Exhibit 4(b)



                                        July 17, 2007

Bank of America, N.A., as Agent for the Lenders
100 Federal Street, 9th Floor
Boston, Massachusetts 02110

         Re:     Senior Secured Revolving Credit Facility between, among others,
                 Bank of America, N.A. and Rex Radio and Television, Inc.

Ladies and Gentlemen:

         Reference  is hereby made to that  certain  Amended and  Restated  Loan
Agreement dated as of September 14, 2004 (as amended, restated, supplemented, or
otherwise  modified from time to time, the "LOAN  AGREEMENT"),  by (i) Rex Radio
and Television,  Inc. (the "LEAD BORROWER"),  for itself and the other Borrowers
party  thereto,  (ii) the  Borrowers  party  thereto,  (iii) the  Lenders  party
thereto,  (iv) Bank of America,  N.A., f/k/a Fleet Retail Group,  Inc., as agent
for the Lenders  (in such  capacity,  the  "AGENT"),  and (v)  KeyBank  National
Association,  as Syndication  Agent.  All capitalized  terms used herein but not
defined herein shall have the meanings assigned to them in the Loan Agreement.

         The Lead Borrower hereby  exercises its right under Section 3.01 of the
Loan  Agreement  to  permanently  reduce the  Revolving  Credit  Commitments  by
$40,000,000.00  such that the aggregate  Revolving Credit Commitments  following
such reduction shall be $75,000,000.00.  Such reduction shall be applied ratably
to the Letter of Credit Sublimit,  Revolving  Credit  Commitments of each Lender
such that the  resulting  Revolving  Credit  Commitments  and  Revolving  Credit
Commitment  Percentages  of each  Lender  shall be as set  forth in  SCHEDULE  I
annexed hereto. The effective date of such reduction shall be July __, 2007.(1)

                                        Very truly yours,

                                        REX RADIO AND TELEVISION, INC.,  as Lead
                                        Borrower

                                        By:    /s/Douglas Bruggeman
                                               ---------------------------------
                                        Name:  Douglas Bruggeman
                                               ---------------------------------
                                        Title: Chief Financial Officer
                                               ---------------------------------


Acknowledged and accepted:

BANK OF AMERICA, N.A., as Agent

By:    /s/Peter Foley
       ------------------------
Name:  Peter Foley
Title: Vice President


-----------------------
(1) Such date shall be at least five (5)  Business  Days  following  the date of
this letter.

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                                   SCHEDULE I

          Revolving Credit Commitments/Percentages Following Reduction

--------------------------------- --------------------- ------------------------
LENDER                            REVOLVING CREDIT      REVOLVING CREDIT
                                  COMMITMENT            COMMITMENT PERCENTAGE
--------------------------------- --------------------- ------------------------
Bank of America, N.A.             $29,347,826.08        39.13044%
--------------------------------- --------------------- ------------------------
National City Bank, Dayton        $16,304,347.83        21.73913%
--------------------------------- --------------------- ------------------------
KeyBank National Association      $16,304,347.83        21.73913%
--------------------------------- --------------------- ------------------------
JPMorgan Chase Bank, N.A.         $13,043,478.26        17.39131%
--------------------------------- --------------------- ------------------------
TOTAL                             $75,000,000.00        100%
--------------------------------- --------------------- ------------------------