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EXHIBIT 10.7

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT

        This CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT (this "Amendment")
is made and entered into as of March 3, 2003, by and among ENTERCOM RADIO, LLC,
a Delaware limited liability company (the "Borrower"), ENTERCOM COMMUNICATIONS
CORP., a Pennsylvania corporation (the "Parent"), the FINANCIAL INSTITUTIONS
listed on the signature pages hereof (the "Lenders"), KEY CORPORATE
CAPITAL INC., as Administrative Agent and Co-Documentation Agent (the
"Administrative Agent"), and BANK OF AMERICA, N.A., as Syndication Agent and
Co-Documentation Agent (the "Syndication Agent").

RECITALS

        A.    The Borrower, the Parent, the Lenders, the Administrative Agent
and the Syndication Agent entered into a Credit Agreement dated as of
December 16, 1999, as amended by the First Amendment to Credit Agreement, dated
as of May 31, 2001, and the Second Amendment to Credit Agreement, dated as of
February 6, 2002 (as so amended, the "Original Agreement"), pursuant to which
the Lenders agreed to make available to the Borrower loans of up to
$650,000,000. The Original Agreement, as amended hereby, may be referred to
hereinafter as the "Credit Agreement." Capitalized terms used herein and not
otherwise defined shall have the meanings assigned to them in the Credit
Agreement.

        B.    The Parent desires to acquire, either by redemption in accordance
with the terms of the TIDES Indenture and the TIDES Trust Declaration, or
pursuant to an independent tender offer, some or all of the outstanding TIDES
Subordinated Debentures and TIDES Preferred Securities, and the Borrower and the
Parent have also requested that certain changes be made to the Original
Agreement. Subject to the terms and conditions of this Amendment, the Agents and
the Lenders have agreed to such requests.

AGREEMENTS

        In consideration of the foregoing Recitals and of the covenants and
representations contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Parent, the Agents and the Lenders agree as follows:

        1.    Amendments.    Subject to the satisfaction of the conditions set
forth in Section 3 of this Amendment, the Original Agreement shall be amended as
follows:

        (a)   Section 1.1 shall be amended by adding the following new
definition in proper alphabetical order:

        "Third Amendment" means the Consent and Third Amendment to Credit
Agreement, dated as of March 3, 2003, among the Borrower, the Agents and the
Lenders.

        (b)   Section 7.1 shall be amended in its entirety to read as follows:

        7.1    Use of Proceeds.    The Borrower shall use the proceeds of the
Loans only for the following purposes: (a) to refinance on the Closing Date
existing indebtedness under the Original Loan Agreement, (b) to fund draws on
the Letters of Credit, (c) to pay all or a portion of the purchase price of
Permitted Acquisitions, (d) for Capital Expenditures, (e) for Capital
Distributions permitted pursuant to Section 8.9, (f) to fund investments
permitted pursuant to Section 8.11(g), (g) for other general corporate and
working capital purposes, and (h) up to $136,000,000 to be distributed to the
Parent to be used by the Parent solely for the purpose of redeeming or
purchasing, subject to the terms and conditions of the Third Amendment, the
TIDES Preferred Securities and the TIDES Subordinated Debentures.

        (c)   Section 7.3 shall be amended in its entirety to read as follows:

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        7.3    Insurance.    Each of the Parent and the Borrower shall, and
shall cause each of the Borrower's Subsidiaries to, keep its insurable
properties insured to the full replacement cost thereof at all times by
financially sound and reputable insurers reasonably acceptable to the
Administrative Agent, and maintain such other property insurance, to such extent
and against such risks insured against by extended coverage, as is customary
with companies in the broadcasting business. All such insurance shall be in
amounts sufficient to prevent any Loan Party from becoming a coinsurer, shall
name the Administrative Agent, for the benefit of the Lenders, as loss payee and
may contain loss deductible provisions that the Borrower determines, in the good
faith exercise of its business judgment are reasonable and that are consistent
with the insurance practices of similarly situated companies in the broadcasting
industry. The Parent and the Borrower shall maintain, for themselves and the
Borrower's Subsidiaries, in full force and effect liability insurance and other
insurance, in each case as is reasonable for similarly situated companies that
are engaged in the same or similar businesses similarly situated against claims
for personal or bodily injury, death or property damage occurring upon, in,
about or in connection with the use or operation of any property or motor
vehicles owned, occupied, controlled or used by any Loan Party and their
employees or agents, or arising in any other manner out of the business
conducted by any Loan Party. All of such insurance shall be in amounts
reasonably satisfactory to the Administrative Agent and shall be obtained and
maintained by means of policies with generally recognized, responsible insurance
companies authorized to do business in such states as may be necessary depending
upon the locations of the Loan Parties' assets and shall name the Administrative
Agent, for the benefit of the Lenders, as an additional insured or loss payee,
as the case may be. The insurance to be provided may be blanket policies. Each
policy of insurance shall be written (if available at commercially reasonable
cost) so as not to be subject to cancellation or substantial modification
without not less than thirty days advance written notice to the Administrative
Agent. The Borrower shall furnish the Administrative Agent annually with
certificates or other evidence satisfactory to the Administrative Agent that the
insurance required hereby has been obtained and is in full force and effect and,
prior to the expiration of any such insurance, the Borrower shall furnish the
Administrative Agent with evidence satisfactory to the Administrative Agent that
such insurance has been renewed or replaced. The Borrower shall, upon request of
the Administrative Agent, furnish the Administrative Agent such information
about such insurance as the Administrative Agent may from time to time
reasonably request.

        2.    Consent.    Notwithstanding the provisions of Sections 8.7(b) and
8.9(a) of the Credit Agreement, the Agents and the Lenders hereby consent to
(i) one or more distributions to the Parent of up to an aggregate of
$136,000,000 and (ii) the use by the Parent of such amount solely for the
purpose of purchasing or redeeming, in whole or in part, the TIDES Subordinated
Debentures and the TIDES Preferred Securities, subject to the following
conditions:

        (a)   the consideration payable for all such purchases or redemptions
shall be cash, in an aggregate amount not to exceed $136,000,000, or the common
stock of the Parent, or a combination of cash (not to exceed such amount) and
such common stock;

        (b)   the making of each distribution and the corresponding purchase or
redemption shall occur substantially contemporaneously, and all such
distributions, purchases and redemptions shall be consummated by no later than
December 31, 2004;

        (c)   each purchase or redemption shall be conducted so as to comply in
all respects with all applicable law, including state and federal securities
laws, and with the terms of the TIDES Indenture, the TIDES Subordinated
Debentures and the TIDES Trust Declaration;

        (d)   immediately prior to making any distribution to the Parent for the
purchase or redemption of the TIDES Subordinated Debentures or the TIDES
Preferred Securities, no Possible Default or Event of Default shall exist or
would exist after giving effect to such purchase or redemption, and no more than
ten Banking Days prior to each such disbursement, the Borrower shall deliver to
the Administrative Agent a certificate of its chief financial officer in form
and substance satisfactory to the Administrative Agent which shall contain
calculations

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demonstrating on a pro forma basis the Borrower's compliance with the financial
covenants set forth in Section 8 of the Loan Agreement after giving effect to
such purchase or redemption;

        (e)   any TIDES Subordinated Debentures or TIDES Preferred Securities
that are purchased or redeemed may only be reissued on the terms and conditions
thereof and the terms and conditions of the TIDES Indenture and the TIDES Trust
Declaration, in each case as in effect on the date hereof or as amended in
accordance with Section 8.19 of the Loan Agreement; provided; however; that, in
lieu of reissuing such purchased or redeemed TIDES Subordinated Debentures or
TIDES Preferred Securities, the Parent may incur additional subordinated
Indebtedness, in substitution for any purchased or redeemed TIDES Subordinated
Debentures and TIDES Preferred Securities that have been cancelled, so long as:

          (i)  such subordinated Indebtedness has terms and conditions no less
favorable taken as a whole to the Parent, the Borrower and the Lenders
(including without limitation the terms and conditions of subordination), as
determined by the Required Lenders, than the terms and conditions of the TIDES
Subordinated Debentures and the TIDES Preferred Securities;

         (ii)  the sum of the aggregate principal amount of such subordinated
Indebtedness and the remaining outstanding aggregate principal amount of the
TIDES Subordinated Debentures does not exceed $128,866,000;

        (iii)  the Borrower, the Guarantor, the Agents and the Lenders shall
enter into an amendment to the Credit Agreement containing such provisions as
may be reasonably acceptable to the parties to reflect the substitution or
addition of the new Indebtedness for the TIDES Subordinated Debentures or TIDES
Preferred Securities;

        (iv)  the Borrower shall have delivered to the Administrative Agent and
the Lenders revised projections for the period from the incurrence of such
subordinated Indebtedness through the Termination Date which shall be in form
and substance reasonably satisfactory to the Administrative Agent;

         (v)  no Possible Default or Event of Default exists at the time of
incurrence of such Indebtedness or would exist after giving effect thereto;

        (vi)  the Borrower shall have delivered to the Administrative Agent a
certificate executed by its chief financial officer in form and substance
satisfactory to the Administrative Agent which shall contain calculations
demonstrating on a pro forma basis the Borrower's compliance with the financial
covenants set forth in Section 8 of the Loan Agreement after giving effect to
the incurrence of such Indebtedness; and

       (vii)  the Parent shall contribute the net proceeds of such subordinated
Indebtedness to the Borrower promptly upon receipt; and

        (f)    any amount distributed to the Parent pursuant to
clause 2(i) above that is not used to purchase or redeem the TIDES Subordinated
Debentures and the TIDES Preferred Securities (the "Unused Amount") within
thirty days of such distribution shall be immediately returned to the Borrower,
and the Borrower shall prepay the Loans in an amount equal to the lesser of such
Unused Amount and the amount borrowed pursuant to Section 7.1(h) of the Credit
Agreement (but the Revolving Commitment shall not be reduced by the amount of
such prepayment).

        The failure of the Borrower to comply with any of the foregoing
conditions shall constitute an Event of Default under the Loan Agreement.

        3.    Conditions to Effectiveness.    The amendments set forth in
Section 1 and the consent set forth in Section 2 shall be effective on such date
on which all of the following conditions are satisfied:

        (a)   the Borrower, the Parent, the Agents and the Required Lenders
shall have executed this Amendment and delivered counterpart signature pages to
the Administrative Agent or its counsel;

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        (b)   The Administrative Agent shall have received a certified copy of
resolutions of the Board of Managers of the Borrower evidencing approval of the
execution, delivery and performance of this Amendment; and

        (c)   The Borrower shall have delivered to the Administrative Agent such
other documents, instruments and opinions as the Administrative Agent or any
Lender may reasonably request.

        4.    Representations, Warranties and Events of Default.    

        (a)   Each and every representation and warranty of the Borrower and the
Parent set forth in the Original Agreement (other than those which by their
terms are limited to a specific date) is hereby confirmed and ratified in all
material respects, and such representations and warranties as so confirmed and
ratified shall be deemed to have been made and undertaken as of the date of this
Amendment as well as at the time they were made and undertaken, except to the
extent such representations and warranties have been affected by events
permitted pursuant to the Credit Agreement.

        (b)   Each of the Borrower and the Parent represents and warrants that:

          (i)  No Event of Default or Possible Default now exists or will exist
immediately following the execution hereof or after giving effect to the
purchase or redemption of the TIDES Subordinated Debentures and the TIDES
Preferred Securities.

         (ii)  All necessary corporate, member, stockholder or other actions on
the part of the Borrower, the Parent and the stockholders of the Parent to
authorize the execution, delivery and performance of this Amendment have been
taken; each of this Amendment and the Original Agreement as amended hereby has
been duly and validly executed and delivered and, upon the effectiveness of this
Amendment pursuant to Section 3 hereof, is legally valid and binding upon the
Borrower and the Parent and enforceable in accordance with its terms, except to
the extent that the enforceability thereof may be limited by bankruptcy,
insolvency or like laws or by general equitable principles.

        (iii)  The execution, delivery and performance of this Amendment and of
the Original Agreement as amended hereby and all actions and transactions
contemplated hereby will not (A) violate, be in conflict with, result in a
breach of or constitute (with due notice or lapse of time or both) a default
under (I) any provision of any Organizational Document of any Loan Party,
(II) any arbitration award or any order of any court or of any other
governmental agency or authority binding on any Loan Party, (III) any license,
permit or authorization granted to any Loan Party or under which any Loan Party
operates, or (IV) any applicable law, rule, order or regulation, or any material
indenture, agreement or other instrument to which any Loan Party is a party or
by which any Loan Party or any of their respective properties is bound and which
has not been waived or consented to, or (B) result in the creation or imposition
of any lien, charge or encumbrance of any nature whatsoever upon any of the
properties of any Loan Party.

        (iv)  No consent, approval or authorization of, or filing, registration
or qualification with, any governmental authority (including, without
limitation, the FCC and any other Licensing Authority) is required to be
obtained by any Loan Party in connection with the execution, delivery or
performance of this Amendment or any document or instrument required in
connection herewith which has not already been obtained or completed.

        5.    Affirmation of the Borrower and the Parent.    Each of the
Borrower and the Parent has executed this Amendment to consent to the amendment
to the Original Agreement made pursuant hereto and to acknowledge that the
security interests and liens granted by the Borrower and the Parent to the
Administrative Agent, for the benefit of the Lenders, pursuant to the Parent
Security Agreement, the Parent Pledge Agreement, the Borrower Security
Agreement, the Borrower Pledge Agreement and the other Collateral Documents to
which the Borrower or the Parent is a party remain in full force and effect and
shall continue to secure all Obligations and are hereby ratified and reaffirmed.
The Parent, as a guarantor, ratifies and reaffirms all of its payment and
performance obligations, contingent or otherwise, under Section 11 of the Credit
Agreement. The execution of this Amendment

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shall not operate as a waiver of any right, power or remedy of the Agents or the
Lenders, constitute a waiver of any provision of any of the Collateral Documents
or serve to effect a novation of the Obligations.

        6.    Fees and Expenses.    As required under the Original Agreement,
the Borrower will reimburse the Administrative Agent upon demand for all
out-of-pocket costs, charges and expenses of the Administrative Agent (including
reasonable fees and disbursements of special counsel to the Administrative
Agent) in connection with the preparation, negotiation, execution and delivery
of this Amendment and the other agreements or documents relating hereto or
required hereby.

        7.    Counterparts.    This Amendment may be executed in as many
counterparts as may be convenient and shall become binding when the Borrower,
the Parent, the Agents and the Required Lenders have executed at least one
counterpart. This Amendment may be delivered by facsimile transmission of the
relevant signature pages hereof.

        8.    Governing Law.    This Amendment shall be a contract made under
and governed by the laws of the State of New York, without regard to the
conflicts of law provisions thereof.

        9.    Binding Effect.    This Amendment shall be binding upon and shall
inure to the benefit of the Borrower, the Parent, the Agents, the Lenders and
their respective successors and assigns.

        10.    No other Changes; Confirmation; Reference to Original
Agreement.    Except as amended hereby, the terms, provisions, conditions and
agreements of the Original Agreement are hereby ratified and confirmed and shall
remain in full force and effect. On and after the effectiveness of the amendment
to the Original Agreement accomplished hereby, each reference in the Original
Agreement to "this Agreement," "hereunder," "hereof," "herein" or words of like
import, and each reference to the Original Agreement in any Note or other
Collateral Document, or other agreement, document or instrument executed and
delivered pursuant to the Original Agreement, shall be deemed a reference to the
Original Agreement, as amended hereby.

[SIGNATURE PAGES FOLLOW]

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        IN WITNESS WHEREOF, the parties have executed this Consent and Third
Amendment to Credit Agreement as of the date first above written.

BORROWER:    
ENTERCOM RADIO, LLC
 
 
By:
 
/s/  JOHN C. DONLEVIE      

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  Name:   John C. Donlevie

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    Title:   Executive Vice President

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PARENT:
 
 
ENTERCOM COMMUNICATIONS CORP.
 
 
By:
 
/s/  JOHN C. DONLEVIE      

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  Name:   John C. Donlevie

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    Title:   Executive Vice President

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LENDERS:
 
 
KEY CORPORATE CAPITAL INC.
 
 
By:
 
/s/  LAURA E. FINLIN      

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  Name:   Laura E. Finlin

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    Title:   Assistant Vice President

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ALLFIRST BANK
 
 
By:
 
/s/  TIMOTHY A. KNABB      

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  Name:   Timothy A. Knabb

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    Title:   Senior Vice President

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BANK OF AMERICA, N.A.
 
 
By:
 
/s/  TODD SHIPLEY      

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  Name:   Todd Shipley

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    Title:   Managing Director

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BANK OF MONTREAL, CHICAGO BRANCH
 
 
By:
 
/s/  NAGHMEH HASHEMIFARD      

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  Name:   Naghmeh Hashemifard

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    Title:   Vice President

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THE BANK OF NOVA SCOTIA
 
 
By:
 
 
 
  Name:  

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    Title:  

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BNP PARIBAS
 
 
By:
 
/s/  OLA ANDERSSEN      

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  Name:   Ola Anderssen

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    Title:   Director

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By:
 
/s/  GREGG BONARDI      

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  Name:   Gregg Bonardi

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    Title:   Director

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JPMORGAN CHASE BANK
 
 
By:
 
/s/  JOAN FITZGIBBON      

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  Name:   Joan M. Fitzgibbon

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    Title:   Managing Director

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CITIZENS BANK OF MASSACHUSETTS
 
 
By:
 
/s/  EDWARD C. THAUTE      

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  Name:   Edward C. Thaute

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    Title:   Vice President

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COMPAGNIE FINANCIERE de CIC et de l'UNION EUROPEENNE
 
 
By:
 
 
 
  Name:  

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    Title:  

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By:
 
 
 
  Name:  

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    Title:  

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CREDIT SUISSE FIRST BOSTON
 
 
By:
 
/s/  SOVONNA DAY-GOINS      

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  Name:   SoVonna Day-Goins

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    Title:   Vice President

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By:
 
/s/  DOREEN WELCH      

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  Name:   Doreen B. Welch

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    Title:   Associate

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THE DAI-ICHI KANGYO BANK, LTD.
 
 
By:
 
 
 
  Name:  

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    Title:  

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DEUTSCHE BANK TRUST COMPANY AMERICAS
 
 
By:
 
/s/  SUSAN L. LEFEVRE      

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  Name:   Susan L. LeFevre

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    Title:   Director

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ERSTE BANK
 
 
By:
 
 
 
  Name:  

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    Title:  

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FIRST HAWAIIAN BANK
 
 
By:
 
 
 
  Name:  

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    Title:  

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FLEET BANK, N.A./ F/K/A SUMMIT BANK
 
 
By:
 
/s/  LISA M. PELLOW      

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  Name:   Lisa M. Pellow

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    Title:   Managing Director

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THE FUJI BANK LIMITED
 
 
By:
 
 
 
  Name:  

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    Title:  

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THE INDUSTRIAL BANK OF JAPAN, LTD
 
 
By:
 
 
 
  Name:  

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    Title:  

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ING (U.S.) CAPITAL LLC
 
 
By:
 
/s/  WILLIAM JAMES      

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  Name:   William James

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    Title:   Director

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THE MITSUBISHI TRUST AND BANKING CORPORATION
 
 
By:
 
 
 
  Name:  

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    Title:  

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CREDIT LYONNAIS NEW YORK BRANCH
 
 
By:
 
/s/  JEREMY HORN      

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  Name:   Jeremy Horn

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    Title:   Vice President

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COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEEN BANK B.A., "RABOBANK NEDERLAND" NEW
YORK BRANCH
 
 
By:
 
/s/  DOUGLAS W. ZYLSTRA      

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  Name:   Douglas W. Zylstra

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    Title:   Senior Vice President

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By:
 
/s/  ANDRÉ BLOM      

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  Name:   André Blom

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    Title:   Managing Director, Credit Risk Management

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STANDARD FEDERAL BANK, N.A., F/K/A MICHIGAN NATIONAL BANK
 
 
By:
 
 
 
  Name:  

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    Title:  

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SUNTRUST BANK
 
 
By:
 
/s/  BRIAN COMBS      

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  Name:   Brian Combs

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    Title:   Vice President

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UNION BANK OF CALIFORNIA, N.A.
 
 
By:
 
/s/  MATT H. FLEMING      

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  Name:   Matthew H. Fleming

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    Title:   Vice President

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U.S. BANK NATIONAL ASSOCIATION
 
 
By:
 
/s/  JEFFREY MILLER      

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  Name:   Jeffrey Miller

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    Title:   Vice-President

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WEBSTER BANK
 
 
By:
 
 
 
  Name:  

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    Title:  

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By:
 
 
 
  Name:  

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    Title:  

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FRANKLIN CLO I LIMITED
 
 
By:
 
/s/  RICHARD HSU      

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  Name:   Richard Hsu

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    Title:   Vice President

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FRANKLIN CLO II LIMITED
 
 
By:
 
/s/  RICHARD HSU      

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  Name:   Richard Hsu

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    Title:   Vice President

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FRANKLIN CLO III LIMITED
 
 
By:
 
/s/  RICHARD HSU      

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  Name:   Richard Hsu

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    Title:   Vice President

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ISSUING BANK:
KEY CORPORATE CAPITAL INC.
 
 
By:
 
/s/  LAURA E. FINLIN      

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  Name:   Laura E. Finlin

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    Title:   Assistant Vice President

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ADMINISTRATIVE AGENT:
KEY CORPORATE CAPITAL INC.
 
 
By:
 
/s/  LAURA E. FINLIN      

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  Name:   Laura E. Finlin

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    Title:   Assistant Vice President

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SYNDICATION AGENT:
BANK OF AMERICA, N.A.
 
 
By:
 
/s/  TODD SHIPLEY      

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  Name:   Todd Shipley

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    Title:   Managing Director

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QuickLinks

EXHIBIT 10.7

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT