YOUNG BROADCASTING INC /DE/
EXHIBIT 10.23(B)
<DOCUMENT>
<TYPE>EX-10.23(B)
<SEQUENCE>7
<FILENAME>a2105725zex-10_23b.htm
<DESCRIPTION>EXHIBIT 10.23(B)
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<P><FONT SIZE=2><A
NAME="page_kk3099_1_1"> </A> </FONT></P>

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<TD WIDTH="49%"><BR><FONT SIZE=2><B>Date:</B></FONT><FONT SIZE=2> July&nbsp;3, 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD WIDTH="49%"><BR><FONT SIZE=2><B>To:</B></FONT><FONT SIZE=2> Young Broadcasting, Inc.<BR>
(hereinafter referred to as "Counterparty")</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=2><B>From:</B></FONT><FONT SIZE=2> Canadian Imperial Bank of Commerce<BR>
(hereinafter referred to as "CIBC")</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2><B>Attention:</B></FONT><FONT SIZE=2> Jim Morgan</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=2><B>Contact:</B></FONT><FONT SIZE=2> Sarvneet Kohli</FONT></TD>
</TR>
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<TD WIDTH="49%"><BR><FONT SIZE=2><B>Phone Number:</B></FONT><FONT SIZE=2> (212)&nbsp;754-7070</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=2><B>Phone Number:</B></FONT><FONT SIZE=2> (212)&nbsp;885-4413</FONT></TD>
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<TD WIDTH="49%"><BR><FONT SIZE=2><B>Facsimile Number:</B></FONT><FONT SIZE=2> (212)&nbsp;758-1229</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=2><B>Facsimile Number:</B></FONT><FONT SIZE=2> (212)&nbsp;885-4378</FONT></TD>
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<TD WIDTH="49%"><BR><FONT SIZE=2><B>Re:</B></FONT><FONT SIZE=2> CIBC Reference #: 420731</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD COLSPAN=3><BR><HR NOSHADE></TD>
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<P><FONT SIZE=2>The
purpose of this letter (this "Confirmation") is to confirm the terms and conditions of the Swap Transaction entered into between us on the Trade Date specified below. </FONT></P>

<P><FONT SIZE=2>The
definitions and provisions contained in the 2000 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc. are incorporated into this Confirmation. In the event
of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. </FONT></P>

<P><FONT SIZE=2>This
Confirmation constitutes a "Confirmation" as referred to in, and supplements, forms a part of, and is subject to, the ISDA Master Agreement dated as of June&nbsp;6, 2000, as amended and
supplemented from time to time (the "Agreement") between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
terms of the particular Swap Transaction to which this Confirmation relates are as follows: </FONT></DD></DL>
<BR>

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<TD COLSPAN=2><FONT SIZE=2>Notional Amount:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>USD 36,800,000</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Trade Date:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
June&nbsp;27, 2001</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Effective Date:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
September&nbsp;4, 2001</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2><BR>
Termination Date:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
March&nbsp;1, 2011, subject to adjustment in accordance with the Modified Following Business Day Convention.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B>FIXED AMOUNTS:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Fixed Rate Payer:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
CIBC</FONT></TD>
</TR>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Fixed Rate Payer Payment Dates:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Each September&nbsp;1 and March&nbsp;1 in each year, commencing on March&nbsp;1, 2002 (the "First Fixed Rate Payer Payment Date"), up to and including the Termination Date, with No Adjustment. For the avoidance of doubt, the Fixed Amount with respect
to the First Fixed Rate Payer Payment Date shall be an amount equal to USD 1,840,000.</FONT></TD>
</TR>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Fixed Rate:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
10.00%</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Fixed Rate Day Count Fraction:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
30/360</FONT></TD>
</TR>
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<TD COLSPAN=2><BR><FONT SIZE=2><B>FLOATING AMOUNTS:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Floating Rate Payer:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Counterparty</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<TD COLSPAN=2><FONT SIZE=2><BR>
Floating Rate Payer Payment Dates:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Each September&nbsp;1 to March&nbsp;1 in each year, commencing on March&nbsp;1, 2002, up to and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.</FONT></TD>
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<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2><BR>
Floating Rate for initial Calculation Period:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
To be determined</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Floating Rate Option:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
USD-LIBOR-BBA</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Designated Maturity:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
6 months</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Spread:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
5.885%</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Floating Rate Day Count Fraction:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Actual/360</FONT></TD>
</TR>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Reset Dates:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
The first Business Day of each Calculation Period.</FONT></TD>
</TR>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Compounding:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Inapplicable</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Business Days:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
New York and London</FONT></TD>
</TR>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Business Day Convention:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Modified Following</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Calculation Agent:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
CIBC</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>CIBC EARLY TERMINATION OPTION:</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Optional Early Termination:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Applicable; CIBC shall have the right to terminate the Swap Transaction confirmed hereby in accordance with terms set forth below on a Business Day during the American Exercise Period (such date the "CIBC Optional Termination Day") by giving notice
to Counterparty no later than thirty (30)&nbsp;calendar days prior to the CIBC Optional Termination Date.</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Option Style:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
American</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Seller:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Counterparty</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Buyer:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
CIBC</FONT></TD>
</TR>
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<TD COLSPAN=2><FONT SIZE=2><BR>
Procedure for Exercise:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
American Option Exercise Period:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
From and including March&nbsp;1, 2006, up to and including the Expiration Date.</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Expiration Date:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
The Termination Date.</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Earliest Exercise Time:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
9:30 a.m. (New York time).</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Latest Exercise Time:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
4:00 p.m. (New York time).</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Expiration Time:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
4:00 p.m. (New York time).</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Partial Exercise:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Inapplicable</FONT></TD>
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<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
Contact Details for Purpose of Giving Notice:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><BR><FONT SIZE=2><B>Please Advise.</B></FONT></TD>
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<TD COLSPAN=2><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<TD COLSPAN=2><FONT SIZE=2><BR>
Settlement Terms:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Cash Settlement:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Applicable.</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Cash Settlement Amount:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
In the event CIBC exercises its option for early termination, CIBC shall pay to Counterparty two (2)&nbsp;Business Days following the CIBC Early Optional Termination Date an amount in accordance with the following:</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>For
the period of time: </FONT></P>

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<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=2>from and including:<BR></FONT>
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<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=2>up to, but excluding:<BR></FONT>
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<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="44%" ALIGN="LEFT"><FONT SIZE=2>an amount equal to the following fixed settlement amount ("Fixed Settlement Amount") plus/minus the Accrued Interest Amount (as applicable):<BR></FONT>
<HR NOSHADE></TH>
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<TD WIDTH="28%"><FONT SIZE=2>March 1, 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>March 1, 2007</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2>USD 1,840,000</FONT></TD>
</TR>
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<TD WIDTH="28%"><FONT SIZE=2>March 1, 2007</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>March 1, 2008</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2>USD 1,226,544</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>March 1, 2008</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>March 1, 2009</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2>USD 613,456</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>March 1, 2009</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>March 1, 2011</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2>USD 0</FONT></TD>
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<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Accrued Interest Amount:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>An amount, as calculated by the Calculation Agent for the then-current Calculation Period, equal to the Fixed Amount less the Floating Amount.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
With respect to all calculations relating to the Cash Settlement Amount as referenced above, if the Accrued Interest Amount is a positive number then the Cash Settlement Amount shall be an amount equal to the applicable Fixed Settlement Amount
</FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> the Accrued Interest Amount; if however, the Accrued Interest Amount is a negative number then the Cash Settlement Amount shall be an amount equal to the applicable Fixed Settlement Amount
</FONT><FONT SIZE=2><I>less</I></FONT><FONT SIZE=2> the absolute value of the Accrued Interest Amount.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=2><B>MUTUAL RIGHT TO TERMINATE:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(a)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
Either party will have the right to terminate the Swap Transaction confirmed hereby on November&nbsp;30, 2005 (the "Optional Termination Date") by giving notice to the other party no later than thirty (30)&nbsp;calendar days prior to the Optional
Termination Date.</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(b)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
If the Swap Transaction is terminated in accordance with the foregoing paragraph, (a), the Swap Transaction will constitute a Terminated Swap Transaction in respect of which the Optional Termination Date will be the Early Termination Date and both
parties will be considered Affected Parties. The parties shall attempt to reach agreement on an amount (the "Agreed Settlement Amount") that one party will pay to the other party in consideration of the termination of the Swap Transaction on the
Optional Termination Date. If the parties agree an Agreed Settlement Amount, the party entitled to receive that amount shall be paid the Agreed Settlement Amount on the Optional Termination Date by the other party. If the parties cannot agree an
Agreed Settlement Amount, the Calculation Agent will determine a Settlement Amount in respect of the Swap Transaction for each party in accordance with the terms and provisions of the ISDA Form on the basis of Market Quotation, and payment in respect
of the termination will be made on the basis of the provisions of Section&nbsp;6(e)(ii)(2)(A) of the ISDA Form. The parties to the Swap Transaction agree that the Calculation Agent rather than each party in respect of itself will determine the
Settlement Amount for each party required by the provisions of Section&nbsp;6(e)(ii)(2)(A), and that the Settlement Amount will be based on quotations obtained from five Reference Market-makers in accordance with the definition of "Market Quotation".
For purposes of determining the Market Quotation for each party, the Reference Market-makers will be mutually determined at the time. On payment of the Agreed Settlement Amount or the amount required by the provisions of Section&nbsp;6(e)(ii)(2)(A),
the rights and obligations of the parties with respect of the Swap Transaction will terminate, and thereafter neither party will have any further or continuing obligations thereunder.</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<TD COLSPAN=3><FONT SIZE=2><BR>
2.&nbsp;&nbsp;</FONT><FONT SIZE=2><B>ACCOUNT DETAILS:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2><I>Payments to CIBC:</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="41%"><FONT SIZE=2>Account for Payments:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Chase Manhattan Bank, New York<BR>
For the Account of: Canadian Imperial Bank of Commerce, Toronto<BR>
Account No: 544-708-234<BR>
ABA No.&nbsp;021 000 021</FONT></TD>
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<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><BR><FONT SIZE=2><I>Payments to Counterparty:</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="41%"><FONT SIZE=2>Account for Payments:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>Please Advise.</B></FONT></TD>
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<TD COLSPAN=3><FONT SIZE=2><BR>
3.&nbsp;&nbsp;</FONT><FONT SIZE=2><B>OTHER PROVISIONS:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Transfer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Unless otherwise specified in the Master Agreement, neither the Swap Transaction nor any interest or obligation in or under the Swap Transaction may be transferred (whether by way of security or otherwise) by either party
without the prior written consent of the other party. Any purported transfer that is not in compliance with this provision will be void.</FONT></TD>
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<TD COLSPAN=3><FONT SIZE=2><BR>
4.&nbsp;&nbsp;</FONT><FONT SIZE=2><B>OFFICES:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=6 VALIGN="TOP"><FONT SIZE=2>(a)&nbsp;&nbsp;The Office of CIBC for the Swap Transaction is 161 Bay Street, 5th Fl. Toronto, Canada M5J 2S8</FONT></TD>
</TR>
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<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=6><FONT SIZE=2>(b)&nbsp;&nbsp;The Office of Counterparty for the Swap Transaction is </FONT><FONT SIZE=2><B>Please Advise.</B></FONT></TD>
</TR>
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<TD COLSPAN=3><FONT SIZE=2><BR>
5.&nbsp;&nbsp;</FONT><FONT SIZE=2><B>BROKER/ARRANGER:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Dennis Rosenfeld<BR>
1419 Sugarloaf Drive<BR>
La Canada, CA 91011</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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6.&nbsp;&nbsp;This Confirmation may be executed in one or more counterparts, either in original or facsimile form, each of which shall constitute an original and all of which together shall constitute one and the same agreement. When executed by the
parties through facsimile transmission, this Confirmation shall constitute the original agreement between the parties and the parties hereby adopt the signatures printed by the receiving facsimile machine as the original signatures of the
parties.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7><BR><HR NOSHADE></TD>
</TR>
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<TD COLSPAN=7 VALIGN="TOP"><FONT SIZE=2><BR>
Entering into a derivative transaction involves certain risks. An identification of the principal risks is provided in the CIBC World Markets Risk Disclosure Statement, which has been delivered to you. If you have not received a copy, please let us
know and one will be provided to you. You should always consider those risks in determining whether to enter into derivatives transactions.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=7 VALIGN="TOP"><FONT SIZE=2><BR>
Except as if expressly agreed to by you or us in writing, neither of us has acted as advisor to the other with respect to the desirability or appropriateness of entering into the Swap Transaction confirmed hereby or with respect to the other party's
risk management needs generally. This pertains not only to the financial and market risk management risks and consequences of the confirmed or any proposed Swap Transaction, but also to any legal, regulatory, tax, accounting and credit issues
generate by such transactions, which each party must evaluate for itself and in reliance on its own professional advisors.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=7 VALIGN="TOP"><FONT SIZE=2><BR>
Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us or by sending to us a letter or telex substantially similar to this letter,
which letter or telex sets forth the material terms of the Swap Transaction to which this Confirmation relates and indicates your agreement to those terms.</FONT></TD>
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<TD WIDTH="57%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Yours Sincerely,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>CANADIAN IMPERIAL BANK OF COMMERCE</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GINA S. GHENT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>Gina S. Ghent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>Executive Director</FONT></TD>
</TR>
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<P><FONT SIZE=2>Confirmed
as of the date first above written: </FONT></P>

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<TD COLSPAN=5><BR><FONT SIZE=2><B>YOUNG BROADCASTING,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JAMES A. MORGAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Name: James A. Morgan<BR>
Title: Executive Vice President and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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