Document:

<PAGE>
                                                                   EXHIBIT 10.48

  LETTER OF AGREEMENT MODIFYING PROMISSORY NOTE AND WARRANT FOR 150,000 SHARES
                           ("MODIFICATION AGREEMENT")

April 1, 2002

Mr. Carlo Tabibi
Westminster Properties, Inc.
1015 Gayley Ave., #200
Los Angeles, CA 90024

Dear Carlo:

       This letter confirms our agreement concerning the modification of the
terms of (a) the promissory note dated October 9, 2001 (the "Original Note") in
the original principal amount of $300,000 from The End, Inc. ("The End"),
iNTELEFILM Corporation ("iNTELEFILM") and Harmony Holdings, Inc. ("Harmony") to
Westminster Properties, Inc. ("Westminster") and (b) the Warrant expiring
October 9, 2006 that entitles Westminster to purchase 150,000 shares of common
stock of iNTELEFILM at $2.00 per share (the "Warrant). We have agreed as
follows:

       1. Original Note. The outstanding principal amount of the Original Note
          will be reduced to $175,000 on or prior to April 1, 2002 and will be
          restated and replaced effective April 1, 2002 with the promissory note
          in the form of Exhibit A attached to this Modification Agreement (the
          "Replacement Note"). You acknowledge that you have received principal
          payments on the Original Note in the aggregate of $125,000 and payment
          of the accrued and unpaid interest to and through March 31, 2002 so
          that the outstanding principal amount of the Original Note is $175,000
          on April 1, 2002.
       2. Warrant. The exercise price of the Warrant will be reduced to $.46 per
          share effective April 1, 2002 which is the same as the exercise price
          of the warrant expiring October 9, 2006 to purchase 100,000 shares of
          common stock of iNTELEFILM that was issued to Westminster pursuant to
          the Mutual Release and Settlement Agreement dated October 9, 2001 (the
          "Settlement Agreement") among The End, iNTELEFILM, Harmony and
          Westminster.
       3. Full Performance. The End, iNTELEFILM and Harmony have fully performed
          their obligations under the Settlement Agreement.
       4. Right to Invest. iNTELEFILM will provide Westminster an opportunity to
          invest in the current private placement of iNTELEFILM's securities
          described in the summary attached as Exhibit B to this Modification
          Agreement, provided that Westminster represents that it is an
          accredited investor and signs

<PAGE>

          the standard non-disclosure agreement that prospective investors sign
          in connection with the private placement. iNTELEFILM reserves the
          right to modify the terms of the private placement and the securities
          offered as well as to withdraw the private placement if sufficient
          cash purchasers do not subscribe. Westminster may elect to tender the
          Replacement Note at par in payment of the subscription price for the
          securities offered by iNTELEFILM in the private placement.
       5. Advice of Counsel. The parties to this Modification Agreement have
          consulted with and been advised by their own legal counsel concerning
          this Modification Agreement and the transactions contemplated hereby.

        If the foregoing correctly states our agreement, please execute this
Modification Agreement in the space provided below.

Sincerely,

iNTELEFILM, Corporation

By:   /s/ Richard A. Wiethorn
     -----------------------------------------------
        Richard A. Wiethorn, Chief Financial Officer

HARMONY HOLDINGS, INC.

By:  /s/ Richard A. Wiethorn
    ------------------------------------------------
        Richard A. Wiethorn, Chief Financial Officer

        The undersigned hereby acknowledges its receipt and acceptance of and
agreement to the terms and conditions of Modification Agreement:

Westminster Properties, Inc.

By:    /s/
       --------------------------------
Its:   President

<PAGE>

                                                                       Exhibit A

                            Form of Replacement Note

<PAGE>

                            RESTATED PROMISSORY NOTE

                                   $175,000.00
                             Los Angeles, California
                                  April 1, 2002

FOR VALUE RECEIVED the undersigned, Harmony Holdings, Inc., a Delaware
Corporation, and iNTELEFILM Corporation, a Minnesota corporation, jointly and
severally (hereinafter collectively the "Company" or "Borrower"), do hereby
promise to pay to Westminster Properties, Inc., a Nevada Corporation ("Holder"),
or order, the principal sum of One Hundred Seventy-five Thousand and No/100
Dollars ($175,000.00), together with interest on the unpaid principal balance at
the rate of twelve percent (12%) per annum commencing as of April 1, 2002
through April 3, 2003 (the "Term"). The Company shall have the right to prepay
this Note, in whole or in part, without the prior written consent of Holder.
Principal, interest and the Additional Fee (as defined below) shall be payable
in lawful money of the United States.

During the Term interest only shall be payable quarterly on the unpaid principal
balance of this Promissory Note ("Note") and shall be calculated based on a 360
day year and shall be payable on each three month anniversary of the date
hereof. If not sooner converted and further subject to the mandatory prepayment
as provided below, the entire unpaid principal amount, all accrued and unpaid
interest, and the Additional Fee shall be due and payable on April 3, 2003 (the
"Maturity Date") or upon the earlier to occur (the mandatory prepayment date) of
(i) the receipt by iNTELEFILM Corporation of gross cash proceeds from the sale
of its equity securities (common stock and/or preferred stock) in the aggregate
of at least $4,000,000 (the "Equity Financing"), or (ii) a final judgment (not
subject to any further appeal) in an amount in excess of $4,000,000 in favor of
iNTELEFILM Corporation in its lawsuit against ABC Radio/Disney pending in the
United States District Court for the District of Minnesota, whichever first
occurs. Except for the repayment of this Note in connection with an Equity
Financing or the voluntary conversion by the Holder of this Note into securities
of the Company for which no Additional Fee is payable, the Company will pay
Holder an additional fee (the "Additional Fee") calculated at the rate of eight
percent (8%) per annum that the amount of principal so repaid has been
outstanding from April 1, 2002 to the date on which such principal amount and
any accrued and unpaid interest related to such principal amount is repaid. The
Additional Fee shall be due and payable when such principal amount is repaid
whether prior to, at, or after the stated maturity date. Payment of principal,
interest and Additional Fee hereunder shall be made by cashiers check delivered
to Holder at the address furnished to the Company for that purpose.

Any and all payments not received by Holder on their due date, shall accrue, a
late fee equal to Six (6%) percent of such amount due. This Note shall be
superior to any loans or advances made by iNTELEFILM Corporation to the other
borrower under this Note. Repayment of this Note is secured by a pledge of a
security interest in any and all of the Company's assets and the Company has
executed and delivered to Holder or Holder's counsel, proper UCC-1 forms in
recordable form in the County Recorder's Office of any

<PAGE>

and all counties in which the Company and each of them conducts business. The
UCC-1 forms are accompanied by a list of such counties. The Company shall
execute and deliver a security agreement evidencing such security interest and
any financing statement reasonably requested by Holder upon execution hereof.
The secured pledge and UCC-1 shall be filed upon execution of this document.
Furthermore, Holder may at its option accelerate maturity of the loan
indebtedness in the event the assets of the Company or each of them, are (i)
sold or transferred by the Company, or (ii) made subject to any other lien or
security interest without the prior written consent of Holder, except for the
junior lien granted by iNTELEFILM Corporation in its assets to the holders of
its bridge notes dated October 4, 2001 in the aggregate original principal
amount of $1,553,000. The Company hereby represents and warrants that the lien
in favor of Holder constitutes a first priority security interest in the assets
of the Company. Holder is not required to subordinate its first lien on the
assets to any indebtedness of the Company. Nothing contained herein shall act to
affect, modify or alter the Holder priority of the security interest previously
recorded.

This Note shall be subject to a liquidation preference such that in the event of
liquidation or dissolution of the Company prior to the earlier of (i) payment in
full of the principal of and interest accrued on the Note or (ii) the date on
which the Note is converted, Holder shall be entitled to a priority in payment
over all other debts and obligations of the Company.

Each Borrower hereby represents and warrants that all board approval and
corporate resolutions have been obtained for the execution of this Note, the
attached Warrants and Mutual Release.

The Company agrees to pay Holder's costs of collection and enforcing this Note,
including reasonable attorneys' fees.

This Note shall be construed in accordance with the laws of the State of
Minnestoa as applied to contracts entered into by Minnesota residents within the
State of Minnesota, which contracts are to be performed entirely within the
State of Minnesota.

The Company submits for itself and its property in any legal action or
proceeding relating to this Note and any other documents executed and delivered
in connection herewith to which the Company 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 California and the Courts of the
Untied States of America for the Central District of California and appellate
courts thereof; consents that any such action or proceeding may be brought in
such courts and waives any objection to the venue of any action or proceeding in
any such court or that such action or proceeding was brought in an inconvenient
court and agrees that service of process in any such action or proceeding may be
effected by registered or certified mail, postage prepaid to the Company at the
address set forth below or such other address as the Company shall have
furnished to the Holder.

<PAGE>

Notwithstanding the foregoing, all agreements between the Company and Holder are
expressly limited so that in no contingency or event whatsoever, whether by
reason of advancement of the proceeds hereof, acceleration of maturity of the
unpaid principal balance hereof, payment of the Additional Fee or otherwise
shall the amount paid or agreed to be paid to Holder for the use, forebearance
or detention of the money to be advanced hereunder exceed the highest lawful
rate permissible under the applicable usury law.

This Note replaces the promissory note dated October 9, 2001 (the "Prior Note")
from The End, Inc., Harmony Holdings, Inc. and iNTELEFILM Corporation to
Westminster Properties, Inc. in the original principal amount of $300,000, as
modified by the letter of promissory note extension dated February 27, 2002, and
the Holder is entitled to the securities interests granted to Holder pursuant to
the Prior Note.

IN WITNESS WHEREOF, the undersigned has executed this Convertible Promissory
Note as of the date set forth herein.

         Harmony Holdings, Inc.,                      iNTELEFILM Corporation
         A Delaware Corporation                       A Minnesota Corporation

         By:   /s/ Richard A. Wiethorn                By: /s/ Richard A.Wiethorn
              ------------------------------              ----------------------
         Name: Richard A. Wiethorn                    Name:  Richard A. Wiethorn
         Title:  CFO                                  Title:  CFO<PAGE>
                                                                   EXHIBIT 10.49

                              SETTLEMENT AGREEMENT

       THIS AGREEMENT is made and entered into as of the 10th day of April, 2002
by and among the following parties:

       iNTELEFILM Corporation, a Minnesota corporation ("iNTELEFILM"); and

       OLKAHOMA SPORTS PROPERTIES, INC., an Oklahoma corporation ("OSPI"), and
       FRED M. WEINBERG, a Nevada resident ("Weinberg" and collectively with
       OSPI called the "Weinberg Parties").

       WHEREAS, OSPI and Weinberg are indebted to iNTELEFILM under that certain
promissory note dated September 4, 1998 in the original principal amount of
$275,000 (the "Note");

       WHEREAS, OSPI and iNTELEFILM entered into an asset purchase agreement
dated May 21, 1998 providing for the sale of the assets of the KMUS-AM radio
station (the "Radio Station Purchase Agreement"), which iNTELEFILM has
cancelled;

       WHEREAS, the Weinberg Parties own 51 shares of iNTELEFILM common stock
(the "Stock");

       WHEREAS, iNTELEFILM has made certain other claims against the Weinberg
parties and the Weinberg parties have made certain claims against iNTELEFILM;
and

       WHEREAS, the parties desire to resolve and settle their claims in
accordance with the terms and provisions of this Agreement,

       NOW, THEREFORE, in consideration of these premises and One Dollar and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties here to agree as follows:

       1. Transfer of KMUS Note and Stock. Upon execution and delivery of this
Agreement by iNTELEFILM, (a) OSPI shall assign and transfer to iNTELEFILM all of
the rights title and interest of OSPI in that certain promissory note in the
original principal amount of $275,000 from Reunion Broadcasting L.L.C. to OSPI
(the "KMUS Note"), free and clean of any liens, encumbrances or other
restrictions, and deliver to iNTELEFILM the original of the KMUS Note together
with the originally executed allonge by OSPI and acknowledgement by the maker of
the KMUS Note in the form of Exhibit A attached hereto, including the
confirmation therein of the balance owed by the maker of the KMUS Note and the
acknowledgment of such maker that future payments under the KMUS Note will be
made to iNTELEFILM or its successors or assigns, and (b) the Weinberg Parties
shall deliver the certificate(s) for the Stock together with a stock power with
medallion signature guaranty transferring the Stock to iNTELEFILM, free and
clear of any liens, encumbrances or other restrictions.

<PAGE>

       2. Representations of the Weinberg Parties. As a material inducement for
iNTELEFILM to enter into this Agreement, the Weinberg parties hereby represent
and warrant to iNTELEFILM as follows:

          (a) OSPI is the legal and beneficial owner of the KMUS Note free and
       clear of any liens, encumbrances or other restrictions. The maker of the
       KMUS Note has not asserted any right of offset against the KMUS Note. The
       unpaid principal amount of the KMUS Note is $232,735.98 after giving
       effect to the scheduled payment made on April 1, 2002 and interest
       thereon has been paid through April 1, 2002 and no prepayments have been
       made on the KMUS Note. To the knowledge of the Weinberg Parties, the
       maker of the KMUS Note is financially solvent and responsible, and able
       to pay the KMUS Note in accordance with its terms. The maker of the KMUS
       Note has not asserted any default by OSPI or any claim against OSPI under
       the asset purchase agreement dated May 21, 1998 between such maker and
       OSPI, pursuant to which the maker issued the KMUS Note to OSPI.

          (b) The Weinberg Parties are the legal and beneficial owners of the
       Stock, free and clear of any liens, encumbrances or other restrictions.

          (c) OSPI has the corporate power and authority to execute and deliver
       this Agreement and perform its obligations hereunder. All requisite
       corporate and other approvals of this Agreement have been obtained by
       OSPI. Each of the Weinberg Parties has duly executed and delivered this
       Agreement. This Agreement is the binding and valid obligation of the
       Weinberg Parties enforceable against the Weinberg Parties in accordance
       with its terms. The execution, delivery and performance of this Agreement
       by the Weinberg Parties, including but not limited to the assignment of
       the KMUS Note and Stock to iNTELEFILM, will not violate, result in a
       breach of or default under (i) the articles of incorporation or by-laws
       of OSPI, (ii) any contract, agreement or other instrument binding upon
       either of the Weinberg Parties or to which any of their respective
       properties or assets are subject, or (iii) any law or regulation to which
       any of the Weinberg Parties or their properties is subject.

               (d) OSPI is not insolvent and is able to pay its debts and
        liabilities in the ordinary course without any funds provided from the
        payments on the KMUS Note.

       3. Representations and Warranties of iNTELEFILM. As a material inducement
for the Weinberg Parties to enter into this Agreement, iNTELEFILM hereby
represents and warrants to the Weinberg Parties as follows:

          (a) iNTELEFIM has the corporate power and authority to execute and
       deliver this Agreement and perform its obligations hereunder. All
       requisite corporate and other approvals of this Agreement have been
       obtained by iNTELEFILM.

          (b) iNTELEFILM has duly executed and delivered this Agreement. This
       Agreement is the binding and valid obligation of iNTELEFILM enforceable
       against iNTELEFILM in accordance with its terms. The execution, delivery
       and performance of

                                       2

<PAGE>

       this Agreement by iNTELEFILM will not violate, result in a breach of or
       default under (i) the articles of incorporation or by-laws of iNTELEFILM,
       (ii) any contract, agreement or other instrument binding upon iNTELEFILM
       or to which any of its properties or assets are subject, or (iii) any law
       or regulation to which any of the Weinberg Parties or their properties is
       subject.

       4. General Release by Weinberg Parties. In consideration of the
agreements set forth herein, the Weinberg Parties for himself/itself and his/its
heirs, personal representatives and assigns hereby release, acquit and forever
discharge iNTELEFILM, all direct or indirect majority-owned subsidiaries of
iNTELEFILM and the officers, directors, employees and agents of iNTELEFILM and
its subsidiaries (the "iNTELEFILM Parties") from any and all claims, demands,
debts, actions, causes of action, suits, contracts, agreements, obligations,
accounts, defenses, offsets, and liabilities of any kind or character,
whatsoever, whether known or unknown, arising prior to the date hereof. This
release includes, without limitation, any and all claims, demands, debts,
actions, causes of action, suits, contracts, agreements, obligations, accounts,
defenses, offsets, and liabilities of any kind or character whatsoever arising
out of or in connection with the Radio Station Purchase Agreement. Further, the
Weinberg Parties acknowledge and agree that the iNTELEFILM Parties recommend
that the Weinberg Parties seek legal counsel regarding this Agreement, including
the general release contained in this paragraph 4, and that the Weinberg Parties
have signed this Agreement understanding the legal effect and significance of
the provisions contained in this Agreement. The Weinberg Parties acknowledge and
agree that they have executed this Agreement freely, voluntarily and because
they wanted to so, after consulting with competent legal counsel with whom they
are satisfied.

       5. Conditional General Release by iNTELEFILM. Subject to the conditions
to effectiveness set forth below in subparagraphs 5(a) - (c) below and the
conditions subsequent in subparagraph 5(d) below, iNTELEFILM agrees to provide
the general release in favor of the Weinberg Parties in the form of Exhibit B
attached hereto (the "iNTELEFILM Release"). Upon execution and delivery of this
Agreement, iNTELEFILM shall execute and deliver iNTELEFILM Release in escrow
with its counsel, Kaplan, Strangis and Kaplan, P.A. ("Escrow Agent") in
Minneapolis, Minnesota with instructions to send via Federal Express on July 15,
2002 the iNTELEFILM Release to the Weinberg Parties at the address set forth in
this Agreement unless iNTELEFILM delivers to the Escrow Agent and the Weinberg
Parties a statement by a corporate officer of iNTELEFILM under oath that one or
more of the conditions set forth in subparagraphs 5(a) - (c) to the
effectiveness of the iNTELEFILM Release to the Weinberg Parties is not satisfied
on or before that date. The effectiveness of the iNTELEFILM Release is subject
to the following conditions, the failure of any of which shall void the
iNTELEFILM Release ab initio whether or not the iNTELEFILM Release has been
delivered to the Weinberg Parties:

          (a) Performance of Weinberg Parties. The Weinberg Parties shall have
       performed all of their obligations under this Agreement and the
       representations and warranties of the Weinberg Parties shall be true,
       correct and complete.

          (b) No Adverse Claims and Performance of Maker under the KMUS Note. No
       person shall have asserted an interest in the KMUS Note, including by not
       limited to

                                       3

<PAGE>

       any claims of fraudulent conveyance, and the maker of the KMUS Note shall
       not have made any claim of offset or otherwise failed to pay any amount
       when due under the KMUS Note.

          (c) No Bankruptcy, Etc. of Weinberg Parties. None of the Weinberg
       Parties shall have: (i) admitted in writing his/its inability to pay
       his/its debts generally as they become due; (ii) filed a petition in
       bankruptcy or petition to take advantage of any insolvency act; (iii)
       made an assignment for the benefit of creditors; (iv) consented to, or
       acquiesced in, the appointment of a receiver, liquidator or trustee of
       him/itself or of the whole or any substantial part of his/its properties
       or assets; or (v) filed a petition or answer seeking reorganization,
       arrangement, composition, readjustment, liquidation, dissolution or
       similar relief under the federal bankruptcy laws or any other applicable
       laws. A court of competent jurisdiction shall not have entered an order,
       judgment or decree appointing a receiver, liquidator, or trustee of any
       of the Weinberg Parties, or of the whole or any substantial part of the
       property or assets of any of the Weinberg Parties and such order,
       judgment or decree shall remain unvacated, or not set aside, or unstayed
       for 30 days. No petition shall have been filed against any of the
       Weinberg Parties seeking reorganization, arrangement, composition,
       readjustment, liquidation, dissolution or similar relief under the
       federal bankruptcy laws or any other applicable law and such petition
       shall remain undismissed for 60 days, or under the provisions of any
       other law for the relief or aid of debtors. No court of competent
       jurisdiction shall have assumed custody or control of any of the Weinberg
       Parties or of the whole or any substantial part of his/its property or
       assets and such custody or control shall remain unterminated or unstayed
       for 30 days. No attachment or execution shall have been levied against
       the KMUS Note due to the ownership of the KMUS by OSPI at one time.

          (d) Condition Subsequent. Since the KMUS Note is subject to certain
       rights of offset, the Weinberg Parties agree to pay to iNTELEFILM the
       amounts otherwise payable under the KMUS Note that would paid had the
       maker not exercised its right of offset.

       6. Notices. Any notice or communication required or permitted to be given
by the provisions of this Agreement shall be deemed to have been effectively
given and received on the date personally delivered to the respective party to
whom it is directed, or three (3) days after the date when deposited by
registered or certified mail, with postage and charges prepaid and addressed to
such party at the address set forth below.

          If to iNTELEFILM:

          Crosstown Corporate Center
          6385 Old Shady Oak Road
          Suite 290
          Eden Prairie, MN  55344
          Attention:  Chief Executive Officer

                                       4

<PAGE>

          If to the Weinberg Parties:

          c/o Fred M Weinberg
          5010 Spencer
          Las Vegas, NV 89119

Any party may change its address by delivering a written change of address to
all of the other parties in the manner set forth in this paragraph 6.

       7. Miscellaneous. This Agreement shall be governed by the law of the
State of Minnesota, regardless of the domicile of the parties. Time is of the
essence of the Agreement. This Agreement constitutes the complete agreement
between the parties with respect to its subject matter. This Agreement cannot be
amended, altered or modified except by an instrument in writing, signed by the
party against whom enforcement of the amendment, alteration or modification is
sought. In the event of any breach of this Agreement or dispute regarding the
enforcement or terms of this Agreement, the prevailing party shall be entitled
to recover, in addition to any other damages or remedies, the costs and expenses
incurred by such party in enforcing this Agreement or prevailing in such
dispute, including but not limited to reasonable attorneys fees and other
litigation expenses. The parties consent to the non-exclusive jurisdiction of
the Federal and state courts located in the State of Minnesota in connection
with any dispute relating to this Agreement or transactions contemplated hereby.

       IN WITNESS WERHEOF, the parties have duly executed and delivered this
Agreement as of the date and year first above written.

INTELEFILM Corporation

By:   /s/ Mark A. Cohn
   -------------------------------------
   Mark A. Cohn, Chief Executive Officer

OKLAHOMA SPORTS PROPERTIES, INC.

By:  /s/ Fred M. Weinberg
   -------------------------------------
   Fred M. Weinberg, President

    /s/ Fred M. Weinberg
-------------------------------------
Fred M. Weinberg

                                       5

<PAGE>

                           EVIDENCE OF PROMISSORY NOTE

       COMES NOW D. Stanley Tacker, on behalf of Reunion Broadcasting L.L.C and
John Street, on behalf of Oklahoma Sports Properties, Inc., who hereby certify
and verify that certain promissory note (a copy of which is attached hereto as
Exhibit "A") was executed on September 4, 1998, by Reunion Broadcasting, L.L.C.
and given to Oklahoma Sports Properties, Inc. on that date in the original
amount of Two Hunderd Seventy Five Thousand Dollars ($275,000.00).

       That the original note has been lost and the undersigned verify and agree
that Exhibit "A" is a true and correct copy of the original. It is agreed and
understood by all parties that this document and the attachments do not create
new obligations or debt, but merely verifies the existence and terms of the
noted dated September 4, 1998.

       Dated this 29 day of March, 2002

                                            REUNION BROADCASTING L.L.C.

                                            By: /s/ D. Stanley Tacker
                                            ------------------------------------
                                            D. Stanley Tacker, Manager

                                            OKLAHOMA SPORTS PROPERTIES, INC.

                                            By:  /s/ John Street
                                            ------------------------------------
                                            John Street, Vice President

                                       6

<PAGE>

                                                                       EXHIBIT A

       (A)   PROMISSORY NOTE

$275,000.00                   Tulsa, Oklahoma                  September 4, 1998

    FOR VALUE RECEIVED, the undersigned, Reunion Broadcasting L.L.C., an
Oklahoma limited liability company, ("Maker"), promises to pay to the order of
Oklahoma Sports Properties, Inc., an Oklahoma corporation, ("Payee"), the
principal sum of Two Hundred Seventy-five Thousand Dollars ($275,000.00),
together with interest on all unpaid amounts of principal at the rate of Seven
percent (7%) per annum. Principal and interest shall be payable as follows:

        Installment payments inclusive of principal and interest
        shall be $2,471.78 on the fourth day of October, 1998,
        and $2,471.78 on the first day of each month thereafter
        for one hundred eighty (179) months at which time all
        unpaid amounts, if any, shall be due in full.

This Promissory Note may be prepaid at any time without penalty or premium.

    The holder hereof, from time to time, may waive or surrender, either in
whole or in part, any rights, guarantees, security interest, or liens given for
the benefit of the holder in connection with the payment of this Note, and such
waiver or surrender shall not, in any manner, affect, limit, modify, or
otherwise impair any rights, guarantees, or security of the holder not
specifically waived, released, or surrendered in writing, nor shall any maker,
guarantor, endorser, or any person who is or might be liable hereof, either
primarily or contingently, be released from such liability by reason of the
occurrence of any such event. The holder hereof, from time to time, shall have
the unlimited right to release any person who might be liable hereon; and such
release shall not affect or discharge the liability of any other person who is
or might be liable hereon. The obligations of Maker hereunder are subject to any
claims, offsets or remedies of Maker, arising under the terms of that certain
Asset Purchase Agreement between Maker and Payee dated May 21, 1998 which may be
asserted as a defense to payment obligations hereunder.

    If payment required by this Note to be made is not made when due, and
provided that Payee is not in default under the provisions of the Asset Purchase
Agreement dated May 21, 1998, the Payee may, at its option, without notice or
demand, declare this Note in default and all indebtedness due and owing
hereunder immediately due and payable. In the event of a default, the entire
unpaid balance shall be immediately due and payable, together with interest from
the date of default on such unpaid balance at the rate of fifteen percent (15%).
The makers, endorsers, guarantors, and sureties of the Note hereby severally
waive protest, presentment, demand, and notice of protest and nonpayment in case
this Note or any payment due hereunder is not paid when due; and, they agree to
any renewal of this Note or to any extension, acceleration, or postponement of
the time of payment, or any other indulgence, to any substitution, exchange

                                       7

<PAGE>

or release of collateral, and to the release of any party or person primarily or
contingently liable without prejudice to the holder and without notice to any
maker, endorser, guarantor, or surety. The maker hereof, and any guarantor,
endorser, surety, or any other person who is or may become liable hereon will,
on demand, pay all costs of collection, including reasonable attorney fees of
the holder hereof in attempting to enforce payment of this Note, and reasonable
attorney fees for defending the validity of any document securing this Note as a
valid first and prior lien.

    This Note is executed and delivered in the State of Oklahoma and shall be
governed and construed in accordance with the laws of the State of Oklahoma.

                                            "MAKER"

                                            REUNION BROADCASTING L.L.C.

                                            By     /s/
                                              ----------------------------------
                                            D. Stanley Tacker, Its manager

                                       8

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