security Document (including, without
      limitation, any Mortgage filed pursuant to subsection 10.17) shall cease
      to be or shall not be a valid and perfected Lien having the priority
      contemplated thereby (and, if such invalidity is such so as to be amenable
      to cure without materially disadvantaging the position of the
      Administrative Agent and the Lenders as secured parties thereunder, the
      relevant Loan Party shall have failed to cure such invalidity within 30
      days after notice from the Administrative Agent or such shorter time
      period as specified by the Administrative Agent in such notice and is
      reasonable in the circumstances); or

            (j) A Change of Control shall occur or Holdings shall fail to own
      directly or indirectly, beneficially and of record, 100% of the Capital
      Stock of the Borrower free and clear of all Liens other than Liens in
      favor of the Lenders pursuant to the Loan Documents; or

            (k) Holdings, the Borrower or any Subsidiary shall incur any
      liability (not paid or fully covered by insurance) under any Environmental
      Law in an amount which would result in a Material Adverse Effect; or
<PAGE>   101
                                                                              96

            (l) The principal broadcasting licenses of any Station, or any other
      material authorizations, licenses or permits issued by the FCC, shall be
      revoked or canceled or expire by its terms and not be renewed, or shall be
      modified in each case in a manner which would have a Material Adverse
      Effect; or

            (m) The Borrower or any of its Subsidiaries shall have received a
      notice of termination with respect to any Network Affiliation
      Agreements(or any alternative network affiliation agreement in compliance
      with this clause (m)) if the percentage represented by such Network
      Affiliation Agreement (for the Station in question) of Consolidated EBITDA
      for the 12-month period preceding the date of the termination (giving pro
      forma effect to any acquisitions or dispositions that have occurred since
      the beginning of such 12-month period as if such acquisitions or
      dispositions had occurred at the beginning of such 12-month period), would
      exceed 15%, unless, within 30 days after receipt of such termination
      notice, an alternative network affiliation agreement in form and substance
      reasonably satisfactory to the Required Lenders shall have been executed
      and delivered and come into effect prior to or concurrently with the
      termination date of such Network Affiliation Agreement; or any such
      Network Affiliation Agreement shall otherwise for any reason be terminated
      or cease to be in full force and effect; or

            (n) The Borrower or any of its Subsidiaries shall default in the
      payment when due of any Film Obligations in an aggregate amount in excess
      of $2,000,000 and such default shall continue unremedied for a period of
      150 or more days, except to the extent the same shall be contested in good
      faith and by proper proceedings and against which adequate reserves are
      being maintained; or

            (o) Any Event of Default shall have occurred and be continuing with
      respect to the Joint Venture Loan and the lender thereunder shall have
      instituted proceedings against Equity Holdings B with respect to the Joint
      Venture Loan Guarantee, the outcome of which, if adversely determined,
      could reasonably be expected to have a Material Adverse Effect.

then, and in any such event, (A) if such event is an Event of Default specified
in clause (i) or (ii) of paragraph (f) above with respect to Holdings or the
Borrower, automatically the Commitments shall immediately terminate and the
Loans hereunder (with accrued interest thereon) and all other amounts owing
under this Agreement and the other Loan Documents (including, without
limitation, all amounts of L/C Obligations, whether or not the beneficiaries of
the then outstanding Letters of Credit shall have presented the documents
required thereunder) shall immediately become due and payable, and (B) if such
event is any other Event of Default, either or any of the following actions may
be taken: (i) with the consent of the Majority Revolving Credit Facility
Lenders, the Administrative Agent may, or upon the request of the Majority
Revolving Credit Facility Lenders, the Administrative Agent shall, by notice to
the Borrower declare the Revolving Credit Commitments to be terminated
forthwith, whereupon the Revolving Credit Commitments shall immediately
terminate and (ii) with the consent of the Required Lenders, the Administrative
Agent may, or upon the request of the Required Lenders, the Administrative Agent
shall, by notice to the Borrower, declare the Loans hereunder (with accrued
interest thereon) and all other amounts owing under this Agreement and the other
Loan Documents (including, without limitation, all amounts of L/C Obligations,
whether or not the beneficiaries of the then outstanding Letters of Credit shall
have presented the documents
<PAGE>   102
                                                                              97

required thereunder) to be due and payable forthwith, whereupon the same shall
immediately become due and payable. With respect to all Letters of Credit with
respect to which presentment for honor shall not have occurred at the time of an
acceleration pursuant to this paragraph, the Borrower shall at such time deposit
in a cash collateral account opened by the Administrative Agent an amount equal
to the aggregate then undrawn and unexpired amount of such Letters of Credit.
Amounts held in such cash collateral account shall be applied by the
Administrative Agent to the payment of drafts drawn under such Letters of
Credit, and the unused portion thereof after all such Letters of Credit shall
have expired or been fully drawn upon, if any, shall be applied to repay other
obligations of the Borrower hereunder and under the other Loan Documents. After
all such Letters of Credit shall have expired or been fully drawn upon, all
Reimbursement Obligations shall have been satisfied and all other obligations of
the Borrower hereunder and under the other Loan Documents shall have been paid
in full, the balance, if any, in such cash collateral account shall be returned
to the Borrower (or such other Person as may be lawfully entitled thereto).
Except as otherwise expressly provided above in this Section 8, the Borrower
waives presentment, demand, protest or other notice of any kind.

                       SECTION 9. THE ADMINISTRATIVE AGENT

            9.1 Appointment. Each Lender hereby irrevocably designates and
appoints the Administrative Agent as the agent of such Lender under this
Agreement and the other Loan Documents, and each Lender irrevocably authorizes
the Administrative Agent, in such capacity, to take such action on its behalf
under the provisions of this Agreement and the other Loan Documents and to
exercise such powers and perform such duties as are expressly delegated to the
Administrative Agent by the terms of this Agreement and the other Loan
Documents, together with such other powers as are reasonably incidental thereto
to the extent permitted by applicable law. Notwithstanding any provision to the
contrary elsewhere in this Agreement, the Administrative Agent shall not have
any duties or responsibilities, except those expressly set forth herein, or any
fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against the
Administrative Agent.

            9.2 Delegation of Duties. The Administrative Agent may execute any
of its duties under this Agreement and the other Loan Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. The Administrative Agent shall
not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care.

            9.3 Exculpatory Provisions. Neither the Administrative Agent nor any
of its officers, directors, employees, agents, attorneys-in-fact or affiliates
shall be (a) liable for any action lawfully taken or omitted to be taken by it
or such Person under or in connection with this Agreement or any other Loan
Document (except to the extent that any of the foregoing are found by a final
and nonappealable decision of a court of competent jurisdiction to have resulted
from its or such Person's own gross negligence or willful misconduct) or (b)
responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by any Loan Party or any officer thereof
contained in this Agreement or any other Loan Document or in any certificate,
report, statement or other document referred to or provided for in, or received
<PAGE>   103
                                                                              98

by the Administrative Agent under or in connection with, this Agreement or any
other Loan Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Loan Document or
for any failure of any Loan Party a party thereto to perform its obligations
hereunder or thereunder. The Administrative Agent shall not be under any
obligation to any Lender to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the properties, books or
records of any Loan Party.

            9.4 Reliance by Administrative Agent. The Administrative Agent shall
be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit,
letter, telecopy, telex or teletype message, statement, order or other document
or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including, without limitation, counsel to the
Borrower), independent accountants and other experts selected by the
Administrative Agent. The Administrative Agent may deem and treat the payee of
any Note as the owner thereof for all purposes unless a written notice of
assignment, negotiation or transfer thereof shall have been filed with the
Administrative Agent. The Administrative Agent shall be fully justified in
failing or refusing to take any action under this Agreement or any other Loan
Document unless it shall first receive such advice or concurrence of the
Required Lenders (or, if so specified by this Agreement, all Lenders) as it
deems appropriate or it shall first be indemnified to its satisfaction by the
Lenders against any and all liability and expense which may be incurred by it by
reason of taking or continuing to take any such action. The Administrative Agent
shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement and the other Loan Documents in accordance with a request
of the Required Lenders (or, if so specified by this Agreement, all Lenders),
and such request and any action taken or failure to act pursuant thereto shall
be binding upon all the Lenders and all future holders of the Loans.

            9.5 Notice of Default. The Administrative Agent shall not be deemed
to have knowledge or notice of the occurrence of any Default or Event of Default
hereunder unless the Administrative Agent has received notice from a Lender or
the Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a "notice of default". In the event that
the Administrative Agent receives such a notice, the Administrative Agent shall
give notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably
directed by the Required Lenders (or, if so specified by this Agreement, all
Lenders), provided that unless and until the Administrative Agent shall have
received such directions, the Administrative Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect
to such Default or Event of Default as it shall deem advisable in the best
interests of the Lenders.

            9.6 Non-Reliance on the Administrative Agent and Other Lenders. Each
Lender expressly acknowledges that neither the Administrative Agent nor any of
its respective officers, directors, employees, agents, attorneys-in-fact or
affiliates have made any representations or warranties to it and that no act by
the Administrative Agent hereafter taken, including any review of the affairs of
a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any
representation or warranty by the Administrative Agent to any Lender. Each
Lender represents to the Administrative Agent that it has, independently and
without reliance upon the Administrative Agent or any other Lender, and based on
such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of the Loan Parties and their
affiliates and made its own decision to make its Loans hereunder and enter into
this Agreement. Each Lender also represents that it will, independently and
without reliance upon the Administrative
<PAGE>   104
                                                                              99

Agent or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement and
the other Loan Documents, and to make such investigation as it deems necessary
to inform itself as to the business, operations, property, financial and other
condition and creditworthiness of the Loan Parties and their affiliates. Except
for notices, reports and other documents expressly required to be furnished to
the Lenders by the Administrative Agent hereunder, the Administrative Agent
shall not have any duty or responsibility to provide any Lender with any credit
or other information concerning the business, operations, property, condition
(financial or otherwise), prospects or creditworthiness of any Loan Party or any
affiliate of a Loan Party which may come into the possession of the
Administrative Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates.

            9.7 Indemnification. The Lenders agree to indemnify the
Administrative Agent in its capacity as such (to the extent not reimbursed by
the Borrower and without limiting the obligation of the Borrower to do so),
ratably according to their pro rata share of the aggregate Revolving Credit
Exposure, Term Loans outstanding and unused Commitments in effect on the date on
which indemnification is sought under this subsection 9.7 (or, if
indemnification is sought after the date upon which the Commitments shall have
terminated and the Loans shall have been paid in full, ratably in accordance
with such share immediately prior to such date), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever which may at any time
(including, without limitation, at any time following the payment of the Loans)
be imposed on, incurred by or asserted against the Administrative Agent in any
way relating to or arising out of, the Commitments, this Agreement, any of the
other Loan Documents or any documents contemplated by or referred to herein or
therein or the transactions contemplated hereby or thereby or any action taken
or omitted by the Administrative Agent under or in connection with any of the
foregoing, provided that no Lender shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements which are found by a final
and nonappealable decision of a court of competent jurisdiction to have resulted
from the Administrative Agent's gross negligence or willful misconduct. The
agreements in this subsection 9.7 shall survive the payment of the Loans and all
other amounts payable hereunder.

            9.8 Agent in Its Individual Capacity. The Administrative Agent and
its affiliates may make loans to, accept deposits from and generally engage in
any kind of business with any Loan Party as though the Administrative Agent were
not an Agent. With respect to its Loans made or renewed by it and with respect
to any Letter of Credit issued or participated in by it, the Administrative
Agent shall have the same rights and powers under this Agreement and the other
Loan Documents as any Lender and may exercise the same as though it were not an
Agent, and the terms "Lender" and "Lenders" shall include the Administrative
Agent in its individual capacity.
<PAGE>   105
                                                                             100

            9.9 Successor Administrative Agent. The Administrative Agent may
resign as Administrative Agent upon 30 days' notice to the Lenders. If the
Administrative Agent shall resign as Administrative Agent under this Agreement
and the other Loan Documents, then the Required Lenders shall appoint from among
the Lenders a successor agent for the Lenders, which successor agent shall be
approved by the Borrower (which approval shall not be unreasonably withheld or
delayed), whereupon such successor agent shall succeed to the rights, powers and
duties of the Administrative Agent, and the term "Administrative Agent" shall
mean such successor agent effective upon such appointment and approval, and the
former Administrative Agent's rights, powers and duties as Administrative Agent
shall be terminated, without any other or further act or deed on the part of
such former Administrative Agent or any of the parties to this Agreement or any
holders of the Loans. After any retiring Administrative Agent's resignation as
Administrative Agent, the provisions of this Section 9 shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement and the other Loan Documents.

                            SECTION 10. MISCELLANEOUS
<PAGE>   106
                                                                             101

            10.1 Amendments and Waivers. Neither this Agreement, any other Loan
Document, nor any terms hereof or thereof may be amended, supplemented or
modified except in accordance with the provisions of this subsection 10.1. The
Required Lenders and each Loan Party to the relevant Loan Documents may, or,
with the written consent of the Required Lenders, the Administrative Agent and
each Loan Party to the relevant Loan Document may, from time to time, (a) enter
into written amendments, supplements or modifications hereto and to the other
Loan Documents for the purpose of adding any provisions to this Agreement or the
other Loan Documents or changing in any manner the rights of the Lenders or of
the Loan Parties hereunder or thereunder or (b) waive, on such terms and
conditions as the Required Lenders or the Administrative Agent, as the case may
be, may specify in such instrument, any of the requirements of this Agreement or
the other Loan Documents or any Default or Event of Default and its
consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall (i) forgive the principal amount or extend the
final scheduled date of maturity of any Loan, extend the scheduled date of any
amortization payment in respect of any Term Loan, reduce the stated rate of any
interest, fee or letter of credit commission payable hereunder or extend the
scheduled date of any payment thereof, or increase the amount or extend the
expiration date of any Lender's Revolving Credit Commitment or Delayed Tranche A
Term Loan Commitment, in each case without the consent of each Lender directly
affected thereby; (ii) amend, modify or waive any provision of this subsection
10.1 or reduce any percentage specified in the definition of Required Lenders,
consent to the assignment or transfer by Holdings or the Borrower of any of its
rights and obligations under this Agreement and the other Loan Documents,
release all or substantially all of the collateral or release all or
substantially all of the Subsidiary Guarantors or Holdings from their
obligations under the Guarantee and Collateral Agreement other than pursuant to
a transaction permitted by this Agreement, in each case without the written
consent of all Lenders; (iii) amend, modify or waive any condition precedent to
any extension of credit under the Revolving Credit Facility set forth in
subsection 5.2 without the written consent of the Majority Revolving Credit
Facility Lenders; (iv) change the allocation of payments among the Tranche A
Term Loan Facilities, the Tranche B Term Loan Facilities and the Incremental
Term Loan Facilities, as applicable, specified in subsection 2.15(b) or the
allocation of payments between the Facilities pursuant to subsection 2.9(d), in
each case without the consent of the Majority Facility Lenders in respect of
each Facility adversely affected thereby; (v) amend the definition of the term
"Majority Facility Lenders", "Majority Revolving Credit Facility Lenders" or
"Majority Tranche A Term Facility Lenders" or modify in any other manner the
number, percentages or class of Lenders required to make any determinations or
waive any rights hereunder or to modify any provision hereof without the consent
of each Lender directly affected thereby; (vi) amend, modify or waive any
provision of Section 9 without the written consent of the Administrative Agent;
(vii) amend, modify or waive any provision of Section 3 without the written
consent of the Issuing Lender or (viii) amend, modify or waive any provision of
subsection 2.4(c) without the written consent of the Swingline Lender. In
furtherance of clause (iii) of this subsection 10.1, no amendment to or waiver
of any representation or warranty or any covenant contained in this Agreement or
any other Loan Document, or of any Default or Event of Default, shall be deemed
to be effective for purposes of determining whether the conditions precedent set
forth in subsection 5.2 to the making of any Revolving Credit Loan have been
satisfied unless the Majority Revolving Credit Facility Lenders shall have
consented to such amendment or waiver. Any waiver and any amendment, supplement
or modification in accordance with this subsection 10.1 shall apply equally to
each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the
Administrative Agent and all future holders of
<PAGE>   107
                                                                             102

the Loans. In the case of any waiver, the Loan Parties, the Lenders and the
Administrative Agent shall be restored to their former position and rights
hereunder and under the other Loan Documents, and any Default or Event of
Default waived shall be deemed to be cured and not continuing; but no such
waiver shall extend to any subsequent or other Default or Event of Default, or
impair any right consequent thereon.

            10.2 Notices. All notices, requests and demands to or upon the
respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered, or three Business Days after being
deposited in the mail, postage prepaid, or, in the case of telecopy notice, when
received, addressed as follows in the case of the Borrower, Holdings and the
Administrative Agent, and as set forth on the signature pages hereto or in any
Assignment and Acceptance in the case of the Lenders, or to such other address
as may be hereafter notified by the respective parties hereto:

      The Borrower:                    LIN Television Corporation
                                       1 Richmond Square, Suite 230E
                                       Providence, Rhode Island 02906
                                       Attention:  Deborah R. Jacobson
                                       Telecopy:  401-454-0089

      with copies to:                  Hicks, Muse, Tate & Furst Incorporated
                                       200 Crescent Court, Suite 1600
                                       Dallas, Texas 75201
                                       Attention:  Peter S. Brodsky
                                       Telecopy:  214-720-7888

                                       Hicks, Muse, Tate & Furst Incorporated
                                       200 Crescent Court, Suite 1600
                                       Dallas, Texas  75201
                                       Attention:  Darron K. Ash
                                       Telecopy:  214-720-7888

      with a copy to:                  Weil, Gotshal & Manges LLP
                                       100 Crescent Court, Suite 1300
                                       Dallas, Texas 75201
                                       Attention:  Glenn D. West, Esq.
                                       Telecopy:  214-746-7777

      Holdings:                        Hicks, Muse, Tate & Furst Incorporated
                                       200 Crescent Court, Suite 1600
                                       Dallas, Texas 75201
                                       Attention:  Peter S. Brodsky
                                       Telecopy:  214-720-7888
<PAGE>   108
                                                                             103

      with a copy to:                  Weil, Gotshal & Manges LLP
                                       100 Crescent Court, Suite 1300
                                       Dallas, Texas 75201
                                       Attention:  Glenn D. West, Esq.
                                       Telecopy:  214-746-7777

                                       Hicks, Muse, Tate & Furst Incorporated
                                       200 Crescent Court, Suite 1600
                                       Dallas, Texas  75201
                                       Attention:  Darron K. Ash
                                       Telecopy:  214-720-7888

      The Administrative
      Agent:                           Chase Agency Services
                                       1 Chase Manhattan Plaza
                                       New York, New York 10017
                                       Attention: Janet Belden
                                       Telecopy:  212-552-5658

      with a copy to:                  The Chase Manhattan Bank
                                       270 Park Avenue
                                       New York, New York 10017
                                       Attention:  Stephen Mumblow
                                       Telecopy:  212-270-1264

provided that any notice, request or demand to or upon the Administrative Agent
or the Lenders shall not be effective until received.

            10.3 No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of the Administrative Agent or any Lender, any
right, remedy, power or privilege hereunder or under the other Loan Documents
shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided are cumulative and
not exclusive of any rights, remedies, powers and privileges provided by law.

            10.4 Survival of Representations and Warranties. All representations
and warranties made hereunder, in the other Loan Documents and in any document,
certificate or statement delivered pursuant hereto or in connection herewith
shall survive the execution and delivery of this Agreement and the making of the
Loans hereunder.

            10.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay
or reimburse the Administrative Agent for all its reasonable out-of-pocket costs
and expenses incurred in connection with the development, preparation and
execution of, and any amendment, supplement or modification to, this Agreement
and the other Loan Documents and any other documents prepared in connection
herewith or therewith, and the consummation and administration of the
transactions contemplated hereby and thereby, including, without limitation, the
reasonable fees and disbursements of counsel to the Administrative Agent, (b) to
pay or
<PAGE>   109
                                                                             104

reimburse each Lender and the Administrative Agent for all its reasonable costs
and expenses incurred in connection with the enforcement or preservation of any
rights under this Agreement, the other Loan Documents and any such other
documents, including, without limitation, the reasonable fees and disbursements
of counsel to the Administrative Agent and, at any time after and during the
continuance of an Event of Default, of one counsel of all the Lenders, (c) to
pay, indemnify, and hold harmless each Lender and the Administrative Agent from
and against any and all recording and filing fees and any and all liabilities
with respect to, or resulting from any delay in paying, stamp, excise and other
similar taxes, if any, which may be payable or determined to be payable in
connection with the execution and delivery of, or consummation or administration
of any of the transactions contemplated by, or any amendment, supplement or
modification of, or any waiver or consent under or in respect of, this
Agreement, the other Loan Documents and any such other documents, and (d) to
pay, indemnify and hold harmless each Lender and the Administrative Agent and
their respective officers, directors, trustees, professional advisors,
employees, affiliates, agents and controlling persons (each, an "indemnitee")
from and against any and all other liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever with respect to the execution, delivery, enforcement,
performance and administration of this Agreement, the other Loan Documents and
any such other documents, including, without limitation, any of the foregoing
relating to the use of proceeds of the Loans or the violation of, noncompliance
with or liability under, any Environmental Law applicable to the operations of
the Borrower, any of its Subsidiaries or any of the Properties (all the
foregoing in this clause (d), collectively, the "indemnified liabilities"),
provided that the Borrower shall have no obligation hereunder to any indemnitee
with respect to indemnified liabilities to the extent such indemnified
liabilities are found by a final and nonappealable decision of a court of
competent jurisdiction to have resulted from the gross negligence or willful
misconduct of such indemnitee or, in the case of indemnified liabilities arising
under this Agreement, any Notes and the other documents, from material breach by
the indemnitee of this Agreement, any Notes or the other Loan Documents, as the
case may be. The agreements in this subsection 10.5 shall survive repayment of
the Loans and all other amounts payable hereunder.

            10.6 Successors and Assigns; Participations and Assignments. (a)
This Agreement shall be binding upon and inure to the benefit of the Borrower,
the Lenders, the Administrative Agent, all future holders of the Loans and their
respective successors and assigns, except that the Borrower may not assign or
transfer any of its rights or obligations under this Agreement without the prior
written consent of each Lender.

            (b) Any Lender may in the ordinary course of its business and in
accordance with applicable law, at any time sell to one or more banks, financial
institutions or other entities (each, a "Participant") participating interests
in any Loan owing to such Lender, any Commitment of such Lender or any other
interest of such Lender hereunder and under the other Loan Documents. In the
event of any such sale by a Lender of a participating interest to a Participant,
such Lender's obligations under this Agreement to the other parties to this
Agreement shall remain unchanged, such Lender shall remain solely responsible
for the performance thereof, such Lender shall remain the holder of any such
Loan for all purposes under this Agreement and the other Loan Documents, and the
Borrower and the Administrative Agent shall continue to deal solely and directly
with such Lender in connection with such Lender's rights and obligations under
this Agreement and the other Loan Documents. No Lender shall
<PAGE>   110
                                                                             105

permit any Participant to have (and no participant shall have) the right to
approve any amendment or waiver of any provision of any Loan Document, or any
consent to any departure by any Loan Party therefrom, except to the extent that
such amendment, waiver or consent would reduce the principal of, or interest on,
the Loans or any fees payable hereunder, or postpone the date of the final
maturity of the Loans, in each case to the extent subject to such participation.
The Borrower agrees that if amounts outstanding under this Agreement and the
Loans are due or unpaid, or shall have been declared or shall have become due
and payable upon the occurrence of an Event of Default, each Participant shall,
to the maximum extent permitted by applicable law, be deemed to have the right
of setoff in respect of its participating interest in amounts owing under this
Agreement to the same extent as if the amount of its participating interest were
owing directly to it as a Lender under this Agreement, provided that in
purchasing such participating interest, such Participant shall be deemed to have
agreed to share with the Lenders the proceeds thereof as provided in subsection
10.7(a) as fully as if it were a Lender hereunder. The Borrower also agrees that
each Participant shall be entitled to the benefits of subsections 2.16, 2.17 and
2.18 with respect to its participation in the Commitments and the Loans
outstanding from time to time as if it were a Lender, provided that in the case
of subsection 2.17, such Participant shall have complied with the requirements
of said subsection and provided further that no Participant shall be entitled to
receive any greater amount pursuant to any such subsection than the transferor
Lender would have been entitled to receive in respect of the amount of the
participation transferred by such transferor Lender to such Participant had no
such transfer occurred.

            (c) Any Lender (an "Assignor") may, in the ordinary course of its
business and in accordance with applicable law, at any time and from time to
time assign to any Lender, affiliate or Approved Fund thereof or, with the
consent of the Borrower and the Administrative Agent (which, in each case, shall
not be unreasonably withheld or delayed), to an additional bank, financial
institution or other entity (an "Assignee") all or any part of its rights and
obligations under this Agreement pursuant to an Assignment and Acceptance,
substantially in the form of Exhibit E, executed by such Assignee and such
Assignor (and, in the case of an Assignee that is not then a Lender, an
affiliate thereof or an Approved Fund, by the Borrower and the Administrative
Agent) and delivered to the Administrative Agent for its acceptance and
recording in the Register, provided, that no such assignment to an Assignee
(other than any Lender or any affiliate thereof or an Approved Fund) shall be in
an aggregate principal amount of less than $5,000,000 (other than in the case of
an assignment of all of a Lender's interests under this Agreement), unless
otherwise agreed by the Borrower and the Administrative Agent. Any such
assignment need not be ratable as among the Facilities. Upon such execution,
delivery, acceptance and recording, from and after the effective date determined
pursuant to such Assignment and Acceptance, (A) the Assignee thereunder shall be
a party hereto and, to the extent provided in such Assignment and Acceptance,
have the rights and obligations of a Lender hereunder with a Commitment and/or
Loans as set forth therein, and (B) the Assignor thereunder shall, to the extent
provided in such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering
all of an Assignor's rights and obligations under this Agreement, such assigning
Lender shall cease to be a party hereto). Notwithstanding any provision of this
subsection 10.6, the consent of the Borrower shall not be required, and, unless
requested by the Assignee and/or the Assignor, Notes shall not be required to be
executed and delivered by the Borrower, for any assignment which occurs at any
time when any of the events described in Section 8(f) shall have occurred and be
continuing.
<PAGE>   111
                                                                             106

            (d) The Administrative Agent shall maintain at its address referred
to in subsection 10.2 a copy of each Assignment and Acceptance delivered to it
and a register (the "Register") for the recordation of the names and addresses
of the Lenders and the Commitments of, and the principal amount of the Loans
owing to, each Lender from time to time. The entries in the Register shall be
conclusive, in the absence of manifest error, and the Borrower, each other Loan
Party, the Administrative Agent and the Lenders shall treat each Person whose
name is recorded in the Register as the owner of the Loan recorded therein for
all purposes of this Agreement. Any assignment of any Loan or other obligation
hereunder (whether or not evidenced by a Note) shall be effective only upon
appropriate entries with respect thereto being made in the Register. The
Register shall be available for inspection by the Borrower of any Lender at any
reasonable time and from time to time upon reasonable prior notice.

            (e) Upon its receipt of an Assignment and Acceptance executed by an
Assignor and an Assignee (and, in the case of an Assignee that is not then a
Lender, an affiliate thereof or an Approved Fund, by the Borrower and the
Administrative Agent) together with payment to the Administrative Agent of a
registration and processing fee of $3,500, the Administrative Agent shall (i)
promptly accept such Assignment and Acceptance and (ii) record the information
contained therein in the Register on the effective date determined pursuant
thereto and give notice of such acceptance and recordation to the Borrower.

            On or prior to such effective date, upon request the Borrower, at
its own expense, shall execute and deliver to the Administrative Agent (in
exchange for any Revolving Credit Note, Term Note or Swingline Note of the
assigning Lender) a new Revolving Credit Note, Term Note or Swingline Note, as
the case may be, to the order of such Assignee in an amount equal to the
Revolving Credit Commitment, Delayed Tranche A Term Loan Commitment or portion
of the Tranche A Term Loans or Tranche B Term Loans or Incremental Term Loan, as
the case may be, assumed by it pursuant to such Assignment and Acceptance and,
if the assigning Lender has retained a Revolving Credit Commitment or Delayed
Tranche A Term Loan Commitment or portion of a Tranche A Term Loan, Tranche B
Term Loan or Incremental Term Loan hereunder, a new Revolving Credit Note,
Tranche A Term Note, Tranche B Term Note or Incremental Term Note, as the case
may be, to the order of the assigning Lender in an amount equal to the Revolving
Credit Commitment or Delayed Tranche A Term Loan Commitment or Tranche A Term
Loan, Tranche B Term Loan or Incremental Term Loan, as the case may be, retained
by it hereunder. Such new Notes shall be in the form of the Note replaced
thereby.

            (f) The Borrower agrees that, upon request to the Administrative
Agent by any Lender, the Borrower will execute and deliver to such Lender (i) a
promissory note of the Borrower evidencing the Revolving Credit Loans of such
Lender, substantially in the form of Exhibit I-1 (each as amended, supplemented,
replaced or otherwise modified from time to time, a "Revolving Credit Note"),
and/or (ii) a promissory note of the Borrower evidencing the applicable Term
Loan of such Lender, substantially in the form of Exhibit I-2 (each as amended,
supplemented, replaced or otherwise modified from time to time, a "Term Note"),
and/or (iii) a promissory note of the Borrower evidencing the Swingline Loans of
the Swingline Lender, substantially in the form of Exhibit I-3) (as amended,
supplemented, replaced or otherwise modified from time to time, the "Swingline
Note").
<PAGE>   112
                                                                             107

            (g) The Borrower authorizes each Lender to disclose to any
Participant or Assignee (each, a "Transferee") and any prospective Transferee
any and all financial information concerning the Loan Parties and their
respective affiliates which has been delivered to such Lender by or on behalf of
any Loan Party pursuant to this Agreement or any other Loan Document or which
has been delivered to such Lender by or on behalf any Loan Party in connection
with such Lender's credit evaluation of the Loan Parties and their respective
affiliates, under the condition that such Transferee or prospective Transferee
shall previously have agreed to be bound by the provisions of subsection 10.15.

            (h) For avoidance of doubt, the parties to this Agreement
acknowledge that the provisions of this subsection 10.6 concerning assignments
of Loans and Notes relate only to absolute assignments and that such provisions
do not prohibit assignments creating security interests, including, without
limitation, any pledge or assignment by a Lender of any Loan or Note to any
Federal Reserve Bank in accordance with applicable law, provided that no such
pledge or assignment of a security interest shall release a Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such
lender as a party hereunder.

            10.7 Adjustments; Set-off. (a) Except to the extent that this
Agreement provides for payments to be allocated to the Lenders under a
particular Facility, if any Lender (a "Benefitted Lender") shall at any time
receive any payment of all or part of its Loans or the Reimbursement Obligations
owing to it, or interest thereon, or receive any collateral in respect thereof
(whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in Section 8(f), or otherwise), in a
greater proportion than any such payment to or collateral received by any other
Lender, if any, in respect of such other Lender's Loans or the Reimbursement
Obligations owing to such other Lender, or interest thereon, such Benefitted
Lender shall purchase for cash from the other Lenders a participating interest
in such portion of each such other Lender's Loans and/or of the Reimbursement
Obligations owing to each such other Lender, or shall provide such other Lenders
with the benefits of any such collateral, or the proceeds thereof, as shall be
necessary to cause such Benefitted Lender to share the excess payment or
benefits of such collateral or proceeds ratably with each of the Lenders;
provided, however, that if all or any portion of such excess payment or benefits
is thereafter recovered from such Benefitted Lender, such purchase shall be
rescinded, and the purchase price and benefits returned, to the extent of such
recovery, but without interest.

            (b) In addition to any rights and remedies of the Lenders provided
by law, each Lender shall have the right, without prior notice to the Borrower,
any such notice being expressly waived by the Borrower to the extent permitted
by applicable law, upon any amount becoming due and payable by the Borrower
hereunder (whether at the stated maturity, by acceleration or otherwise) to set
off and appropriate and apply against such amount any and all deposits (general
or special, time or demand, provisional or final), in any currency, and any
other credits, indebtedness or claims, in any currency, in each case whether
direct or indirect, absolute or contingent, matured or unmatured, at any time
held or owing by such Lender or any branch or agency thereof to or for the
credit or the account of the Borrower. Each Lender agrees promptly to notify the
Borrower and the Administrative Agent after any such setoff and application made
by such Lender, provided that the failure to give such notice shall not affect
the validity of such setoff and application.
<PAGE>   113
                                                                             108

            10.8 Counterparts. This Agreement may be executed by one or more of
the parties to this Agreement on any number of separate counterparts (including
by telecopy), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. A set of the copies of this Agreement
signed by all the parties shall be lodged with the Borrower and the
Administrative Agent.

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

            10.10 Integration. This Agreement and the other Loan Documents
represent the entire agreement of Holdings, the Borrower, the Administrative
Agent and the Lenders with respect to the subject matter hereof and thereof, and
there are no promises, undertakings, representations or warranties by the
Administrative Agent or any Lender relative to subject matter hereof or thereof
not expressly set forth or referred to herein or in the other Loan Documents.

            10.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

            10.12 Submission To Jurisdiction; Waivers. Each of Holdings and the
Borrower hereby irrevocably and unconditionally:

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

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

            (c) agrees that service of process in any such action or proceeding
      may be effected by mailing a copy thereof by registered or certified mail
      (or any substantially similar form of mail), postage prepaid, to the
      Borrower at its address set forth in subsection 10.2 or at such other
      address of which the Administrative Agent shall have been notified
      pursuant thereto;

            (d) agrees that nothing herein shall affect the right to effect
      service of process in any other manner permitted by law or shall limit the
      right to sue in any other jurisdiction; and
<PAGE>   114
                                                                             109

            (e) waives, to the maximum extent not prohibited by law, any right
      it may have to claim or recover in any legal action or proceeding referred
      to in this subsection 10.12 any special, exemplary, punitive or
      consequential damages.

            10.13 Acknowledgments. Each of Holdings and the Borrower hereby
acknowledges that:

            (a) it has been advised by counsel in the negotiation, execution and
      delivery of this Agreement and the other Loan Documents;

            (b) neither the Administrative Agent nor any Lender has any
      fiduciary relationship with or duty to the Borrower arising out of or in
      connection with this Agreement or any of the other Loan Documents, and the
      relationship between Administrative Agent and Lenders, on one hand, and
      Holdings and the Borrower, on the other hand, in connection herewith or
      therewith is solely that of debtor and creditor; and

            (c) no joint venture is created hereby or by the other Loan
      Documents or otherwise exists by virtue of the transactions contemplated
      hereby among the Lenders or among Holdings and the Borrower and the
      Lenders.

            10.14 WAIVERS OF JURY TRIAL. HOLDINGS, THE BORROWER, THE
ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

            10.15 Confidentiality. Each Lender agrees to keep information
obtained by it pursuant hereto and the other Loan Documents identified as
confidential in writing at the time of delivery confidential in accordance with
such Lender's customary practices and agrees that it will only use such
information in connection with the transactions contemplated by this Agreement
and not disclose any of such information other than (a) to such Lender's
employees, representatives, directors, attorneys, auditors, agents, professional
advisors, trustees or affiliates who are advised of the confidential nature of
such information or to any direct or indirect contractual counterparty in swap
agreements or such contractual counterparty's professional advisor (so long as
such contractual counterparty or professional advisor to such contractual
counterparty agrees to be bound by the provision of this Section 10.15), (b) to
the extent such information presently is or hereafter becomes available to such
Lender on a non-confidential basis from any source or such information that is
in the public domain at the time of disclosure, (c) to the extent disclosure is
required by law (including applicable securities laws), regulation, subpoena or
judicial order or process (provided that notice of such requirement or order
shall be promptly furnished to the Borrower unless such notice is legally
prohibited) or requested or required by bank, securities, insurance or
investment company regulations or auditors or any administrative body or
commission (including the Securities Valuation Office of the National
Association of Insurance Commissioners) to whose jurisdiction such Lender may be
subject, (d) to any rating agency to the extent required in connection with any
rating to be assigned to such Lender, (e) to Transferees or prospective
Transferees who agree to be bound by the provisions of this subsection 10.15,
(f) to the extent required in connection with any litigation
<PAGE>   115
                                                                             110

between any Loan Party and any Lender with respect to the Loans or this
Agreement and the other Loan Documents or (g) with the Borrower's prior written
consent. The agreements in this subsection 10.15 shall survive repayment of the
Loans and all other amounts payable hereunder.

            10.16 FCC Compliance. Notwithstanding anything to the contrary
contained herein or in any other agreement, instrument or document executed in
connection herewith, no party hereto shall take any actions hereunder that would
constitute or result in a transfer or assignment of any Station License, permit
or authorization or a change of control over such Station License, permit or
authorization requiring the prior approval of the FCC without first obtaining
such prior approval of the FCC.

            10.17 Filing of Mortgages. Notwithstanding anything to the contrary
contained in this Agreement, it is understood and agreed that (a) the Mortgages
will not be filed on the Closing Date and (b) at any time after the Closing
Date, at the request of the Administrative Agent or the Required Lenders, the
Mortgages delivered on the Closing Date and each Mortgage delivered pursuant to
subsection 6.10(b) shall be filed, at the Borrower's expense, in the offices
specified in Schedule 4.19(b) and each other jurisdiction reasonably requested
by the Administrative Agent or the Required Lenders, as applicable.

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered by their proper and duly authorized officers as
of the day and year first above written.

                                 LIN HOLDINGS CORP.,

                                 By:
                                     Name:
                                    Title:

                                 LIN ACQUISITION COMPANY,

                                 By:
                                     Name:
                                    Title:

                                 THE CHASE MANHATTAN BANK,
                                    individually and as Administrative Agent,
                                    Swingline Lender and Issuing Lender,
<PAGE>   116
                                       By:
                                           Name:
                                          Title:

                                       THE BANK OF NOVA SCOTIA,
                                           individually and as Co-Documentation
                                           Agent,

                                       By:
                                           Name:
                                          Title:

                                       BANK OF AMERICA, N.A., individually and
                                           as Co-Documentation Agent,

                                       By:
                                           Name:
                                          Title:

                                       THE BANK OF NEW YORK, individually and
                                           as Co-Syndication Agent,

                                       By:
                                           Name:
                                          Title:

                                       FLEET NATIONAL BANK, individually and
                                           as Co-Syndication Agent,

                                       By:
                                           Name:
                                          Title:
<PAGE>   117
                                       [OTHER LENDERS]

                                       By:
                                           Name:
                                          Title:
<PAGE>   118
                                                                   Schedule 1.lA

                    LOANS AND COMMITMENTS AS OF JUNE 29, 2001

<TABLE>
<CAPTION>
                                                             REVOLVING CREDIT
LENDER                                                         COMMITMENTS
------                                                         -----------
<S>                                                          <C>
The Chase Manhattan Bank                                     $ 26,333,333.18
Dresdner Bank AG, New York and
      Grand Cayman Branches                                    23,972,222.22
Fleet National Bank                                            23,972,222.22
The Bank of Nova Scotia                                        23,305,555.56
Bankers Trust Company                                          21,750,000.00
First Hawaiian Bank                                             3,111,111.12
The Bank of New York                                            3,111,111.11
National Westminister Bank, Plc                                 3,111,111.11
BankBoston, N.A. (merged into Fleet National Bank)              2,222,222.22
Bank of America, N.A.                                           2,222,222.22
The Fuji Bank, Limited                                          2,222,222.22
General Electric Capital Corporation                            2,222,222.22
The Mitsubishi Trust & Banking Corp.                            2,222,222.22
Societe Generale, New York Branch                               1,555,555.68
Bank of Hawaii                                                  1,555,555.56
Bank of Tokyo-Mitsubishi Trust                                  1,555,555.56
BHF (USA) Capital Corporation                                   1,555,555.56
BNP Paribas                                                     1,555,555.56
Citibank, N.A.                                                  1,555,555.56
The Dai-Ichi Kangyo Bank, Ltd.                                  1,555,555.56
Natexis Banques Populaires                                      1,555,555.56
PNC Bank, National Association                                  1,555,555.56
Royal Bank of Canada                                            1,555,555.56
Suntrust Bank, Central Florida, N.A.                            1,555,555.56
Sumitomo Mitsui Banking Corporation                             1,555,555.55
Summit Bank (merged into Fleet National Bank)                   1,555,555.55

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

TOTAL LENDERS                                                $160,000,000.00
</TABLE>
<PAGE>   119
<TABLE>
<CAPTION>

                                                          INCREMENTAL TERM LOANS
LENDER                                                    MADE NOVEMBER 10, 2000
------                                                    ----------------------
<S>                                                       <C>
The Bank of Nova Scotia                                       $ 6,862,693.12
The Chase Manhattan Bank                                        6,862,693.12
NationsBank of Texas (Bank of America, N.A.)                    6,862,693.12
The Bank of New York                                            4,575,128.75
The Dai-Ichi Kangyo Bank, Ltd.                                  4,575,128.75
Fleet National Bank                                             4,575,128.75
Suntrust Bank, Central Florida, N.A                             4,575,128.75
Natexis Banques Populaires                                      3,431,346.56

SEQUILS IV, Ltd.                                                3,431,346.56

Eaton Vance CDO III, Ltd.                                       2,287,564.37
Senior Debt Portfolio                                           1,830,051.50
Winged Foot Funding Trust                                       2,287,564.37
KZH Crescent 3 LLC                                              1,143,782.19
KZH Crescent LLC                                                1,143,782.19
Eaton Vance Senior Income Trust                                 1,143,782.19
Grayson & Co                                                      686,269.31
United of Omaha Life Insurance Co.                                686,269.31
Eaton Vance Institutional Senior Loan Fund                        457,512.87
Continental Assurance Company                                     457,512.87
Oxford Strategic Income Fund                                      457,512.87
                                                              ==============

TOTAL:                                                        $58,332,891.52
</TABLE>
<PAGE>   120
<TABLE>
<CAPTION>
                                                          INCREMENTAL TERM LOANS
LENDER                                                    MADE OCTOBER 19, 1999
------                                                    ---------------------
<S>                                                       <C>
The Bank of New York                                          $ 6,750,688.07

The Bank of Nova Scotia                                         4,500,458.72
TCW Select Loan Fund, Limited                                   3,439,946.43
BankBoston, N.A. (merged into
     Fleet National Bank)                                       2,250,229.36
NationsBank of Texas
     (Bank of America, N.A.)                                    2,250,229.36
Captiva III Finance, Ltd.                                       2,207,161.10
The Chase Manhattan Bank                                        2,164,092.83
Fidelity II: Advanced Floating Rate
     High Income Fund                                           1,834,638.10
Captiva II Finance Ltd.                                         1,146,648.81
Variable Insurance Products Fund II:
     Asset Manager Portfolio                                      458,659.52
                                                              ==============

TOTAL:                                                        $27,002,752.30
</TABLE>

<TABLE>
<CAPTION>
LENDER                                                     TRANCHE A TERM LOANS
------                                                     --------------------
<S>                                                        <C>
n.a.                                                              $0.00
</TABLE>
<PAGE>   121
<TABLE>
<CAPTION>
LENDER                                                     TRANCHE B TERM LOANS
------                                                     --------------------
<S>                                                        <C>
Senior Debt Portfolio                                         $31,246,437.90
Metropolitan Life Insurance Co.                                 7,247,137.33
Van Kampen Prime Rate Income Trust                              7,247,137.33
General Motors Employee Global Group
     Pension Trust                                              7,247,137.33
Grayson & Co.                                                   4,989,248.81
Addison CDO, Limited                                            3,623,568.67
Balanced High Yield Fund I Ltd.                                 3,623,568.67

Captiva IV Finance Ltd.                                         3,623,568.67
General Motors Welfare Benefits Trust                           3,623,568.67
KZH CNC LLC                                                     3,623,568.67
KZH Crescent 2 LLC                                              3,623,568.67
Eaton Vance CDO IV, Ltd.                                        3,070,306.96
Jissekikun Funding, Ltd.                                        1,449,427.47
Athena CDO, Limited                                             1,449,427.47
Eaton Vance Institutional Senior Loan Fund                        724,713.73
Eaton Vance Senior Income Trust                                   553,261.71
                                                              ==============

TOTAL                                                         $86,965,648.06
</TABLE>
<PAGE>   122
                                                                   Schedule 1.1E

                              APPLICABLE MARGIN ON
             INCREMENTAL TERM LOANS OUTSTANDING AS OF JUNE 29, 2001

<TABLE>
<CAPTION>
                                                        Applicable Margin           Applicable Margin
                    Consolidated Leverage Ratio        For Eurodollar Loans           For ABR Loans
                    ---------------------------        --------------------           -------------
<S>                 <C>                                <C>                          <C>
Level 1:            Greater than or equal to 6.5              3.25%                       2.25%

Level 2:            Greater than or equal to 5.5
                        But less than 6.5                     3.00%                       2.00%

Level 3:            Less than 5.5                             2.75%                       1.75%
</TABLE><PAGE>   1
                                                                    EXHIBIT 10.2

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

                                    INDENTURE

                            DATED AS OF JUNE 14, 2001

                                      AMONG

                     LIN TELEVISION CORPORATION, AS ISSUER,

                                       AND

                           THE GUARANTORS NAMED HEREIN

                                       AND

               UNITED STATES TRUST COMPANY OF NEW YORK, AS TRUSTEE

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

                       8% SENIOR NOTES DUE 2008, SERIES A
                       8% SENIOR NOTES DUE 2008, SERIES B

================================================================================
<PAGE>   2
                              CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
TRUST INDENTURE                                                INDENTURE
  ACT SECTION                                                   SECTION
----------------                                               ---------
<S>                                                            <C>
Section 310(a)(1)...........................................   8.10
           (a)(2)...........................................   8.10
           (a)(3)...........................................   N.A.
           (a)(4)...........................................   N.A.
           (a)(5)...........................................   8.08, 8.10
           (b)..............................................   8.08; 8.10; 13.02
           (c)..............................................   N.A.
Section 311(a)..............................................   8.11
           (b)..............................................   8.11
           (c)..............................................   N.A.
Section 312(a)..............................................   2.05
           (b)..............................................   13.03
           (c)..............................................   13.03
Section 313(a)..............................................   8.06
           (b)(1)...........................................   N.A.
           (b)(2)...........................................   8.06
           (c)..............................................   8.06; 13.02
           (d)..............................................   8.06
Section 314(a)..............................................   4.11; 4.12, 13.02
           (b)..............................................   N.A.
           (c)(1)...........................................   13.04
           (c)(2)...........................................   13.04
           (c)(3)...........................................   N.A.
           (d)..............................................   N.A.
           (e)..............................................   13.05
           (f)..............................................   N.A.
Section 315(a)..............................................   8.01(b)
           (b)..............................................   8.05; 13.02
           (c)..............................................   8.01(a)
           (d)..............................................   8.01(c)
           (e)..............................................   6.11
Section 316(a)(last sentence)...............................   2.09
           (a)(1)(A)........................................   6.05
           (a)(1)(B)........................................   6.04
           (a)(2)...........................................   N.A.
           (b)..............................................   6.07
           (c)..............................................   10.04
Section 317(a)(1)...........................................   6.08
           (a)(2)...........................................   6.09
           (b)..............................................   2.04
Section 318(a)..............................................   13.01
</TABLE>

----------------
N.A. means Not Applicable.
NOTE: This Cross-Reference Table shall not, for any purpose, be deemed to be a
      part of the Indenture.
<PAGE>   3
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                     PAGE
                                                                                     ----
<S>             <C>                                                                  <C>
                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.   Definitions........................................................    1
SECTION 1.02.   Incorporation by Reference of Trust Indenture Act..................   16
SECTION 1.03.   Rules of Construction..............................................   17

                                   ARTICLE TWO

                                 THE SECURITIES

SECTION 2.01.   Form and Dating....................................................   17
SECTION 2.02.   Execution and Authentication.......................................   18
SECTION 2.03.   Registrar and Paying Agent.........................................   19
SECTION 2.04.   Paying Agent To Hold Assets in Trust...............................   19
SECTION 2.05.   Holder Lists.......................................................   19
SECTION 2.06.   Transfer and Exchange..............................................   20
SECTION 2.07.   Replacement Securities.............................................   20
SECTION 2.08.   Outstanding Securities.............................................   20
SECTION 2.09.   Treasury Securities................................................   21
SECTION 2.10.   Temporary Securities...............................................   21
SECTION 2.11.   Cancellation.......................................................   21
SECTION 2.12.   Defaulted Interest.................................................   22
SECTION 2.13.   CUSIP Number.......................................................   22
SECTION 2.14.   Deposit of Moneys..................................................   22
SECTION 2.15.   Book-Entry Provisions for Global Securities........................   22
SECTION 2.16.   Registration of Transfers and Exchanges............................   23
SECTION 2.17.   Issuance of Additional Securities..................................   27

                                  ARTICLE THREE

                                   REDEMPTION

SECTION 3.01.   Notices to Trustee.................................................   27
SECTION 3.02.   Selection of Securities To Be Redeemed.............................   28
SECTION 3.03.   Notice of Redemption...............................................   28
SECTION 3.04.   Effect of Notice of Redemption.....................................   29
SECTION 3.05.   Deposit of Redemption Price........................................   29
SECTION 3.06.   Securities Redeemed in Part........................................   29
</TABLE>

                                      -i-
<PAGE>   4
<TABLE>
<CAPTION>
                                                                                     PAGE
                                                                                     ----
<S>             <C>                                                                  <C>
                                  ARTICLE FOUR

                                    COVENANTS

SECTION 4.01.   Payment of Securities..............................................   29
SECTION 4.02.   Maintenance of Office or Agency....................................   30
SECTION 4.03.   Limitation on Transactions with Affiliates.........................   30
SECTION 4.04.   Limitation on Incurrence of Additional Indebtedness and Issuance of
                  Capital Stock....................................................   30
SECTION 4.05.   [Intentionally Omitted]............................................   31
SECTION 4.06.   Payments for Consents..............................................   31
SECTION 4.07.   Limitation on Investment Company Status............................   31
SECTION 4.08.   Limitation on Asset Sales..........................................   31
SECTION 4.09.   Limitation on Asset Swaps..........................................   32
SECTION 4.10.   Limitation on Restricted Payments..................................   33
SECTION 4.11.   Notice of Defaults.................................................   35
SECTION 4.12.   Reports............................................................   35
SECTION 4.13.   Limitations on Dividend and Other Payment Restrictions Affecting
                  Restricted Subsidiaries..........................................   35
SECTION 4.14.   Subsidiary Guarantees by Restricted Subsidiaries...................   36
SECTION 4.15.   Change of Control..................................................   36
SECTION 4.16.   Limitation on Liens................................................   38
SECTION 4.17.   Compliance Certificate.............................................   38
SECTION 4.18.   Corporate Existence................................................   39
SECTION 4.19.   Maintenance of Properties and Insurance............................   39
SECTION 4.20.   Payment of Taxes and Other Claims..................................   39
SECTION 4.21.   Waiver of Stay, Extension or Usury Laws............................   39

                                  ARTICLE FIVE

                         MERGERS; SUCCESSOR CORPORATION

SECTION 5.01.   Mergers, Sale of Assets, etc.......................................   40
SECTION 5.02.   Successor Corporation Substituted..................................   41

                                   ARTICLE SIX

                              DEFAULT AND REMEDIES

SECTION 6.01.   Events of Default..................................................   41
SECTION 6.02.   Acceleration.......................................................   42
SECTION 6.03.   Other Remedies.....................................................   43
SECTION 6.04.   Waiver of Past Default.............................................   43
SECTION 6.05.   Control by Majority................................................   43
SECTION 6.06.   Limitation on Suits................................................   44
SECTION 6.07.   Rights of Holders To Receive Payment...............................   45
SECTION 6.08.   Collection Suit by Trustee.........................................   45
SECTION 6.09.   Trustee May File Proofs of Claim...................................   45
SECTION 6.10.   Priorities.........................................................   45
SECTION 6.11.   Undertaking for Costs..............................................   46
</TABLE>

                                      -ii-
<PAGE>   5
<TABLE>
<CAPTION>
                                                                                     PAGE
                                                                                     ----
<S>             <C>                                                                  <C>
                                  ARTICLE SEVEN

                             [INTENTIONALLY OMITTED]

                                  ARTICLE EIGHT

                                     TRUSTEE

SECTION 8.01.   Duties of Trustee..................................................   46
SECTION 8.02.   Rights of Trustee..................................................   47
SECTION 8.03.   Individual Rights of Trustee.......................................   48
SECTION 8.04.   Trustee's Disclaimer...............................................   48
SECTION 8.05.   Notice of Defaults.................................................   49
SECTION 8.06.   Reports by Trustee to Holders......................................   49
SECTION 8.07.   Compensation and Indemnity.........................................   49
SECTION 8.08.   Replacement of Trustee.............................................   50
SECTION 8.09.   Successor Trustee by Merger, etc...................................   51
SECTION 8.10.   Eligibility; Disqualification......................................   51
SECTION 8.11.   Preferential Collection of Claims Against the Company..............   51

                                  ARTICLE NINE

                       DISCHARGE OF INDENTURE; DEFEASANCE

SECTION 9.01.   Termination of the Company's Obligations...........................   52
SECTION 9.02.   Legal Defeasance and Covenant Defeasance...........................   52
SECTION 9.03.   Conditions to Legal Defeasance or Covenant Defeasance..............   53
SECTION 9.04.   Application of Trust Money; Trustee Acknowledgment and Indemnity...   54
SECTION 9.05.   Repayment to Company...............................................   54
SECTION 9.06.   Reinstatement......................................................   55

                                   ARTICLE TEN

                       AMENDMENTS, SUPPLEMENTS AND WAIVERS

SECTION 10.01.  Without Consent of Holders.........................................   55
SECTION 10.02.  With Consent of Holders............................................   56
SECTION 10.03.  Compliance with Trust Indenture Act................................   57
SECTION 10.04.  Record Date for Consents and Effect of Consents....................   57
SECTION 10.05.  Notation on or Exchange of Securities..............................   57
SECTION 10.06.  Trustee To Sign Amendments, etc....................................   57

                                 ARTICLE ELEVEN

                              SUBSIDIARY GUARANTEES

SECTION 11.01.  Unconditional Guarantee............................................   58
SECTION 11.02.  Severability.......................................................   58
SECTION 11.03.  Release of a Guarantor.............................................   59
</TABLE>

                                     -iii-
<PAGE>   6
<TABLE>
<CAPTION>
                                                                                     PAGE
                                                                                     ----
<S>             <C>                                                                  <C>
SECTION 11.04.  Limitation of Guarantor's Liability................................   59
SECTION 11.05.  Contribution.......................................................   59
SECTION 11.06.  Execution of Subsidiary Guarantee..................................   60
SECTION 11.07.  Subordination of Subrogation and Other Rights......................   60

                                 ARTICLE TWELVE

                             [INTENTIONALLY OMITTED]

                                ARTICLE THIRTEEN

                                  MISCELLANEOUS

SECTION 13.01.  Trust Indenture Act Controls.......................................   60
SECTION 13.02.  Notices............................................................   61
SECTION 13.03.  Communications by Holders with Other Holders.......................   62
SECTION 13.04.  Certificate and Opinion as to Conditions Precedent.................   62
SECTION 13.05.  Statements Required in Certificate.................................   62
SECTION 13.06.  Rules by Trustee, Paying Agent, Registrar..........................   62
SECTION 13.07.  Governing Law......................................................   62
SECTION 13.08.  No Recourse Against Others.........................................   63
SECTION 13.09.  Successors.........................................................   63
SECTION 13.10.  Counterpart Originals..............................................   63
SECTION 13.11.  Severability.......................................................   63
SECTION 13.12.  No Adverse Interpretation of Other Agreements......................   63
SECTION 13.13.  Legal Holidays.....................................................   63

SIGNATURES.........................................................................   S-1

EXHIBIT A    Form of Series A Security.............................................   A-1
EXHIBIT B    Form of Series B Security.............................................   B-1
EXHIBIT C    Form of Legend for Global Securities..................................   C-1
EXHIBIT D    Form of Transfer Certificate..........................................   D-1
EXHIBIT E    Form of Transfer Certificate for Institutional Accredited Investors...   E-1
EXHIBIT F    Form of Transfer Certificate for Regulation S Transfers...............   F-1
</TABLE>

-----------------
NOTE: This Table of Contents shall not, for any purpose, be deemed to be a part
      of the Indenture.

                                      -iv-
<PAGE>   7
                  INDENTURE dated as of June 14, 2001, among LIN TELEVISION
CORPORATION, a Delaware corporation (the "Company"), the Guarantors named herein
and UNITED STATES TRUST COMPANY OF NEW YORK, as trustee (the "Trustee").

                  Each party hereto agrees as follows for the benefit of each
other party and for the equal and ratable benefit of the Holders of the
Securities:

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.       Definitions.

                  "Acquired Indebtedness" means Indebtedness of a Person or any
of its Subsidiaries existing at the time such Person becomes a Restricted
Subsidiary of the Company or at the time it merges or consolidates with the
Company or any of its Restricted Subsidiaries or assumed in connection with the
acquisition of assets from such Person and not incurred by such Person in
connection with, or in anticipation or contemplation of, such Person becoming a
Restricted Subsidiary of the Company or such acquisition, merger or
consolidation.

                  "Acquired Preferred Stock" means the Preferred Stock of any
Person at such time as such Person becomes a Restricted Subsidiary of the
Company or at the time it merges or consolidates with the Company or any of its
Restricted Subsidiaries and not issued by such Person in connection with, or in
anticipation or contemplation of, such acquisition, merger or consolidation.

                  "Additional Securities" means, subject to the Company's
compliance with Section 4.04, 8% Series A, Series B or any other series of
Senior Notes due 2008 issued from time to time after the Issue Date under the
terms of this Indenture (other than issuances pursuant to Section 2.07, 2.10,
3.06, 4.08, 4.15 or 10.05 of this Indenture and other than Exchange Securities
or Private Exchange Securities issued pursuant to an exchange offer for other
Securities outstanding under this Indenture).

                  "Affiliate" means, as to any Person, any other Person which,
directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person. The term "control"
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. Chase and its
Affiliates shall not be deemed Affiliates of the Company by reason of the Senior
Credit Facilities or their direct or indirect investments in any fund managed by
Hicks Muse or any Person in which any such fund is invested.

                  "Affiliate Transaction" has the meaning provided in Section
4.03.

                  "Agent" means any Registrar, Paying Agent or co-Registrar.

                  "Applicable Premium" has the meaning provided in paragraph 5
on the reverse of each Security.
<PAGE>   8
                                      -2-

                  "Asset Acquisition" means (i) an Investment by the Company or
any Restricted Subsidiary of the Company in any other Person pursuant to which
such Person shall become a Restricted Subsidiary of the Company or shall be
consolidated or merged with the Company or any Restricted Subsidiary of the
Company or (ii) the acquisition by the Company or any Restricted Subsidiary of
the Company of assets of any Person comprising a division or line of business of
such Person.

                  "Asset Sale" means any direct or indirect sale, issuance,
conveyance, transfer, lease (other than operating leases entered into in the
ordinary course of business), assignment or other transfer for value by the
Company or any of its Restricted Subsidiaries (excluding any sale and leaseback
transaction or any pledge of assets or stock by the Company or any of its
Restricted Subsidiaries) to any Person other than the Company or a Restricted
Subsidiary of the Company of (i) any Capital Stock of any Restricted Subsidiary
of the Company or (ii) any other property or assets of the Company or any
Restricted Subsidiary of the Company other than in the ordinary course of
business; provided, however, that for purposes of Section 4.08, Asset Sales
shall not include (a) a transaction or series of related transactions in which
the Company or any of its Restricted Subsidiaries receives aggregate
consideration of less than $1,000,000, (b) transactions permitted under Section
4.09, (c) transactions covered by Section 5.01, (d) a Restricted Payment that
otherwise qualifies under Section 4.10, (e) any disposition of obsolete or worn
out equipment or equipment that is no longer useful in the conduct of the
business of the Company and its Subsidiaries and that is disposed of, in each
case, in the ordinary course of business and (f) any transaction that
constitutes a Change of Control. Solely for purposes of Section 11.03 an Asset
Sale is deemed to include a sale, conveyance or transfer by the Representative
following a foreclosure on such assets.

                  "Asset Swap" means the execution of a definitive agreement,
subject only to FCC approval, if applicable, and other customary closing
conditions that the Company in good faith believes will be satisfied, for a
substantially concurrent purchase and sale, or exchange, of Productive Assets
between the Company or any of its Restricted Subsidiaries and another Person or
group of affiliated Persons; provided that any amendment to or waiver of any
closing condition that individually or in the aggregate is material to the Asset
Swap shall be deemed to be a new Asset Swap; it being understood that an Asset
Swap may include a cash equalization payment made in connection therewith
provided that such cash payment, if received by the Company or its Subsidiaries,
shall be deemed to be proceeds received from an Asset Sale and shall be applied
in accordance with Section 4.08.

                  "Bankruptcy Law" means Title 11, United States Code or any
similar federal, state or foreign law for the relief of debtors.

                  "Board of Directors" means the Board of Directors or other
governing body charged with the ultimate management of any Person, or any duly
authorized committee thereof.

                  "Board Resolution" means, with respect to any Person, a duly
adopted resolution of the Board of Directors of such Person or a duly authorized
committee of such Board of Directors.

                  "Business Day" means any day (other than a day which is a
Saturday, Sunday or legal holiday in the State of New York) on which banks are
open for business in New York, New York.

                  "Capital Stock" means (i) with respect to any Person that is a
corporation, any and all shares, interests, participations or other equivalents
(however designated) of capital stock of such Person and (ii) with respect to
any Person that is not a corporation, any and all partnership or other equity
interests of such Person.
<PAGE>   9
                                      -3-

                  "Capitalized Lease Obligation" means, as to any Person, the
obligation of such Person to pay rent or other amounts under a lease to which
such Person is a party that is required to be classified and accounted for as a
capital lease obligation under GAAP, and for purposes of this definition, the
amount of such obligation at any date shall be the capitalized amount of such
obligation at such date, determined in accordance with GAAP.

                  "Cash Equivalents" means (i) marketable direct obligations
issued by, or unconditionally guaranteed by, the United States Government or
issued by any agency thereof and backed by the full faith and credit of the
United States, in each case maturing within one year from the date of
acquisition thereof; (ii) marketable direct obligations issued by any state of
the United States of America or any political subdivision of any such state or
any public instrumentality thereof maturing within one year from the date of
acquisition thereof and, at the time of acquisition, having one of the two
highest ratings obtainable from either Standard & Poor's Corporation or Moody's
Investors Service, Inc.; (iii) commercial paper maturing no more than one year
from the date of creation thereof and, at the time of acquisition, having a
rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from
Moody's Investors Service, Inc.; (iv) certificates of deposit or bankers'
acceptances maturing within one year from the date of acquisition thereof issued
by any commercial bank organized under the laws of the United States of America
or any state thereof or the District of Columbia or any U.S. branch of a foreign
bank having at the date of acquisition thereof combined capital and surplus of
not less than $200,000,000; (v) repurchase obligations with a term of not more
than seven days for underlying securities of the types described in clause (i)
above entered into with any bank meeting the qualifications specified in clause
(iv) above; and (vi) investments in money market funds that invest substantially
all their assets in securities of the types described in clauses (i) through (v)
above.

                  "Change of Control" means the occurrence of one or more of the
following events: (i) any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all of
the assets of the Company to any Person or group of related Persons for purposes
of Section 13(d) of the Exchange Act (a "Group") (whether or not otherwise in
compliance with the provisions of this Indenture), other than to Hicks Muse or
any of its Affiliates, officers or directors (the "Permitted Holders"); or (ii)
a majority of the board of directors of the Company or Holdings shall consist of
Persons who are not Continuing Directors; or (iii) the acquisition by any Person
or Group (other than the Permitted Holders or any direct or indirect subsidiary
of any Permitted Holder, including without limitation Holdings) of the power,
directly or indirectly, to vote or direct the voting of securities having more
than 50% of the ordinary voting power for the election of directors of the
Company.

                  "Change of Control Date" has the meaning provided in Section
4.15.

                  "Change of Control Offer" has the meaning provided in Section
4.15.

                  "Change of Control Payment Date" has the meaning provided in
Section 4.15.

                  "Change of Control Redemption" has the meaning specified in
paragraph 5 of the Securities.

                  "Chase" means Chase Securities Inc. or any successor
corporation thereto.

                  "Commodity Agreement" means any commodity futures contract,
commodity option or other similar agreement or arrangement.
<PAGE>   10
                                      -4-

                  "Company" means the Person named as the "Company" in the first
paragraph of this Indenture until a successor shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Company" shall mean
such successor.

                  "Company Request" or "Company Order" means a written request
or order signed in the name of the Company by its Chairman of the Board, its
Vice Chairman of the Board, its President, a Vice President or its Treasurer,
and by its Assistant Treasurer, its Secretary or an Assistant Secretary, and
delivered to the Trustee.

                  "Consolidated Cash Flow" means, with respect to any Person,
for any period, the sum (without duplication) of (i) Consolidated Net Income,
(ii) to the extent Consolidated Net Income has been reduced thereby, (a) all
income taxes of such Person and its Restricted Subsidiaries paid or accrued in
accordance with GAAP for such period (other than income taxes attributable to
extraordinary or nonrecurring gains or losses), (b) Consolidated Interest
Expense and (c) Consolidated Non-Cash Charges, all as determined on a
consolidated basis for such Person and its Restricted Subsidiaries in conformity
with GAAP, and (iii) the lesser of (x) dividends or distributions paid in cash
to such Person or its Restricted Subsidiaries by any other Person whose results
are reflected as a minority interest in the consolidated financial statements of
such first Person and (y) such Person's equity interest in the Consolidated Cash
Flow of such other Person (but in no event less than zero), except, that in the
case of the Joint Venture, (I) such amount shall not exceed 10% of the
Consolidated Cash Flow of the Company for such period and (II) such first Person
shall be deemed to have received by dividend its proportionate share of
distributable cash retained by the Joint Venture to fund the interest reserve.

                  "Consolidated Interest Expense" means, with respect to any
Person for any period, without duplication, the sum of (i) the interest expense
of such Person and its Restricted Subsidiaries for such period as determined on
a consolidated basis in accordance with GAAP, including, without limitation, (a)
any amortization of debt discount, (b) the net cost under Interest Swap
Agreements (including any amortization of discounts), (c) the interest portion
of any deferred payment obligation, (d) all commissions, discounts and other
fees and charges owed with respect to letters of credit, bankers' acceptance
financing or similar facilities, and (e) all accrued interest and (ii) the
interest component of Capitalized Lease Obligations paid or accrued by such
Person and its Restricted Subsidiaries during such period as determined on a
consolidated basis in accordance with GAAP.

                  "Consolidated Net Income" of any Person means, for any period,
the aggregate net income (or loss) of such Person and its Restricted
Subsidiaries for such period on a consolidated basis, determined in accordance
with GAAP; provided, however, that there shall be excluded therefrom, without
duplication, (a) gains and losses from Asset Sales (without regard to the
$1,000,000 limitation set forth in the definition thereof) or abandonments or
reserves relating thereto and the related tax effects, (b) items classified as
extraordinary or nonrecurring gains and losses, and the related tax effects
according to GAAP, (c) the net income (or loss) of any Person acquired in a
pooling of interests transaction accrued prior to the date it becomes a
Restricted Subsidiary of such first referred to Person or is merged or
consolidated with it or any of its Restricted Subsidiaries, (d) the net income
of any Restricted Subsidiary to the extent that the declaration of dividends or
similar distributions by that Restricted Subsidiary of that income is restricted
by contract, operation of law or otherwise, and (e) the net income or loss of
any Person, other than a Restricted Subsidiary; and provided, further, however,
that (i) there shall be added to net income an amount equal to the consolidated
cash flow losses attributable to stations which the Company or any of its
Restricted Subsidiaries operates pursuant to local marketing agreements provided
that such addback shall not exceed $3,000,000 in any Four Quarter Period and
(ii) in determining net income, pro forma effect shall be given to the
reimbursement of promotional expenses as if such reimbursement obligation
<PAGE>   11
                                      -5-

were in effect for the entire period with respect to periods ending prior to
March 31, 1999 (but only if such reimbursement obligation is then in effect).

                  "Consolidated Non-Cash Charges" means, with respect to any
Person for any period, the aggregate depreciation, amortization and other
non-cash expenses of such Person and its Restricted Subsidiaries (excluding any
such charges constituting an extraordinary or nonrecurring item) reducing
Consolidated Net Income of such Person and its Restricted Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP.

                  "Continuing Director" means, as of the date of determination,
any Person who (i) was a member of the Board of Directors of the Company or
Holdings on March 3, 1998, (ii) was nominated for election or elected to the
Board of Directors of the Company or Holdings, as the case may be, with the
affirmative vote of a majority of the Continuing Directors who were members of
such Board of Directors at the time of such nomination or election or (iii) is a
representative of a Permitted Holder.

                  "Corporate Trust Office of the Trustee" means the principal
office of the Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of original execution
of this Indenture is located at 114 West 47th Street, New York, New York 10036,
Attention: Corporate Trust Department.

                  "Credit Agreement" means the credit agreement dated as of
March 3, 1998, as amended, among Holdings, the Company, The Chase Manhattan
Bank, as administrative agent and collateral agent, The Bank of New York, as
syndication agent, Bank of America, N.A., as successor documentation agent to
National Westminster Bank PLC, and the other financial institutions from time to
time party thereto, together with the related documents thereto (including,
without limitation, any guarantee agreements and security documents), in each
case as such agreements may be amended (including any amendment and restatement
thereof), supplemented or otherwise modified from time to time, including any
agreement extending the maturity of, refinancing, replacing or otherwise
restructuring (including by way of adding Subsidiaries of the Company as
additional borrowers or guarantors thereunder) all or any portion of the
Indebtedness under such agreement or any successor or replacement agreement and
whether by the same or any other agent, lender or group of lenders (or other
institutions).

                  "Currency Agreement" means any foreign exchange contract,
currency swap agreement or other similar agreement or arrangement.

                  "Custodian" means any receiver, trustee, assignee, liquidator,
sequestrator or similar official under any Bankruptcy Law.

                  "Default" means an event or condition the occurrence of which
is, or with the lapse of time or the giving of notice or both would be, an Event
of Default.

                  "Depository" means, with respect to the Securities issued in
the form of one or more Global Securities, The Depository Trust Company or
another Person designated as Depository by the Company, which must be a clearing
agency registered under the Exchange Act.

                  "Disposition" means, with respect to any Person, any merger,
consolidation or other business combination involving such Person (whether or
not such Person is the Surviving Person) or the sale, assignment, or transfer,
lease, conveyance or other disposition of all or substantially all of such
Person's assets.
<PAGE>   12
                                      -6-

                  "Disqualified Capital Stock" means any Capital Stock that, by
its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable), or upon the happening of any event, matures
(excluding any maturity as the result of an optional redemption by the issuer
thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or is redeemable at the sole option of the holder thereof (except, in
each case, upon the occurrence of a Change of Control), in whole or in part, on
or prior to the Final Maturity Date of the Securities; provided that only the
portion of Capital Stock which so matures or is mandatorily redeemable or is so
redeemable at the sole option of the holder thereof prior to January 15, 2008
shall be deemed Disqualified Capital Stock.

                  "Equity Offering" means a private sale or public offering of
Capital Stock (other than Disqualified Capital Stock) of the Company or a
Holding Company (to the extent, in the case of a Holding Company, that the net
cash proceeds thereof are contributed to the common or non-redeemable preferred
equity capital of the Company).

                  "Event of Default" has the meaning provided in Section 6.01.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated by the SEC thereunder.

                  "Exchange Securities" means (i) the 8% Senior Notes due 2008,
Series B, to be issued in exchange for the Initial Securities pursuant to the
Registration Rights Agreement and (ii) Additional Securities, if any, issued in
the form of 8% Senior Notes due 2008, Series B, or other series of 8% Senior
Notes due 2008 issued pursuant to a registration statement filed with the SEC
under the Securities Act.

                  "Existing Company Indenture" means the indenture, as amended
or supplemented from time to time, dated March 3, 1998 between the Company, the
Guarantors named therein, and the United States Trust Company of New York, as
trustee.

                  "Existing Company Notes" means the 8 3/8% senior subordinated
notes due 2008 of the Company issued under the Existing Company Indenture.

                  "Existing Holdings Indenture" means the indenture, as amended
or supplemented from time to time, dated March 3, 1998 between Holdings and the
United States Trust Company of New York, as trustee.

                  "Existing Holdings Notes" means the 10% senior discount notes
due 2008 of Holdings issued under the Existing Holdings Indenture.

                  "Final Maturity Date" means January 15, 2008.

                  "Financial Advisory Agreement" means the Financial Advisory
Agreement by and among the Company, Holdings, certain of their affiliates and
Hicks Muse Partners, as in effect on March 3, 1998.

                  "Funding Guarantor" has the meaning provided in Section 11.05.

                  "GAAP" means generally accepted accounting principles in the
United States of America as in effect as of March 3, 1998, including those set
forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or the Commission or
in such other statements by such other entity
<PAGE>   13
                                      -7-

as approved by a significant segment of the accounting profession. All ratios
and computations based on GAAP contained in this Indenture shall be computed in
conformity with GAAP.

                  "Global Securities" means one or more 144A Global Securities,
Regulation S Global Securities or IAI Global Securities.

                  "Guarantee" means a guarantee (other than by endorsement of
negotiable instruments for collection in the ordinary course of business),
direct or indirect, in any manner (including, without limitation, by way of a
pledge of assets or through letters of credit or reimbursement agreements in
respect thereof), of all or any part of any Indebtedness.

                  "Guarantor" means each of the Company's direct and indirect,
existing and future Restricted Subsidiaries, other than a Subsidiary organized
under the laws of a jurisdiction other than the United States or any state
thereof, provided that such Subsidiary's assets and principal place of business
are located outside the United States and shall include each of the Company's
Subsidiaries that guarantee the Senior Credit Facilities.

                  "Hicks Muse" means Hicks, Muse, Tate & Furst Incorporated, a
Delaware corporation.

                  "Hicks Muse Partners" means Hicks, Muse & Co. Partners, L.P.,
an affiliate of Hicks Muse.

                  "Holders" means the registered holders of the Securities.

                  "Holdings" means LIN Holdings Corp., a Delaware corporation,
and any successor in interest thereto.

                  "IAI Global Security" means a permanent global security in
registered form representing the aggregate principal amount of Securities
transferred after the Issue Date to Institutional Accredited Investors.

                  "incur" has the meaning set forth in Section 4.04.

                  "Indebtedness" means with respect to any Person, without
duplication, any liability of such Person (i) for borrowed money, (ii) evidenced
by bonds, debentures, notes or other similar instruments, (iii) constituting
Capitalized Lease Obligations, (iv) incurred or assumed as the deferred purchase
price of property, or pursuant to conditional sale obligations and title
retention agreements (but excluding trade accounts payable arising in the
ordinary course of business), (v) for the reimbursement of any obligor on any
letter of credit, banker's acceptance or similar credit transaction, (vi) for
Indebtedness of others guaranteed by such Person, (vii) for Interest Swap
Agreements, Commodity Agreements and Currency Agreements and (viii) for
Indebtedness of any other Person of the type referred to in clauses (i) through
(vii) which is secured by any Lien on any property or asset of such first
referred to Person, the amount of such Indebtedness being deemed to be the
lesser of the value of such property or asset or the amount of the Indebtedness
so secured. The amount of Indebtedness of any Person at any date shall be (i)
the outstanding principal amount of all unconditional obligations described
above, as such amount would be reflected on a balance sheet prepared in
accordance with GAAP, and the maximum liability at such date of such Person for
any contingent obligations described above, (ii) the accreted value thereof, in
the case of any Indebtedness issued with original issue discount, and (iii) the
principal amount thereof, together with any interest thereon that is more than
30 days past due, in the case of any other Indebtedness.

                  "Indenture" means this Indenture, as amended or supplemented
from time to time.
<PAGE>   14
                                      -8-

                  "Initial Purchasers" means J.P. Morgan Securities Inc.,
Deutsche Banc Alex. Brown Inc., Dresdner Kleinwort Wasserstein-Grantchester,
Inc., Fleet Securities, Inc., and Scotia Capital (USA) Inc.

                  "Initial Securities" means (i) the 8% Senior Notes due 2008,
Series A, of the Company and (ii) Additional Securities, if any, issued in the
form of 8% Senior Notes due 2008, Series A, or other series of 8% Senior Notes
due 2008 issued in a transaction exempt from the registration requirements of
the Securities Act.

                  "Institutional Accredited Investor" means an institution that
is an "accredited investor" as that term is defined in Rule 501(a)(1), (2), (3)
or (7) under the Securities Act.

                  "interest" means, with respect to the Securities, the sum of
any cash interest and any Liquidated Damages (as defined in the Registration
Rights Agreement) on the Securities.

                  "Interest Payment Date" means January 15 and July 15 of each
year, commencing on January 15, 2002.

                  "Interest Record Date" for the interest payable on any
Interest Payment Date (except a date for payment of defaulted interest) means
the January 1 or July 1 (whether or not a Business Day), as the case may be,
immediately preceding such Interest Payment Date.

                  "Interest Swap Agreements" means any interest rate protection
agreement, interest rate future, interest rate option, interest rate swap,
interest rate cap or other interest rate hedge or arrangement.

                  "Investment" in any Person means any direct or indirect
advance, loan or other extension of credit (in each case, including by way of
Guarantee or similar arrangement, but excluding (i) any debt or extension of
credit represented by a bank deposit other than a time deposit and (ii) advances
to customers in the ordinary course of business) or capital contribution to (by
means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or
acquisition of Capital Stock, Indebtedness or other similar instruments issued
by such Person. For purposes of Section 4.10, (A) "Investment" shall include the
portion (proportionate to the Company's equity interest in a Restricted
Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market
value of the net assets of such Restricted Subsidiary of the Company at the time
that such Restricted Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Unrestricted Subsidiary as
a Restricted Subsidiary, the Company shall be deemed to continue to have a
permanent "Investment" (if positive) equal to (1) the Company's "Investment" in
such Unrestricted Subsidiary at the time of such redesignation less (2) the
portion (proportionate to the Company's equity interest in such Unrestricted
Subsidiary) of the fair market value of the net assets of such Unrestricted
Subsidiary at the time that such Unrestricted Subsidiary is so redesignated from
an Unrestricted Subsidiary to a Restricted Subsidiary; and (B) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its fair
market value at the time of such transfer, in each case as determined in good
faith by the board of directors of the Company.

                  "Issue Date" means the date on which the Initial Securities
are originally issued.

                  "Joint Venture" means the television station joint venture
formed pursuant to an agreement dated January 15, 1998, as amended, by and
between Holdings, NBC, the Company and certain affiliates of Holdings, NBC and
the Company party thereto, pursuant to which both the Company and NBC will
contribute television stations to the Joint Venture in exchange for equity
interests therein.
<PAGE>   15
                                      -9-

                  "Leverage Ratio" means, as to any Person, the ratio of (i) the
aggregate outstanding amount of Indebtedness of such Person and its Restricted
Subsidiaries as of the date of calculation on a consolidated basis in accordance
with GAAP plus the aggregate liquidation preference of all Disqualified Capital
Stock of such Person and of all outstanding Preferred Stock of Restricted
Subsidiaries of such Person (other than any such Disqualified Capital Stock or
Preferred Stock held by such Person or any of its Restricted Subsidiaries) to
(ii) the Consolidated Cash Flow of such Person for the four full fiscal quarters
(the "Four Quarter Period") ending on or prior to the date of determination.

                  For purposes of this definition, the aggregate outstanding
principal amount of Indebtedness of the Person and its Restricted Subsidiaries
for which such calculation is made shall be determined on a pro forma basis as
if the Indebtedness giving rise to the need to perform such calculation had been
incurred and the proceeds therefrom had been applied, and all other transactions
in respect of which such Indebtedness is being incurred has occurred, on the
last day of the Four Quarter Period. In addition to the foregoing, for purposes
of this definition, "Consolidated Cash Flow" shall be calculated on a pro forma
basis after giving effect to (i) the Transactions, (ii) the incurrence of the
Indebtedness of such Person and its Restricted Subsidiaries (and the application
of the proceeds therefrom) giving rise to the need to make such calculation and
any incurrence (and the application of the proceeds therefrom) or repayment of
other Indebtedness, other than the incurrence or repayment of Indebtedness
pursuant to working capital facilities, at any time subsequent to the beginning
of the Four Quarter Period and on or prior to the date of determination, as if
such incurrence (and the application of the proceeds thereof), or the repayment,
as the case may be, occurred on the first day of the Four Quarter Period, (iii)
any Asset Sales (including those excluded from the definition thereof by clause
(b), (c) or (d) of the definition thereof) or Asset Acquisitions (including,
without limitation, any Asset Acquisition giving rise to the need to make such
calculation as a result of such Person or one of its Subsidiaries (including any
Person that becomes a Restricted Subsidiary as a result of such Asset
Acquisition) incurring, assuming or otherwise becoming liable for Indebtedness)
or Asset Swaps at any time on or subsequent to the first day of the Four Quarter
Period and on or prior to the date of determination, as if such Asset Sale,
Asset Acquisition (including the incurrence, assumption or liability for any
such Indebtedness and also including any Consolidated Cash Flow associated with
such Asset Acquisition) or Asset Swap occurred on the first day of the Four
Quarter Period and (iv) cost savings resulting from employee termination,
facilities consolidations and closings, standardization of employee benefits and
compensation practices, consolidation of property, casualty and other insurance
coverage and policies, standardization of sales representation commissions and
other contract rates, and reductions in taxes other than income taxes
(collectively, "Cost Savings Measures"), which cost savings the Company
reasonably believes in good faith could have been achieved during the Four
Quarter Period as a result of such Asset Acquisition or Asset Swap (regardless
of whether such cost savings could then be reflected in pro forma financial
statements under GAAP, Regulation S-X promulgated by the Commission or any other
regulation or policy of the Commission), less the amount of any additional
expenses that the Company reasonably estimates would result from anticipated
replacement of any items constituting Cost Savings Measures in connection with
such Asset Acquisition or Asset Swap; provided, however, that both (A) such cost
savings and Cost Savings Measures were identified and such cost savings were
quantified in an officer's certificate delivered to the Trustee at the time of
the consummation of the Asset Acquisition or Asset Swap and (B) with respect to
each Asset Acquisition or Asset Swap completed prior to the 90th day preceding
such date of determination, actions were commenced or initiated by the Company
within 90 days of such Asset Acquisition or Asset Swap to effect the Cost
Savings Measures identified in such officer's certificate (regardless, however,
of whether the corresponding cost savings have been achieved). Furthermore, in
calculating "Consolidated Interest Expense" for purposes of the calculation of
"Consolidated Cash Flow," (i) interest on Indebtedness determined on a
fluctuating basis as of the date of determination (including Indebtedness
actually incurred on the date of the transaction giving rise to the need to
calculate the Leverage Ratio) and which will continue to be so determined
thereafter shall be deemed to have accrued at a fixed rate per annum equal to
the rate of interest on such
<PAGE>   16
                                      -10-

Indebtedness as in effect on the date of determination and (ii) notwithstanding
(i) above, interest determined on a fluctuating basis, to the extent such
interest is covered by Interest Swap Agreements, shall be deemed to accrue at
the rate per annum resulting after giving effect to the operation of such
agreements.

                  "Lien" means, with respect to any asset, any lien, mortgage,
deed of trust, pledge, security interest, charge or encumbrance of any kind
(including any conditional sale or other title retention agreement, any lease in
the nature thereof and any agreement to give any security interest).

                  "LMA" means a station operated by the Company pursuant to a
local marketing agreement and with respect to which the Company has a purchase
option exercisable under certain circumstances.

                  "Monitoring and Oversight Agreement" means the Monitoring and
Oversight Agreement by and among the Company, Holdings, certain of their
affiliates and Hicks Muse Partners, as in effect on March 3, 1998.

                  "NBC" means the National Broadcasting Company, Inc.

                  "Net Cash Proceeds" means, with respect to any Asset Sale, the
proceeds in the form of cash or Cash Equivalents (including payments in respect
of deferred payment obligations when received in the form of cash or Cash
Equivalents) received by the Company or any of its Subsidiaries from such Asset
Sale net of (i) reasonable out-of-pocket expenses and fees relating to such
Asset Sale (including, without limitation, legal, accounting and investment
banking fees and sales commissions, recording fees, relocation costs, title
insurance premiums, appraisers fees and costs reasonably incurred in preparation
of any asset or property for sale), (ii) taxes paid or reasonably estimated to
be payable (calculated based on the combined state, federal and foreign
statutory tax rates applicable to the Company or the Restricted Subsidiary
engaged in such Asset Sale), (iii) all distributions and other payments required
to be made to any Person owning a beneficial interest in the assets subject to
sale or minority interest holders in Subsidiaries or joint ventures as a result
of such Asset Sale and (iv) any reserves established in accordance with GAAP for
adjustment in respect of the sales price of the asset or assets subject to such
Asset Sale or for any liabilities associated with such Asset Sale and (v)
repayment of Indebtedness secured by assets subject to such Asset Sale;
provided, however, that if the instrument or agreement governing such Asset Sale
requires the transferor to maintain a portion of the purchase price in escrow
(whether as a reserve for adjustment of the purchase price or otherwise) or to
indemnify the transferee for specified liabilities in a maximum specified
amount, the portion of the cash or Cash Equivalents that is actually placed in
escrow or segregated and set aside by the transferor for such indemnification
obligation shall not be deemed to be Net Cash Proceeds until the escrow
terminates or the transferor ceases to segregate and set aside such funds, in
whole or in part, and then only to the extent of the proceeds released from
escrow to the transferor or that are no longer segregated and set aside by the
transferor.

                  "Obligations" means all obligations for principal, premium,
interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing, or otherwise relating to,
any Indebtedness.

                  "Offering Memorandum" means the final offering memorandum
dated June 8, 2001 setting forth information concerning the Company, Holdings,
the Securities and the Senior Discount Notes.

                  "Offerings" means the initial offerings of the Securities and
the Senior Discount Notes.
<PAGE>   17
                                      -11-

                  "Officer" means the Chairman, any Vice Chairman, the
President, any Vice President, the Chief Financial Officer, the Treasurer or the
Secretary of the Company or any other officer designated by the Board of
Directors serving in a similar capacity.

                  "Officers' Certificate" means a certificate signed by two
Officers or by an Officer and an Assistant Treasurer or Assistant Secretary of
the Company complying with Sections 13.04 and 13.05.

                  "144A Global Security" means a permanent global security in
registered form representing the aggregate principal amount of Initial
Securities sold in reliance on Rule 144A.

                  "Opinion of Counsel" means a written opinion from legal
counsel who is reasonably acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or the Trustee.

                  "Participants" has the meaning provided in Section 2.15.

                  "Paying Agent" has the meaning provided in Section 2.03.

                  "Permitted Holders" has the meaning provided in the definition
of "Change of Control."

                  "Permitted Indebtedness" means, without duplication, (i)
Indebtedness outstanding on the Issue Date (including the Existing Company
Notes, the Senior Discount Notes and the Existing Holdings Notes); (ii)
Indebtedness of the Company and any of its Restricted Subsidiaries that is a
Guarantor (a) outstanding under the Senior Credit Facilities (including letter
of credit obligations); provided that the aggregate principal amount at any time
outstanding does not exceed $570,000,000; or (b) incurred under the Senior
Credit Facilities pursuant to and in compliance with (x) clause (v) of this
definition or (y) the proviso in Section 4.04; (iii) Indebtedness evidenced by
or arising under the Securities and this Indenture; (iv) Interest Swap
Agreements, Commodity Agreements and Currency Agreements; provided, however,
that such agreements are entered into for bona fide hedging purposes and not for
speculative purposes; (v) additional Indebtedness of the Company or any of its
Restricted Subsidiaries that is a Guarantor not to exceed $20,000,000 in
principal amount outstanding at any time (which amount may, but need not, be
incurred under the Senior Credit Facilities); (vi) Refinancing Indebtedness;
(vii) Indebtedness owed by the Company to any Restricted Subsidiary of the
Company or by any Restricted Subsidiary of the Company to the Company or any
Restricted Subsidiary of the Company; (viii) guarantees by the Company or
Restricted Subsidiaries of any Indebtedness permitted to be incurred pursuant to
this Indenture; (ix) Indebtedness in respect of performance bonds, bankers'
acceptances and surety or appeal bonds provided by the Company or any of its
Restricted Subsidiaries to their customers in the ordinary course of their
business; (x) Indebtedness arising from agreements providing for
indemnification, adjustment of purchase price or similar obligations, or from
guarantees or letters of credit, surety bonds or performance bonds securing any
obligations of the Company or any of its Restricted Subsidiaries pursuant to
such agreements, in each case incurred in connection with the disposition of any
business assets or Restricted Subsidiaries of the Company (other than guarantees
of Indebtedness or other obligations incurred by any Person acquiring all or any
portion of such business assets or Restricted Subsidiaries of the Company for
the purpose of financing such acquisition) in a principal amount not to exceed
the gross proceeds actually received by the Company or any of its Restricted
Subsidiaries in connection with such disposition; provided, however, that the
principal amount of any Indebtedness incurred pursuant to this clause (x), when
taken together with all Indebtedness incurred pursuant to this clause (x) and
clause (x) of the definition of Permitted Indebtedness under the Existing
Company Indenture and then outstanding, shall not exceed $20,000,000; and (xi)
Indebtedness represented by Capitalized Lease Obligations, mortgage financings
or purchase money obligations, in each case incurred for the purpose of
financing all or any part of the purchase price or cost of construction or
improvement of property or assets used
<PAGE>   18
                                      -12-

in a related business or incurred to refinance any such purchase price or cost
of construction or improvement, in each case incurred no later than 365 days
after the date of such acquisition or the date of completion of such
construction or improvement; provided, however, that the principal amount of any
Indebtedness incurred pursuant to this clause (xi) shall not exceed $7,500,000
at any time outstanding.

                  "Permitted Investments" means (i) Investments by the Company
or any Restricted Subsidiary of the Company to acquire the stock or assets of
any Person (or Acquired Indebtedness or Acquired Preferred Stock acquired in
connection with a transaction in which such Person becomes a Restricted
Subsidiary of the Company) engaged in the broadcast business or businesses
reasonably related thereto; provided, however, that if any such Investment or
series of related Investments involves an Investment by the Company in excess of
$10,000,000, the Company is able, at the time of such Investment and immediately
after giving effect thereto, to incur at least $1.00 of additional Indebtedness
(other than Permitted Indebtedness) in compliance with Section 4.04, (ii)
Investments received by the Company or its Restricted Subsidiaries as
consideration for a sale of assets made in compliance with the other terms of
this Indenture, (iii) Investments by the Company or any Restricted Subsidiary of
the Company in any Restricted Subsidiary of the Company (whether existing on
March 3, 1998 or created thereafter) or any Person that after such Investments,
and as a result thereof, becomes a Restricted Subsidiary of the Company and
Investments in the Company or any Restricted Subsidiary by any Restricted
Subsidiary of the Company, (iv) Investments in cash and Cash Equivalents, (v)
Investments in securities of trade creditors, wholesalers or customers received
pursuant to any plan of reorganization or similar arrangement, (vi) loans or
advances to employees of the Company or any Restricted Subsidiary thereof for
purposes of purchasing the Company's or a Holding Company's Capital Stock and
other loans and advances to employees made in the ordinary course of business
consistent with past practices of the Company or any Restricted Subsidiary, and
(vii) additional Investments in an aggregate amount not to exceed $5,000,000 at
any time outstanding.

                  "Person" means an individual, partnership, corporation,
limited liability company, unincorporated organization, trust or joint venture,
or a governmental agency or political subdivision thereof.

                  "Physical Securities" means one or more certificated
Securities in registered form.

                  "Preferred Stock" of any Person means any Capital Stock of
such Person that has preferential rights to any other Capital Stock of such
Person with respect to dividends or redemptions or upon liquidation.

                  "Private Exchange Securities" has the meaning provided in the
Registration Rights Agreement.

                  "Private Placement Legend" means the legend initially set
forth on the Initial Securities in the form set forth on Exhibit A hereto.

                  "Productive Assets" means assets of a kind used or usable by
the Company and its Restricted Subsidiaries in the broadcast business or
businesses reasonably related, ancillary or complementary thereto, and
specifically includes assets acquired through Asset Acquisitions (it being
understood that "assets" may include Capital Stock of a Person that owns such
Productive Assets, provided that after giving effect to such transaction, such
Person would be a Restricted Subsidiary of the Company).

                  "Public Equity Offering" means an underwritten public offering
of Capital Stock (other than Disqualified Capital Stock) of the Company or a
Holding Company (to the extent, in the case of a Holding Company, that the net
cash proceeds thereof are contributed to the common or non-redeemable preferred
equity
<PAGE>   19
                                      -13-

capital of the Company), pursuant to an effective registration statement filed
with the Commission in accordance with the Securities Act.

                  "Qualified Capital Stock" means any Capital Stock that is not
Disqualified Capital Stock.

                  "Qualified Institutional Buyer" or "QIB" means a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act.

                  "Redemption Date," when used with respect to any Security to
be redeemed, means the date fixed for such redemption pursuant to this
Indenture.

                  "redemption price," when used with respect to any Security to
be redeemed, means the price fixed for such redemption pursuant to this
Indenture as set forth in the form of Security annexed hereto as Exhibit A.

                  "Refinancing Indebtedness" means any refinancing by the
Company of Indebtedness of the Company or any of its Restricted Subsidiaries
incurred in accordance with Section 4.04 (other than pursuant to clause (iii) or
(iv) of the definition of "Permitted Indebtedness") that does not (i) result in
an increase in the aggregate principal amount of Indebtedness (such principal
amount to include, for purposes of this definition, any premiums, penalties or
accrued interest paid with the proceeds of the Refinancing Indebtedness) of such
Person or (ii) create Indebtedness with (A) a Weighted Average Life to Maturity
that is less than the Weighted Average Life to Maturity of the Indebtedness
being refinanced or (B) a final maturity earlier than the final maturity of the
Indebtedness being refinanced.

                  "Registrar" has the meaning provided in Section 2.03.

                  "Registration" means a registered exchange offer for the
Securities by the Company or other registration of the Securities under the
Securities Act pursuant to and in accordance with the terms of the Registration
Rights Agreement.

                  "Registration Rights Agreement" means (i) with respect to the
Initial Securities, the Exchange and Registration Rights Agreement dated as of
the Issue Date by and among the Company, the Guarantors and the Initial
Purchasers and (ii) with respect to each issuance of Additional Securities
issued in a transaction exempt from the registration requirements of the
Securities Act, the registration rights agreement, if any, among the Company and
the Persons purchasing such Additional Securities under the related purchase
agreement.

                  "Regulation S" means Regulation S under the Securities Act.

                  "Regulation S Global Security" means a permanent global
security in registered form representing the aggregate principal amount of
Securities sold in reliance on Regulation S under the Securities Act.

                  "Representative" means the indenture trustee or other trustee,
agent or representative in respect of any Senior Indebtedness; provided,
however, that if, and for so long as, any issue of Senior Indebtedness lacks
such a representative, then the holders of a majority in outstanding principal
amount of such issue of Senior Indebtedness shall at all times constitute the
Representative for such issue of Senior Indebtedness.
<PAGE>   20
                                      -14-

                  "Restricted Payment" means (i) the declaration or payment of
any dividend or the making of any other distribution (other than dividends or
distributions payable in Qualified Capital Stock or in options, rights or
warrants to acquire Qualified Capital Stock) on shares of the Company's Capital
Stock, (ii) the purchase, redemption, retirement or other acquisition for value
of any Capital Stock of the Company, or any warrants, rights or options to
acquire shares of Capital Stock of the Company, other than through the exchange
of such Capital Stock or any warrants, rights or options to acquire shares of
any class of such Capital Stock for Qualified Capital Stock or warrants, rights
or options to acquire Qualified Capital Stock or (iii) the making of any
Investment (other than a Permitted Investment).

                  "Restricted Security" means a Security that is a "restricted
security" within the meaning set forth in Rule 144(a)(3) under the Securities
Act; provided, however, that the Trustee shall be entitled to request and
conclusively rely upon an Opinion of Counsel with respect to whether any
Security is a Restricted Security.

                  "Restricted Subsidiary" means a Subsidiary of the Company
other than an Unrestricted Subsidiary and includes all of the Subsidiaries of
the Company existing as of the Issue Date. The Board of Directors of the Company
may designate any Unrestricted Subsidiary or any Person that is to become a
Subsidiary as a Restricted Subsidiary if immediately after giving effect to such
action (and treating any Acquired Indebtedness as having been incurred at the
time of such action), the Company could have incurred at least $1.00 of
additional indebtedness (other than Permitted Indebtedness) pursuant to Section
4.04.

                  "Rule 144A" means Rule 144A under the Securities Act.

                  "Secured Indebtedness" means any Indebtedness of the Company
or a Restricted Subsidiary secured by a Lien.

                  "SEC" or "Commission" means the Securities and Exchange
Commission.

                  "Securities" means, collectively, the Initial Securities, the
Private Exchange Securities and the Unrestricted Securities treated as a single
class of securities, as amended or supplemented from time to time in accordance
with the terms of this Indenture.

                  "Securities Act" means the Securities Act of 1933, as amended,
and the rules and regulations promulgated by the SEC thereunder.

                  "Senior Credit Facilities" means the credit facilities under
the Credit Agreement.

                  "Senior Discount Notes" means the 10% Senior Discount Notes
due 2008 of Holdings issued under the Senior Discount Notes Indenture.

                  "Senior Discount Notes Indenture" means the indenture, as
amended or supplemented from time to time, dated June 14, 2001 between Holdings
and United States Trust Company of New York, as trustee.

                  "Senior Indebtedness" means, whether outstanding on March 3,
1998 or thereafter issued, (x) the Securities and (y) all other Indebtedness of
the Company, including interest (including interest accruing on or after the
filing of any petition in bankruptcy or for reorganization relating to the
Company or any Restricted Subsidiary whether or not a claim for post-filing
interest is allowed in such proceeding) and premium, if any, thereon, and other
monetary amounts (including fees, expenses, reimbursement obligations under
letters of credit and indemnities) owing in respect thereof; provided, however,
that Senior Indebtedness shall not include
<PAGE>   21
                                      -15-

(1) any obligation of the Company to any Restricted Subsidiary, (2) any
liability for federal, state, foreign, local or other taxes owed or owing by the
Company, (3) any accounts payable or other liability to trade creditors arising
in the ordinary course of business (including Guarantees thereof or instruments
evidencing such liabilities), (4) any Indebtedness, guarantee, or obligation of
the Company that is expressly subordinate or junior in right of payment to any
other Indebtedness, guarantee or obligation of the Company, including any senior
subordinated indebtedness and any subordinated obligations or (5) obligations in
respect of any Capital Stock.

                  "Significant Restricted Subsidiary" means, at any date of
determination, any Restricted Subsidiary that would be a "significant
subsidiary" as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act, as such rule is in effect on the Issue Date.

                  "Stated Maturity" means with respect to any installment of
interest or principal on any series of Indebtedness, the date on which such
payment of interest or principal was scheduled to be paid in the original
documentation governing such Indebtedness, and shall not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior
to the date originally scheduled for the payment thereof.

                  "Subsidiary," with respect to any Person, means (i) any
corporation of which the outstanding Capital Stock having at least a majority of
the votes entitled to be cast in the election of directors under ordinary
circumstances shall at the time be owned, directly or indirectly through one or
more intermediaries, by such Person or (ii) any other Person of which at least a
majority of the voting interest under ordinary circumstances is at the time,
directly or indirectly through one or more intermediaries, owned by such Person.
Notwithstanding anything in this Indenture to the contrary, all references to
the Company and its consolidated Subsidiaries or to financial information
prepared on a consolidated basis in accordance with GAAP shall be deemed to
include the Company and its Subsidiaries as to which financial statements are
prepared on a combined basis in accordance with GAAP and to financial
information prepared on such a combined basis. Notwithstanding anything in this
Indenture to the contrary, an Unrestricted Subsidiary shall not be deemed to be
a Restricted Subsidiary for purposes of this Indenture.

                  "Subsidiary Guarantees" means the Form of Subsidiary Guarantee
of each Guarantor to be endorsed on each of the Securities in the form of
Exhibit A (in the case of an Initial Security) or Exhibit B (in the case of an
Exchange Security) hereto.

                  "Surviving Person" means, with respect to any Person involved
in or that makes any Disposition, the Person formed by or surviving such
Disposition or the Person to which such Disposition is made.

                  "TIA" means the Trust Indenture Act of 1939 (15 U.S. Code
Sections 77aaa-77bbbb), as amended, as in effect on the date of this Indenture
(except as provided in Section 10.03) until such time as this Indenture is
qualified under the TIA, and thereafter as in effect on the date on which this
Indenture is qualified under the TIA.

                  "Transactions" means the consummation of the Offerings.

                  "Treasury Rate" has the meaning provided in paragraph 5 on the
reverse of each Security.

                  "Trust Officer" means any officer within the corporate trust
department (or any successor group of the Trustee) including any vice president,
assistant vice president, assistant secretary or any other officer or assistant
officer of the Trustee customarily performing functions similar to those
performed by the
<PAGE>   22
                                      -16-

persons who at that time shall be such officers, and also means, with respect to
a particular corporate trust matter, any other officer to whom such trust matter
is referred because of his knowledge of and familiarity with the particular
subject.

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

                  "Unrestricted Securities" means one or more Securities that do
not and are not required to bear the Private Placement Legend in the form set
forth in Exhibit A hereto, including, without limitation, the Exchange
Securities and any Securities registered under the Securities Act pursuant to
and in accordance with the Registration Rights Agreement.

                  "Unrestricted Subsidiary" means a Subsidiary of the Company
created after March 3, 1998 and so designated by a resolution adopted by the
Board of Directors of the Company; provided, however, that (a) neither the
Company nor any of its other Restricted Subsidiaries (1) provides any credit
support for any Indebtedness or other Obligations of such Subsidiary (including
any undertaking, agreement or instrument evidencing such Indebtedness) or (2) is
directly or indirectly liable for any Indebtedness or other Obligations of such
Subsidiary and (b) at the time of designation of such Subsidiary, such
Subsidiary has no property or assets (other than de minimis assets resulting
from the initial capitalization of such Subsidiary). The Board of Directors may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that immediately after giving effect to such designation (x) the
Company could incur $1.00 of additional Indebtedness (other than Permitted
Indebtedness) in compliance with Section 4.04 and (y) no Default or Event of
Default shall have occurred or be continuing. Any designation pursuant to this
definition by the Board of Directors of the Company shall be evidenced to the
Trustee by the filing with the Trustee of a certified copy of the resolution of
the Company's Board of Directors giving effect to such designation and an
Officers' Certificate certifying that such designation complies with the
foregoing conditions.

                  "U.S. Government Obligations" means direct obligations (or
certificates representing an ownership interest in such obligations) of the
United States of America (including any agency or instrumentality thereof) for
the payment of which the full faith and credit of the United States of America
is pledged and which are not callable or redeemable at the issuer's option.

                  "Weighted Average Life to Maturity" means, when applied to any
Indebtedness at any date, the number of years obtained by dividing (a) the then
outstanding aggregate principal amount of such Indebtedness into (b) the total
of the product obtained by multiplying (i) the amount of each then remaining
installment, sinking fund, serial maturity or other required payment of
principal, including payment at final maturity, in respect thereof, by (ii) the
number of years (calculated to the nearest one-twelfth) which will elapse
between such date and the making of such payment.

SECTION 1.02.       Incorporation by Reference of Trust Indenture Act.

                  Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

                  "Commission" means the SEC.

                  "indenture securities" means the Securities.
<PAGE>   23
                                      -17-

                  "indenture security holder" means a Holder.

                  "indenture to be qualified" means this Indenture.

                  "indenture trustee" or "institutional trustee" means the
Trustee.

                  "obligor" means the Company or any other obligor on the
Securities.

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

SECTION 1.03.       Rules of Construction.

                  Unless the context otherwise requires:

         (1)      a term has the meaning assigned to it;

         (2)      an accounting term not otherwise defined has the meaning
     assigned to it in accordance with generally accepted accounting principles
     in effect from time to time, and any other reference in this Indenture to
     "generally accepted accounting principles" refers to GAAP;

         (3)      "or" is not exclusive;

         (4)      words in the singular include the plural, and words in the
     plural include the singular;

         (5)      provisions apply to successive events and transactions; and

         (6)      "herein," "hereof" and other words of similar import refer to
     this Indenture as a whole and not to any particular Article, Section or
     other subdivision.

                                   ARTICLE TWO

                                 THE SECURITIES

SECTION 2.01.       Form and Dating.

                  The Initial Securities and the Trustee's certificate of
authentication thereof shall be substantially in the form of Exhibit A hereto,
which is hereby incorporated in and expressly made a part of this Indenture. The
Exchange Securities and the Trustee's certificate of authentication thereof
shall be substantially in the form of Exhibit B hereto, which is hereby
incorporated in and expressly made a part of this Indenture. The Securities may
have notations, legends or endorsements (including the Subsidiary Guarantee)
required by law, stock exchange rule or usage. The Company and the Trustee shall
approve the form of the Securities and any notation, legend or endorsement
(including the Subsidiary Guarantee) on them. Each Security shall be dated the
date of its issuance and shall show the date of its authentication.
<PAGE>   24
                                      -18-

                  Securities offered and sold in reliance on Rule 144A and
Securities offered and sold in reliance on Regulation S shall be issued
initially in the form of one or more Global Securities, substantially in the
form set forth in Exhibit A hereto, deposited with the Trustee, as custodian for
the Depository, duly executed by the Company and authenticated by the Trustee as
hereinafter provided and shall bear the legend set forth in Exhibit C hereto.
The aggregate principal amount of the Global Securities may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depository, as hereinafter provided.

SECTION 2.02.       Execution and Authentication.

                  One or more Officers shall sign (each of whom shall, in each
case, have been duly authorized by all requisite corporate actions) the
Securities for the Company by manual or facsimile signature.

                  If an Officer whose signature is on a Security or a Subsidiary
Guarantee, as the case may be, was an Officer at the time of such execution but
no longer holds that office at the time the Trustee authenticates the Security
or Subsidiary Guarantee, as the case may be, the Security or Subsidiary
Guarantee, as the case may be, shall be valid nevertheless.

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

                  The Trustee shall authenticate (i) Initial Securities for
original issue in an aggregate principal amount not to exceed $210,000,000, (ii)
Private Exchange Securities from time to time only in exchange for a like
principal amount of Initial Securities and (iii) Unrestricted Securities from
time to time only in exchange for (A) a like principal amount of Initial
Securities or (B) a like principal amount of Private Exchange Securities, in
each case upon a written order of the Company in the form of an Officers'
Certificate. Each such written order shall specify the amount of Securities to
be authenticated and the date on which the Securities are to be authenticated,
whether the Securities are to be Initial Securities, Private Exchange Securities
or Unrestricted Securities and whether the Securities are to be issued as
Physical Securities or Global Securities and such other information as the
Trustee may reasonably request. Additional Securities may be issued in
accordance with Section 2.17. Any such order shall specify the amount of the
Securities to be authenticated and the date on which the original issue of
Securities is to be authenticated and, in the case of an issuance of Additional
Securities pursuant to Section 2.17 after the Issue Date, shall certify that
such issuance will not be prohibited by Section 4.04.

                  Notwithstanding the foregoing, all Securities issued under
this Indenture shall vote and consent together on all matters (as to which any
of such Securities may vote or consent) as one class and no series of Securities
will have the right to vote or consent as a separate class on any matter.

                  The Trustee may appoint an authenticating agent reasonably
acceptable to the Company to authenticate Securities. Unless otherwise provided
in the appointment, an authenticating agent may authenticate Securities whenever
the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent shall
have the same rights as an Agent to deal with the Company and Affiliates of the
Company.

                  The Securities shall be issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof.
<PAGE>   25
                                      -19-

SECTION 2.03.       Registrar and Paying Agent.

                  The Company shall maintain an office or agency, which may be
in the Borough of Manhattan, The City of New York, where (a) Securities may be
presented or surrendered for registration of transfer or for exchange (the
"Registrar"), (b) Securities may be presented or surrendered for payment (the
"Paying Agent") and (c) notices and demands in respect of the Securities and
this Indenture may be served. The Registrar shall keep a register of the
Securities and of their transfer and exchange. The Company, upon notice to the
Trustee, may appoint one or more co-Registrars and one or more additional Paying
Agents. The term "Paying Agent" includes any additional Paying Agent. Except as
provided herein, the Company may act as Paying Agent, Registrar or co-Registrar.

                  The Company shall enter into an appropriate agency agreement
with any Agent not a party to this Indenture, which shall incorporate the
provisions of the TIA. The agreement shall implement the provisions of this
Indenture that relate to such Agent. The Company shall notify the Trustee of the
name and address of any such Agent. If the Company fails to maintain a Registrar
or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as
such and shall be entitled to appropriate compensation in accordance with
Section 8.07.

                  The Company initially appoints the Trustee as Registrar and
Paying Agent until such time as the Trustee has resigned or a successor has been
appointed.

SECTION 2.04.       Paying Agent To Hold Assets in Trust.

                  The Company shall require each Paying Agent other than the
Trustee to agree in writing that each Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all assets held by the Paying Agent for the
payment of principal of, or interest on, the Securities, and shall notify the
Trustee of any Default by the Company in making any such payment. The Company at
any time may require a Paying Agent to distribute all assets held by it to the
Trustee and account for any assets disbursed and the Trustee may at any time
during the continuance of any payment Default, upon written request to a Paying
Agent, require such Paying Agent to distribute all assets held by it to the
Trustee and to account for any assets distributed. Upon distribution to the
Trustee of all assets that shall have been delivered by the Company to the
Paying Agent (if other than the Company), the Paying Agent shall have no further
liability for such assets. If the Company or any of their Affiliates acts as
Paying Agent, it shall, on or before each due date of the principal of or
interest on the Securities, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal or interest so
becoming due until such sums shall be paid to such Persons or otherwise disposed
of as herein provided and will promptly notify the Trustee of its action or
failure so to act.

SECTION 2.05.       Holder Lists.

                  The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Holders. If the Trustee is not the Registrar, the Company shall
furnish to the Trustee before each Interest Record Date and at such other times
as the Trustee may request in writing a list as of such date and in such form as
the Trustee may reasonably require of the names and addresses of Holders, which
list may be conclusively relied upon by the Trustee.
<PAGE>   26
                                      -20-

SECTION 2.06.       Transfer and Exchange.

                  Subject to the provisions of Sections 2.15 and 2.16, when
Securities are presented to the Registrar or a co-Registrar with a request to
register the transfer of such Securities or to exchange such Securities for an
equal principal amount of Securities of other authorized denominations of the
same series, the Registrar or co-Registrar shall register the transfer or make
the exchange as requested if its requirements for such transaction are met;
provided, however, that the Securities surrendered for transfer or exchange
shall be duly endorsed or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Registrar or co-Registrar, duly
executed by the Holder thereof or his attorney duly authorized in writing. To
permit registrations of transfers and exchanges, the Company shall execute and
the Trustee shall authenticate Securities at the Registrar's or co-Registrar's
written request. No service charge shall be made for any registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or other governmental charge
payable upon exchanges or transfers pursuant to Section 2.02, 2.10, 3.06 or
10.05). The Registrar or co-Registrar shall not be required to register the
transfer or exchange of any Security (i) during a period beginning at the
opening of business 15 days before the mailing of a notice of redemption of
Securities and ending at the close of business on the day of such mailing and
(ii) selected for redemption in whole or in part pursuant to Article Three
hereof, except the unredeemed portion of any Security being redeemed in part.

                  Prior to the registration of any transfer by a Holder as
provided herein, the Company, the Trustee and any Agent of the Company shall
treat the person in whose name the Security is registered as the owner thereof
for all purposes whether or not the Security shall be overdue, and none of the
Company, the Trustee nor any such Agent shall be affected by notice to the
contrary. Any consent, waiver or actions of a Holder shall be binding upon any
subsequent Holders of such Security or a Security received upon transfer. Any
Holder of a beneficial interest in a Global Security shall, by acceptance of
such beneficial interest in a Global Security, agree that transfers of
beneficial interests in such Global Security may be effected only through a
book-entry system maintained by the Depository (or its agent), and that
ownership of a beneficial interest in a Global Security shall be required to be
reflected in a book entry.

SECTION 2.07.       Replacement Securities.

                  If a mutilated Security is surrendered to the Trustee or if
the Holder of a Security claims that the Security has been lost, destroyed or
wrongfully taken, the Company shall issue and the Trustee shall authenticate a
replacement Security if the Trustee's requirements for replacement of Securities
are met. If required by the Company or the Trustee, such Holder must provide an
indemnity bond or other indemnity, sufficient in the judgment of the Company and
the Trustee, to protect the Company, the Trustee and any Agent from any loss
which any of them may suffer if a Security is replaced. The Company may charge
such Holder for their reasonable out-of-pocket expenses in replacing a Security,
including reasonable fees and expenses of counsel.

                  Every replacement Security is an additional obligation of the
Company.

SECTION 2.08.       Outstanding Securities.

                  Securities outstanding at any time are all the Securities that
have been authenticated by the Trustee except those canceled by it, those
delivered to it for cancellation and those described in this Section 2.08
<PAGE>   27
                                      -21-

as not outstanding. Subject to Section 2.09, a Security does not cease to be
outstanding because the Company or any Affiliates of the Company holds the
Security.

                  If a Security is replaced pursuant to Section 2.07 (other than
a mutilated Security surrendered for replacement), it ceases to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced Security
is held by a bona fide purchaser. A mutilated Security ceases to be outstanding
upon surrender of such Security and replacement thereof pursuant to Section
2.07.

                  If on a Redemption Date or the Final Maturity Date the Paying
Agent holds money sufficient to pay all of the principal and interest due on the
Securities payable on that date, and is not prohibited from paying such money to
the Holders pursuant to the terms of this Indenture, then on and after that date
such Securities cease to be outstanding and interest on them ceases to accrue.

SECTION 2.09.       Treasury Securities.

                  In determining whether the Holders of the required principal
amount of Securities have concurred in any direction, waiver or consent,
Securities owned by the Company, the Guarantors or any of their respective
Affiliates shall be disregarded, except that, for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver
or consent, only Securities that a Trust Officer of the Trustee actually knows
are so owned shall be disregarded.

                  The Company shall notify the Trustee, in writing, when the
Company or any of its respective Affiliates repurchases or otherwise acquires
Securities, of the aggregate principal amount of such Securities so repurchased
or otherwise acquired.

SECTION 2.10.       Temporary Securities.

                  Until definitive Securities are ready for delivery, the
Company may prepare and the Trustee shall authenticate temporary Securities upon
receipt of a written order of the Company in the form of an Officers'
Certificate. The Officers' Certificate shall specify the amount of temporary
Securities to be authenticated and the date on which the temporary Securities
are to be authenticated.

                  Temporary Securities shall be substantially in the form of
definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate upon receipt of a written order
of the Company pursuant to Section 2.02 definitive Securities in exchange for
temporary Securities.

SECTION 2.11.       Cancellation.

                  The Company at any time may deliver Securities to the Trustee
for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for transfer, exchange or payment.
The Trustee, or at the direction of the Trustee, the Registrar or the Paying
Agent, and no one else, shall cancel, and at the written direction of the
Company, dispose of and deliver evidence of such disposal of all Securities
surrendered for transfer, exchange, payment or cancellation. Subject to Section
2.07, the Company may not issue new Securities to replace Securities that they
have paid or delivered to the Trustee for cancellation. If the Company shall
acquire any of the Securities, such acquisition shall not operate as a
redemption or satisfaction of the Indebtedness represented by such Securities
unless and until the same are surrendered to the Trustee for cancellation
pursuant to this Section 2.11.
<PAGE>   28
                                      -22-

SECTION 2.12.       Defaulted Interest.

                  The Company shall pay interest on overdue principal from time
to time on demand at the rate of interest then borne by the Securities. The
Company shall, to the extent lawful, pay interest on overdue installments of
interest (without regard to any applicable grace periods) from time to time on
demand at the rate of interest then borne by the Securities.

                  If the Company defaults in a payment of interest on the
Securities, it shall pay the defaulted interest, plus (to the extent lawful) any
interest payable on the defaulted interest to the Persons who are Holders on a
subsequent special record date, which date shall be the fifteenth day preceding
the date fixed by the Company for the payment of defaulted interest or the next
succeeding Business Day if such date is not a Business Day. At least 15 days
before the subsequent special record date, the Company shall mail to each
Holder, with a copy to the Trustee, a notice that states the subsequent special
record date, the payment date and the amount of defaulted interest, and interest
payable on such defaulted interest, if any, to be paid.

                  Notwithstanding the foregoing, any interest which is paid
prior to the expiration of the 30-day period set forth in Section 6.01(a) shall
be paid to Holders as of the Interest Record Date for the Interest Payment Date
for which interest has not been paid.

SECTION 2.13.       CUSIP Number.

                  The Company in issuing the Securities will use a "CUSIP"
number and the Trustee shall use the CUSIP number in notices of redemption or
exchange as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness or accuracy of
the CUSIP number printed in the notice or on the Securities, and that reliance
may be placed only on the other identification numbers printed on the
Securities. The Company shall promptly notify the Trustee of any changes in
CUSIP numbers.

SECTION 2.14.       Deposit of Moneys.

                  Prior to 11:00 a.m. New York City time on each Interest
Payment Date, Redemption Date, and the Final Maturity Date, the Company shall
deposit with the Paying Agent in immediately available funds money sufficient to
make cash payments, if any, due on such Interest Payment Date, Redemption Date
or Final Maturity Date, as the case may be, in a timely manner which permits the
Paying Agent to remit payment to the Holders on such Interest Payment Date,
Redemption Date or Final Maturity Date, as the case may be.

SECTION 2.15.       Book-Entry Provisions for Global Securities.

                  (a) The Global Securities initially shall (i) be registered in
the name of the Depository or the nominee of such Depository, (ii) be delivered
to the Trustee as custodian for such Depository and (iii) bear legends as set
forth in Exhibit C.

                  Members of, or participants in, the Depository
("Participants") shall have no rights under this Indenture with respect to any
Global Security held on their behalf by the Depository, or the Trustee as its
custodian, or under the Global Security, and the Depository may be treated by
the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner of the Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by
<PAGE>   29
                                      -23-

the Depository or impair, as between the Depository and Participants, the
operation of customary practices governing the exercise of the rights of a
Holder of any Security.

                  (b) Transfers of Global Securities shall be limited to
transfers in whole, but not in part, to the Depository, its successors or their
respective nominees. Interests of beneficial owners in the Global Securities may
be transferred or exchanged for Physical Securities in accordance with the rules
and procedures of the Depository and the provisions of Section 2.16; provided,
however, that Physical Securities shall be transferred to all beneficial owners
in exchange for their beneficial interests in Global Securities if (i) the
Depository notifies the Company that it is unwilling or unable to continue as
Depository for any Global Security and a successor Depository is not appointed
by the Company within 90 days of such notice or (ii) an Event of Default has
occurred and is continuing and the Registrar has received a request from the
Depository to issue Physical Securities.

                  (c) In connection with the transfer of Global Securities as an
entirety to beneficial owners pursuant to paragraph (b) of this Section 2.15,
the Global Securities shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee shall upon written
instructions from the Company authenticate and deliver, to each beneficial owner
identified by the Depository in exchange for its beneficial interest in the
Global Securities, an equal aggregate principal amount of Physical Securities of
authorized denominations.

                  (d) Any Physical Security constituting a Restricted Security
delivered in exchange for an interest in a Global Security pursuant to paragraph
(c) of this Section 2.15 shall, except as otherwise provided by Section 2.16,
bear the Private Placement Legend.

                  (e) The Holder of any Global Security may grant proxies and
otherwise authorize any Person, including Participants and Persons that may hold
interests through Participants, to take any action which a Holder is entitled to
take under this Indenture or the Securities.

SECTION 2.16.       Registration of Transfers and Exchanges.

                  (a) Transfer and Exchange of Physical Securities. When
Physical Securities are presented to the Registrar or co-Registrar with a
request:

                  (i)      to register the transfer of the Physical Securities;
         or

                  (ii)     to exchange such Physical Securities for an equal
         principal amount of Physical Securities of other authorized
         denominations,

the Registrar or co-Registrar shall register the transfer or make the exchange
as requested if the requirements under this Indenture as set forth in this
Section 2.16 for such transactions are met; provided, however, that the Physical
Securities presented or surrendered for registration of transfer or exchange:

                  (I)      shall be duly endorsed or accompanied by a written
         instrument of transfer in form satisfactory to the Registrar or
         co-Registrar, duly executed by the Holder thereof or his attorney duly
         authorized in writing; and

                  (II)     in the case of Physical Securities the offer and sale
         of which have not been registered under the Securities Act, such
         Physical Securities shall be accompanied, in the sole discretion of the
         Company, by the following additional information and documents, as
         applicable:
<PAGE>   30
                                      -24-

                  (A)      if such Physical Security is being delivered to the
                           Registrar or co-Registrar by a Holder for
                           registration in the name of such Holder, without
                           transfer, a certification from such Holder to that
                           effect (substantially in the form of Exhibit D
                           hereto); or

                  (B)      if such Physical Security is being transferred to a
                           QIB in accordance with Rule 144A, a certification to
                           that effect (substantially in the form of Exhibit D
                           hereto); or

                  (C)      if such Physical Security is being transferred to an
                           Institutional Accredited Investor, delivery of a
                           certification to that effect (substantially in the
                           form of Exhibit D hereto) and a transferee letter of
                           representation (substantially in the form of Exhibit
                           E hereto) and, at the option of the Company, an
                           Opinion of Counsel reasonably satisfactory to the
                           Company to the effect that such transfer is in
                           compliance with the Securities Act; or

                  (D)      if such Physical Security is being transferred in
                           reliance on Rule 144 under the Securities Act,
                           delivery of a certification to that effect
                           (substantially in the form of Exhibit D hereto) and,
                           at the option of the Company, an Opinion of Counsel
                           reasonably satisfactory to the Company to the effect
                           that such transfer is in compliance with the
                           Securities Act; or

                  (E)      if such Physical Security is being transferred in
                           reliance on Regulation S, delivery of a certification
                           to that effect (substantially in the form of Exhibit
                           D hereto) and a transferor certificate for Regulation
                           S transfers (substantially in the form of Exhibit F
                           hereto) and, at the option of the Company, an Opinion
                           of Counsel reasonably satisfactory to the Company to
                           the effect that such transfer is in compliance with
                           the Securities Act; or

                  (F)      if such Physical Security is being transferred in
                           reliance on another exemption from the registration
                           requirements of the Securities Act, a certification
                           to that effect (substantially in the form of Exhibit
                           D hereto) and, at the option of the Company, an
                           Opinion of Counsel reasonably acceptable to the
                           Company to the effect that such transfer is in
                           compliance with the Securities Act.

                  (b) Restrictions on Transfer of a Physical Security for a
Beneficial Interest in a Global Security. A Physical Security the offer and sale
of which has not been registered under the Securities Act may not be exchanged
for a beneficial interest in a Global Security except upon satisfaction of the
requirements set forth below. Upon receipt by the Registrar or co-Registrar of a
Physical Security, duly endorsed or accompanied by appropriate instruments of
transfer, in form satisfactory to the Registrar or co-Registrar, together with:

                  (A)      certification, substantially in the form of Exhibit D
                           hereto, that such Physical Security is being
                           transferred (I) to a QIB, (II) to an Institutional
                           Accredited Investor or (III) in an offshore
                           transaction in reliance on Regulation S and, with
                           respect to (II) or (III), at the option of the
                           Company, an Opinion of Counsel reasonably acceptable
                           to the Company to the effect that such transfer is in
                           compliance with the Securities Act; and
<PAGE>   31
                                      -25-

                  (B)      written instructions directing the Registrar or
                           co-Registrar to make, or to direct the Depository to
                           make, an endorsement on the applicable Global
                           Security to reflect an increase in the aggregate
                           amount of the Securities represented by the Global
                           Security,

then the Registrar or co-Registrar shall cancel such Physical Security and
cause, or direct the Depository to cause, in accordance with the standing
instructions and procedures existing between the Depository and the Registrar or
co-Registrar, the principal amount of Securities represented by the applicable
Global Security to be increased accordingly. If no 144A Global Security, IAI
Global Security or Regulation S Global Security, as the case may be, is then
outstanding, the Company shall, unless either of the events in the proviso to
Section 2.15(b) have occurred and are continuing, issue and the Trustee shall,
upon written instructions from the Company in accordance with Section 2.02,
authenticate such a Global Security in the appropriate principal amount.

                  (c) Transfer and Exchange of Global Securities. The transfer
and exchange of Global Securities or beneficial interests therein shall be
effected through the Depository in accordance with this Indenture (including the
restrictions on transfer set forth herein) and the procedures of the Depository
therefor. Upon receipt by the Registrar or Co-Registrar of written instructions,
or such other instruction as is customary for the Depository, from the
Depository or its nominee, requesting the registration of transfer of an
interest in a 144A Global Security, an IAI Global Security or a Regulation S
Global Security, as the case may be, to another type of Global Security,
together with the applicable Global Securities (or, if the applicable type of
Global Security required to represent the interest as requested to be obtained
is not then outstanding, only the Global Security representing the interest
being transferred), the Registrar or Co-Registrar shall reflect on its books and
records (and the applicable Global Security) the applicable increase and
decrease of the principal amount of Securities represented by such types of
Global Securities, giving effect to such transfer. If the applicable type of
Global Security required to represent the interest as requested to be obtained
is not outstanding at the time of such request, the Company shall issue and the
Trustee shall, upon written instructions from the Company in accordance with
Section 2.02, authenticate a new Global Security of such type in principal
amount equal to the principal amount of the interest requested to be
transferred.

                  (d) Transfer of a Beneficial Interest in a Global Security for
a Physical Security.

                  (i)      Any Person having a beneficial interest in a Global
         Security may upon request exchange such beneficial interest for a
         Physical Security; provided, however, that prior to the Registration, a
         transferee that is a QIB or Institutional Accredited Investor may not
         exchange a beneficial interest in Global Security for a Physical
         Security. Upon receipt by the Registrar or co-Registrar of written
         instructions, or such other form of instructions as is customary for
         the Depository, from the Depository or its nominee on behalf of any
         Person having a beneficial interest in a Global Security and upon
         receipt by the Trustee of a written order or such other form of
         instructions as is customary for the Depository or the Person
         designated by the Depository as having such a beneficial interest
         containing registration instructions and, in the case of any such
         transfer or exchange of a beneficial interest in Securities the offer
         and sale of which have not been registered under the Securities Act,
         the following additional information and documents:

                  (A)      if such beneficial interest is being transferred in
                           reliance on Rule 144 under the Securities Act,
                           delivery of a certification to that effect
                           (substantially in the form of Exhibit D hereto) and,
                           at the option of the Company, an Opinion of Counsel
                           reasonably satisfactory to the Company to the effect
                           that such transfer is in compliance with the
                           Securities Act; or
<PAGE>   32
                                      -26-

                  (B)      if such beneficial interest is being transferred in
                           reliance on another exemption from the registration
                           requirements of the Securities Act, a certification
                           to that effect (substantially in the form of Exhibit
                           D hereto) and, at the option of the Company, an
                           Opinion of Counsel reasonably satisfactory to the
                           Company to the effect that such transfer is in
                           compliance with the Securities Act,

         then the Registrar or co-Registrar will cause, in accordance with the
         standing instructions and procedures existing between the Depository
         and the Registrar or co-Registrar, the aggregate principal amount of
         the applicable Global Security to be reduced and, following such
         reduction, the Company will execute and, upon receipt of an
         authentication order in the form of an Officers' Certificate in
         accordance with Section 2.02, the Trustee will authenticate and deliver
         to the transferee a Physical Security in the appropriate principal
         amount.

                  (ii)     Securities issued in exchange for a beneficial
         interest in a Global Security pursuant to this Section 2.16(d) shall be
         registered in such names and in such authorized denominations as the
         Depository, pursuant to instructions from its direct or indirect
         participants or otherwise, shall instruct the Registrar or co-Registrar
         in writing. The Registrar or co-Registrar shall deliver such Physical
         Securities to the Persons in whose names such Physical Securities are
         so registered.

                  (e) Restrictions on Transfer and Exchange of Global
Securities. Notwithstanding any other provisions of this Indenture, a Global
Security may not be transferred as a whole except by the Depository to a nominee
of the Depository or by a nominee of the Depository to the Depository or another
nominee of the Depository or by the Depository or any such nominee to a
successor Depository or a nominee of such successor Depository.

                  (f) Private Placement Legend. Upon the transfer, exchange or
replacement of Securities not bearing the Private Placement Legend, the
Registrar or co-Registrar shall deliver Securities that do not bear the Private
Placement Legend. Upon the transfer, exchange or replacement of Securities
bearing the Private Placement Legend, the Registrar or co-Registrar shall
deliver only Securities that bear the Private Placement Legend unless, and the
Trustee is hereby authorized to deliver Securities without the Private Placement
Legend if, (i) there is delivered to the Trustee an Opinion of Counsel
reasonably satisfactory to the Company and the Trustee to the effect that
neither such legend nor the related restrictions on transfer are required in
order to maintain compliance with the provisions of the Securities Act; (ii)
such Security has been sold pursuant to an effective registration statement
under the Securities Act (including pursuant to a Registration); or (iii) the
date of such transfer, exchange or replacement is two years after the later of
(x) the Issue Date and (y) the last date that the Company or any affiliate (as
defined in Rule 144 under the Securities Act) of the Company was the owner of
such Securities (or any predecessor thereto).

                  (g) General. By its acceptance of any Security bearing the
Private Placement Legend, each Holder of such a Security acknowledges the
restrictions on transfer of such Security set forth in this Indenture and in the
Private Placement Legend and agrees that it will transfer such Security only as
provided in this Indenture.

                  The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any
interest in any Security (including any transfers between or among Participants
or beneficial owners of interest in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the
<PAGE>   33
                                      -27-

terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof.

                  The Registrar shall retain copies of all letters, notices and
other written communications received pursuant to Section 2.15 or this Section
2.16. The Company shall have the right to inspect and make copies of all such
letters, notices or other written communications at any reasonable time upon the
giving of reasonable written notice to the Registrar.

SECTION 2.17.       Issuance of Additional Securities.

                  The Company shall be entitled to issue Additional Securities
under this Indenture which shall have identical terms as the Securities issued
on the Issue Date, other than with respect to the date of issuance, issue price
and amount of interest payable on the first payment date applicable thereto
(and, if such Additional Securities shall be issued in the form of Exchange
Securities, other than with respect to transfer restrictions); provided that
such issuance is not prohibited by Section 4.04. The Initial Securities issued
on the Issue Date, any Additional Securities and all Exchange Securities or
Private Exchange Securities issued in exchange therefor shall be treated as a
single class for all purposes under this Indenture.

                  With respect to any Additional Securities, the Company shall
set forth in a Board Resolution and in an Officers' Certificate, a copy of each
of which shall be delivered to the Trustee, the following information:

                  (1)      the aggregate principal amount of such Additional
         Securities to be authenticated and delivered pursuant to this
         Indenture;

                  (2)      the issue price, the issue date and the CUSIP number
         of such Additional Securities and the amount of interest payable on the
         first payment date applicable thereto; and

                  (3)      whether such Additional Securities shall be
         Restricted Securities and issued in the form of Initial Securities or
         shall be registered securities issued in the form of Unrestricted
         Securities.

                                  ARTICLE THREE

                                   REDEMPTION

SECTION 3.01.       Notices to Trustee.

                  If the Company elects to redeem Securities pursuant to
paragraph 5 of the Securities at the applicable redemption price set forth
thereon, it shall notify the Trustee in writing of the Redemption Date and the
principal amount of Securities to be redeemed. The Company shall give such
notice to the Trustee at least 45 days before the Redemption Date (unless a
shorter notice shall be agreed to by the Trustee in writing), together with an
Officers' Certificate stating that such redemption will comply with the
conditions contained herein.
<PAGE>   34
                                      -28-

SECTION 3.02.       Selection of Securities To Be Redeemed.

                  If less than all of the Securities are to be redeemed pursuant
to paragraph 5 of the Securities, the Trustee shall select the Securities to be
redeemed in compliance with the requirements of the national securities
exchange, if any, on which the Securities are listed or, in the absence of such
requirements or if the Securities are not then listed on a national securities
exchange, on a pro rata basis, by lot or in such other manner as may be required
pursuant to this Indenture or otherwise as the Trustee shall deem fair and
appropriate. Selection of the Securities to be redeemed pursuant to paragraph
5(b) of the Securities shall be made by the Trustee only on a pro rata basis or
on as nearly a pro rata basis as is practicable (subject to the procedures of
the Depository) based on the aggregate principal amount of Securities held by
each Holder. The Trustee shall make the selection from the Securities then
outstanding, subject to redemption and not previously called for redemption.

                  The Trustee may select for redemption pursuant to paragraph 5
of the Securities portions of the principal amount of Securities that have
denominations equal to or larger than $1,000 principal amount. Securities and
portions of them the Trustee so selects shall be in amounts of $1,000 principal
amount or integral multiples thereof. Provisions of this Indenture that apply to
Securities called for redemption also apply to portions of Securities called for
redemption.

SECTION 3.03.       Notice of Redemption.

                  At least 30 days but not more than 60 days before a Redemption
Date, the Company shall mail a notice of redemption by first-class mail to each
Holder whose Securities are to be redeemed at such Holder's registered address;
provided, however, that notice of a redemption pursuant to paragraph 5(b) of the
Securities shall be mailed to each Holder whose Securities are to be redeemed no
later than 60 days after the date of the closing of the relevant Equity Offering
of the Company.

                  Each notice of redemption shall identify the Securities to be
redeemed (including the CUSIP number thereon) and shall state:

         (1)      the Redemption Date;

         (2)      the redemption price;

         (3)      the name and address of the Paying Agent to which the
     Securities are to be surrendered for redemption;

         (4)      that Securities called for redemption must be surrendered to
     the Paying Agent to collect the redemption price;

         (5)      that, as long as the Company has deposited with the Paying
     Agent funds in satisfaction of the applicable redemption price pursuant to
     this Indenture, interest on Securities called for redemption ceases to
     accrue on and after the Redemption Date and the only remaining right of the
     Holders is to receive payment of the redemption price upon surrender to the
     Paying Agent;

         (6)      in the case of any redemption pursuant to paragraph 5 of the
     Securities, if any Security is being redeemed in part, the portion of the
     principal amount of such Security to be redeemed and that, after
<PAGE>   35
                                      -29-

     the Redemption Date, upon surrender of such Security, a new Security or
     Securities in principal amount equal to the unredeemed portion thereof will
     be issued;

         (7)      the subparagraph of the Securities pursuant to which such
     redemption is being made; and

         (8)      that no representation is made as to the accuracy of the CUSIP
     number listed in such notice or printed on such Security.

                  At the Company's request, the Trustee shall give the notice of
redemption on behalf of the Company, in the Company's name and at the Company's
expense.

SECTION 3.04.       Effect of Notice of Redemption.

                  Once a notice of redemption is mailed, Securities called for
redemption become due and payable on the Redemption Date and at the redemption
price. Upon surrender to the Paying Agent, such Securities shall be paid at the
redemption price, plus accrued interest thereon, if any, to the Redemption Date,
but interest installments whose maturity is on or prior to such Redemption Date
shall be payable to the Holders of record at the close of business on the
relevant Interest Record Date.

SECTION 3.05.       Deposit of Redemption Price.

                  At least one Business Day before the Redemption Date, the
Company shall deposit with the Paying Agent (or if the Company is its own Paying
Agent, it shall, on or before the Redemption Date, segregate and hold in trust)
money sufficient to pay the redemption price of and accrued interest, if any, on
all Securities to be redeemed on that date other than Securities or portions
thereof called for redemption on that date which have been delivered by the
Company to the Trustee for cancellation.

                  If any Security surrendered for redemption in the manner
provided in the Securities shall not be so paid on the Redemption Date due to
the failure of the Company to deposit with the Paying Agent money sufficient to
pay the redemption price thereof, the principal and accrued and unpaid interest,
if any, thereon shall, until paid or duly provided for, bear interest as
provided in Sections 2.12 and 4.01 with respect to any payment default.

SECTION 3.06.       Securities Redeemed in Part.

                  Upon surrender of a Security that is redeemed in part, the
Trustee shall authenticate for the Holder a new Security equal in principal
amount to the unredeemed portion of the Security surrendered.

                                  ARTICLE FOUR

                                    COVENANTS

SECTION 4.01.       Payment of Securities.

                  The Company shall pay the principal of and interest on the
Securities in the manner provided in the Securities and the Registration Rights
Agreement. An installment of principal or interest shall be
<PAGE>   36
                                      -30-

considered paid on the date due if the Trustee or Paying Agent (other than the
Company or any Affiliates of the Company) holds on that date money designated
for and sufficient to pay the installment in full and is not prohibited from
paying such money to the Holders of the Securities pursuant to the terms of this
Indenture.

                  The Company shall pay cash interest on overdue principal at
the same rate per annum borne by the Securities. The Company shall pay cash
interest on overdue installments of interest at the same rate per annum borne by
the Securities, to the extent lawful, as provided in Section 2.12.

SECTION 4.02.       Maintenance of Office or Agency.

                  The Company shall give prompt written notice to the Trustee of
the location, and any change in the location, of any office or agency required
by Section 2.03. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the address of the Trustee set forth in Section 13. The Company hereby
initially designates the Trustee at its address set forth in Section 13.02 as
its office or agency in The Borough of Manhattan, The City of New York, for such
purposes.

SECTION 4.03.       Limitation on Transactions with Affiliates.

                  The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, enter into or permit to
exist any transaction (including, without limitation, the purchase, sale, lease,
contribution or exchange of any property or the rendering of any service) with
or for the benefit of any of its Affiliates (other than transactions between the
Company and a Restricted Subsidiary of the Company or among Restricted
Subsidiaries of the Company) (an "Affiliate Transaction"), other than Affiliate
Transactions on terms that are no less favorable than those that might
reasonably have been obtained in a comparable transaction on an arm's-length
basis from a person that is not an Affiliate; provided, however, that for a
transaction or series of related transactions involving value of $5,000,000 or
more, such determination shall be made in good faith by a majority of members of
the Board of Directors of the Company and by a majority of the disinterested
members of the Board of Directors of the Company, if any; provided, further,
that for a transaction or series of related transactions involving value of
$15,000,000 or more, the Board of Directors of the Company has received an
opinion from an independent investment banking firm of nationally recognized
standing that such Affiliate Transaction is fair, from a financial point of
view, to the Company or such Restricted Subsidiary. The foregoing restrictions
shall not apply to (1) reasonable and customary directors' fees, indemnification
and similar arrangements and payments thereunder; (2) any obligations of the
Company under any employment agreement, noncompetition or confidentiality
agreement with any officer of the Company, as in effect on March 3, 1998
(provided that each amendment of any of the foregoing agreements shall be
subject to the limitations of this covenant); (3) any Restricted Payment
permitted to be made pursuant Section 4.10; (4) any issuance of securities, or
other payments, awards or grants in cash, securities or otherwise pursuant to,
or the funding of, employment arrangements, stock options and stock ownership
plans approved by the Board of Directors of the Company; (5) loans or advances
to employees in the ordinary course of business of the Company or any of its
Restricted Subsidiaries consistent with past practices; and (6) payments by the
Company to Hicks Muse Partners in accordance with the terms of the Financial
Advisory Agreement and the Monitoring and Oversight Agreement.

SECTION 4.04.       Limitation on Incurrence of Additional Indebtedness and
                    Issuance of Capital Stock.

                  (a) The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, assume,
guarantee or otherwise become directly or indirectly liable, contingently or
<PAGE>   37
                                      -31-

otherwise, with respect to (collectively, "incur") any Indebtedness (other than
Permitted Indebtedness) and the Company shall not issue any Disqualified Capital
Stock and its Restricted Subsidiaries shall not issue any Preferred Stock
(except Preferred Stock issued to the Company or a Restricted Subsidiary of the
Company so long as it is so held); provided, however, that the Company and its
Restricted Subsidiaries that are Guarantors may incur Indebtedness or issue
shares of such Capital Stock if, in either case, the Company's Leverage Ratio at
the time of incurrence of such Indebtedness or the issuance of such Capital
Stock, as the case may be, after giving pro forma effect to such incurrence or
issuance as of such date and to the use of proceeds therefrom is less than 7.0
to 1.

                  (b) The Company shall not incur or suffer to exist, or permit
any of its Restricted Subsidiaries to incur or suffer to exist, any Obligations
with respect to an Unrestricted Subsidiary that would violate the provisions set
forth in the definition of Unrestricted Subsidiary.

                  (c) The Company will not, and will not permit any Guarantor
to, directly or indirectly, incur any Indebtedness which by its terms (or by the
terms of any agreement governing such Indebtedness) is subordinated to any other
Indebtedness of the Company or such Guarantor, as the case may be, unless such
Indebtedness is also by its terms (or by the terms of any agreement governing
such Indebtedness) made expressly subordinate to the Securities or the
Subsidiary Guarantee of such Guarantor to the same extent and in the same manner
as such Indebtedness is subordinated to other Indebtedness of the Company or
such Guarantor, as the case may be.

SECTION 4.05.       [Intentionally Omitted].

SECTION 4.06.       Payments for Consents.

                  Neither the Company nor any of its Subsidiaries shall,
directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fee or otherwise, to any Holder of any Securities for or as an
inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture or the Securities unless such consideration is offered to be
paid or is paid to all Holders of the Securities that consent, waive or agree to
amend in the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement.

SECTION 4.07.       Limitation on Investment Company Status.

                  The Company and its Subsidiaries shall not take any action, or
otherwise permit to exist any circumstance, that would require the Company to
register as an "investment company" under the Investment Company Act of 1940, as
amended.

SECTION 4.08.       Limitation on Asset Sales.

                  The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, consummate an Asset Sale unless (i) the Company or
the applicable Restricted Subsidiary, as the case may be, receives consideration
at the time of such Asset Sale at least equal to the fair market value of the
assets sold or otherwise disposed of (as determined in good faith by management
of the Company or, if such Asset Sale involves consideration in excess of
$10,000,000, by the board of directors of the Company, as evidenced by a board
resolution), (ii) at least 75% of the consideration received by the Company or
such Restricted Subsidiary, as the case may be, from such Asset Sale is in the
form of cash or Cash Equivalents and is received at the time of such disposition
and (iii) upon the consummation of an Asset Sale, the Company applies, or causes
such Restricted
<PAGE>   38
                                      -32-

Subsidiary to apply, such Net Cash Proceeds within 180 days of receipt thereof
either (A) to permanently reduce the Indebtedness of the Company or one or more
Restricted Subsidiaries of the Company under the Senior Credit Facilities
(except that the Company may temporarily repay Indebtedness under the revolving
credit portion of the Senior Credit Facilities using the Net Cash Proceeds from
such Asset Sale and thereafter use such funds to reinvest pursuant to clause (B)
below within the period set forth therein without having to obtain a
corresponding reduction in the commitments thereunder), (B) to reinvest, or to
be contractually committed to reinvest pursuant to a binding agreement, in
Productive Assets and, in the latter case, to have so reinvested within 360 days
of the date of receipt of such Net Cash Proceeds or (C) to purchase Securities
and other Senior Indebtedness, pro rata tendered to the Company for purchase at
a price equal to 100% of the principal amount thereof (or the accreted value of
such other Senior Indebtedness, if such other Senior Indebtedness is issued at a
discount) plus accrued interest thereon, if any, to the date of purchase
pursuant to an offer to purchase made by the Company as set forth below (a "Net
Proceeds Offer"); provided, however, that the Company may defer making a Net
Proceeds Offer until the aggregate Net Cash Proceeds from Asset Sales not
otherwise applied in accordance with this covenant equal or exceed $15,000,000.

                  Subject to the deferral right set forth in the final proviso
of the preceding paragraph, each notice of a Net Proceeds Offer shall be mailed,
by first-class mail, to Holders not more than 180 days after the relevant Asset
Sale or, in the event the Company or a Restricted Subsidiary has entered into a
binding agreement as provided in (B) above, within 180 days following the
termination of such agreement but in no event later than 360 days after the
relevant Asset Sale. Such notice shall specify, among other things, the purchase
date (which shall be no earlier than 30 days nor later than 45 days from the
date such notice is mailed, except as otherwise required by law) and shall
otherwise comply with the procedures set forth in this Indenture. Upon receiving
notice of the Net Proceeds Offer, Holders may elect to tender their Securities
in whole or in part in integral multiples of $1,000. To the extent Holders
properly tender Securities in an amount which, together with all other Senior
Indebtedness so tendered, exceeds the Net Proceeds Offer, Securities and other
Senior Indebtedness of tendering Holders shall be repurchased on a pro rata
basis (based upon the aggregate principal amount tendered, or, if applicable,
the aggregate accreted value tendered). To the extent that the aggregate
principal amount of Securities tendered pursuant to any Net Proceeds Offer,
which, together with the aggregate principal amount or aggregate accreted value,
as the case may be, of all other Senior Indebtedness so tendered, is less than
the amount of Net Cash Proceeds subject to such Net Proceeds Offer, the Company
may use any remaining portion of such Net Cash Proceeds not required to fund the
repurchase of tendered Securities and other Senior Indebtedness for any purposes
not otherwise prohibited by this Indenture. Upon the consummation of any Net
Proceeds Offer, the amount of Net Cash Proceeds subject to any future Net
Proceeds Offer from the Asset Sales giving rise to such Net Cash Proceeds shall
be deemed to be zero.

                  The Company shall comply with the requirements of Rule 14e-1
under the Exchange Act to the extent applicable in connection with the
repurchase of Securities pursuant to a Net Proceeds Offer.

SECTION 4.09.       Limitation on Asset Swaps.

                  The Company shall not, and shall not permit any Restricted
Subsidiary to, engage in any Asset Swap unless: (i) at the time of entering into
such Asset Swap, and immediately after giving effect to such Asset Swap, no
Default or Event of Default shall have occurred and be continuing, (ii) in the
event such Asset Swap involves an aggregate amount in excess of $10,000,000, the
terms of such Asset Swap have been approved by a majority of the members of the
Board of Directors of the Company and (iii) in the event such Asset Swap
involves an aggregate amount in excess of $50,000,000, the Company has received
a written opinion from an independent investment banking firm of nationally
recognized standing that such Asset Swap is fair to the Company or such
Restricted Subsidiary, as the case may be, from a financial point of view.
<PAGE>   39
                                      -33-

SECTION 4.10.       Limitation on Restricted Payments.

                  (a) The Company shall not, and shall not cause or permit any
of its Restricted Subsidiaries, to, directly or indirectly, make any Restricted
Payment if at the time of such Restricted Payment and immediately after giving
effect thereto:

                  (i)      a Default or Event of Default shall have occurred and
         be continuing; or

                  (ii)     the Company is not able to incur $1.00 of additional
         Indebtedness (other than Permitted Indebtedness) in compliance with
         Section 4.04; or

                  (iii)    the aggregate amount of Restricted Payments made
         subsequent to March 3, 1998 (the amount expended for such purposes, if
         other than in cash, being the fair market value of such property as
         determined by the Board of Directors of the Company in good faith)
         exceeds the sum of (a)(x) 100% of the aggregate Consolidated Cash Flow
         of the Company (or, in the event such Consolidated Cash Flow shall be a
         deficit, minus 100% of such deficit) accrued subsequent to March 3,
         1998 to the most recent date for which financial information is
         available to the Company, taken as one accounting period, less (y) 1.4
         times Consolidated Interest Expense for the same period, plus (b) 100%
         of the aggregate net proceeds, including the fair market value of
         property other than cash as determined by the Board of Directors of the
         Company in good faith, received subsequent to March 3, 1998 by the
         Company from any Person (other than a Restricted Subsidiary of the
         Company) from the issuance and sale subsequent to March 3, 1998 of
         Qualified Capital Stock of the Company (excluding (i) any net proceeds
         from issuances and sales financed directly or indirectly using funds
         borrowed from the Company or any Restricted Subsidiary of the Company,
         until and to the extent such borrowing is repaid, but including the
         proceeds from the issuance and sale of any securities convertible into
         or exchangeable for Qualified Capital Stock to the extent such
         securities are so converted or exchanged and including any additional
         proceeds received by the Company upon such conversion or exchange and
         (ii) any net proceeds received from issuances and sales that are used
         to consummate a transaction described in clause (2) of paragraph (b)
         below), plus (c) without duplication of any amount included in clause
         (iii)(b) above, 100% of the aggregate net proceeds, including the fair
         market value of property other than cash (valued as provided in clause
         (iii)(b) above), received by the Company as a capital contribution
         subsequent to March 3, 1998, plus (d) the amount equal to the net
         reduction in Investments (other than Permitted Investments) made by the
         Company or any of its Restricted Subsidiaries in any Person resulting
         from, and without duplication, (i) repurchases or redemptions of such
         Investments by such Person, proceeds realized upon the sale of such
         Investment to an unaffiliated purchaser and repayments of loans or
         advances or other transfers of assets by such Person to the Company or
         any Restricted Subsidiary of the Company or (ii) the redesignation of
         Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each
         case as provided in the definition of "Investment") not to exceed, in
         the case of any Restricted Subsidiary, the amount of Investments
         previously made by the Company or any of its Restricted Subsidiaries in
         such Unrestricted Subsidiary, which amount was included in the
         calculation of Restricted Payments; provided, however, that no amount
         shall be included under this clause (d) to the extent it is already
         included in Consolidated Cash Flow, plus (e) the aggregate net cash
         proceeds received by a Person in consideration for the issuance of such
         Person's Capital Stock (other than Disqualified Capital Stock) that are
         held by such Person at the time such Person is merged with and into the
         Company in accordance with Section 5.01 subsequent to March 3, 1998;
         provided, however, that concurrently with or immediately following such
         merger the Company uses an amount equal to such net cash proceeds to
         redeem or repurchase the Company's Capital Stock, plus (f) $15,000,000.
<PAGE>   40
                                      -34-

                  (b) Notwithstanding the foregoing, these provisions will not
prohibit: (1) the payment of any dividend or the making of any distribution
within 60 days after the date of its declaration if such dividend or
distribution would have been permitted on the date of declaration; (2) the
purchase, redemption or other acquisition or retirement of any Capital Stock of
the Company or any warrants, options or other rights to acquire shares of any
class of such Capital Stock either (x) solely in exchange for shares of
Qualified Capital Stock or other rights to acquire Qualified Capital Stock or
(y) through the application of the net proceeds of a substantially concurrent
sale for cash (other than to a Restricted Subsidiary of the Company) of shares
of Qualified Capital Stock or warrants, options or other rights to acquire
Qualified Capital Stock or (z) in the case of Disqualified Capital Stock, solely
in exchange for, or through the application of the net proceeds of a
substantially concurrent sale for cash (other than to a Restricted Subsidiary of
the Company) of, Disqualified Capital Stock; (3) payments made pursuant to any
merger, consolidation or sale of assets effected in accordance with Section
5.01; provided, however, that no such payment may be made pursuant to this
clause (3) unless, after giving effect to such transaction (and the incurrence
of any Indebtedness in connection therewith and the use of the proceeds
thereof), the Company would be able to incur $1.00 of additional Indebtedness
(other than Permitted Indebtedness) in compliance with Section 4.04 such that
after incurring that $1.00 of additional Indebtedness, the Leverage Ratio would
be less than 6.0 to 1; (4) payments to enable the Company or a Holding Company
(as hereinafter defined) to pay dividends on its Capital Stock (other than
Disqualified Capital Stock) after the first Public Equity Offering in an annual
amount not to exceed 6.0% of the gross proceeds (before deducting underwriting
discounts and commissions and other fees and expenses of the offering) received
from shares of Capital Stock (other than Disqualified Capital Stock) sold for
the account of the issuer thereof (and not for the account of any stockholder)
in such initial Public Equity Offering; (5) payments by the Company to fund the
payment by any company as to which the Company is, directly or indirectly, a
Subsidiary (a "Holding Company") of audit, accounting, legal or other similar
expenses, to pay franchise or other similar taxes and to pay other corporate
overhead expenses, so long as such dividends are paid as and when needed by its
respective direct or indirect Holding Company and so long as the aggregate
amount of payments pursuant to this clause (5) does not exceed $1,000,000 in any
calendar year; (6) payments by the Company to repurchase, or to enable a Holding
Company to repurchase, Capital Stock or other securities from employees of the
Company or a Holding Company in an aggregate amount not to exceed $15,000,000
since March 3, 1998; (7) payments by the Company to redeem or repurchase, or to
enable a Holding Company to redeem or repurchase, stock purchase or similar
rights granted by the Company or a Holding Company with respect to its Capital
Stock in an aggregate amount not to exceed $500,000 since March 3, 1998; (8)
payments, not to exceed $200,000 in the aggregate since March 3, 1998, to enable
the Company or a Holding Company to make cash payments to holders of its Capital
Stock in lieu of the issuance of fractional shares of its Capital Stock; (9)
payments by the Company to fund taxes of a Holding Company for a given taxable
year in an amount equal to the Company's "separate return liability," as if the
Company were the parent of a consolidated group (for purposes of this clause (9)
"separate return liability" for a given taxable year shall mean the hypothetical
United States tax liability of the Company defined as if the Company had filed
its own U.S. federal tax return for such taxable year); (10) the payment of any
dividend or the making of any distribution to a Holding Company in amounts
sufficient to permit a Holding Company (i) to pay interest when due on the
Senior Discount Notes and (ii) to make any mandatory redemption or principal
payments in respect of the Senior Discount Notes; and (11) payments by the
Company to Hicks Muse Partners in accordance with the terms of the Financial
Advisory Agreement and the Monitoring and Oversight Agreement; provided,
however, that in the case of clauses (3), (4), (6), (7), (8) and (10), no Event
of Default shall have occurred or be continuing at the time of such payment or
as a result thereof. In determining the aggregate amount of Restricted Payments
made subsequent to March 3, 1998, amounts expended pursuant to clauses (1), (4),
(6), (7) and (8) shall be included in such calculation.
<PAGE>   41
                                      -35-

SECTION 4.11.       Notice of Defaults.

                  (a) In the event that any Indebtedness of the Company or any
of its Subsidiaries is declared due and payable before its maturity because of
the occurrence of any default (or any event which, with notice or lapse of time,
or both, would constitute such a default) under such Indebtedness, the Company
shall promptly give written notice to the Trustee of such declaration, the
status of such default or event and what action the Company is taking or
proposes to take with respect thereto.

                  (b) Upon becoming aware of the occurrence and continuation of
any Default or Event of Default, the Company shall promptly deliver an Officers'
Certificate to the Trustee specifying the Default or Event of Default.

SECTION 4.12.       Reports.

                  So long as any of the Securities are outstanding, the Company
shall provide to the Trustee and the Holders and file with the Commission, to
the extent such submissions are accepted for filing by the Commission, copies of
the annual reports and of the information, documents and other reports that the
Company would have been required to file with the Commission pursuant to Section
13 or 15(d) of the Exchange Act, regardless of whether the Company is then
obligated to file such reports.

SECTION 4.13.       Limitations on Dividend and Other Payment Restrictions
                    Affecting Restricted Subsidiaries.

                  The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or otherwise cause to
permit to exist or become effective, by operation of the charter of such
Restricted Subsidiary or by reason of any agreement, instrument, judgment,
decree, rule, order, statute or governmental regulation, any encumbrance or
restriction on the ability of any Restricted Subsidiary to (a) pay dividends or
make any other distributions on its Capital Stock; (b) make loans or advances or
pay any Indebtedness or other obligation owed to the Company or any of its
Restricted Subsidiaries; or (c) transfer any of its property or assets to the
Company, except for such encumbrances or restrictions existing under or by
reason of: (1) applicable law; (2) this Indenture; (3) customary nonassignment
provisions of any lease governing a leasehold interest of the Company or any
Restricted Subsidiary; (4) any instrument governing Acquired Indebtedness or
Acquired Preferred Stock, which encumbrance or restriction is not applicable to
any Person, or the properties or assets of any Person, other than the Person, or
the property or assets of the Person, so acquired; (5) agreements existing on
March 3, 1998 (including the Credit Agreement and the Existing Company Notes) as
such agreements are from time to time in effect; provided, however, that any
amendments or modifications of such agreements that affect the encumbrances or
restrictions of the types subject to this covenant shall not result in such
encumbrances or restrictions being less favorable to the Company in any material
respect, as determined in good faith by the Board of Directors of the Company,
than the provisions as in effect before giving effect to the respective
amendment or modification; (6) any restriction with respect to such a Restricted
Subsidiary imposed pursuant to an agreement entered into for the sale or
disposition of all or substantially all the Capital Stock or assets of such
Restricted Subsidiary pending the closing of such sale or disposition; (7) an
agreement effecting a refinancing, replacement or substitution of Indebtedness
issued, assumed or incurred pursuant to an agreement referred to in clause (2),
(4) or (5) above or any other agreement evidencing Indebtedness permitted under
this Indenture; provided, however, that the provisions relating to such
encumbrance or restriction contained in any such refinancing, replacement or
substitution agreement or any such other agreement are no less favorable to the
Company in any material respect as determined in good faith by the Board of
Directors of the Company than the provisions relating to such encumbrance or
restriction contained in agreements referred to
<PAGE>   42
                                      -36-

in such clause (2), (4) or (5); (8) restrictions on the transfer of the assets
subject to any Lien imposed by the holder of such Lien; (9) a licensing
agreement to the extent such restrictions or encumbrances limit the transfer of
property subject to such licensing agreement; (10) restrictions relating to
Subsidiary Preferred Stock that require that due and payable dividends thereon
to be paid in full prior to dividends on such Subsidiary's common stock; or (11)
any agreement or charter provision evidencing Indebtedness or Capital Stock
permitted under this Indenture; provided, however, that the provisions relating
to such encumbrance or restriction contained in such agreement or charter
provision are not less favorable to the Company in any material respect as
determined in good faith by the Board of Directors of the Company than the
provisions relating to such encumbrance or restriction contained in this
Indenture.

SECTION 4.14.       Subsidiary Guarantees by Restricted Subsidiaries.

                  (a) The Company shall not create or acquire, nor cause or
permit any of its Restricted Subsidiaries, directly or indirectly, to create or
acquire, any Subsidiary other than (1) an Unrestricted Subsidiary in accordance
with the other terms of this Indenture or (2) a Restricted Subsidiary that,
simultaneously with such creation or acquisition, (x) executes and delivers to
the Trustee a supplemental indenture to this Indenture pursuant to which it will
become a Guarantor in accordance with Article Eleven hereof and (y) delivers to
the Trustee an Opinion of Counsel that such supplemental indenture has been duly
authorized, executed and delivered by such Restricted Subsidiary and constitutes
a valid, binding and enforceable obligation of such Restricted Subsidiary (which
opinion may be subject to customary assumptions and qualifications).

                  (b) Any Unrestricted Subsidiary that is redesignated as a
Restricted Subsidiary shall upon such redesignation be required to become a
Guarantor in accordance with the requirements of Section 4.14(a)(2).

SECTION 4.15.       Change of Control.

                  (a) Upon the occurrence of a Change of Control, each Holder
shall have the right to require that the Company purchase all or a portion of
such Holder's Securities in cash pursuant to the offer described below (the
"Change of Control Offer"), at a purchase price equal to 101% of the principal
amount thereof plus accrued and unpaid interest, if any, to the date of
purchase.

                  (b) Prior to the mailing of the notice referred to below, but
in any event within 30 days following the date on which the Company becomes
aware that a Change of Control has occurred (the "Change of Control Date"), the
Company covenants that if the purchase of the Securities would violate or
constitute a default under any other Indebtedness of the Company, then the
Company shall, to the extent needed to permit such purchase of Securities,
either (i) repay all such Indebtedness and terminate all commitments outstanding
thereunder or (ii) obtain the requisite consents, if any, under any such
Indebtedness to permit the purchase of the Securities as provided below. The
Company shall first comply with the covenant in the preceding sentence before it
will be required to make the Change of Control Offer or purchase the Securities
pursuant to the provisions described below.

                  (c) Within 30 days following the date on which the Company
becomes aware that a Change of Control has occurred, the Company shall send, by
first class mail, postage prepaid, a notice to each Holder, which notice shall
govern the terms of the Change of Control Offer. The notice to the Holders shall
contain all instructions and materials necessary to enable such Holders to
tender Securities pursuant to the Change of Control Offer. Such notice shall
state:
<PAGE>   43
                                      -37-

                  (1)      that the Change of Control Offer is being made
         pursuant to this Section 4.15 and that all Securities validly tendered
         and not withdrawn will be accepted for payment;

                  (2)      the purchase price (including the amount of accrued
         interest, if any) and the purchase date (which shall be no earlier than
         30 days nor later than 45 days from the date such notice is mailed,
         other than as may be required by law) (the "Change of Control Payment
         Date");

                  (3)      that any Security not tendered will continue to
         accrue interest;

                  (4)      that, unless the Company defaults in making payment
         therefor, any Security accepted for payment pursuant to the Change of
         Control Offer shall cease to accrue interest after the Change of
         Control Payment Date;

                  (5)      that Holders electing to have a Security purchased
         pursuant to a Change of Control Offer will be required to surrender the
         Security, with the form entitled "Option of Holder to Elect Purchase"
         on the reverse of the Security completed, to the Paying Agent and
         Registrar for the Securities at the address specified in the notice
         prior to the close of business on the Business Day prior to the Change
         of Control Payment Date;

                  (6)      that Holders shall be entitled to withdraw their
         election if the Paying Agent receives, not later than five Business
         Days prior to the Change of Control Payment Date, a telegram, telex,
         facsimile transmission or letter setting forth the name of the Holder,
         the principal amount of the Securities the Holder delivered for
         purchase and a statement that such Holder is withdrawing his election
         to have such Security purchased;

                  (7)      that Holders whose Securities are purchased only in
         part shall be issued new Securities in a principal amount equal to the
         unpurchased portion of the Securities surrendered; provided, however,
         that each Security purchased and each new Security issued shall be in a
         principal amount of $1,000 or integral multiples thereof; and

                  (8)      the circumstances and relevant facts regarding such
         Change of Control.

                  (d) On or before the Change of Control Payment Date, the
Company shall (i) accept for payment Securities or portions thereof (in integral
multiples of $1,000) validly tendered pursuant to the Change of Control Offer,
(ii) deposit with the Paying Agent in accordance with Section 2.14 cash in U.S.
dollars or United States Government Obligations sufficient to pay the purchase
price plus accrued and unpaid interest, if any, of all Securities so tendered
and (iii) deliver to the Trustee Securities so accepted together with an
Officers' Certificate stating the Securities or portions thereof being purchased
by the Company. Upon receipt by the Paying Agent of the monies specified in
clause (ii) above and a copy of the Officers' Certificate specified in clause
(iii) above, the Paying Agent shall promptly mail to the Holders of Securities
so accepted payment in an amount equal to the purchase price plus accrued and
unpaid interest, if any, out of the funds deposited with the Paying Agent in
accordance with the preceding sentence. The Trustee shall promptly authenticate
and mail to such Holders new Securities equal in principal amount to any
unpurchased portion of the Securities surrendered. Upon the payment of the
purchase price for the Securities accepted for purchase, the Trustee shall
return the Securities purchased to the Company for cancellation. Any monies
remaining after the purchase of Securities pursuant to a Change of Control Offer
shall be returned within three Business Days by the Trustee to the Company
except with respect to monies owed as obligations to the Trustee pursuant to
Article Eight. For
<PAGE>   44
                                      -38-

purposes of this Section 4.15, the Trustee shall, except with respect to monies
owed as obligations to the Trustee pursuant to Article Eight, act as the Paying
Agent.

                  (e) The Company shall comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable in connection
with the purchase of the Securities pursuant to a Change of Control Offer. To
the extent the provisions of any such rule conflict with the provisions of this
Indenture relating to a Change of Control Offer, the Company shall comply with
the provisions of such rule and be deemed not to have breached its obligations
relating to such Change of Control Offer by virtue thereof.

                  (f) Paragraphs (a)-(e) of this Section 4.15 notwithstanding,
the Company shall not be required to make a Change of Control Offer if, instead,
the Company elects to effect a Change of Control Redemption in compliance with
the requirements listed on the Securities in Exhibit A and Exhibit B hereof.

                  (g) Paragraphs (a)-(f) notwithstanding, the Company shall not
be required to make a Change of Control Offer or a Change of Control Redemption
in the event of (i) changes in a majority of the board of directors of the
Company so long as a majority of such board of directors continues to consist of
Continuing Directors and (ii) certain transactions with Permitted Holders
(including Hicks Muse, its officers and directors, and their respective
Affiliates).

SECTION 4.16.       Limitation on Liens.

                  The Company shall not, and shall not cause or permit any of
its Restricted Subsidiaries to, directly or indirectly, create, incur or assume
or permit or suffer to exist any Lien securing Indebtedness on any asset now
owned or hereafter acquired, or any income or profits therefrom, of any nature
whatsoever against any asset of the Company or any Restricted Subsidiary
(including Capital Stock of a Restricted Subsidiary), whether owned at the Issue
Date or thereafter acquired, or any proceeds therefrom, or assign or otherwise
convey any right to receive income or profits therefrom, except for Permitted
Liens, unless contemporaneously therewith: (i) in the case of any Lien securing
subordinated Indebtedness, effective provision is made to secure the Securities
or such Subsidiary Guarantee, as the case may be, with a Lien on the same
collateral that is prior to the Lien securing such subordinated Indebtedness;
and (ii) in all other cases the Securities or such Subsidiary Guarantee, as the
case may be, are secured on an equal and ratable basis, except clause (ii) shall
not restrict (a) Liens securing Indebtedness permitted to be incurred pursuant
to clause (ii) of the definition of Permitted Indebtedness, (b) any Lien
securing any Interest Swaps Agreements, Commodities Agreements or Currency
Agreements permitted to be incurred pursuant to clause (iv) of the definition of
Permitted Indebtedness and (c) Liens securing Indebtedness described in clause
(xi) of the definition of "Permitted Indebtedness"; provided that such Liens
cover only the property referred to in such definition.

SECTION 4.17.       Compliance Certificate.

                  The Company shall deliver to the Trustee within 120 days after
the close of each fiscal year a certificate signed by the principal executive
officer, principal financial officer or principal accounting officer stating
that a review of the activities of the Company has been made under the
supervision of the signing officer with a view to determining whether a Default
or Event of Default has occurred and whether or not the signers know of any
Default or Event of Default by the Company that occurred during such fiscal
year. If they do know of such a Default or Event of Default, their status and
the action the Company is taking or proposes to take with respect thereto. The
first certificate to be delivered by the Company pursuant to this Section 4.17
shall be for the fiscal year ending December 31, 2001.
<PAGE>   45
                                      -39-

SECTION 4.18.       Corporate Existence.

                  Subject to Article Five, the Company shall do or shall cause
to be done all things necessary to preserve and keep in full force and effect
its corporate existence and the corporate, partnership or other existence of
each Subsidiary in accordance with the respective organizational documents of
each such Subsidiary and the rights (charter and statutory) and material
franchises of the Company and the Subsidiaries; provided, however, that the
Company shall not be required to preserve any such right or franchise, or the
corporate existence of any Subsidiary, if the Board of Directors of the Company
shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and the Subsidiaries, taken as a whole;
provided, further, however, that a determination of the Board of Directors of
the Company shall not be required in the event of a merger of one or more
Restricted Subsidiaries of the Company with or into another Restricted
Subsidiary of the Company or another Person, if the surviving Person is a
Restricted Subsidiary of the Company organized under the laws of the United
States or a State thereof or of the District of Columbia. This Section 4.18
shall not prohibit the Company from taking any other action otherwise permitted
by, and made in accordance with, the provisions of this Indenture.

SECTION 4.19.       Maintenance of Properties and Insurance.

                  (a) The Company shall, and shall cause each of its Restricted
Subsidiaries to, maintain its material properties in normal condition (subject
to ordinary wear and tear) and make all reasonably necessary repairs, renewals
or replacements thereto as in the judgment of the Company may be reasonably
necessary to the conduct of the business of the Company and its Restricted
Subsidiaries; provided, however, that nothing in this Section 4.19 shall prevent
the Company or any of its Restricted Subsidiaries from discontinuing the
operation and maintenance of any of its properties, if such properties are, in
the reasonable and good faith judgment of the Board of Directors of the Company
or the Restricted Subsidiary, as the case may be, no longer reasonably necessary
in the conduct of their respective businesses.

                  (b) The Company shall provide or cause to be provided, for
itself and each of its Restricted Subsidiaries, insurance (including appropriate
self-insurance) against loss or damage of the kinds that, in the reasonable,
good faith opinion of the Company, are reasonably adequate and appropriate for
the conduct of the business of the Company and such Restricted Subsidiaries.

SECTION 4.20.       Payment of Taxes and Other Claims.

                  The Company shall pay or discharge or cause to be paid or
discharged, before the same shall become delinquent, (i) all material taxes,
assessments and governmental charges (including withholding taxes and any
penalties, interest and additions to taxes) levied or imposed upon it or any of
its Restricted Subsidiaries or properties of it or any of its Restricted
Subsidiaries and (ii) all material lawful claims for labor, materials, supplies
and services that, if unpaid, might by law become a Lien upon the property of it
or any of its Restricted Subsidiaries; provided, however, that there shall not
be required to be paid or discharged any such tax, assessment or charge, the
amount, applicability or validity of which is being contested in good faith by
appropriate proceedings and for which adequate provision has been made or where
the failure to effect such payment or discharge is not adverse in any material
respect to the Holders.

SECTION 4.21.       Waiver of Stay, Extension or Usury Laws.

                  The Company covenants (to the extent that it may lawfully do
so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension
<PAGE>   46
                                      -40-

law or any usury law or other law that would prohibit or forgive the Company
from paying all or any portion of the principal of, premium or interest on the
Securities as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the obligations or the performance of
this Indenture; and (to the extent that it may lawfully do so) the Company
hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

                                  ARTICLE FIVE

                         MERGERS; SUCCESSOR CORPORATION

SECTION 5.01.       Mergers, Sale of Assets, etc.

                  (a) The Company shall not, in a single transaction or a series
of related transactions, consolidate with or merge with or into, or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all
of the Company's or any Guarantor's assets determined on a consolidated basis
for the Company to another Person or adopt a plan of liquidation unless (i)
either (1) the Company is the surviving Person or (2) the Person (if other than
the Company) formed by such consolidation or into which the Company is merged or
the person that acquires by conveyance, transfer or lease the properties and
assets of the Company substantially as an entirety or in the case of a plan of
liquidation, the Person to which assets of the Company have been transferred,
shall be a corporation, partnership, limited liability company or trust
organized and existing under the laws of the United States or any State thereof
or the District of Columbia; (ii) such surviving person shall assume all of the
obligations of the Company under the Securities and this Indenture pursuant to a
supplemental indenture in a form reasonably satisfactory to the Trustee; (iii)
immediately after giving effect to such transaction and the use of the proceeds
therefrom (on a pro forma basis, including giving effect to any Indebtedness
incurred or anticipated to be incurred in connection with such transaction), (x)
no Default or Event of Default shall have occurred and be continuing and (y) the
Company (in the case of clause (1) of the foregoing clause (i)) or such Person
(in the case of clause (2) of the foregoing clause (i)) shall be able to incur
$1.00 of additional Indebtedness (other than Permitted Indebtedness) in
compliance with Section 4.04; and (iv) the Company has delivered to the Trustee
prior to the consummation of the proposed transaction an Officers' Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or
transfer complies with this Indenture and that all conditions precedent in this
Indenture relating to such transaction have been satisfied.

                  (b) For purposes of the foregoing subsection (a), the transfer
(by lease, assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all the properties and assets of one or
more Restricted Subsidiaries, the Capital Stock of which constitutes all or
substantially all the properties and assets of the Company, shall be deemed to
be the transfer of all or substantially all the properties and assets of the
Company.

                  (c) Notwithstanding clauses (ii) and (iii) in paragraph (a)
above, (1) any Restricted Subsidiary of the Company may consolidate with, merge
into or transfer all or part of its properties and assets to the Company and (2)
the Company may merge with an Affiliate thereof incorporated solely for the
purpose of reorganizing the Company in another jurisdiction in the U.S. to
realize tax or other benefits. Notwithstanding paragraph (a) above, clauses
(iii) and (iv) thereof shall not apply to the Merger.
<PAGE>   47
                                      -41-

SECTION 5.02.       Successor Corporation Substituted.

                  In the event of any transaction (other than a lease) described
in and complying with the conditions listed in Section 5.01 in which the Company
is not the surviving person and the surviving person is to assume all the
Obligations of the Company under the Securities, this Indenture and the
Registration Rights Agreement pursuant to a supplemental indenture, such
surviving person shall succeed to, and be substituted for, and may exercise
every right and power of the Company, and the Company shall be discharged from
its Obligations under this Indenture, the Securities and the Registration Rights
Agreement.

                                   ARTICLE SIX

                              DEFAULT AND REMEDIES

SECTION 6.01.       Events of Default.

                  Each of the following shall be an "Event of Default" for
purposes of this Indenture:

                  (a) the failure to pay interest on any Security when the same
         becomes due and payable and the Default continues for a period of 30
         days;

                  (b) the failure to pay principal of or premium, if any, on any
         Security when such principal or premium, if any, becomes due and
         payable, at maturity, upon redemption or otherwise;

                  (c) a default in the observance or performance of any other
         covenant or agreement contained in the Securities or this Indenture,
         which default continues for a period of 30 days after the Company
         receives written notice thereof specifying the default from the Trustee
         or Holders of at least 25% in aggregate principal amount of outstanding
         Securities;

                  (d) the failure to pay at the final stated maturity (giving
         effect to any extensions thereof) the principal amount of any
         Indebtedness of the Company or any Restricted Subsidiary of the
         Company, or the acceleration of the final stated maturity of any such
         Indebtedness, if the aggregate principal amount of such Indebtedness,
         together with the aggregate principal amount of any other such
         Indebtedness in default for failure to pay principal at the final
         stated maturity (giving effect to any extensions thereof) or which has
         been accelerated, aggregates $10,000,000 or more at any time in each
         case after a 10-day period during which such default shall not have
         been cured or such acceleration rescinded;

                  (e) one or more judgments in an aggregate amount in excess of
         $15,000,000 (which are not covered by insurance as to which the insurer
         has not disclaimed coverage) being rendered against the Company or any
         of its Significant Restricted Subsidiaries and such judgment or
         judgments remain undischarged or unstayed for a period of 60 days after
         such judgment or judgments become final and nonappealable;

                  (f) the Company or any of its Significant Restricted
         Subsidiaries (or one or more Restricted Subsidiaries that, taken
         together would constitute a Significant Restricted Subsidiary) pursuant
         to or within the meaning of any Bankruptcy Law: (i) admits in writing
         its inability to pay its debts generally as they become due; (ii)
         commences a voluntary case or proceeding; (iii) consents to the entry
         of an
<PAGE>   48
                                      -42-

         order for relief against it in an involuntary case or proceeding; (iv)
         consents or acquiesces in the institution of a bankruptcy or insolvency
         proceeding against it; (v) consents to the appointment of a Custodian
         of it or for all or substantially all of its property; or (vi) makes a
         general assignment for the benefit of its creditors, or any of them
         takes any action to authorize or effect any of the foregoing;

                  (g) a court of competent jurisdiction enters an order or
         decree under any Bankruptcy Law that: (i) is for relief against the
         Company or any Significant Restricted Subsidiary (or one or more
         Restricted Subsidiaries that, taken together would constitute a
         Significant Restricted Subsidiary) of the Company in an involuntary
         case or proceeding; (ii) appoints a Custodian of the Company or any
         Significant Restricted Subsidiary (or one or more Restricted
         Subsidiaries that, taken together would constitute a Significant
         Restricted Subsidiary) of the Company for all or substantially all of
         its property; or (iii) orders the liquidation of the Company or any
         Significant Restricted Subsidiary (or one or more Restricted
         Subsidiaries that, taken together would constitute a Significant
         Restricted Subsidiary) of the Company; and in each case the order or
         decree remains unstayed and in effect for 60 days; provided, however,
         that if the entry of such order or decree is appealed and dismissed on
         appeal, then the Event of Default hereunder by reason of the entry of
         such order or decree shall be deemed to have been cured; or

                  (h) except as permitted by this Indenture, any Subsidiary
         Guarantee shall be held in a judicial proceeding to be unenforceable or
         invalid or shall cease for any reason to be in full force and effect or
         any Guarantor, or any Person acting on behalf of any Guarantor, shall
         deny or disaffirm its obligations under its Subsidiary Guarantee.

SECTION 6.02.       Acceleration.

                  If an Event of Default with respect to the Securities (other
than an Event of Default specified in clause (f) or (g) of Section 6.01) occurs
and is continuing, the Trustee may, or the Trustee upon the request of Holders
of 25% in principal amount of the outstanding Securities shall, or the Holders
of at least 25% in aggregate principal amount of the outstanding Securities may
declare the principal of all the Securities, together with all accrued and
unpaid interest and premium, if any, to be due and payable by notice in writing
to the Company and the Trustee specifying the respective Event of Default and
that it is a "notice of acceleration" (the "Acceleration Notice"), and the same
(i) shall become immediately due and payable or (ii) if there are any amounts
outstanding under the Senior Credit Facilities, will become due and payable upon
the first to occur of an acceleration under the Senior Credit Facilities or five
Business Days after receipt by the Company and the agent under the Senior Credit
Facilities of such Acceleration Notice (unless all Events of Default specified
in such Acceleration Notice have been cured or waived).

                  If an Event of Default specified in clause (f) or (g) of
Section 6.01 occurs, all unpaid principal of and accrued interest on all
outstanding Securities shall ipso facto become immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder.

                  At any time after such declaration with respect to the
Securities, the Holders of a majority in principal amount of Securities then
outstanding (by notice to the Trustee) may rescind and cancel such declaration
and its consequences if (i) the rescission would not conflict with any judgment
or decree of a court of competent jurisdiction, (ii) all existing Defaults and
Events of Default have been cured or waived except nonpayment of principal of or
interest on the Securities that has become due solely by such declaration of
acceleration, (iii) to the extent the payment of such interest is lawful,
interest (at the same rate specified in the Securities) on overdue installments
of interest and overdue payments of principal, which has become due otherwise
than by such declaration of acceleration has been paid, (iv) the Company has
paid the Trustee its
<PAGE>   49
                                      -43-

reasonable compensation and reimbursed the Trustee for its reasonable expenses,
disbursements and advances and (v) in the event of the cure or waiver of a
Default or Event of Default of the type described in clause (f) or (g) of
Section 6.01, the Trustee has received an Officers' Certificate and Opinion of
Counsel that such Default or Event of Default has been cured or waived. The
Holders of a majority in principal amount of the Securities may waive any
existing Default or Event of Default under this Indenture, and its consequences,
except a default in the payment of the principal of or interest on any
Securities. No such rescission shall affect any subsequent Default or impair any
right consequent thereto.

SECTION 6.03.       Other Remedies.

                  If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy by proceeding at law or in equity to collect the
payment of principal of or interest on the Securities or to enforce the
performance of any provision of the Securities or this Indenture.

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

SECTION 6.04.       Waiver of Past Default.

                  Subject to Sections 2.09, 6.07 and 10.02, prior to the
declaration of acceleration of the Securities, the Holders of not less than a
majority in aggregate principal amount of the outstanding Securities by written
notice to the Trustee may waive an existing Default or Event of Default and its
consequences, except a Default in the payment of principal of or interest on any
Security as specified in clauses (a), (b), (c) and (d) of Section 6.01 or a
Default in respect of any term or provision of this Indenture that may not be
amended or modified without the consent of each Holder affected as provided in
Section 10.02. The Company shall deliver to the Trustee an Officers' Certificate
stating that the requisite percentage of Holders have consented to such waiver
and attaching copies of such consents. In case of any such waiver, the Company,
the Trustee and the Holders shall be restored to their former positions and
rights hereunder and under the Securities, respectively. This paragraph of this
Section 6.04 shall be in lieu of Section 316(a)(1)(B) of the TIA and such
Section 316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture
and the Securities, as permitted by the TIA.

                  Upon any such waiver, such Default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred
for every purpose of this Indenture and the Securities, but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any
right consequent thereon.

SECTION 6.05.       Control by Majority.

                  Subject to Section 2.09, the Holders of a majority in
principal amount of the outstanding Securities may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on it. However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture that the
Trustee determines may be unduly prejudicial to the rights of another Holder, it
being understood that the Trustee shall have no duty (subject to Section 8.01)
to ascertain whether or not such actions or forebearances are unduly prejudicial
to such Holders, or that may involve the Trustee in personal liability;
provided, however, that the Trustee may take any other action deemed
<PAGE>   50
                                      -44-

proper by the Trustee which is not inconsistent with such direction. In the
event the Trustee takes any action or follows any direction pursuant to this
Indenture, the Trustee shall be entitled to indemnification satisfactory to it
in its sole discretion against any loss or expense caused by taking such action
or following such direction. This Section 6.05 shall be in lieu of Section
316(a)(1)(A) of the TIA, and such Section 316(a)(1)(A) of the TIA is hereby
expressly excluded from this Indenture and the Securities, as permitted by the
TIA.

SECTION 6.06.       Limitation on Suits.

                  A Holder may not pursue any remedy with respect to this
Indenture or the Securities unless:

                  (i)      the Holder gives to the Trustee written notice of a
         continuing Event of Default;

                  (ii)     the Holders of at least 25% in aggregate principal
         amount of the outstanding Securities make a written request to the
         Trustee to pursue a remedy;

                  (iii)    such Holder or Holders offer and, if requested,
         provide to the Trustee indemnity satisfactory to the Trustee against
         any loss, liability or expense;

                  (iv)     the Trustee does not comply with the request within
         60 days after receipt of the request and the offer and, if requested,
         the provision of indemnity; and

                  (v)      during such 60-day period the Holders of a majority
         in principal amount of the outstanding Securities do not give the
         Trustee a direction which, in the opinion of the Trustee, is
         inconsistent with the request.

                  A Holder may not use this Indenture to prejudice the rights of
another Holder or to obtain a preference or priority over such other Holder.

                  The Company agrees, and each Holder by accepting any Security
agrees, that (a) the Indebtedness arising under the Credit Agreement (the
"Credit Agreement Indebtedness") may be secured by a Lien on the rights (the
"License Rights") of the Company or any of its subsidiaries in, to or under, or
relating to, any licenses, permits or authorizations issued by the Federal
Communications Commission ("FCC") (including, to the maximum extent permitted by
law, all rights incident or appurtenant to such FCC License and the rights to
receive all proceeds derived or derivable from or in connection with the sale,
assignment or transfer of such FCC License and the right to receive money or
other consideration upon the sale, assignment or transfer of any FCC License,
together with any goodwill or going concern value associated therewith), (b)
neither the Trustee nor any Holder will be entitled to, or will, and the Trustee
and each Holder hereby waives any right it might otherwise have under applicable
law or otherwise to, contest in any manner, or to initiate any judicial,
administrative or other proceeding or action for the purpose of contesting in
any manner, including without limitation in any proceeding under any Federal or
state bankruptcy, insolvency, receivership or similar law now or hereafter in
effect, (i) the existence, scope, legality, validity, enforceability, perfection
or priority of any Liens on the License Rights to secure the Credit Agreement
Indebtedness that are asserted by the agent under the Credit Agreement or any
holder of Credit Agreement Indebtedness to exist or (ii) the rights of the agent
under the Credit Agreement or any holder of Credit Agreement Indebtedness to
realize the intended benefits of such Liens and (c) and that the provisions of
this Section are for the benefit of and enforceable by the holders of Credit
Agreement Indebtedness. No right of any holder of Credit Agreement Indebtedness
to enforce the provisions of this Section shall be impaired by any act or
failure to act by the Company or by the failure of the Company to comply with
this Indenture. Each Holder by accepting a Security acknowledges and agrees that
the foregoing provisions are, and are intended to be, an inducement and a
consideration to each holder of any Credit Agreement Indebtedness, whether such
Credit Agreement Indebtedness was created or acquired before or after the
issuance of the Securities, to acquire and continue to hold, or to continue to
hold, such Credit Agreement
<PAGE>   51
                                      -45-

Indebtedness and such holder of Credit Agreement Indebtedness shall be deemed
conclusively to have relied on such provisions in acquiring and continuing to
hold, or in continuing to hold, such Credit Agreement Indebtedness.

SECTION 6.07.       Rights of Holders To Receive Payment.

                  Notwithstanding any other provision of this Indenture, the
right of any Holder to receive payment of principal of or interest on a
Security, on or after the respective due dates expressed in the Security, or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

SECTION 6.08.       Collection Suit by Trustee.

                  If an Event of Default in payment of principal or interest
specified in Section 6.01(a), (b), (c) or (d) occurs and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust
against the Company or any other obligor on the Securities for the whole amount
of principal and accrued interest remaining unpaid, together with interest
overdue on principal and to the extent that payment of such interest is lawful,
interest on overdue installments of interest, in each case at the rate per annum
borne by the Securities and such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

SECTION 6.09.       Trustee May File Proofs of Claim.

                  The Trustee may file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Securities), its creditors or its property and shall be
entitled and empowered to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same, and any
Custodian in any such judicial proceedings is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agent and counsel, and any other
amounts due the Trustee under Section 8.07. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding; provided, however, that the Trustee may, on behalf of the Holders,
vote for the election of a trustee in bankruptcy or similar official and may be
a member of the creditors' committee.

SECTION 6.10.       Priorities.

                  If the Trustee collects any money or property pursuant to this
Article Six, it shall pay out the money or property in the following order:

                  First: to the Trustee for amounts due under Section 8.07;
<PAGE>   52
                                      -46-

                  Second: to Holders for amounts due and unpaid on the
         Securities for principal and interest, ratably, without preference or
         priority of any kind, according to the amounts due and payable on the
         Securities for principal and interest, respectively; and

                  Third: to the Company.

                  The Trustee, upon prior written notice to the Company, may fix
a record date and payment date for any payment to the Holders pursuant to this
Section 6.10.

SECTION 6.11.       Undertaking for Costs.

                  In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys' fees and expenses, against any party litigant in the suit,
having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section 6.11 shall not apply to a suit by the Trustee,
a suit by a Holder or group of Holders of more than 10% in aggregate principal
amount of the outstanding Securities, or to any suit instituted by any Holder
for the enforcement or the payment of the principal or interest on any
Securities on or after the respective due dates expressed in the Security.

                                  ARTICLE SEVEN

                             [INTENTIONALLY OMITTED]

                                  ARTICLE EIGHT

                                     TRUSTEE

SECTION 8.01.       Duties of Trustee.

                  (a) If a Default has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs.

                  (b) Except during the continuance of a Default:

                  (1)      The Trustee shall not be liable except for the
         performance of such duties as are specifically set forth herein; and

                  (2)      In the absence of bad faith on its part, the Trustee
         may conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions conforming to the requirements of this Indenture; provided,
         however, that in the case of any such certificates or opinions which by
         any provision hereof are specifically required to be furnished to
<PAGE>   53
                                      -47-

         the Trustee, the Trustee shall examine such certificates and opinions
         to determine whether or not they conform to the requirements of this
         Indenture.

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

                  (1)      This paragraph does not limit the effect of paragraph
         (b) of this Section 8.01;

                  (2)      The Trustee shall not be liable for any error of
         judgment made in good faith by a Trust Officer, unless it is proved
         that the Trustee was negligent in ascertaining the pertinent facts; and

                  (3)      The Trustee shall not be liable with respect to any
         action it takes or omits to take in good faith in accordance with a
         direction received by it pursuant to Sections 6.02, 6.04 and 6.05.

                  (d) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder or to take or omit to take any
action under this Indenture or take any action at the request or direction of
Holders if it shall have reasonable grounds for believing that repayment of such
funds is not assured to it or it does not receive from such Holders an indemnity
satisfactory to it in its sole discretion against such risk, liability, loss,
fee or expense which might be incurred by it in compliance with such request or
direction.

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

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

SECTION 8.02.       Rights of Trustee.

                  Subject to Section 8.01:

                  (a) The Trustee may rely on any document believed by it to be
         genuine and to have been signed or presented by the proper Person. The
         Trustee need not investigate any fact or matter stated in the document.

                  (b) Before the Trustee acts or refrains from acting, it may
         require an Officers' Certificate and/or an Opinion of Counsel, which
         shall conform to the provisions of Section 13.05. The Trustee shall not
         be liable for any action it takes or omits to take in good faith in
         reliance on such certificate or opinion.

                  (c) The Trustee may act through attorneys and agents of its
         selection and shall not be responsible for the misconduct or negligence
         of any agent or attorney (other than an agent who is an employee of the
         Trustee) appointed with due care and appointed with the consent of the
         Company.

                  (d) The Trustee shall not be liable for any action it takes or
         omits to take in good faith which it reasonably believes to be
         authorized or within its rights or powers.
<PAGE>   54
                                      -48-

                  (e) Before the Trustee acts or refrains from acting, it may
         consult with counsel and the advice or opinion of such counsel as to
         matters of law shall be full and complete authorization and protection
         from liability in respect of any action taken, omitted or suffered by
         it hereunder in good faith and in accordance with the advice or opinion
         of such counsel.

                  (f) Any request or direction of the Company mentioned herein
         shall be sufficiently evidenced by a Company Request or Company Order
         and any resolution of the Board of Directors may be sufficiently
         evidenced by a Board Resolution.

                  (g) The Trustee shall be under no obligation to exercise any
         of the rights or powers vested in it by this Indenture at the request
         or direction of any of the Holders pursuant to this Indenture, unless
         such Holders shall have offered to the Trustee reasonable security or
         indemnity against the costs, expenses and liabilities which might be
         incurred by it in compliance with such request or direction.

                  (h) The Trustee shall not be bound to make any investigation
         into the facts or matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice, request, direction,
         consent, order, bond, debenture, note, other evidence of indebtedness
         or other paper or document, but the Trustee, in its discretion, may
         make such further inquiry or investigation into such facts or matters
         as it may see fit, and, if the Trustee shall determine to make such
         further inquiry or investigation, it shall be entitled to examine the
         books, records and premises of the Company, personally or by agent or
         attorney.

                  (i) The Trustee shall not be deemed to have notice of any
         Event of Default unless a Trust Officer of the Trustee has actual
         knowledge thereof or unless the Trustee shall have received written
         notice thereof at the Corporate Trust Office of the Trustee, and such
         notice references the Securities and this Indenture.

                  (j) The Trustee shall not be required to give any bond or
         surety in respect of the performance of its powers and duties
         hereunder.

                  (k) The permissive rights of the Trustee to do things
         enumerated in this Indenture shall not be construed as a duty and the
         Trustee shall not be answerable for other than its gross negligence or
         willful misconduct.

SECTION 8.03.       Individual Rights of Trustee.

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

SECTION 8.04.       Trustee's Disclaimer.

                  The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company's use of the proceeds
from the Securities, and it shall not be responsible for any statement of the
Company or any Guarantor in this Indenture or any document issued in connection
with the sale of Securities or any statement in the Securities other than the
Trustee's certificate of authentication.
<PAGE>   55
                                      -49-

SECTION 8.05.       Notice of Defaults.

                  If a Default or an Event of Default occurs and is continuing
and the Trustee has actual knowledge of such Defaults or Events of Default, the
Trustee shall mail to each Holder notice of the Default or Event of Default
within 30 days after the occurrence thereof. Except in the case of a Default or
an Event of Default in payment of principal of or interest on any Security or a
Default or Event of Default in complying with Section 5.01, the Trustee may
withhold the notice if and so long as a committee of its Trust Officers in good
faith determines that withholding the notice is in the interest of the Holders.
This Section 8.05 shall be in lieu of the proviso to Section 315(b) of the TIA
and such proviso to Section 315(b) of the TIA is hereby expressly excluded from
this Indenture and the Securities, as permitted by the TIA.

SECTION 8.06.       Reports by Trustee to Holders.

                  If required by TIA Section 313(a), within 60 days after each
February 1 beginning with March 1, 1997, the Trustee shall mail to each Holder a
report dated as of such February 1 that complies with TIA Section 313(a). The
Trustee also shall comply with TIA Section 313(b), (c) and (d).

                  A copy of each such report at the time of its mailing to
Holders shall be filed with the Commission and each stock exchange, if any, on
which the Securities are listed.

                  The Company shall promptly notify the Trustee in writing if
the Securities become listed on any stock exchange or of any delisting thereof.

SECTION 8.07.       Compensation and Indemnity.

                  The Company and the Guarantors shall pay to the Trustee and
the Agents from time to time, and the Trustee and the Agents shall be entitled
to, such compensation as the Company and the Trustee and the Agents shall from
time to time agree in writing for their respective services. The Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Company and the Guarantors shall reimburse the Trustee and
the Agents upon request for all reasonable disbursements, expenses and advances,
including all costs and expenses of collection and reasonable fees,
disbursements and expenses of its agents and outside counsel incurred or made by
any of them in addition to the compensation for their respective services except
any such disbursements, expenses and advances as may be attributable to
negligence or willful misconduct of the party to be reimbursed. Such expenses
shall include the reasonable compensation, disbursements and expenses of the
Trustee's agents, accountants, experts and outside counsel and any taxes or
other expenses incurred by a trust created pursuant to Section 9.01 hereof.

                  The Company and the Guarantors shall, jointly and severally,
indemnify the Trustee and the Agents for, and hold them harmless against any and
all loss, damage, claims, liability or expense, including taxes (other than
franchise taxes imposed on the indemnified party and taxes based upon, measured
by or determined by the income of the indemnified party), arising out of or in
connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending themselves against or
investigating any claim or liability in connection with the exercise or
performance of any of their powers or duties hereunder, except to the extent
that such loss, damage, claim, liability or expense is due to negligence or
willful misconduct of the indemnified party. The indemnified party shall notify
the Company promptly of any claim asserted against the indemnified party for
which it may seek indemnity. However, the failure by the indemnified party to so
notify the Company shall not relieve the Company and the Guarantors of their
obligations hereunder unless the Company and the Guarantors have been prejudiced
thereby. The Company and
<PAGE>   56
                                      -50-

the Guarantors shall defend the claim and the indemnified party shall cooperate
in the defense at the expense of the Company and the Guarantors; provided that
the Company and the Guarantors shall not be liable in any action or for which
they have assumed the defense for the expenses of separate counsel to the
indemnified party unless (1) the employment of separate counsel has been
authorized by the Company and the Guarantors, (2) the indemnified party has
reasonably concluded (based upon advice of counsel to the indemnified party)
that there may be legal defenses available to the indemnified party that are
different from or in addition to those available to the Company and the
Guarantors or (3) a conflict or potential conflict exists (based upon advice of
counsel to the indemnified party) between the indemnified party, the Company and
the Guarantors; provided further, however, that in any such event the
reimbursement obligation of the Company and the Guarantors with respect to
separate counsel of the indemnified party will be limited to the reasonable fees
and expenses of such counsel.

                  The Company and the Guarantors need not pay for any settlement
made without their written consent, which consent shall not be unreasonably
withheld. The Company and the Guarantors need not reimburse any expense or
indemnify against any loss or liability incurred by the Trustee or an Agent as a
result of its own negligence or willful misconduct.

                  To secure the payment obligations of the Company and the
Guarantors in this Section 8.07, the Trustee shall have a Lien prior to the
Securities against all money or property held or collected by the Trustee, in
its capacity as Trustee, except money or property held in trust to pay principal
of or interest on particular Securities.

                  When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(f) or (g) occurs, the expenses
(including the reasonable fees and expenses of its agents and counsel) and the
compensation for the services shall be preferred over the status of the Holders
in a proceeding under any Bankruptcy Law and are intended to constitute expenses
of administration under any Bankruptcy Law.

                  The provisions of this Section 8.07 shall survive the
termination of this Indenture.

SECTION 8.08.       Replacement of Trustee.

                  The Trustee may resign at any time by so notifying the Company
in writing. The Holders of a majority in principal amount of the outstanding
Securities may remove the Trustee by so notifying the Trustee and the Company in
writing and may appoint a successor Trustee with the Company's consent. The
Company may remove the Trustee if:

                  (a) the Trustee fails to comply with Section 8.10;

                  (b) the Trustee is adjudged bankrupt or insolvent or an order
         for relief is entered with respect to the Trustee under any Bankruptcy
         Law;

                  (c) a Custodian or other public officer takes charge of the
         Trustee or its property; or

                  (d) the Trustee becomes incapable of acting.

                  If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the
Holders of a majority
<PAGE>   57
                                      -51-

in principal amount of the Securities may appoint a successor Trustee to replace
the successor Trustee appointed by the Company.

                  A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. As promptly as
practicable after that, the retiring Trustee shall transfer, after payment of
all sums then owing to the Trustee pursuant to Section 8.07, all property held
by it as Trustee to the successor Trustee, subject to the Lien provided in
Section 8.07, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have the rights, powers and duties of
the Trustee under this Indenture. A successor Trustee shall mail notice of its
succession to each Holder.

                  If a successor Trustee does not take office within 60 days
after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company or the Holders of at least 10% in principal amount of the outstanding
Securities may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee.

                  If the Trustee fails to comply with Section 8.10, any Holder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

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

SECTION 8.09.       Successor Trustee by Merger, etc.

                  If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another
corporation or banking corporation, the resulting, surviving or transferee
corporation or banking corporation without any further act shall be the
successor Trustee; provided, however, that such corporation shall be otherwise
qualified and eligible under this Article Eight.

SECTION 8.10.       Eligibility; Disqualification.

                  This Indenture shall always have a Trustee which shall be
eligible to act as Trustee under TIA Sections 310(a)(1) and 310(a)(2). The
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition. If the Trustee
has or shall acquire any "conflicting interest" within the meaning of TIA
Section 310(b), the Trustee and the Company shall comply with the provisions of
TIA Section 310(b); provided, however, that there shall be excluded from the
operation of TIA Section 310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of
the Company are outstanding if the requirements for such exclusion set forth in
TIA Section 310(b)(1) are met. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 8.10, the Trustee
shall resign immediately in the manner and with the effect hereinbefore
specified in this Article Eight. The provisions of TIA Section 310 shall apply
to the Company and any other obligor of the Securities.

SECTION 8.11.       Preferential Collection of Claims Against the Company.

                  The Trustee shall comply with TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). A Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent
indicated therein.
<PAGE>   58
                                      -52-

                                  ARTICLE NINE

                       DISCHARGE OF INDENTURE; DEFEASANCE

SECTION 9.01.       Termination of the Company's Obligations.

                  The Company may terminate its obligations under the Securities
and this Indenture as well as the obligations of the Guarantors under their
respective Subsidiary Guarantees, except those obligations referred to in the
penultimate paragraph of this Section 9.01, if :

                  (i)      either (a) all the Securities theretofore
         authenticated and delivered (except lost, stolen or destroyed
         Securities which have been replaced or paid and Securities for whose
         payment money has theretofore been deposited in trust or segregated and
         held in trust by the Company and thereafter repaid to the Company or
         discharged from such trust) have been delivered to the Trustee for
         cancellation or (b) all Securities not theretofore delivered to the
         Trustee for cancellation have become due and payable or have been
         called for redemption and the Company has irrevocably deposited or
         caused to be deposited with the Trustee funds in an amount sufficient
         to pay and discharge the entire Indebtedness on the Securities not
         theretofore delivered to the Trustee for cancellation, for principal
         of, premium, if any, and interest on the Securities to the date of
         deposit together with irrevocable instructions from the Company
         directing the Trustee to apply such funds to the payment thereof at
         maturity or redemption, as the case may be;

                  (ii)     the Company has paid all other sums payable under
         this Indenture by the Company; and

                  (iii)    the Company has delivered to the Trustee an Officers'
         Certificate and an Opinion of Counsel stating that all conditions
         precedent under this Indenture relating to the satisfaction and
         discharge of this Indenture have been complied with.

                  Notwithstanding the first paragraph of this Section 9.01, the
Company's obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 8.07, 8.08, 9.05
and 9.06 shall survive until the Securities are no longer outstanding pursuant
to Section 2.08. After the Securities are no longer outstanding, the Company's
obligations in Sections 8.07, 8.08, 9.05 and 9.06 shall survive.

                  After such delivery or irrevocable deposit, the Trustee upon
request shall acknowledge in writing the discharge of the Company's and
Guarantors' obligations under the Securities, the Subsidiary Guarantees and this
Indenture except for those surviving obligations specified above.

SECTION 9.02.       Legal Defeasance and Covenant Defeasance

                  (a) The Company may terminate its obligations in respect of
the Securities by delivering all outstanding Securities to the Trustee for
cancellation and paying all sums payable by it on account of principal of and
interest on all Securities or otherwise. In addition to the foregoing, the
Company may, at its option, at any time elect to have either paragraph (b) or
(c) below be applied to all outstanding Securities, subject in either case to
compliance with the conditions set forth in Section 9.03.

                  (b) Upon the Company's exercise under paragraph (a) hereof of
the option applicable to this paragraph (b), the Company shall, subject to the
satisfaction of the conditions set forth in Section 9.03, be deemed to have paid
and discharged the entire indebtedness represented by the outstanding
Securities, except for
<PAGE>   59
                                      -53-

(i) the rights of Holders to receive payments in respect of the principal of,
premium, if any, and interest on the Securities when such payments are due, (ii)
the Company's obligations with respect to the Securities under Sections 2.03
through 2.07, inclusive, and 4.02, (iii) the rights, powers, trust, duties and
immunities of the Trustee under this Indenture and the Company's obligations in
connection therewith and (iv) Article Nine of this Indenture (hereinafter,
"Legal Defeasance"). Subject to compliance with this Article Nine, the Company
may exercise its option under this paragraph (b) notwithstanding the prior
exercise of its option under paragraph (c) hereof.

                  (c) Upon the Company's exercise under paragraph (a) hereof of
the option applicable to this paragraph (c), the Company shall, subject to the
satisfaction of the conditions set forth in Section 9.03, be released from its
obligations under Sections 4.03 through 4.16, inclusive, 4.19 and Article Five
with respect to the outstanding Securities (hereinafter, "Covenant Defeasance")
and thereafter any omission to comply with such obligations shall not constitute
a Default or an Event of Default with respect to the Securities.

SECTION 9.03.       Conditions to Legal Defeasance or Covenant Defeasance.

                  In order to exercise either Legal Defeasance pursuant to
Section 9.02(b) or Covenant Defeasance pursuant to Section 9.02(c):

                  (a) the Company must irrevocably deposit with the Trustee, in
         trust, for the benefit of the Holders, cash in U.S. dollars or United
         States Government Obligations, or a combination thereof, in such
         amounts as will be sufficient, in the opinion of a nationally
         recognized firm of independent public accountants, to pay the principal
         of, premium, if any, and interest on the Securities on the stated date
         for payment thereof or on the applicable redemption date, as the case
         may be;

                  (b) in the case of an election under Section 9.02(b), the
         Company shall have delivered to the Trustee an Opinion of Counsel in
         the United States reasonably acceptable to the Trustee confirming that
         (A) the Company has received from, or there has been published by, the
         Internal Revenue Service a ruling or (B) since the date of this
         Indenture, there has been a change in the applicable federal income tax
         law, in either case to the effect that, and based thereon such Opinion
         of Counsel shall confirm that, the Holders of the Securities will not
         recognize income, gain or loss for federal income tax purposes as a
         result of such Legal Defeasance and will be subject to federal income
         tax on the same amounts, in the same manner and at the same times as
         would have been the case if such Legal Defeasance had not occurred;

                  (c) in the case of an election under Section 9.02(c), the
         Company shall have delivered to the Trustee an Opinion of Counsel in
         the United States reasonably acceptable to the Trustee confirming that
         the Holders of the Securities will not recognize income, gain or loss
         for federal income tax purposes as a result of such Covenant Defeasance
         and will be subject to federal income tax on the same amounts, in the
         same manner and at the same times as would have been the case if such
         Covenant Defeasance had not occurred;

                  (d) no Default or Event of Default shall have occurred and be
         continuing on the date of such deposit (other than a Default or Event
         of Default resulting from the borrowing of funds to be applied to such
         deposit) or insofar as Sections 6.01(f) and 6.01(g) are concerned, at
         any time in the period ending on the 91st day after the date of such
         deposit;
<PAGE>   60
                                      -54-

                  (e) such Legal Defeasance or Covenant Defeasance shall not
         result in a breach or violation of or constitute a Default under this
         Indenture or any other material agreement or instrument to which the
         Company or any of its Restricted Subsidiaries is a party or by which
         the Company or any of its Restricted Subsidiaries is bound;

                  (f) the Company shall have delivered to the Trustee an
         Officers' Certificate stating that the deposit was not made by the
         Company with the intent of preferring the Holders over any other
         creditors of the Company or with the intent of defeating, hindering,
         delaying or defrauding any other creditors of the Company or others;

                  (g) the Company shall have delivered to the Trustee an
         Officers' Certificate and an Opinion of Counsel, each stating that all
         conditions precedent provided for or relating to the Legal Defeasance
         or the Covenant Defeasance have been complied with; and

                  (h) the Company shall have delivered to the Trustee an Opinion
         of Counsel to the effect that assuming no intervening bankruptcy or
         insolvency of the Company between the date of deposit and the 91st day
         following the deposit and that no Holder is an insider of the Company,
         after the 91st day following the deposit, the trust funds will not be
         subject to the effect of any applicable bankruptcy, insolvency,
         reorganization or similar law affecting creditors' rights generally.

                  Notwithstanding the foregoing, the Opinion of Counsel required
by clause (b) above need not be delivered if all Securities not theretofore
delivered to the Trustee for cancellation (x) have become due and payable, (y)
will become due and payable on the Final Maturity Date within one year or (z)
are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the
name, and at the expense, of the Company.

SECTION 9.04.       Application of Trust Money; Trustee Acknowledgment and
                    Indemnity.

                  The Trustee shall hold in trust money or United States
Government Obligations deposited with it pursuant to Section 9.03, and shall
apply the deposited money and the money from United States Government
Obligations in accordance with this Indenture solely to the payment of principal
of, premium, if any, and interest on the Securities.

                  After such delivery or irrevocable deposit and delivery of an
Officers' Certificate and Opinion of Counsel, the Trustee upon request shall
acknowledge in writing the discharge of the Company's obligations under the
Securities and this Indenture except for those surviving obligations specified
above.

                  The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the United States
Government Obligations deposited pursuant to Section 9.03 or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of outstanding Securities.

SECTION 9.05.       Repayment to Company.

                  Subject to Sections 8.07 and 9.04, the Trustee shall promptly
pay to the Company upon written request any excess money held by it at any time.
The Trustee shall pay to the Company upon written request any money held by it
for the payment of principal or interest that remains unclaimed for two years;
provided, however, that the Trustee before being required to make any payment
may at the expense of the
<PAGE>   61
                                      -55-

Company cause to be published once in a newspaper of general circulation in The
City of New York or mail to each Holder entitled to such money notice that such
money remains unclaimed and that, after a date specified therein which shall be
at least 30 days from the date of such publication or mailing, any unclaimed
balance of such money then remaining shall be repaid to the Company. After
payment to the Company, Holders entitled to money must look solely to the
Company for payment as general creditors unless an applicable abandoned property
law designates another person and all liability of the Trustee or Paying Agent
with respect to such money shall thereupon cease.

SECTION 9.06.       Reinstatement.

                  If the Trustee is unable to apply any money or United States
Government Obligations in accordance with Section 9.02 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company's obligations under this Indenture and the Securities shall be revived
and reinstated as though no deposit had occurred pursuant to Section 9.02 until
such time as the Trustee is permitted to apply all such money or United States
Government Obligations in accordance with Section 9.02; provided, however, that
if the Company has made any payment of interest on or principal of any
Securities because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such
payment from the money or United States Government Obligations held by the
Trustee.

                                   ARTICLE TEN

                       AMENDMENTS, SUPPLEMENTS AND WAIVERS

SECTION 10.01.      Without Consent of Holders.

                  The Company and the Guarantors, when authorized by a
resolution of the Board of Directors, and the Trustee may amend or supplement
this Indenture or the Securities without notice to or consent of any Holder:

                  (a) to cure any ambiguity, defect or inconsistency; provided,
         however, that such amendment or supplement does not adversely affect
         the rights of any Holder;

                  (b) to effect the assumption by a successor Person of all
         obligations of the Company under the Securities and this Indenture in
         connection with any transaction complying with Article Five of this
         Indenture;

                  (c) to provide for uncertificated Securities in addition to or
         in place of certificated Securities;

                  (d) to comply with any requirements of the SEC in order to
         effect or maintain the qualification of this Indenture under the TIA;

                  (e) to make any change that would provide any additional
         benefit or rights to the Holders;

                  (f) to make any other change that does not adversely affect
         the rights of any Holder under this Indenture;
<PAGE>   62
                                      -56-

                  (g) to add to the covenants of the Company for the benefit of
         the Holders, or to surrender any right or power herein conferred upon
         the Company;

                  (h) to reflect the release of a Guarantor from its obligations
         with respect to its Guarantee in accordance with the provisions of
         Section 11.03 and to add a Guarantor pursuant to the requirements of
         Section 4.14; or

                  (i) to secure the Securities pursuant to the requirements of
         Section 4.16 or otherwise;

provided, however, that the Company has delivered to the Trustee an Opinion of
Counsel stating that such amendment or supplement complies with the provisions
of this Section 10.01.

SECTION 10.02.      With Consent of Holders.

                  Subject to Section 6.07, the Company and the Guarantors, when
authorized by a Board Resolution, and the Trustee may modify, amend or
supplement, or waive compliance by the Company with any provision of, this
Indenture or the Securities with the written consent of the Holders of at least
a majority in principal amount of the outstanding Securities. However, without
the consent of each Holder affected, no such modification, amendment, supplement
or waiver, including a waiver pursuant to Section 6.04, may:

                  (a) [reserved];

                  (b) reduce the principal amount of or change the Stated
         Maturity of any Security or alter the provisions with respect to the
         repurchase or redemption of the Securities (other than provisions
         relating to Section 4.08 or 4.15);

                  (c) reduce the rate of or change the time for payment of
         interest on any Security;

                  (d) make any Security payable in money other than that stated
         in the Securities;

                  (e) make any change in the provisions of this Indenture
         relating to the rights of Holders of Securities to receive payments of
         principal of or premium, if any, or interest on the Securities;

                  (f) modify any provisions of Section 6.04 (other than to add
         sections of this Indenture or the Securities subject thereto) or 6.07
         or this Section 10.02 (other than to add sections of this Indenture or
         the Securities which may not be modified, amended, supplemented or
         waived without the consent of each Holder affected);

                  (g) reduce the percentage of the principal amount of
         outstanding Securities necessary for amendment to or waiver of
         compliance with any provision of this Indenture or the Securities or
         for waiver of any Default in respect thereof;

                  (h) waive a Default or Event of Default in the payment of
         principal of or premium, if any, or interest on the Securities (except
         a rescission of acceleration of the Securities by the Holders thereof
         as provided in Section 6.02 and a waiver of the payment default that
         resulted from such acceleration);

                  (i) waive a mandatory repurchase or redemption payment with
         respect to any Security required by Section 4.08 or 4.15; or
<PAGE>   63
                                      -57-

                  (j) modify the ranking or priority of any Security or the
         Subsidiary Guarantee in respect thereof of any Guarantor in any manner
         adverse to the Holders of the Securities.

                  It shall not be necessary for the consent of the Holders under
this Section 10.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the
substance thereof.

                  After an amendment, supplement or waiver under this Section
10.02 becomes effective, the Company shall mail to the Holders affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of
the Company to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such amendment, supplement or
waiver.

SECTION 10.03.      Compliance with Trust Indenture Act.

                  Every amendment to or supplement of this Indenture or the
Securities shall comply with the TIA as then in effect.

SECTION 10.04.      Record Date for Consents and Effect of Consents.

                  The Company may, but shall not be obligated to, fix a record
date for the purpose of determining the Holders of Securities entitled to
consent to any amendment, supplement or waiver. If a record date is fixed, then
those persons who were Holders of Securities at such record date (or their duly
designated proxies), and only those persons, shall be entitled to consent to
such amendment, supplement or waiver or to revoke any consent previously given,
whether or not such persons continue to be Holders of such Securities after such
record date. No such consent shall be valid or effective for more than 90 days
after such record date. The Trustee is entitled to rely upon any electronic
instruction from beneficial owners to the Holders of any Global Security.

                  After an amendment, supplement or waiver becomes effective, it
shall bind every Holder, unless it makes a change described in any of clauses
(a) through (j) of Section 10.02. In that case the amendment, supplement or
waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder's Security.

SECTION 10.05.      Notation on or Exchange of Securities.

                  If an amendment, supplement or waiver changes the terms of a
Security, the Trustee may require the Holder of the Security to deliver it to
the Trustee. The Trustee may place an appropriate notation on the Security about
the changed terms and return it to the Holder. Alternatively, if the Company or
the Trustee so determine, the Company in exchange for the Security shall issue
and the Trustee shall authenticate a new Security that reflects the changed
terms. Failure to make the appropriate notation or issue a new Security shall
not affect the validity and effect of such amendment, supplement or waiver.

SECTION 10.06.      Trustee To Sign Amendments, etc.

                  The Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
any amendment, supplement or waiver authorized pursuant to this Article Ten is
authorized or permitted by this Indenture and that such amendment, supplement or
waiver
<PAGE>   64
                                      -58-

constitutes the legal, valid and binding obligation of the Company, enforceable
in accordance with its terms (subject to customary exceptions). The Trustee may,
but shall not be obligated to, execute any such amendment, supplement or waiver
which affects the Trustee's own rights, duties or immunities under this
Indenture or otherwise. In signing any amendment, supplement or waiver, the
Trustee shall be entitled to receive an indemnity reasonably satisfactory to it.

                                 ARTICLE ELEVEN

                              SUBSIDIARY GUARANTEES

SECTION 11.01.      Unconditional Guarantee.

                  Each Guarantor hereby unconditionally, jointly and severally,
guarantees (each, a "Subsidiary Guarantee") to each Holder of a Security
authenticated by the Trustee and to the Trustee and its successors and assigns
that: the principal of and interest on the Securities will be promptly paid in
full when due, subject to any applicable grace period, whether at maturity, by
acceleration or otherwise, and interest on the overdue principal and interest on
any overdue interest on the Securities and all other obligations of the Company
to the Holders or the Trustee hereunder or under the Securities will be promptly
paid in full or performed, all in accordance with the terms hereof and thereof;
subject, however, to the limitations set forth in Section 11.04. Each Guarantor
hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Securities or
this Indenture, the absence of any action to enforce the same, any waiver or
consent by any Holder of the Securities with respect to any provisions hereof or
thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a Guarantor. Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands whatsoever
and covenants that the Subsidiary Guarantee will not be discharged except by
complete performance of the obligations contained in the Securities, this
Indenture and this Subsidiary Guarantee. If any Holder or the Trustee is
required by any court or otherwise to return to the Company, any Guarantor, or
any custodian, trustee, liquidator or other similar official acting in relation
to the Company or any Guarantor, any amount paid by the Company or any Guarantor
to the Trustee or such Holder, this Subsidiary Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and effect. Each
Guarantor further agrees that, as between each Guarantor, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article Six for
the purpose of this Subsidiary Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (y) in the event of any acceleration of such obligations
as provided in Article Six, such obligations (whether or not due and payable)
shall forth become due and payable by each Guarantor for the purpose of this
Subsidiary Guarantee.

SECTION 11.02.      Severability.

                  In case any provision of this Subsidiary Guarantee shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.
<PAGE>   65
                                      -59-

SECTION 11.03.      Release of a Guarantor.

                  (a) If the Securities are defeased in accordance with the
terms of this Indenture, or if Section 5.01(b) is complied with, or if, subject
to the requirements of Section 5.01(a), all or substantially all of the assets
of any Guarantor or all of the equity interests of any Guarantor are sold
(including by issuance or otherwise) by the Company in a transaction
constituting an Asset Sale and (x) the Net Cash Proceeds from such Asset Sale
are used in accordance with Section 4.08 or (y) the Company delivers to the
Trustee an Officers' Certificate to the effect that the Net Cash Proceeds from
such Asset Sale shall be used in accordance with Section 4.08 and within the
time limits specified by Section 4.08, then each Guarantor (in the case of
defeasance) or such Guarantor (in the case of compliance with Section 5.01(b) or
in the event of a sale or other disposition of all of the equity interests of
such Guarantor) or the Person acquiring such assets (in the event of a sale or
other disposition of all or substantially all of the assets of such Guarantor)
shall be released and discharged from all obligations under this Article Eleven
without any further action required on the part of the Trustee or any Holder.
The Trustee shall, at the sole cost and expense of the Company and upon receipt
at the reasonable request of the Trustee of an Opinion of Counsel that the
provisions of this Section 11.03 have been complied with, deliver an appropriate
instrument evidencing such release upon receipt of a request by the Company
accompanied by an Officers' Certificate certifying as to the compliance with
this Section 11.03. Any Guarantor not so released remains liable for the full
amount of principal of and interest on the Securities and the other obligations
of the Company hereunder as provided in this Article Eleven.

                  (b) Any Guarantor that is designated an Unrestricted
Subsidiary shall upon such designation be released and discharged of all
obligations under this Article Eleven without any further action required on the
part of the Trustee or any Holder.

SECTION 11.04.      Limitation of Guarantor's Liability.

                  Each Guarantor, and by its acceptance hereof each Holder and
the Trustee, hereby confirms that it is the intention of all such parties that
the Guarantee by such Guarantor pursuant to its Subsidiary Guarantee not
constitute a fraudulent transfer or conveyance for purposes of title 11 of the
United States Code, as amended, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar U.S. Federal or state or other
applicable law. To effectuate the foregoing intention, the Holders and each
Guarantor hereby irrevocably agree that the obligations of each Guarantor under
its Subsidiary Guarantee shall be limited to the maximum amount as will, after
giving effect to all other contingent and fixed liabilities of such Guarantor
and after giving effect to any collections from or payments made by or on behalf
of any other Guarantor in respect of the obligations of such other Guarantor
under its Subsidiary Guarantee or pursuant to Section 11.05, result in the
obligations of such Guarantor under its Subsidiary Guarantee not constituting
such a fraudulent transfer or conveyance.

SECTION 11.05.      Contribution.

                  In order to provide for just and equitable contribution among
the Guarantors, the Guarantors agree, inter se, that in the event any payment or
distribution is made by any Guarantor (a "Funding Guarantor") under the
Subsidiary Guarantee, such Funding Guarantor shall be entitled to a contribution
from all other Guarantors in a pro rata amount, based on the net assets of each
Guarantor (including the Funding Guarantor), determined in accordance with GAAP,
subject to Section 11.04, for all payments, damages and expenses incurred by
such Funding Guarantor in discharging the Company's obligations with respect to
the Securities or any other Guarantor's obligations with respect to the
Subsidiary Guarantee.
<PAGE>   66
                                      -60-

SECTION 11.06.      Execution of Subsidiary Guarantee.

                  To further evidence their Guarantee to the Holders, each of
the Guarantors hereby agree to execute a Subsidiary Guarantee to be endorsed on
each Security ordered to be authenticated and delivered by the Trustee. Each
Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 11.01
shall remain in full force and effect notwithstanding any failure to endorse on
each Security a Subsidiary Guarantee. Each such Subsidiary Guarantee shall be
signed on behalf of each Guarantor by its Chairman of the Board, its President
or one of its Vice Presidents prior to the authentication of the Security on
which it is endorsed, and the delivery of such Security by the Trustee, after
the authentication thereof hereunder, shall constitute due delivery of such
Subsidiary Guarantee on behalf of such Guarantor. Such signature upon the
Subsidiary Guarantee may be manual or facsimile signature of such officer and
may be imprinted or otherwise reproduced on the Subsidiary Guarantee, and in
case such officer who shall have signed the Subsidiary Guarantee shall cease to
be such officer before the Security on which such Subsidiary Guarantee is
endorsed shall have been authenticated and delivered by the Trustee or disposed
of by the Company, such Security nevertheless may be authenticated and delivered
or disposed of as though the Person who signed the Subsidiary Guarantee had not
ceased to be such officer of such Guarantor.

SECTION 11.07.      Subordination of Subrogation and Other Rights.

                  Each Guarantor hereby agrees that any claim against the
Company that arises from the payment, performance or enforcement of such
Guarantor's obligations under its Subsidiary Guarantee or this Indenture,
including, without limitation, any right of subrogation, shall be subject and
subordinate to, and no payment with respect to any such claim of such Guarantor
shall be made before, the payment in full in cash of all outstanding Securities
in accordance with the provisions provided therefor in this Indenture.

                                 ARTICLE TWELVE

                             [INTENTIONALLY OMITTED]

                                ARTICLE THIRTEEN

                                  MISCELLANEOUS

SECTION 13.01.      Trust Indenture Act Controls.

                  This Indenture is subject to the provisions of the TIA that
are required to be a part of this Indenture, and shall, to the extent
applicable, be governed by such provisions. If any provision of this Indenture
modifies any TIA provision that may be so modified, such TIA provision shall be
deemed to apply to this Indenture as so modified. If any provision of this
Indenture excludes any TIA provision that may be so excluded, such TIA provision
shall be excluded from this Indenture.

                  The provisions of TIA Sections 310 through 317 that
impose duties on any Person (including the provisions automatically deemed
included unless expressly excluded by this Indenture) are a part of and govern
this Indenture, whether or not physically contained herein.
<PAGE>   67
                                      -61-

SECTION 13.02.      Notices.

                  Any notice or communication shall be sufficiently given if in
writing and delivered in person, by facsimile and confirmed by overnight
courier, or mailed by first-class mail addressed as follows:

                  if to the Company:

                  LIN Television Corporation
                  Four Richmond Square, Suite 200
                  Providence, Rhode Island  02906
                  Attention: Deborah Jacobson

                  Facsimile: (401) 273-8779
                  Telephone: (401) 457-9403

                  Copy to:

                  Hicks, Muse, Tate & Furst Incorporated
                  1325 Avenue of the Americas, 25th Floor
                  New York, New York  10019
                  Attention: Michael J. Levitt

                  Facsimile: (212) 424-1450
                  Telephone: (212) 424-1407

                  if to the Trustee:

                  United States Trust Company of New York
                  114 West 47th Street
                  New York, New York  10036
                  Attention: Corporate Trust Department

                  Facsimile: (212) 852-1625
                  Telephone: (212) 852-1000

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

                  Any notice or communication mailed, first-class, postage
prepaid, to a Holder including any notice delivered in connection with TIA
Section 310(b), TIA Section 313(c), TIA Section 314(a) and TIA Section 315(b),
shall be mailed to him at his address as set forth on the Security register and
shall be sufficiently given to him if so mailed within the time prescribed. To
the extent required by the TIA, any notice or communication shall also be mailed
to any Person described in TIA Section 313(c).

                  Failure to mail a notice or communication to a Holder or any
defect in it shall not affect its sufficiency with respect to other Holders.
Except for a notice to the Trustee, which is deemed given only when received, if
a notice or communication is mailed in the manner provided above, it is duly
given, whether or not the addressee receives it.
<PAGE>   68
                                      -62-

SECTION 13.03.      Communications by Holders with Other Holders.

                  Holders may communicate pursuant to TIA Section 312(b) with
other Holders with respect to their rights under this Indenture or the
Securities. The Company, the Trustee, the Registrar and any other person shall
have the protection of TIA Section 312(c).

SECTION 13.04.      Certificate and Opinion as to Conditions Precedent.

                  Upon any request or application by the Company to the Trustee
to take or refrain from taking any action under this Indenture, the Company
shall furnish to the Trustee at the request of the Trustee:

                  (1) an Officers' Certificate in form and substance
         satisfactory to the Trustee stating that, in the opinion of the
         signers, all conditions precedent, if any, provided for in this
         Indenture relating to the proposed action have been complied with; and

                  (2) an Opinion of Counsel in form and substance satisfactory
         to the Trustee stating that, in the opinion of such counsel, all such
         conditions precedent have been complied with; provided, however, that
         with respect to matters of fact an Opinion of Counsel may rely on an
         Officers' Certificate or certificates of public officials.

SECTION 13.05.      Statements Required in Certificate.

                  Each certificate with respect to compliance with a condition
or covenant provided for in this Indenture shall include:

                  (1) a statement that the person making such certificate has
         read such covenant or condition;

                  (2) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements contained in
         such certificate are based;

                  (3) a statement that, in the opinion of such person, he has
         made such examination or investigation as is necessary to enable him to
         express an informed opinion as to whether or not such covenant or
         condition has been complied with; and

                  (4) a statement as to whether or not, in the opinion of such
         person, such condition or covenant has been complied with.

SECTION 13.06.      Rules by Trustee, Paying Agent, Registrar.

                  The Trustee may make reasonable rules for action by or at a
meeting of Holders. The Paying Agent or Registrar may make reasonable rules for
its functions.

SECTION 13.07.      Governing Law.

                  THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS INDENTURE,
THE SECURITIES AND THE SUBSIDIARY GUARANTEES WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.
<PAGE>   69
                                      -63-

SECTION 13.08.      No Recourse Against Others.

                  No director, officer, employee, incorporator or stockholder of
the Company or any Guarantor, as such, shall have any liability for any
obligations of the Company or any Guarantor under the Securities or the
Subsidiary Guarantees, as the case may be, or this Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Security and the Subsidiary Guarantees waives and
releases all such liability. The waiver and release are part of the
consideration for the issuance of the Securities and the Subsidiary Guarantees.

SECTION 13.09.      Successors.

                  All agreements of the Company in this Indenture and the
Securities shall bind its successor. All agreements of each Guarantor in this
Indenture shall bind its successor. All agreements of the Trustee in this
Indenture shall bind its successor.

SECTION 13.10.      Counterpart Originals.

                  The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the
same agreement.

SECTION 13.11.      Severability.

                  In case any provision in this Indenture, in the Securities or
in the Subsidiary Guarantees shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby, and a Holder shall have no claim
therefor against any party hereto.

SECTION 13.12.      No Adverse Interpretation of Other Agreements.

                  This Indenture may not be used to interpret another indenture,
loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

SECTION 13.13.      Legal Holidays.

                  If a payment date is not a Business Day at a place of payment,
payment may be made at that place on the next succeeding Business Day.

                  [Remainder of page intentionally left blank]
<PAGE>   70
                                       S-1

                                   SIGNATURES

                  IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed as of the date first written above.

                                       LIN TELEVISION CORPORATION

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

                                       INDIANA BROADCASTING, LLC
                                       LIN AIRTIME, LLC
                                       PROVIDENCE BROADCASTING, LLC
                                       TELEVICENTRO OF PUERTO RICO, LLC
                                       WAVY BROADCASTING, LLC
                                       WOOD LICENSE CO., LLC
                                       WIVB BROADCASTING, LLC
                                       WWLP BROADCASTING, LLC,
                                         as Guarantors

                                       By: LIN Television Corporation,
                                           its Managing Member

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

                                       LIN TELEVISION OF TEXAS, L.P.,
                                         as Guarantor

                                       By: LIN Television of Texas, Inc.,
                                           its General Partner

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:
<PAGE>   71
                                       S-2

                                       AIRWAVES, INC.
                                       KXAN, INC.
                                       KXTX HOLDINGS, INC.
                                       LINBENCO, INC.
                                       LIN SPORTS, INC.
                                       LIN TELEVISION OF SAN JUAN, INC.
                                       LIN TELEVISION OF TEXAS, INC.
                                       PRIMELAND TELEVISION, INC.
                                       NORTH TEXAS BROADCASTING
                                         CORPORATION
                                       WNJX-TV, INC.
                                       WOOD TELEVISION, INC.
                                       WTNH BROADCASTING, INC.,
                                         as Guarantors

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

                                       UNITED STATES TRUST COMPANY OF
                                         NEW YORK, as Trustee

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:
<PAGE>   72
                                                                       EXHIBIT A

                           [FORM OF SERIES A SECURITY]

                  THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION.

                  THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY
AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF
THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR
FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS' AND THE
TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND, IN THE CASE OF THE
FOREGOING CLAUSE (D), A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE
OTHER SIDE OF THIS SECURITY COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE
ISSUERS AND THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE
HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

                                      A-1
<PAGE>   73
THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION
1271 ET SEQ. OF THE INTERNAL REVENUE CODE. FOR EACH $1,000 PRINCIPAL AMOUNT AT
MATURITY OF THIS SECURITY, THE ISSUE PRICE IS $   AND THE AMOUNT OF ORIGINAL
ISSUE DISCOUNT IS $     . THE ISSUE DATE OF THIS SECURITY IS    AND THE YIELD TO
MATURITY IS     %.

                           LIN TELEVISION CORPORATION

                             8% Senior Note due 2008

                                                                 CUSIP No. [   ]

No. [   ]                                                                 $[   ]

                  LIN TELEVISION CORPORATION, a Delaware corporation (the
"Company," which term includes any successor corporation), for value received,
promise to pay to [ ] or registered assigns the principal sum of [ ] Dollars, on
January 15, 2008.

                  Interest Payment Dates: January 15 and July 15, commencing on
January 15, 2002

                  Interest Record Dates: January 1 and July 1.

                  Reference is made to the further provisions of this Security
contained herein, which will for all purposes have the same effect as if set
forth at this place.

                  IN WITNESS WHEREOF, the Company has caused this Security to be
signed manually or by facsimile by its duly authorized officer.

                                   LIN TELEVISION CORPORATION

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

Dated:

                                      A-2
<PAGE>   74
                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

                  This is one of the 8% Senior Notes due 2008, described in the
within-mentioned Indenture.

Dated:

                                UNITED STATES TRUST COMPANY OF
                                  NEW YORK, as Trustee

                                By:
                                       -----------------------------------------
                                       Authorized Signatory

                                      A-3
<PAGE>   75
                              (REVERSE OF SECURITY)

                           LIN TELEVISION CORPORATION

                             8% Senior Note due 2008

1.       Interest.

                  LIN TELEVISION CORPORATION promises to pay interest on the
principal amount of this Security at the rate per annum shown above. Cash
interest on the Securities will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from June 14, 2001. The
Company will pay interest semi-annually in arrears on each Interest Payment
Date, commencing on January 15, 2002. Interest will be computed on the basis of
a 360-day year of twelve 30-day months.

                  The Company shall pay interest on overdue principal from time
to time on demand and on overdue installments of interest (without regard to any
applicable grace periods) to the extent lawful from time to time on demand, in
each case at the rate borne by the Securities.

2.       Method of Payment.

                  The Company shall pay interest on the Securities (except
defaulted interest) to the persons who are the registered Holders at the close
of business on the Interest Record Date immediately preceding the Interest
Payment Date even if the Securities are canceled on registration of transfer or
registration of exchange after such Interest Record Date. Holders must surrender
Securities to a Paying Agent to collect principal payments. The Company shall
pay principal and interest in money of the United States that at the time of
payment is legal tender for payment of public and private debts ("U.S. Legal
Tender"). However, the Company may pay principal and interest by wire transfer
of Federal funds (provided that the Paying Agent shall have received wire
instructions on or prior to the relevant Interest Record Date), or interest by
check payable in such U.S. Legal Tender. The Company may deliver any such
interest payment to the Paying Agent or to a Holder at the Holder's registered
address.

3.       Paying Agent and Registrar.

                  Initially, United States Trust Company of New York (the
"Trustee") will act as Paying Agent and Registrar. The Company may change any
Paying Agent or Registrar without notice to the Holders. The Company may,
subject to certain exceptions, act as Registrar.

4.       Indenture.

                  The Company issued the Securities under an Indenture, dated as
of June 14, 2001 (the "Indenture"), by and among the Company, the Guarantors
named therein and the Trustee. Capitalized terms herein are used as defined in
the Indenture unless otherwise defined herein. This Security is one of a duly
authorized issue of Securities of the Company designated as its 8% Senior Notes
due 2008, Series A (the "Initial Securities"), which may be issued under the
Indenture. The Company shall be entitled to issue Additional Securities pursuant
to Section 2.17 to the Indenture. The Securities include the Initial Securities,
the Private Exchange Securities (as defined in the Indenture) and the
Unrestricted Securities (as defined in the Indenture).

                                      A-4
<PAGE>   76
All Securities issued under the Indenture are treated as a single class of
securities under the Indenture. The terms of the Securities include those stated
in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the "TIA"), as in
effect on the date of the Indenture (except as otherwise indicated in the
Indenture) until such time as the Indenture is qualified under the TIA, and
thereafter as in effect on the date on which the Indenture is qualified under
the TIA. Notwithstanding anything to the contrary herein, the Securities are
subject to all such terms, and Holders are referred to the Indenture and the TIA
for a statement of them. The Securities are general unsecured, senior
obligations of the Company.

5.       Optional Redemption.

                 (a) The Securities will be redeemable at the option of the
Company, in whole or in part, at any time on or after January 15, 2005, at the
redemption prices (expressed as a percentage of principal amount) set forth
below, plus accrued and unpaid interest thereon, if any, to the Redemption Date
(subject to the right of Holders of record on the relevant Interest Record Date
to receive interest due on the relevant Interest Payment Date) if redeemed
during the 12-month period commencing on January 15 of the years indicated
below:
<TABLE>
<CAPTION>
Year                                                  Percentage
----                                                  ----------
<S>                                                    <C>
2005                                                   104%
2006                                                   102%
2007 and thereafter                                    100%
</TABLE>

                  (b) Prior to January 15, 2004, the Company may, at its option,
use the net cash proceeds of one or more Equity Offerings to redeem up to 35% of
the principal amount of the Securities at a redemption price equal to 108% of
the principal amount thereof plus accrued and unpaid interest to the redemption
date; provided, however, that after any such redemption, at least 65% of the
aggregate principal amount of the Securities originally issued would remain
outstanding immediately after giving effect to such redemption. Any such
redemption will be required to occur on or prior to the date that is one year
after the receipt by the Company of the proceeds of an Equity Offering. The
Company shall effect such redemption on a pro rata basis.

                  (c) Prior to March 1, 2003, upon the occurrence of a Change of
Control, the Company will have the option to redeem the Securities in whole but
not in part (a "Change of Control Redemption") at a redemption price equal to
100% of the principal amount thereof, plus accrued and unpaid interest to the
redemption date, plus the Applicable Premium. In order to effect a Change of
Control Redemption, the Company must send a notice to each Holder, which notice
shall govern the terms of the Change of Control Redemption. Such notice must
comply with the provisions of Section 3.03 of the Indenture; provided, however,
that such notice must be mailed to Holders within 30 days following the date the
Change of Control occurred (the "Change of Control Redemption Date") and state
that the Company is effecting a Change of Control Redemption in lieu of a Change
of Control Offer.

                  "Applicable Premium" means, with respect to a Security at any
Change of Control Redemption Date, the greater of (i) 1.0% of the principal
amount of such Security and (ii) the excess of (A) the present value at such
time of (1) the redemption price of such Security at January 15, 2005 (such
redemption price being described in paragraph (a) above) plus (2) all
semi-annual payments of interest through January 15, 2005 computed using a
discount rate equal to the Treasury Rate plus 75 basis points over (B) the
principal amount of such Security.

                                      A-5
<PAGE>   77
                  "Treasury Rate" means the yield to maturity at the time of
computation of United States Treasury Securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) that has become publicly available at least two business days prior to
the Change of Control Redemption Date (or, if such Statistical Release is no
longer published, any publicly available source of similar market data)) most
nearly equal to the period from the Change of Control Redemption Date to March
1, 2003; provided, however, that if the period from the Change of Control
Redemption Date to March 1, 2003 is not equal to the constant maturity of a
United States Treasury security for which a weekly average yield is given, the
Treasury Rate shall be obtained by linear interpolation (calculated to the
nearest one-twelfth of a year) from the weekly average yields of United States
Treasury Securities for which such yields are given except that if the period
from the Change of Control Redemption Date to March 1, 2003 is less than one
year, the weekly average yield on actually traded United States Treasury
Securities adjusted to a constant maturity of one year shall be used.

6.       Notice of Redemption.

                  Notice of redemption will be mailed by first-class mail at
least 30 days but not more than 60 days before the Redemption Date to each
Holder of Securities to be redeemed at its registered address. The Trustee may
select for redemption portions of the principal amount of Securities that have
denominations equal to or larger than $1,000 principal amount. Securities and
portions of them the Trustee so selects shall be in amounts of $1,000 principal
amount or integral multiples thereof.

                  If any Security is to be redeemed in part only, the notice of
redemption that relates to such Security shall state the portion of the
principal amount thereof to be redeemed. A new Security in a principal amount
equal to the unredeemed portion thereof will be issued in the name of the Holder
thereof upon cancellation of the original Security. On and after the Redemption
Date, interest will cease to accrue on Securities or portions thereof called for
redemption so long as the Company has deposited with the Paying Agent for the
Securities funds in satisfaction of the redemption price pursuant to the
Indenture and the Paying Agent is not prohibited from paying such funds to the
Holders pursuant to the terms of the Indenture.

7.       Change of Control Offer.

                  Following the occurrence of a Change of Control (the date of
such occurrence being the "Change of Control Date"), the Company shall, within
30 days after the Change of Control Date, be required to offer to purchase all
Securities then outstanding at a purchase price in cash equal to 101% of the
aggregate principal amount thereof, plus accrued and unpaid interest thereon, if
any, to the date of such purchase (subject to the right of Holders of record on
the relevant Interest Record Date to receive interest due on the relevant
Interest Payment Date).

8.       Limitation on Disposition of Assets.

                  The Company is, subject to certain conditions and certain
exceptions, obligated to offer to purchase the Securities at a purchase price
equal to 100% of the principal amount thereof, plus accrued and unpaid interest
thereon, if any, to the date of such purchase (subject to the right of Holders
of record on the relevant Interest Record Date to receive interest due on the
relevant Interest Record Date) with the proceeds of certain asset dispositions.

                                      A-6
<PAGE>   78
9.       Denominations; Transfer; Exchange.

                  The Securities are in registered form, without coupons, in
denominations of $1,000 and integral multiples of $1,000. A Holder shall
register the transfer of or exchange Securities in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay certain transfer
taxes or similar governmental charges payable in connection therewith as
permitted by the Indenture. The Registrar need not register the transfer of or
exchange any Securities or portions thereof selected for redemption, except the
unredeemed portion of any security being redeemed in part.

10.      Persons Deemed Owners.

                  The registered Holder of a Security shall be treated as the
owner of it for all purposes.

11.      Unclaimed Funds.

                  If funds for the payment of principal or interest remain
unclaimed for two years, the Trustee and the Paying Agent will repay the funds
to the Company at their written request. After that, all liability of the
Trustee and such Paying Agent with respect to such funds shall cease.

12.      Legal Defeasance and Covenant Defeasance.

                  The Company and the Guarantors may be discharged from their
obligations under the Indenture, the Securities and the Subsidiary Guarantees,
except for certain provisions thereof, and may be discharged from obligations to
comply with certain covenants contained in the Indenture, the Securities and the
Subsidiary Guarantees, in each case upon satisfaction of certain conditions
specified in the Indenture.

13.      Amendment; Supplement; Waiver.

                  Subject to certain exceptions, the Indenture and the
Securities (including the Subsidiary Guarantees) may be amended or supplemented
with the written consent of the Holders of at least a majority in aggregate
principal amount of the Securities then outstanding, and any existing Default or
Event of Default or compliance with any provision may be waived with the consent
of the Holders of a majority in aggregate principal amount of the Securities
then outstanding. Without notice to or consent of any Holder, the parties
thereto may amend or supplement the Indenture, the Securities and the Subsidiary
Guarantees to, among other things, cure any ambiguity, defect or inconsistency,
provide for uncertificated Securities in addition to or in place of certificated
Securities or comply with any requirements of the SEC in connection with the
qualification of the Indenture under the TIA, or make any other change that does
not materially adversely affect the rights of any Holder.

14.      Restrictive Covenants.

                  The Indenture contains certain covenants that, among other
things, limit the ability of the Company and the Restricted Subsidiaries to make
restricted payments, to incur indebtedness, to sell assets, to permit
restrictions on dividends and other payments by Subsidiaries to the Company, to
consolidate, merge or sell all or substantially all of its assets and to engage
in transactions with affiliates. The limitations are subject to a number of
important qualifications and exceptions. The Company must report annually to the
Trustee on compliance with such limitations.

                                      A-7
<PAGE>   79
15.      Defaults and Remedies.

                  If an Event of Default occurs and is continuing, the Trustee
or the Holders of at least 25% in aggregate principal amount of Securities then
outstanding may declare all the Securities to be due and payable immediately in
the manner and with the effect provided in the Indenture. Holders of Securities
may not enforce the Indenture, the Securities or the Subsidiary Guarantees
except as provided in the Indenture. The Trustee is not obligated to enforce the
Indenture, the Securities or the Subsidiary Guarantees unless it has received
indemnity satisfactory to it. The Indenture permits, subject to certain
limitations therein provided, Holders of a majority in aggregate principal
amount of the Securities then outstanding to direct the Trustee in its exercise
of any trust or power. The Trustee may withhold from Holders of Securities
notice of certain continuing Defaults or Events of Default if it determines that
withholding notice is in their interest.

16.      Trustee Dealings with Company and Guarantors.

                  The Trustee under the Indenture, in its individual or any
other capacity, may become the owner or pledgee of Securities and may otherwise
deal with the Company, the Guarantors, their respective Subsidiaries or their
respective Affiliates as if it were not the Trustee.

17.      No Recourse Against Others.

                  No director, officer, employee, incorporator or stockholder of
the Company or any Guarantor, as such, shall have any liability for any
obligations of the Company or any Guarantor under the Securities or the
Subsidiary Guarantees, as the case may be, or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the
Securities and the Subsidiary Guarantees.

18.      Authentication.

                  This Security shall not be valid until the Trustee or
authenticating agent signs the certificate of authentication on this Security.

19.      Abbreviations and Defined Terms.

                  Customary abbreviations may be used in the name of a Holder of
a Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts
to Minors Act).

20.      CUSIP Numbers.

                  Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Securities as a convenience to the Holders of the
Securities. No representation is made as to the accuracy of such numbers as
printed on the Securities and reliance may be placed only on the other
identification numbers printed hereon.

                                      A-8
<PAGE>   80
21.      Registration Rights.

                  Pursuant to the Registration Rights Agreement, the Company and
the Guarantors will be obligated to consummate an exchange offer pursuant to
which the Holder of this Security shall have the right to exchange this Security
for an 8% Senior Note due 2008 of the Company which has been registered under
the Securities Act, in like principal amount and having terms identical in all
material respects to the Initial Securities. The Holders shall be entitled to
receive certain liquidated damages payments in the event such exchange offer is
not consummated and upon certain other conditions, all pursuant to and in
accordance with the terms of the Registration Rights Agreement.

22.      Governing Law.

                  The laws of the State of New York shall govern the Indenture,
this Security and any Guarantee hereof without regard to principles of conflicts
of laws to the extent that the application of the laws of another jurisdiction
would be required thereby.

                                      A-9
<PAGE>   81
                         [FORM OF SUBSIDIARY GUARANTEE]

                                SENIOR GUARANTEE

                  Each undersigned Guarantor (as defined in the Indenture
referred to in the Security upon which this notation is endorsed) hereby
unconditionally guarantees on a senior basis (such guaranty by such Guarantor
being referred to herein as the "Subsidiary Guarantee"), jointly and severally,
the due and punctual payment of the principal of, premium, if any, and interest
on the Securities, whether at maturity, by acceleration or otherwise, the due
and punctual payment of interest on the overdue principal, premium and interest
on the Securities, and the due and punctual performance of all other obligations
of the Company to the Holders or the Trustee, all in accordance with the terms
set forth in Article Eleven of the Indenture.

                  This Subsidiary Guarantee shall not be valid or obligatory for
any purpose until the certificate of authentication on the Securities upon which
this Subsidiary Guarantee is noted shall have been executed by the Trustee under
the Indenture by the manual signature of one of its authorized officers.

                  This Subsidiary Guarantee shall be governed by and construed
in accordance with the laws of the State of New York without regard to
principles of conflicts of law.

                  This Subsidiary Guarantee is subject to release upon the terms
set forth in the Indenture.

                                  INDIANA BROADCASTING, LLC
                                  LIN AIRTIME, LLC
                                  PROVIDENCE BROADCASTING, LLC
                                  TELEVICENTRO OF PUERTO RICO, LLC
                                  WAVY BROADCASTING, LLC
                                  WOOD LICENSE CO., LLC
                                  WIVB BROADCASTING, LLC
                                  WWLP BROADCASTING, LLC,
                                    as Guarantors

                                  By:    LIN Television Corporation,
                                         its Managing Member

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

                                      A-10
<PAGE>   82
                                  LIN TELEVISION OF TEXAS, L.P.,
                                    as Guarantor

                                  By:    LIN Television of Texas, Inc.,
                                         its General Partner

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

                                  AIRWAVES, INC.
                                  KXAN, INC.
                                  KXTX HOLDINGS, INC.
                                  LINBENCO, INC.
                                  LIN SPORTS, INC.
                                  LIN TELEVISION OF SAN JUAN, INC.
                                  LIN TELEVISION OF TEXAS, INC.
                                  PRIMELAND TELEVISION, INC.
                                  NORTH TEXAS BROADCASTING
                                    CORPORATION
                                  WNJX-TV, INC.
                                  WOOD TELEVISION, INC.
                                  WTNH BROADCASTING, INC.,
                                    as Guarantors

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

                                      A-11
<PAGE>   83
                                 ASSIGNMENT FORM

I or we assign and transfer this Security to

--------------------------------------------------------------------------------
(Print or type name, address and zip code of assignee or transferee)

(Insert Social Security or other identifying number of assignee or transferee)

and irrevocably appoint
                        --------------------------------------------------------
agent to transfer this Security on the books of the Company.  The agent may
substitute another to act for him.

Dated:                              Signed:
      ---------------                      -------------------------------------
                                           (Signed exactly as name appears on
                                            the other side of this Security)

Signature Guarantee:
                      ----------------------------------------------------------
                      Participant in a recognized Signature Guarantee Medallion
                      Program (or other signature guarantor program reasonably
                      acceptable to the Trustee)
<PAGE>   84
                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Security purchased by the
Company pursuant to Section 4.08 or Section 4.15 of the Indenture, check the
appropriate box:

         Section 4.08 [  ]                       Section 4.15 [  ]

                  If you want to elect to have only part of this Security
purchased by the Company pursuant to Section 4.08 or Section 4.15 of the
Indenture, state the amount: $_____________

Dated:                              Signed:
      ---------------                      -------------------------------------
                                           (Signed exactly as name appears on
                                            the other side of this Security)

Signature Guarantee:
                    ------------------------------------------------------------
                    Participant in a recognized Signature Guarantee Medallion
                    Program (or other signature guarantor program reasonably
                    acceptable to the Trustee)
<PAGE>   85
                                                                       EXHIBIT B

                           [FORM OF SERIES B SECURITY]

                           LIN TELEVISION CORPORATION

                        8% Senior Note due 2008, Series B

                                                                  CUSIP No.:[  ]

No. [   ]                                                                 $[   ]

                  LIN TELEVISION CORPORATION, a Delaware corporation (the
"Company," which term includes any successor corporation), for value received,
promise to pay to [ ] or registered assigns the principal sum of [ ] Dollars, on
January 15, 2008.

                  Interest Payment Dates: January 15 and July 15, commencing on
January 15, 2002.

                  Interest Record Dates: January 1 and July 1.

                  Reference is made to the further provisions of this Security
contained herein, which will for all purposes have the same effect as if set
forth at this place.

                  IN WITNESS WHEREOF, the Company has caused this Security to be
signed manually or by facsimile by its duly authorized officer.

                                  LIN TELEVISION CORPORATION

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

Dated:

                                      B-1
<PAGE>   86
                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

                  This is one of the 8% Senior Notes due 2008, Series B,
described in the within-mentioned Indenture.

Dated:

                                     UNITED STATES TRUST COMPANY OF
                                       NEW YORK, as Trustee

                                     By:
                                            ------------------------------------
                                            Authorized Signatory

                                      B-2
<PAGE>   87
                              (REVERSE OF SECURITY)

                           LIN TELEVISION CORPORATION

                        8% Senior Note due 2008, Series B

1.       Interest.

                  LIN TELEVISION CORPORATION promises to pay interest on the
principal amount of this Security at the rate per annum shown above. Cash
interest on the Securities will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from June 14, 2001. The
Company will pay interest semi-annually in arrears on each Interest Payment
Date, commencing on January 15, 2002. Interest will be computed on the basis of
a 360-day year of twelve 30-day months.

                  The Company shall pay interest on overdue principal from time
to time on demand and on overdue installments of interest (without regard to any
applicable grace periods) to the extent lawful from time to time on demand, in
each case at the rate borne by the Securities.

2.       Method of Payment.

                  The Company shall pay interest on the Securities (except
defaulted interest) to the persons who are the registered Holders at the close
of business on the Interest Record Date immediately preceding the Interest
Payment Date even if the Securities are canceled on registration of transfer or
registration of exchange after such Interest Record Date. Holders must surrender
Securities to a Paying Agent to collect principal payments. The Company shall
pay principal and interest in money of the United States that at the time of
payment is legal tender for payment of public and private debts ("U.S. Legal
Tender"). However, the Company may pay principal and interest by wire transfer
of Federal funds (provided that the Paying Agent shall have received wire
instructions on or prior to the relevant Interest Record Date), or interest by
check payable in such U.S. Legal Tender. The Company may deliver any such
interest payment to the Paying Agent or to a Holder at the Holder's registered
address.

3.       Paying Agent and Registrar.

                  Initially, United States Trust Company of New York (the
"Trustee") will act as Paying Agent and Registrar. The Company may change any
Paying Agent or Registrar without notice to the Holders. The Company may,
subject to certain exceptions, act as Registrar.

4.       Indenture.

                  The Company issued the Securities under an Indenture, dated as
of June 14, 2001 (the "Indenture"), by and among the Company, the Guarantors
named therein and the Trustee. Capitalized terms herein are used as defined in
the Indenture unless otherwise defined herein. This Security is one of a duly
authorized issue of Securities of the Company designated as its 8% Senior Notes
due 2008, Series B, which may be issued under the Indenture. The Company shall
be entitled to issue Additional Securities pursuant to Section 2.17 to the
Indenture. The Securities include the Initial Securities (as defined in the
Indenture), the Private Exchange Securities (as defined in the Indenture) and
the Unrestricted Securities (as defined in the Indenture).

                                      B-3
<PAGE>   88
All Securities issued under the Indenture are treated as a single class of
securities under the Indenture. The terms of the Securities include those stated
in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the "TIA"), as in
effect on the date of the Indenture (except as otherwise indicated in the
Indenture) until such time as the Indenture is qualified under the TIA, and
thereafter as in effect on the date on which the Indenture is qualified under
the TIA. Notwithstanding anything to the contrary herein, the Securities are
subject to all such terms, and Holders are referred to the Indenture and the TIA
for a statement of them. The Securities are general unsecured, senior
obligations of the Company.

5.       Optional Redemption.

                  (a) The Securities will be redeemable at the option of the
Company, in whole or in part, at any time on or after January 15, 2005, at the
redemption prices (expressed as a percentage of principal amount) set forth
below, plus accrued and unpaid interest thereon, if any, to the Redemption Date
(subject to the right of Holders of record on the relevant Interest Record Date
to receive interest due on the relevant Interest Payment Date) if redeemed
during the 12-month period commencing on January 15 of the years indicated
below:
<TABLE>
<CAPTION>
Year                                                  Percentage
----                                                  ----------
<S>                                                    <C>
2005                                                   104%
2006                                                   102%
2007 and thereafter                                    100%
</TABLE>

                  (b) Prior to January 15, 2004, the Company may, at its option,
use the net cash proceeds of one or more Equity Offerings to redeem up to 35% of
the principal amount of the Securities at a redemption price equal to 108% of
the principal amount thereof plus accrued and unpaid interest to the redemption
date; provided, however, that after any such redemption, at least 65% of the
aggregate principal amount of the Securities originally issued would remain
outstanding immediately after giving effect to such redemption. Any such
redemption will be required to occur on or prior to the date that is one year
after the receipt by the Company of the proceeds of an Equity Offering. The
Company shall effect such redemption on a pro rata basis.

                  (c) Prior to March 1, 2003, upon the occurrence of a Change of
Control, the Company will have the option to redeem the Securities in whole but
not in part (a "Change of Control Redemption") at a redemption price equal to
100% of the principal amount thereof, plus accrued and unpaid interest to the
redemption date, plus the Applicable Premium. In order to effect a Change of
Control Redemption, the Company must send a notice to each Holder, which notice
shall govern the terms of the Change of Control Redemption. Such notice must
comply with the provisions of Section 3.03 of the Indenture; provided, however,
that such notice must be mailed to Holders within 30 days following the date the
Change of Control occurred (the "Change of Control Redemption Date") and state
that the Company is effecting a Change of Control Redemption in lieu of a Change
of Control Offer.

                  "Applicable Premium" means, with respect to a Security at any
Change of Control Redemption Date, the greater of (i) 1.0% of the principal
amount of such Security and (ii) the excess of (A) the present value at such
time of (1) the redemption price of such Security at January 15, 2005 (such
redemption price being described in paragraph (a) above) plus (2) all
semi-annual payments of interest through January 15, 2005 computed using a
discount rate equal to the Treasury Rate plus 75 basis points over (B) the
principal amount of such Security.

                                      B-4
<PAGE>   89
                  "Treasury Rate" means the yield to maturity at the time of
computation of United States Treasury Securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) that has become publicly available at least two business days prior to
the Change of Control Redemption Date (or, if such Statistical Release is no
longer published, any publicly available source of similar market data)) most
nearly equal to the period from the Change of Control Redemption Date to March
1, 2003; provided, however, that if the period from the Change of Control
Redemption Date to March 1, 2003 is not equal to the constant maturity of a
United States Treasury security for which a weekly average yield is given, the
Treasury Rate shall be obtained by linear interpolation (calculated to the
nearest one-twelfth of a year) from the weekly average yields of United States
Treasury Securities for which such yields are given except that if the period
from the Change of Control Redemption Date to March 1, 2003 is less than one
year, the weekly average yield on actually traded United States Treasury
Securities adjusted to a constant maturity of one year shall be used.

6.       Notice of Redemption.

                  Notice of redemption will be mailed by first-class mail at
least 30 days but not more than 60 days before the Redemption Date to each
Holder of Securities to be redeemed at its registered address. The Trustee may
select for redemption portions of the principal amount of Securities that have
denominations equal to or larger than $1,000 principal amount. Securities and
portions of them the Trustee so selects shall be in amounts of $1,000 principal
amount or integral multiples thereof.

                  If any Security is to be redeemed in part only, the notice of
redemption that relates to such Security shall state the portion of the
principal amount thereof to be redeemed. A new Security in a principal amount
equal to the unredeemed portion thereof will be issued in the name of the Holder
thereof upon cancellation of the original Security. On and after the Redemption
Date, interest will cease to accrue on Securities or portions thereof called for
redemption so long as the Company has deposited with the Paying Agent for the
Securities funds in satisfaction of the redemption price pursuant to the
Indenture and the Paying Agent is not prohibited from paying such funds to the
Holders pursuant to the terms of the Indenture.

7.       Change of Control Offer.

                  Following the occurrence of a Change of Control (the date of
such occurrence being the "Change of Control Date"), the Company shall, within
30 days after the Change of Control Date, offer to purchase all Securities then
outstanding at a purchase price in cash equal to 101% of the aggregate principal
amount thereof, plus accrued and unpaid interest thereon, if any, to the date of
such purchase (subject to the right of Holders of record on the relevant
Interest Record Date to receive interest due on the relevant Interest Payment
Date).

8.       Limitation on Disposition of Assets.

                  The Company is, subject to certain conditions and certain
exceptions, obligated to offer to purchase the Securities at a purchase price
equal to 100% of the principal amount thereof, plus accrued and unpaid interest
thereon, if any, to the date of such purchase (subject to the right of Holders
of record on the relevant Interest Record Date to receive interest due on the
relevant Interest Payment Date) with the proceeds of certain asset dispositions.

                                      B-5
<PAGE>   90
9.       Denominations; Transfer; Exchange.

                  The Securities are in registered form, without coupons, in
denominations of $1,000 and integral multiples of $1,000. A Holder shall
register the transfer of or exchange Securities in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay certain transfer
taxes or similar governmental charges payable in connection therewith as
permitted by the Indenture. The Registrar need not register the transfer of or
exchange any Securities or portions thereof selected for redemption, except the
unredeemed portion of any security being redeemed in part.

10.      Persons Deemed Owners.

                  The registered Holder of a Security shall be treated as the
owner of it for all purposes.

11.      Unclaimed Funds.

                  If funds for the payment of principal or interest remain
unclaimed for two years, the Trustee and the Paying Agent will repay the funds
to the Company at their written request. After that, all liability of the
Trustee and such Paying Agent with respect to such funds shall cease.

12.      Legal Defeasance and Covenant Defeasance.

                  The Company and the Guarantors may be discharged from their
obligations under the Indenture, the Securities and the Subsidiary Guarantees,
except for certain provisions thereof, and may be discharged from obligations to
comply with certain covenants contained in the Indenture, the Securities and the
Subsidiary Guarantees, in each case upon satisfaction of certain conditions
specified in the Indenture.

13.      Amendment; Supplement; Waiver.

                  Subject to certain exceptions, the Indenture and the
Securities (including the Subsidiary Guarantees) may be amended or supplemented
with the written consent of the Holders of at least a majority in aggregate
principal amount of the Securities then outstanding, and any existing Default or
Event of Default or compliance with any provision may be waived with the consent
of the Holders of a majority in aggregate principal amount of the Securities
then outstanding. Without notice to or consent of any Holder, the parties
thereto may amend or supplement the Indenture, the Securities and the Subsidiary
Guarantees to, among other things, cure any ambiguity, defect or inconsistency,
provide for uncertificated Securities in addition to or in place of certificated
Securities or comply with any requirements of the SEC in connection with the
qualification of the Indenture under the TIA, or make any other change that does
not materially adversely affect the rights of any Holder.

14.      Restrictive Covenants.

                  The Indenture contains certain covenants that, among other
things, limit the ability of the Company and the Restricted Subsidiaries to make
restricted payments, to incur indebtedness, to sell assets, to permit
restrictions on dividends and other payments by Subsidiaries to the Company, to
consolidate, merge or sell all or substantially all of its assets and to engage
in transactions with affiliates. The limitations are subject to a number of
important qualifications and exceptions. The Company must report annually to the
Trustee on compliance with such limitations.

                                      B-6
<PAGE>   91
15.      Defaults and Remedies.

                  If an Event of Default occurs and is continuing, the Trustee
or the Holders of at least 25% in aggregate principal amount of Securities then
outstanding may declare all the Securities to be due and payable immediately in
the manner and with the effect provided in the Indenture. Holders of Securities
may not enforce the Indenture, the Securities or the Subsidiary Guarantees
except as provided in the Indenture. The Trustee is not obligated to enforce the
Indenture, the Securities or the Subsidiary Guarantees unless it has received
indemnity satisfactory to it. The Indenture permits, subject to certain
limitations therein provided, Holders of a majority in aggregate principal
amount of the Securities then outstanding to direct the Trustee in its exercise
of any trust or power. The Trustee may withhold from Holders of Securities
notice of certain continuing Defaults or Events of Default if it determines that
withholding notice is in their interest.

16.      Trustee Dealings with Company and Guarantors.

                  The Trustee under the Indenture, in its individual or any
other capacity, may become the owner or pledgee of Securities and may otherwise
deal with the Company, the Guarantors, their respective Subsidiaries or their
respective Affiliates as if it were not the Trustee.

17.      No Recourse Against Others.

                  No director, officer, employee, incorporator or stockholder of
the Company or any Guarantor, as such, shall have any liability for any
obligations of the Company or any Guarantor under the Securities or the
Subsidiary Guarantees, as the case may be, or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the
Securities and the Subsidiary Guarantees.

18.      Authentication.

                  This Security shall not be valid until the Trustee or
authenticating agent signs the certificate of authentication on this Security.

19.      Abbreviations and Defined Terms.

                  Customary abbreviations may be used in the name of a Holder of
a Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts
to Minors Act).

20.      CUSIP Numbers.

                  Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Securities as a convenience to the Holders of the
Securities. No representation is made as to the accuracy of such numbers as
printed on the Securities and reliance may be placed only on the other
identification numbers printed hereon.

                                      B-7
<PAGE>   92
21.      Governing Law.

                  The laws of the State of New York shall govern the Indenture,
this Security and any Guarantee hereof without regard to principles of conflicts
of laws to the extent that the application of the laws of another jurisdiction
would be required thereby.

                                      B-8
<PAGE>   93
                         [FORM OF SUBSIDIARY GUARANTEE]

                                SENIOR GUARANTEE

                  Each undersigned Guarantor (as defined in the Indenture
referred to in the Security upon which this notation is endorsed) hereby
unconditionally guarantees on a senior subordinated basis (such guaranty by such
Guarantor being referred to herein as the "Subsidiary Guarantee"), jointly and
severally, the due and punctual payment of the principal of, premium, if any,
and interest on the Securities, whether at maturity, by acceleration or
otherwise, the due and punctual payment of interest on the overdue principal,
premium and interest on the Securities, and the due and punctual performance of
all other obligations of the Company to the Holders or the Trustee, all in
accordance with the terms set forth in Article Eleven of the Indenture.

                  This Subsidiary Guarantee shall not be valid or obligatory for
any purpose until the certificate of authentication on the Securities upon which
this Subsidiary Guarantee is noted shall have been executed by the Trustee under
the Indenture by the manual signature of one of its authorized officers.

                  This Subsidiary Guarantee shall be governed by and construed
in accordance with the laws of the State of New York without regard to
principles of conflicts of law.

                  This Subsidiary Guarantee is subject to release upon the terms
set forth in the Indenture.

                                  INDIANA BROADCASTING, LLC
                                  LIN AIRTIME, LLC
                                  PROVIDENCE BROADCASTING, LLC
                                  TELEVICENTRO OF PUERTO RICO, LLC
                                  WAVY BROADCASTING, LLC
                                  WOOD LICENSE CO., LLC
                                  WIVB BROADCASTING, LLC
                                  WWLP BROADCASTING, LLC,
                                    as Guarantors

                                  By:    LIN Television Corporation,
                                         its Managing Member

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

                                      B-9
<PAGE>   94
                                  LIN TELEVISION OF TEXAS, L.P.,
                                    as Guarantor

                                  By:    LIN Television of Texas, Inc.,
                                         its General Partner

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

                                  AIRWAVES, INC.
                                  KXAN, INC.
                                  KXTX HOLDINGS, INC.
                                  LINBENCO, INC.
                                  LIN SPORTS, INC.
                                  LIN TELEVISION OF SAN JUAN, INC.
                                  LIN TELEVISION OF TEXAS, INC.
                                  PRIMELAND TELEVISION, INC.
                                  NORTH TEXAS BROADCASTING
                                    CORPORATION
                                  WNJX-TV, INC.
                                  WOOD TELEVISION, INC.
                                  WTNH BROADCASTING, INC.,
                                    as Guarantors

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

                                      B-10
<PAGE>   95
                                 ASSIGNMENT FORM

I or we assign and transfer this Security to

--------------------------------------------------------------------------------
(Print or type name, address and zip code of assignee or transferee)

(Insert Social Security or other identifying number of assignee or transferee)

and irrevocably appoint
                        --------------------------------------------------------
agent to transfer this Security on the books of the Company.  The agent may
substitute another to act for him.

Dated:                              Signed:
      ---------------                      -------------------------------------
                                           (Signed exactly as name appears on
                                            the other side of this Security)

Signature Guarantee:
                      ----------------------------------------------------------
                      Participant in a recognized Signature Guarantee Medallion
                      Program (or other signature guarantor program reasonably
                      acceptable to the Trustee)
<PAGE>   96
                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Security purchased by the
Company pursuant to Section 4.08 or Section 4.15 of the Indenture, check the
appropriate box:

         Section 4.08 [  ]                       Section 4.15 [  ]

                  If you want to elect to have only part of this Security
purchased by the Company pursuant to Section 4.08 or Section 4.15 of the
Indenture, state the amount: $_____________

Dated:                              Signed:
      ---------------                      -------------------------------------
                                           (Signed exactly as name appears on
                                            the other side of this Security)

Signature Guarantee:
                    ------------------------------------------------------------
                    Participant in a recognized Signature Guarantee Medallion
                    Program (or other signature guarantor program reasonably
                    acceptable to the Trustee)
<PAGE>   97
                                                                       EXHIBIT C

                      FORM OF LEGEND FOR GLOBAL SECURITIES

                  Any Global Security authenticated and delivered hereunder
shall bear a legend (which would be in addition to any other legends required in
the case of a Restricted Security) in substantially the following form:

                  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS SECURITY IS NOT
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS
SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"),
TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                  TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN SECTION 2.16 OF THE INDENTURE.

                                      C-1
<PAGE>   98
                                                                       EXHIBIT D

                    CERTIFICATE TO BE DELIVERED UPON EXCHANGE
                    OR REGISTRATION OF TRANSFER OF SECURITIES

         Re:      8% Senior Notes due 2008
                  (the "Securities") of LIN Television Corporation

                  This Certificate relates to $_______ principal amount of
Securities held in the form of* ___ a beneficial interest in a Global Security
or* _______ Physical Securities by ______ (the "Transferor").

The Transferor:*

          [ ]     has requested by written order that the Registrar deliver in
exchange for its beneficial interest in the Global Security held by the
Depositary a Physical Security or Physical Securities in definitive, registered
form of authorized denominations and an aggregate number equal to its beneficial
interest in such Global Security (or the portion thereof indicated above); or

          [ ]     has requested that the Registrar by written order exchange or
register the transfer of a Physical Security or Physical Securities.

                  In connection with such request and in respect of each such
Security, the Transferor does hereby certify that the Transferor is familiar
with the Indenture relating to the above captioned Securities and the
restrictions on transfers thereof as provided in Section 2.16 of such Indenture,
and that the transfer of the Securities does not require registration under the
Securities Act of 1933, as amended (the "Act"), because*:

          [ ]     Such Security is being acquired for the Transferor's own
account, without transfer (in satisfaction of Section 2.16 of the Indenture).

          [ ]     Such Security is being transferred to a "qualified
institutional buyer" (as defined in Rule 144A under the Act), in reliance on
Rule 144A.

          [ ]     Such Security is being transferred to an institutional
"accredited investor" (within the meaning of subparagraph (a)(1), (2), (3) or
(7) of Rule 501 under the Act) which delivers a certificate to the Trustee in
the form of Exhibit E to the Indenture.

          [ ]     Such Security is being transferred in reliance on Rule 144
under the Act.

          [ ]     Such Security is being transferred in reliance on and in
compliance with an exemption from the registration requirements of the Act other
than Rule 144A or Rule 144 under the Act to a person other than an institutional
"accredited investor." [An Opinion of Counsel to the effect that such transfer
does not require registration under the Securities Act accompanies this
certification.]

                                  [INSERT NAME OF TRANSFEROR]

                                  By:
                                         ---------------------------------------
                                         [Authorized Signatory]

Date:                        *Check applicable box.
     --------------------

                                      D-1
<PAGE>   99
                                                                       EXHIBIT E

                   Form of Transferee Letter of Representation

LIN TELEVISION CORPORATION
Four Richmond Square, Suite 200
Providence, Rhode Island 02906

Ladies and Gentlemen:

                  This certificate is delivered to request a transfer of
$________ principal amount of the 8% Senior Notes due 2008 (the "Notes") of LIN
TELEVISION CORPORATION (the "Company"). Upon transfer, the Notes would be
registered in the name of the new beneficial owner as follows:

                  Name:
                       ------------------------------------------------
                  Address:
                          ---------------------------------------------
                  Taxpayer ID Number:
                                     ----------------------------------

                  The undersigned represents and warrants to you that:

                  1. We are an institutional "accredited investor" (as defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933 (the
"Securities Act")) purchasing for our own account or for the account of such an
institutional "accredited investor" at least $250,000 principal amount of the
Notes, and we are acquiring the Notes not with a view to, or for offer or sale
in connection with, any distribution in violation of the Securities Act. We have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risk of our investment in the Notes and we invest
in or purchase securities similar to the Notes in the normal course of our
business. We and any accounts for which we are acting are each able to bear the
economic risk of our or its investment.

                  2. We understand that the Notes have not been registered under
the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of
any investor account for which we are purchasing Notes to offer, sell or
otherwise transfer such Notes prior to the date which is two years after the
later of the date of original issue and the last date on which the Company or
any affiliate of the Company was the owner of such Notes (or any predecessor
thereto) (the "Resale Restriction Termination Date") only (a) to the Company,
(b) pursuant to a registration statement which has been declared effective under
the Securities Act, (c) in a transaction complying with the requirements of Rule
144A under the Securities Act, to a person we reasonably believe is a qualified
institutional buyer under Rule 144A (a "QIB") that purchases for its own account
or for the account of a QIB and to whom notice is given that the transfer is
being made in reliance on Rule 144A, (d) to an institutional "accredited
investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act that is purchasing for its own account or for the account of such
an institutional "accredited investor," in each case in a minimum principal
amount of Notes of $250,000, (e) pursuant to offers and sales that occur outside
the United States within the meaning of Regulation S under the Securities Act or
(f) pursuant to any other available exemption from the registration requirements
of the Securities Act, subject in each of the foregoing cases to any requirement
of law that the disposition of our property or the property of such investor
account or accounts be at all times within our

                                      E-1
<PAGE>   100
or their control and in compliance with any applicable state securities laws.
The foregoing restrictions on resale will not apply subsequent to the Resale
Restriction Termination Date. If any resale or other transfer of the Notes is
proposed to be made pursuant to clause (d) above prior to the Resale Restriction
Termination Date, the transferor shall deliver a letter from the transferee
substantially in the form of this letter to the Company and the Trustee, which
shall provide, among other things, that the transferee is an institutional
"accredited investor" within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the Securities Act and that it is acquiring such Notes for investment
purposes and not for distribution in violation of the Securities Act. Each
purchaser acknowledges that the Company and the Trustee reserve the right prior
to any offer, sale or other transfer prior to the Resale Restriction Termination
Date of the Notes pursuant to clause (d), (e) or (f) above to require the
delivery of an opinion of counsel, certificates and/or other information
satisfactory to the Company and the Trustee.

Dated:                                   TRANSFEREE:
      ------------------                            ----------------------------

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

                                      E-2
<PAGE>   101
                                                                       EXHIBIT F

                            Form of Certificate To Be
                             Delivered in Connection
                           with Regulation S Transfers

                                                           ---------------, ----

United States Trust Company of New York
114 West 47th Street
New York, New York  10036

Attention:  Corporate Trust Department

Re:      LIN TELEVISION CORPORATION (the "Company")
         8% Senior Notes due 2008, Series A and
         8% Senior Notes due 2008, Series B (collectively, the "Securities")

Ladies and Gentlemen:

                  In connection with our proposed sale of $____________
aggregate principal amount of the Securities, we confirm that such sale has been
effected pursuant to and in accordance with Regulation S under the Securities
Act of 1933, as amended (the "Securities Act"), and, accordingly, we represent
that:

                  (1) the offer of the Securities was not made to a person in
         the United States;

                  (2) either (a) at the time the buy offer was originated, the
         transferee was outside the United States or we and any person acting on
         our behalf reasonably believed that the transferee was outside the
         United States, or (b) the transaction was executed in, on or through
         the facilities of a designated off-shore securities market and neither
         we nor any person acting on our behalf knows that the transaction has
         been prearranged with a buyer in the United States;

                  (3) no directed selling efforts have been made in the United
         States in contravention of the requirements of Rule 903(b) or Rule
         904(b) of Regulation S, as applicable;

                  (4) the transaction is not part of a plan or scheme to evade
         the registration requirements of the Securities Act; and

                  (5) we have advised the transferee of the transfer
         restrictions applicable to the Securities.

                                      F-1
<PAGE>   102
                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Defined terms used herein without
definition have the respective meanings provided in Regulation S.

                                  Very truly yours,

                                  [Name of Transferor]

                                  By:
                                     -------------------------------------------
                                         [Authorized Signatory]

                                      F-2

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