Exhibit 10.1

FOURTH AMENDMENT

TO

CREDIT AGREEMENT

DATED FEBRUARY 27, 2004

BY, BETWEEN AND AMONG

BEASLEY MEZZANINE HOLDINGS, LLC,

BANK OF MONTREAL, CHICAGO BRANCH, AS ADMINISTRATIVE AGENT

AND

THE LENDERS PARTY THERETO

This FOURTH AMENDMENT (the “Amendment”) dated as of February 1, 2007, is entered
into by, between and among BEASLEY MEZZANINE HOLDINGS, LLC (“Borrower”), BANK OF
MONTREAL, CHICAGO BRANCH (“Bank of Montreal”), as administrative agent for
Lenders (in such capacity the “Administrative Agent”), and THE LENDERS (as
defined in the Credit Agreement).

WHEREAS, Borrower, the Lenders and the Administrative Agent are parties to that
certain Credit Agreement dated as of February 27, 2004, as amended by the First
Amendment to Credit Agreement dated June 18, 2004, the Second Amendment to
Credit Agreement dated June 27, 2005 and the Third Amendment to Credit Agreement
dated January 30, 2006 (as amended, the “Credit Agreement”); and

WHEREAS, Borrower, the Administrative Agent and the Lenders desire to amend the
Credit Agreement to (a) provide that the Net Cash Proceeds generated from the
sale of any or all of the Stations owned and operated by Borrower or any of its
Subsidiaries in the Augusta, Georgia, Atlanta, Georgia and/or Boston,
Massachusetts markets (the “Permitted Augusta/Atlanta/Boston Asset Sale”)
pursuant to the reverse like-kind exchange contemplated by Borrower for the
purchase of radio station WJBR-FM, Wilmington, Delaware (the “WJBR Permitted
Acquisition”) do not have to be applied by Borrower to prepay outstanding Term
Loans or permanently reduce Revolving Loan Commitments, (b) permit Borrower to
use proceeds of Revolving Loans to fund an acquisition loan to the exchange
accommodation titleholder participating in the WJBR Permitted Acquisition,
(c) provide that the acquisition loan to be made by the Borrower to the exchange
accommodation titleholder in connection with the WJBR Permitted Acquisition is a
permissible Investment under the Credit Agreement, and (d) consent to the
Permitted Augusta/Atlanta/Boston Asset Sale.

NOW, THEREFORE, Borrower, the Administrative Agent and the Lenders hereby agree
as follows:

1. Defined Terms. Capitalized terms which are used herein without definition and
which are defined in the Credit Agreement shall have the same meanings herein as
in the Credit Agreement.

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2. Amendments to Credit Agreement. Subject to the satisfaction of the conditions
set forth in Section 4 below, the Credit Agreement is hereby amended as follows:

 

  A. Subsection 2.4(B)(iii)(a) of the Credit Agreement is amended by adding the
following new paragraph (3) to the end thereof:

“(3) Further, notwithstanding the foregoing provisions of subsection
2.4B(iii)(a)(1), Borrower shall not be required to use the Net Cash Proceeds
from the disposition of any or all of the Stations owned and operated by
Borrower or any of its Subsidiaries in the Augusta, Georgia, Atlanta, Georgia
and/or Boston, Massachusetts markets (the “Permitted Augusta/Atlanta/ Boston
Asset Sale”) (but only to the extent that such Net Cash Proceeds do not exceed
the amount of the purchase price, plus reasonable fees and expenses, paid in
connection with the WJBR Permitted Acquisition) to prepay the outstanding Term
Loans and/or permanently reduce the Revolving Loan Commitments (but shall use
such Net Cash Proceeds to repay the outstanding Revolving Loans to the extent
required by subsection 2.4B(iii)(a)(1)), provided (A) no Event of Default then
exists or would exist after giving effect to the disposition of such Stations,
and (B) Beasley FM Acquisition Corp. and WAEC License Limited Partnership (the
entities holding the operating assets and FCC Licenses of Stations WAEC, WGAC
and WRCA) structure the Permitted Augusta/Atlanta/Boston Asset Sale as a
reverse-exchange of like-kind property utilizing a “parking” arrangement as
permitted by IRS Rev. Proc. 2000-37 (a “Reverse Like-Kind Exchange”) and in the
manner specified below. In connection with effecting a Reverse Like-Kind
Exchange for the Permitted Augusta/Atlanta/Boston Asset Sale, the Borrower shall
(A) enter into a loan arrangement permitted by IRS Rev. Proc. 2000-37 with WJBR
Holdings LLC, a Colorado limited liability company (“WJBR Holdings”), and WJBR
License LLC, a Colorado limited liability company (“WJBR License”), WJBR
Holdings and WJBR License having been formed to serve the function of an
exchange accommodation titleholder in the Reverse Like-Kind Exchange, pursuant
to loan documentation that is satisfactory to the Administrative Agent,
(B) secure a contractual right to receive the assets of radio station WJBR-FM,
Wilmington, Delaware from WJBR Holdings and WJBR License on terms reasonably
satisfactory to the Administrative Agent (the “WJBR Permitted Acquisition”), and
(C) prior to advancing any funds to WJBR Holdings and WJBR License in connection
with such loan arrangement, deliver to the Administrative Agent a First Priority
security interest in all contractual rights of Borrower against WJBR Holdings
and WJBR License, including without limitation, the loan documentation and
purchase rights referenced in (A) and (B) above.”

 

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  B. Subsection 2.5A. of the Credit Agreement is amended by adding the following
sentence at the end thereof:

“Further, upon satisfaction of the conditions set forth in subsection
2.4B(iii)(a)(3) with respect to a Reverse Like-Kind Exchange for the Permitted
Augusta/Atlanta/Boston Asset Sale, Borrower shall be permitted to use proceeds
of Revolving Loans in an aggregate amount not to exceed Forty-Two Million
Dollars ($42,000,000) to fund an acquisition loan to WJBR Holdings and WJBR
License in connection with the WJBR Permitted Acquisition.”

 

  C. Subsection 7.3 of the Credit Agreement is amended by adding the following
permitted Investments at the end thereof:

“(xi) Borrower may own Investments in Beasley BA Holdings, LLC, a Delaware
limited liability company, and may transfer such Investments to Beasley FM
Acquisition Corp., provided that Beasley BA Holdings, LLC becomes a party to the
Subsidiary Guaranty and the other Loan Documents to the same extent as the other
Subsidiaries of Borrower;

(xii) Borrower may transfer to Beasley BA Holdings, LLC, and Beasley BA
Holdings, LLC may own, Investments in WAEC License Limited Partnership, a
Delaware limited partnership; and

(xii) Borrower may make the acquisition loan to WJBR Holdings and WJBR License
permitted under subsection 2.4B(iii)(a)(3) and subsection 2.5A.”

 

  D. Subsection 7.7 of the Credit Agreement is amended by adding the following
to the end thereof:

“(ix) As long as no Event of Default or Potential Event of Default has occurred
and is continuing, the Credit Parties may consummate the Permitted
Augusta/Atlanta/Boston Asset Sale, provided that the consideration received in
such Asset Sale shall be in an amount at least equal to the fair market value of
the assets being sold and the sole consideration received in such Asset Sale
shall be Cash or Cash and Permitted Sale Notes.”

3. Representations and Warranties. Borrower represents and warrants to the
Administrative Agent and the Lenders as follows:

 

  A. The representations and warranties of Borrower contained in the Credit
Agreement, as amended hereby, (i) were true and correct in all material respects
when made, and (ii) continue to be true and correct in all material respects on
the date hereof, except to the extent such representations and warranties by
their terms are made solely as of a prior date.

 

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  B. No Event of Default or Potential Event of Default has occurred and is
continuing.

 

  C. The execution and delivery of this Amendment (i) have been duly authorized
by all necessary limited liability company action on the part of Borrower; and
(ii) do not result in a breach of or constitute a default under any Contractual
Obligation of any Obligor or require any approval of stockholders or any
approval or consent of any Person under any Contractual Obligation of any
Obligor or the consent or approval of any Governmental Authority.

 

  D. This Amendment has been duly executed and delivered by Borrower and is the
legally valid and binding obligation of Borrower, enforceable against Borrower
in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to
enforceability.

4. Conditions to Effectiveness. This Amendment shall be effective as of
February 1, 2007 subject to the satisfaction in full, or waiver by the
Administrative Agent in writing on or prior to such date, of the conditions
precedent set forth in subsections 4.2 and 4.3 of the Credit Agreement, as
applicable, and the following conditions:

 

  A. Receipt by the Administrative Agent of original or facsimile counterpart
signatures to this Amendment, duly executed and delivered by Borrower and all of
the Lenders.

 

  B. Receipt by the Administrative Agent of executed or conformed copies of all
documentation to be executed by Borrower and its Subsidiaries in connection with
the Reverse Like-Kind Exchange for the WJBR Permitted Acquisition and any
amendments thereto (including, without limitation, the Management and Local
Marketing Agreement by and among Beasley FM Acquisition Corp., WJBR License LLC
and WJBR Holdings LLC) on or prior to the Permitted Acquisition Closing Date.

 

  C. Administrative Agent’s receipt of original or facsimile counterpart
signatures to a Collateral Assignment duly executed and delivered by Borrower
and appropriate Subsidiaries granting to Administrative Agent a First Priority
security interest in the contractual rights of Borrower and its Subsidiaries
against WJBR Holdings and WJBR License.

 

  D. Since December 31, 2005, no event or change has occurred that has caused or
evidences, either in any case or in the aggregate a Material Adverse Effect.

 

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5. Miscellaneous Provisions.

 

  A. Except as otherwise expressly provided by this Amendment, all of the terms,
conditions and provisions of the Credit Agreement shall remain the same. It is
declared and agreed by each of the parties hereto that the Credit Agreement, as
amended hereby, shall continue in full force and effect, and that this Amendment
and the Credit Agreement shall be read and construed as one instrument. This
Amendment shall be deemed one of the “Loan Documents” under the Credit
Agreement.

 

  B. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

 

  C. Headings or captions used in this Amendment are for convenience of
reference only and shall not define or limit the provisions hereof.

 

  D. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all of which together
shall constitute but one and the same instrument; signature pages may be
detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are physically attached to the same
document.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first written above.

 

BORROWER: BEASLEY MEZZANINE HOLDINGS, LLC By:  

/s/ Caroline Beasley

Name:   Caroline Beasley Title:   EVP/CFO LENDERS: BANK OF MONTREAL, CHICAGO
BRANCH, as a Lender and as Administrative Agent By:  

/s/ Naghmeh Hashemifard

Name:   Naghmeh Hashemifard Title:   Director

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT; ADDITIONAL SIGNATURE PAGES

OF LENDERS ARE ATTACHED]

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LENDERS: BANK OF AMERICA, N.A., as a Lender By:  

/s/ Todd Shipley

Name:   Todd Shipley Title:   Senior Vice President

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS: THE BANK OF NEW YORK, as a Lender By:  

/s/ Steven I. Correll

Name:   Steven I. Correll Title:   Vice President

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS: BANK OF SCOTLAND, as a Lender By:  

/s/ Karen Welch

Name:   Karen Welch Title:   Vice President

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS: BNP PARIBAS, as a Lender By:  

/s/ Ola Anderssen

Name:   Ola Anderssen Title:   Director By:  

/s/ Cecile Scherer

Name:   Cecile Scherer Title:   Director – Merchant Banking Group

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS: CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender By:  

/s/ Doreen Barr

Name:   Doreen Barr Title:   Vice President By:  

/s/ David Dodd

Name:   David Dodd Title:   Vice President

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS:

 

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW
YORK BRANCH, as a Lender

By:

 

/s/ Laurie Blazek

Name:

  Laurie Blazek

Title:

  Executive Director

By:

 

/s/ Nick Baikie

Name:

  Nick Baikie

Title:

  Attorney-in-Fact

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS:

 

GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender

By:

 

/s/ Karl Kieffer

Name:

  Karl Kieffer

Title:

  Duly Authorized Signatory

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS:

 

ING CAPITAL, as a Lender

By:

 

/s/ William James

Name:   William James Title:   Managing Director

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS:

 

U.S. BANK NATIONAL ASSOCIATION, as a Lender By:  

/s/ Keith Kubota

Name:   Keith Kubota Title:   Vice President

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]

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LENDERS:

 

WELLS FARGO, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Vipa Chiraprut

Name:   Vipa Chiraprut Title:   Vice President

[SIGNATURE PAGE TO BEASLEY FOURTH AMENDMENT]