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Exhibit 10.6  

 
 

STOCK PURCHASE AGREEMENT    
    

        THIS STOCK PURCHASE AGREEMENT ("Agreement"), dated as
of                        , 2002, is by and
between                        ,
a                        ("PURCHASER"), and Van Nuys Studios, Inc., a Delaware corporation ("SELLER") (collectively, the
"PARTIES"). 

W I T N E S S E T H  

        WHEREAS, SELLER has offered for sale to PURCHASER shares of common stock of SELLER (the "Shares") at a purchase price of $0.12 per Share. 

        WHEREAS,
SELLER desires to sell to PURCHASER and PURCHASER desires to purchase from SELLER,                        Shares upon the terms
and conditions set forth herein. 

        NOW
THEREFORE, in consideration of the promises and respective mutual agreements herein contained, it is agreed by and between the PARTIES hereto as follows: 

ARTICLE 1

SALE AND PURCHASE OF THE SHARES  

        1.1    Sale of the Shares.    Upon execution of this Agreement (the "Closing"), subject to the terms and conditions
herein set forth, and on the basis of the representations, warranties and agreements herein contained, SELLER shall sell to PURCHASER, and PURCHASER shall purchase from SELLER, the Shares. 

        1.2    Instruments of Conveyance and Transfer.    As soon as practicable after the Closing, SELLER shall deliver a
certificate or certificates representing the Shares of SELLER to PURCHASER sufficient to transfer all right, title and interest in the Shares to PURCHASER. 

        1.3    Consideration and Payment for the Shares.    In consideration for the Shares, PURCHASER shall pay a purchase
price of a total of                        dollars ($            )
($0.12 per Share) ("Purchase Price"). 

ARTICLE 2

REPRESENTATIONS AND COVENANTS OF SELLER AND PURCHASER  

        2.1   SELLER
hereby represents and warrants that: 

        (a)   The
Shares issued hereunder (the "Shares") have been duly authorized by the appropriate corporate action of SELLER. 

        (b)   SELLER
shall transfer title, in and to the Shares to PURCHASER free and clear of all liens, security interests, pledges, encumbrances, charges, restrictions, demands and
claims, of any kind and nature whatsoever, whether direct or indirect or contingent. 

        (c)   As
soon as practicable after the Closing Date, SELLER shall deliver to PURCHASER a certificate or certificates representing the Shares subject to no liens, security
interests, pledges, encumbrances, charges, restrictions, demands or claims in any other party whatsoever, except as set forth in the legend on the certificate, which legend shall provide as follows: 

THE
SHARES (OR OTHER SECURITIES) REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THE SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH 

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REGISTRATION
OR AN OPINION OF COUNSEL THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE. 

        (d)   PURCHASER
acknowledges that the Shares will initially be "restricted securities" (as such term is defined in Rule 144 promulgated under the Securities Act of
1933, as amended ("Rule 144"), that the Shares will include the foregoing restrictive legend, and, except as otherwise set forth in this Agreement, that the Shares cannot be sold unless
registered with the United States Securities and Exchange Commission ("SEC") and qualified by appropriate state securities regulators, or unless PURCHASER obtains written consent from SELLER and
otherwise complies with an exemption from such registration and qualification (including, without limitation, compliance with Rule 144). 

        (e)   PURCHASER
acknowledges and agrees that SELLER makes no other representations or warranties with respect to the Shares or the SELLER. 

        2.2   PURCHASER
represents and warrants to SELLER as follows: 

        (a)   PURCHASER
has adequate means of providing for current needs and contingencies, has no need for liquidity in the investment, and is able to bear the economic risk of an
investment in the Shares offered by SELLER of the size contemplated. PURCHASER represents that PURCHASER is able to bear the economic risk of the investment and at the present time could afford a
complete loss of such investment. PURCHASER has had a full opportunity to inspect the books and records of the SELLER and to make any and all inquiries of SELLER officers and directors regarding the
SELLER and its business as PURCHASER has deemed appropriate. 

        (b)   PURCHASER
is an "Accredited Investor" as defined in Regulation D of the Securities Act of 1933 (the "Act") or PURCHASER, either alone or with PURCHASER's
professional advisers who are unaffiliated with, have no equity interest in and are not compensated by SELLER or any affiliate or selling agent of SELLER, directly or indirectly, has sufficient
knowledge and experience in financial and business matters that PURCHASER is capable of evaluating the merits and risks of an investment in the Shares offered by SELLER and of making an informed
investment decision with respect thereto and has the capacity to protect PURCHASER's own interests in connection with PURCHASER's proposed investment in the Shares. 

        (c)   PURCHASER
is acquiring the Shares solely for PURCHASER'S own account as principal, for investment purposes only and not with a view to the resale or distribution
thereof, in whole or in part, and no other person or entity has a direct or indirect beneficial interest in such Shares. 

        (d)   PURCHASER
will not sell or otherwise transfer the Shares without registration under the Act or an exemption therefrom and fully understands and agrees that PURCHASER
must bear the economic risk of PURCHASER'S purchase for an indefinite period of time because, among other reasons, the Shares have not been registered under the Act or under the securities laws of any
state and, therefore, cannot be resold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the Act and under the applicable securities laws of such states or
unless an exemption from such registration is available. 

        (e)   To
the extent requested by SELLER or any underwriter of securities of SELLER in connection with a public offering of SELLER's securities, PURCHASER shall not transfer or
sell any Shares during the period requested by SELLER and/or the underwriter following the effective date of the registration statement filed with the Securities and Exchange Commission. 

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ARTICLE 3

MISCELLANEOUS  

        3.1    Entire Agreement.    This Agreement sets forth the entire agreement and understanding of the parties hereto
with respect to the transactions contemplated hereby, and supersedes all prior agreements, arrangements and understandings related to the subject matter hereof. No understanding, promise, inducement,
statement of intention, representation, warranty, covenant or condition, written or oral, express or implied, whether by statute or otherwise, has been made by any party hereto which is not embodied
in this Agreement or the written statements, certificates, or other documents delivered pursuant hereto or in connection with the transactions contemplated hereby, and no party hereto shall be bound
by or liable for any alleged understanding, promise, inducement, statement, representation, warranty, covenant or condition not so set forth. 

        3.2    Notices.    Any notice, request, instruction, or other document required by the terms of this Agreement, or
deemed by any of the parties hereto to be desirable, to be given to any other party hereto shall be in writing and shall be given by facsimile, personal delivery, overnight delivery, or mailed by
registered or certified mail, postage prepaid, with return receipt requested, to the following addresses: 

	 
	 	 
	 	 

	 	 	TO SELLER:	 	Van Nuys Studios, Inc.

14749 Oxnard Street

Van Nuys, CA 91411

Fax: (815) 371-2868

Attn: Alia Khan, President
	

 	
 	
TO PURCHASER:	
 	

At the address below Purchaser's signature on this Agreement
	

 	
 	
WITH COPY TO:	
 	

Oswald & Yap

16148 Sand Canyon Avenue

Irvine, CA 92618

Fax: (949) 788-8980

Attn: Lynne Bolduc, Esq.

The
persons and addresses set forth above may be changed from time to time by a notice sent as aforesaid. If notice is given by facsimile, personal delivery, or overnight delivery in accordance with
the provisions of this Section, said notice shall be conclusively deemed given at the time of such delivery. If notice is given by mail in accordance with the provisions of this Section, such notice
shall be conclusively deemed given seven days after deposit thereof in the United States mail. 

        3.3    Waiver and Amendment.    Any term, provision, covenant, representation, warranty or condition of this Agreement
may be waived, but only by a written instrument signed by the party entitled to the benefits thereof. The failure or delay of any party at any time or times to require performance of any provision
hereof or to exercise its rights with respect to any provision hereof shall in no manner operate as a waiver of or affect such party's right at a later time to enforce the same. No waiver by any party
of any condition, or of the breach of any term, provision, covenant, representation or warranty contained in this Agreement, in any one or more instances, shall be deemed to be or construed as a
further or continuing waiver of any such condition or breach or waiver of any other condition or of the breach of any other term, provision, covenant, representation or warranty. No modification or
amendment of this Agreement shall be valid and binding unless it be in writing and signed by all parties hereto. 

        3.4    Choice of Law.    This Agreement and the rights of the parties hereunder shall be governed by and construed in
accordance with the laws of the State of California including all matters of 

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construction,
validity, performance, and enforcement and without giving effect to the principles of conflict of laws. 

        3.5    Jurisdiction.    The parties submit to the jurisdiction of the Courts of the County of Orange, State of
California or a Federal Court empaneled in the State of California for the resolution of all legal disputes arising under the terms of this Agreement, including, but not limited to, enforcement of any
arbitration award. 

        3.6    Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which shall together constitute one and the same instrument. 

        3.7    Attorneys' Fees.    Except as otherwise provided herein, if a dispute should arise between the parties
including, but not limited to arbitration, the prevailing party shall be reimbursed by the non-prevailing party for all reasonable expenses incurred in resolving such dispute, including
reasonable attorneys' fees exclusive of such amount of attorneys' fees as shall be a premium for result or for risk of loss under a contingency fee arrangement. 

        3.8    Taxes.    Any income taxes required to be paid in connection with the payments due hereunder, shall be borne by
the party required to make such payment. Any withholding taxes in the nature of a tax on income shall be deducted from payments due, and the party required to withhold such tax shall furnish to the
party receiving such payment all documentation necessary to prove the proper amount to withhold of such taxes and to prove payment to the tax authority of such required withholding. 

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

SELLER

Van
Nuys Studios, Inc.,

a Delaware corporation 

	
 By: Alia Khan

Its: President	 	 

PURCHASER  

 PLEASE CHECK ONE:  

        I.     If
I am an individual, I certify that I am an "accredited investor" because: 

            
I had an individual income of more than $200,000 in each of the two most recent calendar years, and I reasonably expect to have an individual income in
excess of $200,000 in the current calendar year; or my spouse and I had joint income in excess of $300,000 in each of the two most recent calendar years, and we reasonably expect to have a joint
income in excess of $300,000 in the current calendar year. 

 OR  

            
I have an individual net worth, or my spouse and I have a joint net worth, in excess of $1,000,000 (including home and personal property). 

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        II.    If
PURCHASER is a corporation, partnership, employee benefit plan or IRA, it certifies as follows: 

A.    Has the subscribing entity been formed for the specific purpose of investing in the Securities? 

YES                        NO  

If your answer to question A is "No" CHECK whichever of the following statements (1-5) is applicable to you. If your answer to question A is "Yes" the subscribing
entity must be able to certify to statement (B) below in order to qualify as an "accredited investor". 

        The
undersigned entity certifies that it is an "accredited investor" because it is: 

        1.                  an employee benefit plan within the meaning of Title I of the Employee
Retirement Income Security Act of 1974, provided that the investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act, and the plan fiduciary is a bank, savings and
loan association, insurance company or registered investment adviser; or

        2.                  an employee benefit plan within the meaning of Title I of the Employee
Retirement Income Security Act of 1974 that has total assets in excess of $5,000,000; or

        3.                  each of its shareholders, partners, or beneficiaries meets at least one of
the following conditions described above under Individual Accredited Investor Status. Please also CHECK the appropriate space in that section; or

        4.                  the plan is a self directed employee benefit plan and the investment decision
is made solely by a person that meets at least one of the conditions described above under Individual Accredited Investor Status; or

        5.                  a corporation, a partnership or a Massachusetts or similar business trust
with total assets in excess of $5,000,000. 

B.    If the answer to Question A above is "Yes," please certify the statement below is true and correct: 

                    
The undersigned entity certifies that it is an accredited investor because each of its shareholder or beneficiaries meets at least one of the
following conditions described above under Individual Accredited Investor Status. Please also CHECK the appropriate space in that section. 

        III.    If
PURCHASER is a Trust, it certifies as follows: 

A.    Has the subscribing entity been formed for the specific purpose of investing in the Securities? 

YES                        NO  

If your answer to question A is "No" CHECK whichever of the following statements (1-3) is applicable to the subscribing entity. If your answer to question A is
"Yes" the subscribing entity must be able to certify to the statement (3) below in order to qualify as an "accredited investor". 

The
undersigned trustee certifies that the trust is an "accredited investor" because: 

            1) the trust has total assets in excess of $5,000,000 and the investment decision has been made by a
"sophisticated person"; or

            2) the trustee making the investment decision on its behalf is a bank (as defined in Section 3(a)(2)
of the Act), a saving and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, acting in its fiduciary capacity;  or

            3) the undersigned trustee certifies that the trust is an accredited investor because the grantor(s) of the
trust may revoke the trust at any time and regain title to the trust assets and has (have) retained sole investment control over the assets of the trust and the (each) grantor(s) meets 

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at
least one of the following conditions described above under Individual Accredited Investor Status. Please also CHECK the appropriate space in that section. 

	Print Name:	 	 	 	 
	 	 	
	 	 
	 	 	 	 	 
	
 [Signature]	 	 
	 	 	 	 	 
	
 Address	 	 
	 	 	 	 	 
	
 Address	 	 
	 	 	 	 	 
	
 Social Security/Tax I.D. Number	 	 

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VAN NUYS STUDIOS, INC.  

INSTRUCTIONS FOR COMPLETION OF STOCK PURCHASE AGREEMENT  

        To purchase Shares pursuant to this Agreement, each Purchaser must provide the following: 

        1.     Complete
and sign the signature pages of the Stock Purchase Agreement. You must initial the appropriate entry under large roman numerals I, II, or III to verify that you
are an accredited investor who is eligible to participate in this placement. 

        2.     Make
your check payable to: Oswald & Yap FBO Van Nuys Studios, Inc. 

or 

If
you are using wire transfer to pay for the Shares, use the following wiring instructions: 

Account
Name: Oswald & Yap FBO Van Nuys Studios, Inc. 

	 
	 	 
	 	 

	 	 	ABA Routing Number:	 	122239322
	

 	
 	

Account Number:	
 	

002507730
	

 	
 	

Bank Name:	
 	

Harbor National Bank

895 Dove Street

Newport Beach, California 92660

(949) 221-8080

        3.     Mail
your Stock Purchase Agreement and check, if funds not wired, to: 

Oswald &
Yap, Escrow Agent for Van Nuys Studios, Inc.

ATTN: Lynne Bolduc, Esq.

16148 Sand Canyon Avenue

Irvine, CA 92618 

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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 

4

 

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] 

5

 

        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      
	
 	

 
	Name:	 	John C. Donlevie
	 	 
	Title:	 	Executive Vice President
	 	 
	

PARENT:	
 	

 
	

ENTERCOM COMMUNICATIONS CORP.	
 	

 
	

By:	
 	

/s/  JOHN C. DONLEVIE      
	
 	

 
	Name:	 	John C. Donlevie
	 	 
	Title:	 	Executive Vice President
	 	 
	

LENDERS:	
 	

 
	

KEY CORPORATE CAPITAL INC.	
 	

 
	

By:	
 	

/s/  LAURA E. FINLIN      
	
 	

 
	Name:	 	Laura E. Finlin
	 	 
	Title:	 	Assistant Vice President
	 	 
	

ALLFIRST BANK	
 	

 
	

By:	
 	

/s/  TIMOTHY A. KNABB      
	
 	

 
	Name:	 	Timothy A. Knabb
	 	 
	Title:	 	Senior Vice President
	 	 
	

BANK OF AMERICA, N.A.	
 	

 
	

By:	
 	

/s/  TODD SHIPLEY      
	
 	

 
	Name:	 	Todd Shipley
	 	 
	Title:	 	Managing Director
	 	 
	

BANK OF MONTREAL, CHICAGO BRANCH	
 	

 
	

By:	
 	

/s/  NAGHMEH HASHEMIFARD      
	
 	

 
	Name:	 	Naghmeh Hashemifard
	 	 
	Title:	 	Vice President
	 	 
	

THE BANK OF NOVA SCOTIA	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

BNP PARIBAS	
 	

 
	

By:	
 	

/s/  OLA ANDERSSEN      
	
 	

 
	Name:	 	Ola Anderssen
	 	 
	Title:	 	Director
	 	 

6

 

	

By:	
 	

/s/  GREGG BONARDI      
	
 	

 
	Name:	 	Gregg Bonardi
	 	 
	Title:	 	Director
	 	 
	

JPMORGAN CHASE BANK	
 	

 
	

By:	
 	

/s/  JOAN FITZGIBBON      
	
 	

 
	Name:	 	Joan M. Fitzgibbon
	 	 
	Title:	 	Managing Director
	 	 
	

CITIZENS BANK OF MASSACHUSETTS	
 	

 
	

By:	
 	

/s/  EDWARD C. THAUTE      
	
 	

 
	Name:	 	Edward C. Thaute
	 	 
	Title:	 	Vice President
	 	 
	

COMPAGNIE FINANCIERE de CIC et de l'UNION EUROPEENNE	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

CREDIT SUISSE FIRST BOSTON	
 	

 
	

By:	
 	

/s/  SOVONNA DAY-GOINS      
	
 	

 
	Name:	 	SoVonna Day-Goins
	 	 
	Title:	 	Vice President
	 	 
	

By:	
 	

/s/  DOREEN WELCH      
	
 	

 
	Name:	 	Doreen B. Welch
	 	 
	Title:	 	Associate
	 	 
	

THE DAI-ICHI KANGYO BANK, LTD.	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

DEUTSCHE BANK TRUST COMPANY AMERICAS	
 	

 
	

By:	
 	

/s/  SUSAN L. LEFEVRE      
	
 	

 
	Name:	 	Susan L. LeFevre
	 	 
	Title:	 	Director
	 	 
	

ERSTE BANK	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 

7

 

	

FIRST HAWAIIAN BANK	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

FLEET BANK, N.A./ F/K/A SUMMIT BANK	
 	

 
	

By:	
 	

/s/  LISA M. PELLOW      
	
 	

 
	Name:	 	Lisa M. Pellow
	 	 
	Title:	 	Managing Director
	 	 
	

THE FUJI BANK LIMITED	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

THE INDUSTRIAL BANK OF JAPAN, LTD	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

ING (U.S.) CAPITAL LLC	
 	

 
	

By:	
 	

/s/  WILLIAM JAMES      
	
 	

 
	Name:	 	William James
	 	 
	Title:	 	Director
	 	 
	

THE MITSUBISHI TRUST AND BANKING CORPORATION	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

CREDIT LYONNAIS NEW YORK BRANCH	
 	

 
	

By:	
 	

/s/  JEREMY HORN      
	
 	

 
	Name:	 	Jeremy Horn
	 	 
	Title:	 	Vice President
	 	 
	

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEEN BANK B.A., "RABOBANK NEDERLAND" NEW YORK BRANCH	
 	

 
	

By:	
 	

/s/  DOUGLAS W. ZYLSTRA      
	
 	

 
	Name:	 	Douglas W. Zylstra
	 	 
	Title:	 	Senior Vice President
	 	 
	

By:	
 	

/s/  ANDRÉ BLOM      
	
 	

 
	Name:	 	André Blom
	 	 
	Title:	 	Managing Director, Credit Risk Management
	 	 

8

 

	

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

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

SUNTRUST BANK	
 	

 
	

By:	
 	

/s/  BRIAN COMBS      
	
 	

 
	Name:	 	Brian Combs
	 	 
	Title:	 	Vice President
	 	 
	

UNION BANK OF CALIFORNIA, N.A.	
 	

 
	

By:	
 	

/s/  MATT H. FLEMING      
	
 	

 
	Name:	 	Matthew H. Fleming
	 	 
	Title:	 	Vice President
	 	 
	

U.S. BANK NATIONAL ASSOCIATION	
 	

 
	

By:	
 	

/s/  JEFFREY MILLER      
	
 	

 
	Name:	 	Jeffrey Miller
	 	 
	Title:	 	Vice-President
	 	 
	

WEBSTER BANK	
 	

 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 
	

By:	
 	

 	
 	

 
	Name:	 	
	 	 
	Title:	 	
	 	 
	 	 	
	 	 

9

 

	

FRANKLIN CLO I LIMITED	
 	

 
	

By:	
 	

/s/  RICHARD HSU      
	
 	

 
	Name:	 	Richard Hsu
	 	 
	Title:	 	Vice President
	 	 
	

FRANKLIN CLO II LIMITED	
 	

 
	

By:	
 	

/s/  RICHARD HSU      
	
 	

 
	Name:	 	Richard Hsu
	 	 
	Title:	 	Vice President
	 	 
	

FRANKLIN CLO III LIMITED	
 	

 
	

By:	
 	

/s/  RICHARD HSU      
	
 	

 
	Name:	 	Richard Hsu
	 	 
	Title:	 	Vice President
	 	 

10

 

	

ISSUING BANK:

KEY CORPORATE CAPITAL INC.	
 	

 
	

By:	
 	

/s/  LAURA E. FINLIN      
	
 	

 
	Name:	 	Laura E. Finlin
	 	 
	Title:	 	Assistant Vice President
	 	 
	

ADMINISTRATIVE AGENT:

KEY CORPORATE CAPITAL INC.	
 	

 
	

By:	
 	

/s/  LAURA E. FINLIN      
	
 	

 
	Name:	 	Laura E. Finlin
	 	 
	Title:	 	Assistant Vice President
	 	 
	

SYNDICATION AGENT:

BANK OF AMERICA, N.A.	
 	

 
	

By:	
 	

/s/  TODD SHIPLEY      
	
 	

 
	Name:	 	Todd Shipley
	 	 
	Title:	 	Managing Director
	 	 

11

QuickLinks

EXHIBIT 10.7

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}]]