Document:

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                                                                   Exhibit 10.01

                                     FORM OF

                              MANAGEMENT AGREEMENT

     THIS MANAGEMENT AGREEMENT (the "Agreement"), made this ____________ day of
_________, ______, by and between NTS REALTY HOLDINGS LIMITED PARTNERSHIP, a
Delaware limited partnership ("Owner") and NTS DEVELOPMENT COMPANY, a Kentucky
corporation ("Manager").

     WHEREAS, Owner owns, leases, develops and rents various office and business
centers, multifamily properties, retail properties and a ground lease in
Kentucky, Florida, Georgia and Indiana;

     WHEREAS, Owner considers it desirable to hire Manager as the exclusive and
sole management and rental agent of those properties of the Owner;

     NOW, THEREFORE, in consideration of their mutual undertakings, IT IS AGREED
by and between the parties hereto as follows:

                                    ARTICLE I

                                 GRANT OF AGENCY

     Owner hereby appoints Manager as the sole and exclusive renting and
management agent of Owner's properties, wherever located (individually, a
"Property" and collectively, the "Properties").

                                   ARTICLE II

                                   DEFINITIONS

     "AGREEMENT" shall mean this Management Agreement dated _____________, 2004,
by and between Owner and Manager.

     "AGREEMENT AND PLAN OF MERGER" shall mean that certain agreement by and
among NTS Realty Holdings Limited Partnership, NTS Properties-III,
NTS-Properties IV, NTS-Properties V, a Maryland limited partnership,
NTS-Properties VI, a Maryland limited partnership and NTS-Properties VII, Ltd.
dated February 3, 2004.

     "CLOSING DATE" shall mean that certain term defined in the Agreement and
Plan of Merger.

     "EXTRAORDINARY REPAIRS" shall mean repairs or alterations made to a
Property or Properties which require the Manager to hire additional personnel or
expend additional manpower to plan, oversee, construct or implement repairs or
alterations.

     "LEASING AND RE-LEASING FUNCTIONS" shall mean all activities, including but
not limited to, marketing efforts to lease and renew existing leases in
connection with business centers and office buildings owned by the Owner, as
well as efforts to negotiate, prepare and execute the leases. Notwithstanding
the foregoing, Leasing and Re-leasing Functions shall not include any
activities related to the Owner's multifamily properties.

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     "MANAGER" shall mean NTS Development Company, a Kentucky corporation,
unless otherwise stated.

     "ORDINARY REPAIRS" shall mean all repairs or alterations made to a Property
or Properties which do not require the Manager to hire additional personnel or
expend additional manpower to plan, oversee and implement the repairs or
alterations.

     "OWNER" shall mean NTS Realty Holdings Limited Partnership, a Delaware
limited partnership, unless otherwise stated.

     "PROPERTY" or "PROPERTIES" shall mean all property wherever located whereby
the Owner appoints Manager the sole and exclusive renting and management agent.

                                   ARTICLE III

                                DUTIES OF MANAGER

     3.1  RENTING OF PROPERTIES. Manager shall use its best efforts to dispose
of vacant space and keep the Properties rented to suitable and desirable
tenants.

     3.2  ADVERTISING AND SIGNS. Subject to Owner's approval, Manager shall
advertise the Properties or portions thereof, prepare and secure renting signs,
renting plans, circular matter and other forms of advertising.

     3.3  NEGOTIATING LEASES. All inquiries received by Owner for any leases or
renewals, or agreements for the rental or operation of any of the Properties, or
any part thereof, shall be referred to Manager, and all negotiations connected
therewith shall be conducted solely by or under the direction of Manager.

     3.4  COLLECTION OF RENTS. Manager shall use its best efforts to manage
Properties and collect the rents and other income derived from them.

     3.5  LEGAL PROCEEDINGS. Manager may, in the name of the Owner, hire legal
counsel and institute any and all legal actions or proceedings for the
collection of rents or other income from the Properties, or the ousting or
dispossessing of tenants or other persons from the Properties. Manager may also
employ legal counsel to prepare lease and lease amendments and for advice with
respect to existing tenancies. Owner shall reimburse Manager for all reasonable
fees and expenses of counsel set forth above in the manner provided for in this
Agreement.

     3.6  REPAIRS. Manager is generally authorized, in the name of the Owner, to
make, or cause to be made, Ordinary Repairs to the Properties and to purchase
supplies as may be advisable or necessary. Manager should not incur an expense
which exceeds the sum of Ten Thousand Dollars ($10,000) for any one item of
alteration or repair unless specifically authorized by Owner, except in
emergency circumstances as deemed by Manager. Manager shall be reimbursed for
the cost of Ordinary Repairs, not to exceed the lower of:

          (a)  the cost to Manager of such repairs; or

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          (b)  ninety percent (90%) of the fee which the Owner would
     customarily be required to pay an independent party for such services.

Manager shall pass on to Owner any rebate or discount which Manager obtains for
the purchase of supplies or services for the repair or alteration of the
Properties.

     3.7  SERVICE CONTRACTS. Manager is authorized, in the name of the Owner, to
enter contracts for electricity, gas, telephone, janitorial services, snow
removal, window cleaning, vermin extermination and other services as Manager
deems advisable for the Properties that are customarily performed by an outside
vendor other than a property manager.

     3.8  EMPLOYEES. Manager agrees to use reasonable care to hire, supervise
the work of and discharge employees on behalf of Owner. All employees hired to
service, operate and maintain the Properties shall be employees of Manager or
its subcontractor, and not of Owner. Manager shall ensure that all of its
employees are covered by Workmen's Compensation policies and any other policies
which now or hereafter are required by any governmental agency. In addition,
Manager shall ensure that its employees are covered by Federal or State
Unemployment Insurance, shall make all wage and salary deductions properly
applicable and pay all taxes incurred in connection with the wages, salaries or
employment of its employees by means of withholding or as otherwise may be
required by law or regulation.

     3.9  MONTHLY STATEMENTS. Manager shall create and submit to Owner a monthly
statement of receipts and disbursements, remitting any balance shown to Owner.
The disbursements shall include the compensation of Manager on the basis
provided in this Agreement.

     3.10 REIMBURSEMENT OF MANAGER. Owner shall reimburse Manager promptly for
any monies that Manager may elect to advance for the account of Owner. Nothing
in this Agreement shall be construed to obligate Manager to make any advances.

     3.11 SEPARATION OF OWNER'S MONIES. All monies received by Manager for or on
behalf of Owner (less any sums properly deducted by Manager pursuant to any of
the provisions of this Agreement) shall be deposited in a special bank account
maintained by Manager for the deposit of monies of Owner and not commingled with
the funds of Manager.

     3.12 SPECIAL SERVICES. If after completion of the construction and
development of a Property or Properties (including completion of initial
rehabilitation or other construction at the time the Owner acquires the Property
or Properties), it becomes advisable or necessary to make Extraordinary Repairs
or engage in extensive reconstruction or rehabilitation of a Property or
Properties or any part thereof, or if Manager is called upon to perform any
services not customarily a part of the usual services performed by a property
manager, it is agreed by the parties that Manager shall be reimbursed the cost
of the services.

     3.13 THIRD-PARTY MANAGER. Manager shall have the right to engage
third-party property managers to assist it in performing its duties under this
Agreement when in the opinion of Manager such action would be appropriate. The
fee of the third-party manager shall be paid by Manager and shall not be
reimbursed by Owner.

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                                   ARTICLE IV

                                OWNER'S COVENANTS

     4.1  INDEMNIFICATION.  Owner agrees:

          (a)  to hold Manager free and harmless from damages or injuries to
     person or property by reason of any cause whatsoever, either in and about
     the Properties or elsewhere, when Manager is carrying out the provisions of
     this Agreement or acting under the express or implied directions of Owner;

          (b)  to reimburse Manager, upon demand, for any monies which Manager
     is required to pay out for any reason whatsoever, either in connection
     with, or as an expense in defense of any claim, civil or criminal action,
     proceeding, charge or prosecution made, instituted or maintained against
     Manager and/or Owner, affecting, or due to the condition or use of, the
     Properties, or acts or omissions of Manager or employees of Owner or
     Manager, or arising out of, or based upon, any law, regulation,
     requirement, contract or award relating to the hours of employment, working
     conditions, wages, or compensation of employees or former employees of
     Owner, or otherwise; and

          (c)  to defend promptly and diligently, at Owner's sole expense, any
     claim, action or proceeding brought against Manager and/or Owner arising
     out of, or connected with, any of the foregoing, and to hold harmless and
     fully indemnify Manager from any judgment, loss or settlement on account
     thereof.

It is expressly understood and agreed that the foregoing provisions of this
Article shall survive the termination of this Agreement, but this shall not be
construed to mean that Owner's liability does not survive as to other provisions
of this Agreement. Nothing contained in SECTION 4.1 of this ARTICLE IV shall
relieve Manager from responsibility to Owner for negligence or misconduct or for
any act or omission not taken in good faith and in what Manager believes to be
in the best interest of Owner.

     4.2  INSURANCE. Owner agrees to purchase and carry public liability,
Workmen's Compensation and such other insurance as may be necessary for the
protection of the interests of Owner and Manager. In each insurance policy,
Owner agrees that Manager shall be designated as a party insured with Owner. The
carrier and the amount of coverage in each policy shall be mutually agreed upon
by Owner and Manager. A certificate of each policy issued by the carrier shall
be delivered to Owner by Manager who shall have the authority and responsibility
to place the policies of insurance as well as the fire, extended coverage and
rent insurance to be carried on the Properties. Manager is authorized to receive
commission on insurance policies as is lawful and customary in the industry.
Owner's fire and extended coverage insurance shall contain a waiver of
subrogation endorsement in favor of Manager, and Owner hereby waives all right
of recovery against Manager based upon the negligence (other than gross
negligence) of Manager, its servants or employees, for real or personal property
loss or damage occurring to the Properties, or any part thereof, or any personal
property located therein, arising from any occurrence including, but not by way
of limitation, from perils insured against in standard fire

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and extended coverage, vandalism, malicious mischief and sprinkler leakage
contracts issued in the states in which the Properties are located, whether or
not such insurance is carried.

                                    ARTICLE V

                          GENERAL AUTHORITY OF MANAGER

     Manager has the general authority and powers as may be necessary or
advisable to carry out the spirit and intent of this Agreement.

                                   ARTICLE VI

                             MANAGER'S COMPENSATION

     Owner agrees to pay Manager for its services as a management fee, on a
monthly basis, the lower of:

          (a)  The competitive rate for such services in the locations of the
     Properties; or

          (b)  Five percent (5%) of the gross revenue of each of the Properties
     which is suitable for residential use; and

          (c)  Six percent (6%) of the gross revenues of each of the Properties
     which is suitable for commercial use, commencing on the date Owner acquires
     a Property and continuing for the entire term of this Agreement.

Notwithstanding the foregoing:

               (i)   if Manager does not perform substantially all of the
          Leasing and Re-leasing Functions with respect to any Property, then
          Manager's fee shall be limited to three percent (3%) of the gross
          revenues of such Property;

               (ii)  if an industrial or commercial Property is leased on a
          long-term (defined as at least ten (10) years, excluding renewals)
          triple net basis, Manager's fee for property management services shall
          be limited to one percent (1%) of the gross revenue from such
          Property, payable monthly, except for a one time initial leasing fee
          of three percent (3%) of the total gross revenues for the entire term
          of the lease (excluding renewals), such amount to be paid in five (5)
          equal annual installments commencing on the date the lease is
          executed. This fee shall include all compensation for rent-up, leasing
          and re-leasing activities; and

               (iii) Subject to the limitations of (i) and (ii) above, Owner
          shall pay Manager a management fee equal to the lesser of (a) and (b)
          above for any Property that Owner acquires from NTS-Properties III
          pursuant to the Agreement and Plan of Merger.

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Manager shall also be entitled to receive a competitive one time initial rent-up
or lease-up fee with respect to a newly-constructed Property (provided the fee
is not already included in the purchase price of the Property).

                                   ARTICLE VII

                                    EXPENSES

     7.1  REIMBURSED EXPENSES. Manager shall reimburse itself out of the rentals
from the Properties, or alternatively, Manager may bill Owner, whereupon Owner
shall promptly reimburse Manager for:

          (a)  All out of pocket expenses incurred for electricity, gas,
     telephone, janitorial services, snow removal, window cleaning, vermin
     extermination and any other services for the Properties that are
     customarily performed by an outside vendor other than the property manager;

          (b)  All out of pocket expenses incurred to hire legal counsel and
     institute any and all legal actions or proceedings for:

               (i)   the collection of rents or other income from the
          Properties;

               (ii)  the ousting or disposing of tenants or other persons from
          the Properties;

               (iii) to prepare lease and lease amendments and render advice
          with respect to existing tenancies; and

               (iv)  to institute or defend any proceedings or actions
          involving vendors of the Properties whereupon the Owner or Manager is
          a party.

          (c)  The cost of goods and materials used for the Properties on behalf
     of Owner and obtained from parties unaffiliated with Manager;

          (d)  The salaries, wages, fringe benefits, health insurance and other
     charges paid to, or for the benefit of personnel working at the Properties
     who perform functions other than Leasing or Re-leasing Functions or who are
     not "Control Persons" as defined in the Agreement and Plan of Merger.

     7.2  NON-REIMBURSED EXPENSES. Manager shall not be reimbursed by Owner for
expenses generated by Leasing or Re-leasing Functions or for the salaries or
benefits of "Control Persons" as defined in the Agreement and Plan of Merger.

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                                  ARTICLE VIII

                             RENEWAL AND TERMINATION

     8.1  RENEWAL. This Agreement shall become effective on the Closing Date and
shall continue in full force and effect for one (1) year from its effective
date, unless cancelled as provided below.

     8.2  CANCELLATION. This Agreement is subject to cancellation by either
party upon sixty (60) days' prior written notice.

     8.3  BANKRUPTCY. In the event a petition of bankruptcy is filed by or
against either Owner or Manager, or in the event that either shall make an
assignment for the benefit of creditors or take advantage of any insolvency act,
the other party may terminate this Agreement without notice at any time
thereafter, but shall give notice to the other party within ten (10) days of the
termination to confirm the termination.

     8.4  NOTICES. Either party to this Agreement may designate a different
address for the service of notices pursuant to this Agreement by serving written
notice upon the other by registered or certified mail.

                                   ARTICLE IX

                                  MISCELLANEOUS

     This Agreement shall be binding on the parties hereto and their respective
successors and assigns. This Agreement may only be amended by a writing signed
by the party to be charged thereby. This Agreement shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Kentucky without
regard to its conflict of laws rules.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day
and year first above written.

OWNER:                                       MANAGER:

NTS REALTY HOLDINGS LIMITED PARTNERSHIP,     NTS DEVELOPMENT COMPANY, a Kentucky
a Delaware limited partnership               corporation

By:                                          By:
     ------------------------------------         ------------------------------
Its:                                         Its:
     ------------------------------------         ------------------------------

                                        7Exhibit 10.24

 

THIRD AMENDMENT TO THE
CREDIT AGREEMENT

THIRD AMENDMENT, dated as of
February 4, 2004 (this “Amendment”), to the Credit Agreement, dated as
of April 3, 2001 (as amended, supplemented, or otherwise modified from time to
time, the “Credit Agreement”), among CITADEL BROADCASTING COMPANY, a
Nevada corporation (the “Company”), CITADEL COMMUNICATIONS CORP. (“Intermediate
Holding”), a Nevada corporation, and CITADEL BROADCASTING CORPORATION
(formerly known as FLCC HOLDINGS, INC.), a Delaware corporation (“HoldCo”),
the several lenders from time to time parties thereto (the “Lenders”),
JPMORGAN CHASE BANK, a New York banking corporation, as administrative agent
for the Lenders (in such capacity, the “Administrative Agent”), FLEET
NATIONAL BANK, as Documentation Agent (in such capacity, the “Documentation
Agent”), and the financial institutions named therein as syndication agents
for the Lenders (in such capacity, collectively, the “Syndication Agents”;
each, individually, a “Syndication Agent”).

W I T N E S S E T H:

WHEREAS, the Company,
Intermediate Holding, HoldCo, the Lenders, the Administrative Agent and the
Syndication Agents are parties to the Credit Agreement;

WHEREAS, HoldCo has notified
the Lenders that (i) it intends to issue shares of its common stock in a
registered public offering (as hereinafter defined, the “2004 Primary
Offering”), (ii) it may issue up to $415,000,000 of its convertible
subordinated notes (as hereinafter defined, the “HoldCo Convertible Notes”)
and (iii) in connection with the 2004 Primary Offering certain shareholders of
HoldCo will sell shares of common stock in a registered secondary public
offering (as hereinafter defined, the “2004 Secondary Offering”);

WHEREAS, the Company has
requested that the Lenders amend the Credit Agreement as set forth herein;

WHEREAS, the Lenders, the
Administrative Agent and the Syndication Agents are willing to agree to such
amendment to the Credit Agreement, subject to the terms and conditions set
forth herein;

NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein, the
Company, Intermediate Holding, HoldCo, the Lenders, the Administrative Agent
and the Syndication Agents hereby agree as follows:

1.             Defined Terms. 
Unless otherwise defined herein, capitalized terms which are defined in
the Credit Agreement are used herein as therein defined.

2.             Amendment to Section 1.1 (Defined Terms).  (a) Section 1.1 of the Credit Agreement is
hereby amended by adding the following terms in proper alphabetical order:

“HoldCo Convertible Notes”:  any convertible subordinated notes issued by
HoldCo in an aggregate principal amount of up to $415,000,000 and having terms
customary for convertible subordinated notes issued in a registered public
offering or Rule 144A offering at the time of issuance, as determined by the

 

 

Administrative
Agent, as such may be amended, endorsed, substituted, replaced, refinanced,
supplemented or otherwise modified from time to time in accordance with
subsection 13.12.

“Original Company
Subordinated Intercompany Note”:  as
defined in the definition of “Subordinated Notes”.

“Original Company
Subordinated Loan”:  as defined in
the definition of “Subordinated Loans”.

“Original Intermediate
Holding Subordinated Loan”:  as
defined in the definition of “Subordinated Loans”.

“Original Intermediate
Holding Subordinated Intercompany Note”: 
as defined in the definition of “Subordinated Notes”.

“2004 Company
Subordinated Intercompany Note”:  as
defined in the definition of “Subordinated Notes”.

“2004 Company Subordinated
Loan”:  as defined in the definition
of “Subordinated Loans”.

“2004 Intermediate
Holding Subordinated Intercompany Note”: 
as defined in the definition of “Subordinated Notes”.

“2004 Intermediate
Holding Subordinated Loan”:  as
defined in the definition of “Subordinated Loans”.

 “Third Amendment”: 
the Third Amendment dated as of February 4, 2004 to this Agreement.

“2004 Primary Offering”:  the issuance by HoldCo in a registered
public offering of up to 18,640,000 shares of its common stock on or prior to
December 31, 2004.

“2004 Secondary Offering”:  the issuance by certain stockholders of
HoldCo in a registered public offering of up to 25,000,000 shares of HoldCo
common stock on or prior to December 31, 2004.

(b)           Section 1.1 of the
Credit Agreement is amended by revising the definitions set forth below as
follows:

“Subordinated Loans”:  the collective reference to the subordinated
loan made by HoldCo to Intermediate Holding and evidenced by the Original
Intermediate Holding Subordinated Intercompany Note in the principal amount of
$500,000,000 (the “Original Intermediate Holding Subordinated Loan”) and
the 

 

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subordinated
loan(s) made by HoldCo to Intermediate Holding and evidenced by the 2004
Intermediate Holding Subordinated Intercompany Note in an aggregate principal
amount equal to the principal amount of the HoldCo Convertible Notes (the “2004
Intermediate Holding Subordinated Loan”; together with the Original
Intermediate Holding Subordinated Loan, the “Intermediate Holding
Subordinated Loan”); and, the subordinated loan made by Intermediate
Holding to the Company and evidenced by the Original Company Subordinated
Intercompany Note in the principal amount of up to $500,000,000 (the “Original
Company Subordinated Loan”) and the subordinated loan(s) made by
Intermediate Holding to the Company and evidenced by the 2004 Company
Subordinated Intercompany Note in an aggregate principal amount equal to the
principal amount of the HoldCo Convertible Notes (the “2004 Company
Subordinated Loan”; together with the Original Company Subordinated Loan,
the “Company Subordinated Loan”).

“Subordinated Notes”:  the collective reference to (i) the Note, in
the principal amount of $500,000,000, made by Intermediate Holding in favor of
HoldCo, to evidence the Original Intermediate Holding Subordinated Loan,
substantially in the form of Exhibit G-2 (the “Original Intermediate Holding
Subordinated Intercompany Note”) and the Note, in a principal amount equal
to the principal amount of the HoldCo Convertible Notes, made by Intermediate
Holding in favor of HoldCo, to evidence the 2004 Intermediate Holding
Subordinated Loan in the form approved by the Administrative Agent (the “2004
Intermediate Holding Subordinated Intercompany Note”; together with the
Original Intermediate Holding Subordinated Intercompany Note, the “Intermediate
Holding Subordinated Intercompany Note”); (ii) the Note, in the principal
amount of up to $500,000,000 made by the Company in favor of Intermediate
Holding, to evidence the Company Subordinated Loan, substantially in the form
of Exhibit G-3 (the “Original Company Subordinated Intercompany Note”)
and the Note, in a principal amount equal to the principal amount of the HoldCo
Convertible Notes, made by the Company in favor of Intermediate Holding, to
evidence the 2004 Company Subordinated Loan in the form approved by the
Administrative Agent (the “2004 Company Subordinated Intercompany Note”;
together with the Original Company Subordinated Intercompany Note, the “Company
Subordinated Intercompany Note”); (iii) any subordinated notes issued after
the Closing Date by Intermediate Holding evidencing additional loans made by
HoldCo to Intermediate Holding as contemplated by subsection 13.7(p), and (iv)
any subordinated notes issued after the Closing Date by the Company as
contemplated by subsection 13.7(p), as each of the same may be amended,
endorsed, substituted, replaced, refinanced, supplemented or otherwise modified
from time to time in accordance with subsection 13.12.  The stated non-default interest rate on the
Subordinated Notes will not exceed 8% per annum, and the Subordinated Loans
will not have a stated maturity date earlier than the date which is the
eleventh anniversary of the Closing Date.

 

 

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(c)           The last sentence of
the definition of “Consolidated Cash Interest Expense” in Section 1.1 of the
Credit Agreement is hereby amended in its entirety to read as follows:

                Notwithstanding the foregoing,
(i) for each of the four quarter periods immediately following the Closing
Date, the Consolidated Cash Interest Expense attributable to the Subordinated
Loans shall be deemed to be $7.5 million per quarter and (ii) interest paid in
cash on the HoldCo Convertible Notes from
cash dividends paid by Intermediate Holding pursuant to Section 13.9(h) shall
be deemed to be included in the calculation of Consolidated Cash Interest
Expense.

3.             Amendment to Section 12.7 (Notices).  Section 12.7 of the Credit Agreement is
hereby amended by adding at the end of clause (e) the phrase “or the HoldCo
Convertible Notes”.

4.             Amendment to Section 13.2 (Indebtedness).  Section 13.2 of the Credit Agreement is
amended by (i) deleting the word “and” from the end of paragraph (j), (ii)
deleting the period from the end of clause (k) and substituting therefor the
phrase “; and” and (iii) adding the following paragraph (l) at the end thereof:

(l)            Indebtedness of HoldCo evidenced by the HoldCo
Convertible Notes.

5.             Amendment to Section 13.9 (Limitation on Dividends).  Section 13.9 of the Credit Agreement is
amended by (i) deleting the word “and” from the end of paragraph (f), (ii)
adding the word “and” to the end of paragraph (g) and (iii) adding the
following paragraph (h) at the end thereof:

                (h)  subject to the applicable subordination provisions, the Company
may pay dividends to Intermediate Holding and Intermediate Holding may pay such
dividends to HoldCo, in an amount equal to the amount required to be paid by
HoldCo in respect of interest on the HoldCo Convertible Notes; provided, that, such dividend payment may
only be made to the extent that such interest is not otherwise being paid
pursuant to payments on the Subordinated Notes; provided further, that any such dividend payments occur
within one (1) Business Day of such interest coming due.

 

6.             Amendment to Section 13.10 (Transaction with
Affiliates).  Section 13.10 of the
Credit Agreement is amended by adding at the end thereof the following:

or
(d) HoldCo and its Subsidiaries may engage in the 2004 Secondary Offering and
pay fees and expenses in connection therewith or (e) HoldCo may use the
proceeds of the 2004 Primary Offering and the HoldCo Convertible Notes to repay
or prepay the Subordinated HoldCo Debentures in whole or in part and
accrued interest thereon.

 

4

 

7.             Amendment to and Consent under Section 13.12  (Subordinated Securities; Subordinated
HoldCo Debentures).  (a)           Section
13.12 (a) of the Credit Agreement is amended by adding at the end thereof the
following:

other
than the prepayment or optional prepayment of the Subordinated Notes with
proceeds from the 2004 Primary Offering and the HoldCo Convertible Notes.

(b)           Section 13.12 of the Credit Agreement is amended by adding
the following paragraph (c) at the end thereof:

(c)   (i) 
Make any payment in violation of any of the subordination provisions of
the HoldCo Convertible Notes; or (ii) waive or otherwise relinquish any of its
rights or causes of action arising under or arising out of the terms of the
HoldCo Convertible Notes or consent to any amendment, modification or
supplement to the terms of the HoldCo Convertible Notes except with the consent
of the Required Lenders; or (iii) make any payment or prepayment (including
payments as a result of acceleration thereof) on or redeem or otherwise
acquire, purchase or defease the HoldCo Convertible Notes other than (x)
subject to the subordination provisions, scheduled payments of interest, (y)
the conversion of the HoldCo Convertible Notes in accordance with their terms
and (z) the redemption of HoldCo Convertible Notes with the proceeds of one or
more offerings of HoldCo common stock, provided
that any such redemption occurs within 60 days of such offering of HoldCo common
stock.

(c)           The Lenders hereby agree that HoldCo may use the proceeds
of the 2004 Primary Offering and the HoldCo Convertible Notes to repay or
prepay the Subordinated HoldCo Debentures in whole
or  in part and accrued interest
thereon.

8.             Amendment to Section 14 (Events of Default).  (a)        Clause
(k) of Section 14 of the Credit Agreement is amended by (i) deleting the word
“and” which appears before “(4)” and substituting therefor a comma and (ii)
adding the following clause (5) at the end of clause (4):

and
(5) HoldCo may issue its common stock and the HoldCo Convertible Notes as long
as the proceeds thereof are used as permitted by this Agreement

(b)           Section 14 of the Credit Agreement is
amended by (i) deleting the word “or” from the end of paragraph (l), (ii)
adding the word “or” to the end of paragraph (m) and (iii) adding the following
paragraph (n) at the end thereof:

(n)           HoldCo shall default in any payment
or principal of or interest on the HoldCo Convertible Notes beyond the period
of grace, if any, provided in the instrument or agreement under which the
HoldCo Convertible Notes were created;

 

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9.             Amendment to Section 14, clause (l) (Events of
Default).  Clause (l) of Section 14
of the Credit Agreement is amended by deleting the percentage “51%” and
substituting therefor the percentage “25%”.

10.           Amendment to Section 16.13 (Incremental Facility).  Section 16.13 of the Credit Agreement is
amended by deleting from paragraph (a) the phrase “third anniversary” and
substituting therefor the phrase “fifth anniversary”.

11.           Application of Proceeds.  The Lenders agree that any net proceeds from the 2004 Primary
Offering and the HoldCo Convertible Notes remaining after the Subordinated
HoldCo Debentures, the Original Intermediate Holding Subordinated Intercompany
Note, and the Original Company Subordinated Intercompany Note are paid in full
may be used to repay Revolving Credit Loans (without a reduction in Revolving
Credit Commitments).

12.           Intercompany Indebtedness; HoldCo Convertible Notes.  HoldCo, Intermediate Holding and the Company
agree:

(a)           to
cause the principal amount of each of the Original Intermediate Holding
Subordinated Intercompany Note and the Original Company Subordinated
Intercompany Note to be permanently reduced at the time and in the amount by
which the principal of the Subordinated HoldCo Debentures is repaid;

(b)           to
cause the principal amount of each of the 2004 Intermediate Holding
Subordinated Intercompany Note and the 2004 Company Subordinated Intercompany
Note to be equal to the principal amount of the HoldCo Convertible Notes from
time to time;

(c)           to
cause the 2004 Intermediate Holding Subordinated Intercompany Note and the 2004
Company Subordinated Intercompany Note to be pledged to the Administrative
Agent pursuant to the Pledge Agreements; and

(d)           not
to permit Subsidiaries of HoldCo to guarantee or otherwise provide credit
support for the HoldCo Convertible Notes;

; provided, however, in lieu of the
action required by paragraphs (a) through (c) above, HoldCo, Intermediate
Holding and the Company may put in place such alternative intercompany
arrangements as are acceptable to the Administrative Agent and shall not
require cash payment by Intermediate Holding or the Company to HoldCo in excess
of amounts required to be paid by HoldCo in respect of interest on the HoldCo
Convertible Notes and the Subordinated HoldCo Debentures.

 

13.           Representations and Warranties.  The Company hereby confirms, reaffirms and
restates the representations and warranties set forth in Section 10 of the
Credit Agreement.  The Company
represents and warrants that, after giving effect to this Amendment, no Default
or Event of Default has occurred and is continuing.

 

6

 

14            Effectiveness. 
This Amendment shall become effective on the date (the “Effective
Date”) on which the Administrative Agent notifies the Company that it has
received counterparts of this Amendment duly executed by the Company,
Intermediate Holding, HoldCo and the Required Lenders.

15.           Continuing Effect of the Credit Agreement.  This Amendment shall not constitute an
amendment of any other provision of the Credit Agreement not expressly referred
to herein and shall not be construed as a waiver or consent to any further or
future action on the part of the Company that would require a waiver or consent
of the Lenders, the Administrative Agent or the Syndication Agents.  Except as expressly amended hereby, the
provisions of the Credit Agreement are and shall remain in full force and
effect.

16.           Counterparts. 
This Amendment may be executed by the parties hereto in any number of
separate counterparts (including telecopied counterparts), each of which shall
be deemed to be an original, and all of which taken together shall be deemed to
constitute one and the same instrument.

17.           GOVERNING LAW. 
THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

 

7

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered by
their respective proper and duly authorized officers as of the day and year
first above written.

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
  By: 

  	
  /s/ RANDY L. TAYLOR

  
	
   

  	
   

  	
  Name:

  	
  Randy L. Taylor

  
	
   

  	
   

  	
  Title:

  	
  VP Finance

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITADEL COMMUNICATIONS CORPORATION

  
	
   

  	
  By:

  	
  /s/ RANDY L. TAYLOR

  
	
   

  	
   

  	
  Name:

  	
  Randy L. Taylor

  
	
   

  	
   

  	
  Title:

  	
  VP Finance

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITADEL BROADCASTING CORPORATION

  
	
   

  	
  By: 

  	
  /s/ RANDY L. TAYLOR

  
	
   

  	
   

  	
  Name:

  	
  Randy L. Taylor

  
	
   

  	
   

  	
  Title:

  	
  VP Finance

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK as Administrative Agent and as
  a Bank

  
	
   

  	
  By:

  	
  /s/ TRACEY NAVIN EWING

  
	
   

  	
   

  	
  Name:

  	
  Tracey Navin Ewing

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
						

 

 

	
   

  	
  FLEET NATIONAL BANK, as Documentation Agent and as
  a Lender

  
	 
	
   

  	
  By:

  	
  /s/ KAY H. CAMPBELL

  
	 
	
   

  	
   

  	
  Name:

  	
  Kay H. Campbell

  
	 
	
   

  	
   

  	
  Title:

  	
  Director

  
						

 

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  SENIOR DEBT PORTFOLIO

  By: Boston Management and Research

  as Investment Advisor

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL B. BOTTHOF

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  EATON VANCE INSTITUTIONAL SENIOR LOAN FUND

  BY: EATON VANCE  MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL B. BOTTHOF

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  OXFORD STRATEGIC INCOME FUND

  BY: EATON VANCE  MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL B. BOTTHOF

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  CONSTANTINUS EATON VANCE CDO V, LTD.

  BY: EATON VANCE  MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL B. BOTTHOF

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  GRAYSON & CO

  BY: EATON VANCE  MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL B. BOTTHOF

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  BIG SKY SENIOR LOAN FUND, LTD.

  BY: EATON VANCE  MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL B. BOTTHOF

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  EATON VANCE 

  VT FLOATING-RATE INCOME FUND

  BY: EATON VANCE  MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL B. BOTTHOF

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  CREDIT SUISSE FIRST BOSTON

  acting through its Cayman Islands Branch

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BILL O'DALY
              CASSANDRA
  DROOGAN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Bill O'Daly

  	
  Cassandra Droogan

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Director

  	
  Associate

  	
   

  
							

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  The Bank of New York

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOHN C. LAMBERT

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John C. Lambert

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  Sun Trust Bank

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRIAN COMBS

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brian Combs

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  WACHOVIA BANK, N.A.

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRUCE W. LOFTIN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Bruce W. Loftin

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  U.S. Bank National Association

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAYCEE A. EARLL

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jaycee A. Earll

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  National City Bank

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAVID DONLINGER

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Donlinger

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
   

  	
  CITADEL BROADCASTING COMPANY

  
	
   

  	
     THIRD AMENDMENT DATED AS OF FEBRUARY___,
  2004

  	
   

  
	
   

  	
   

  	
  Deutsche Bank Trust Company Americas

  	
   

  
	
   

  	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ GREGORY SHEFRIN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gregory Shefrin

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}]]