Document:

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                                                                    EXHIBIT 10.7

                                                                       EXECUTION

                          BEASLEY FM ACQUISITION CORP.
              BEASLEY BROADCASTING OF EASTERN NORTH CAROLINA, INC.
               BEASLEY BROADCASTING OF EASTERN PENNSYLVANIA, INC.
                    BEASLEY BROADCASTING OF NEW JERSEY, INC.
                                 W&B MEDIA, INC.
                 BEASLEY BROADCASTING OF SOUTHWEST FLORIDA, INC.
                 BEASLEY BROADCASTING OF COASTAL CAROLINA, INC.
                      BEASLEY-REED ACQUISITION PARTNERSHIP
                               BEASLEY RADIO, INC.

            SECOND AMENDMENT AND LIMITED CONSENT TO CREDIT AGREEMENT

                  This SECOND AMENDMENT AND LIMITED CONSENT TO CREDIT AGREEMENT
(this "AMENDMENT") is dated as of December 30, 1999 and entered into by and
among BEASLEY FM ACQUISITION CORP., a Delaware corporation ("FM ACQUISITION
CORP."), BEASLEY BROADCASTING OF EASTERN NORTH CAROLINA, INCORPORATED, a North
Carolina corporation ("BEASLEY OF NORTH CAROLINA"), BEASLEY BROADCASTING OF
EASTERN PENNSYLVANIA, INC., a Delaware corporation ("BEASLEY OF PENNSYLVANIA"),
BEASLEY BROADCASTING OF NEW JERSEY, INC. (formerly known as Beasley Broadcasting
of Arkansas, Inc.), a Delaware corporation ("BEASLEY OF NEW JERSEY"), W&B MEDIA,
INC., a North Carolina corporation ("W&B"), BEASLEY BROADCASTING OF SOUTHWEST
FLORIDA, INC., a Delaware corporation ("BEASLEY OF FLORIDA"), BEASLEY
BROADCASTING OF COASTAL CAROLINA, INC., a Delaware corporation ("BEASLEY OF
COASTAL CAROLINA"), BEASLEY-REED ACQUISITION PARTNERSHIP, a Delaware general
partnership ("BEASLEY-REED"), and BEASLEY RADIO, INC., a Delaware corporation
("BEASLEY RADIO"); each of FM Acquisition Corp., Beasley of North Carolina,
Beasley of Pennsylvania, Beasley of New Jersey, W&B, Beasley of Florida, Beasley
of Coastal Carolina, Beasley-Reed and Beasley Radio are an "ORIGINAL BORROWER"
and collectively, the "ORIGINAL BORROWERS"), on a joint and several basis, the
FINANCIAL INSTITUTIONS LISTED ON THE SIGNATURE PAGES HEREOF ("LENDERS"), BANK OF
MONTREAL, CHICAGO BRANCH ("BANK OF MONTREAL"), as agent for Lenders (in such
capacity, "AGENT"), CSRA BROADCASTERS, INC., a Georgia corporation ("CSRA"),
BEASLEY COMMUNICATIONS, INC., a Delaware corporation ("BEASLEY COMMUNICATIONS")
and BEASLEY OF AUGUSTA, INC., a Delaware corporation ("BEASLEY OF AUGUSTA"), and
the CREDIT SUPPORT PARTIES (as defined in Section 5 hereof) listed on the
signature pages hereof, and is made with reference to that certain Credit
Agreement dated as of March 30, 1998, as amended by that certain First Amendment
to Credit Agreement dated as of August 11, 1999 (as so amended, the "CREDIT
AGREEMENT"), by and among Original Borrowers, certain Lenders and Agent.
Capitalized terms used herein without definition shall have the same meanings
herein as set forth in the Credit Agreement or in Section 1.1 hereof.
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                                    RECITALS

                  WHEREAS, Borrowers have requested that Lenders add, and
Lenders have agreed to add, CSRA, Beasley Communications and Beasley of Augusta
as New Borrowers under the Credit Agreement, and make certain other changes as
more fully set forth below.

                  NOW, THEREFORE, in consideration of the premises and the
agreements, provisions and covenants herein contained, the parties hereto agree
as follows:

SECTION 1.        AMENDMENTS TO THE CREDIT AGREEMENT

1.1      AMENDMENTS TO SECTION 1:  DEFINITIONS

         A. Subsection 1.1 of the Credit Agreement is hereby amended by adding
thereto the following definitions, which shall be inserted in proper
alphabetical order:

                  "2000 IPO" means any underwritten initial public offering of
         common stock of an Affiliate of the Borrowers with respect to which
         100% of the Net Securities Proceeds of which are contributed to or
         received by the Borrowers occurring no later than December 31, 2000.

                  "BEASLEY COMMUNICATIONS" means Beasley Communications, Inc., a
         Delaware corporation.

                  "BEASLEY OF AUGUSTA" means Beasley of Augusta, Inc., a
         Delaware corporation.

                  "CREDIT AGREEMENT COUNTERPART" means the Counterpart and
         Acknowledgment to Credit Agreement executed and delivered in connection
         with the Second Amendment by the New Borrowers substantially in the
         form of Exhibit XIX annexed hereto.

                  "CSRA" means CSRA Broadcasters, Inc., a Georgia corporation.

                  "NET SECURITIES PROCEEDS" shall have the meaning assigned to
         that term in subsection 2.4B(iii)(b).

                  "NEW BORROWER" means each of Beasley Communications, Beasley
         of Augusta and CSRA, and "NEW BORROWERS" means all such Persons,
         collectively.

                  "NEW BORROWER COUNTERPARTS" means collectively, the Credit
         Agreement Counterpart, the Note Counterpart and the Pledge and Security
         Agreement Counterpart.

                  "NOTE COUNTERPART" means the Counterpart and Acknowledgment to
         Note executed and delivered in connection with the Second Amendment by
         the New Borrowers substantially in the form of Exhibit XX annexed
         hereto.

                  "PARENT NOTES" means those certain promissory notes issued by
         the New Borrowers to Parent in an aggregate principal amount not to
         exceed $4,000,000.

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<PAGE>   3
                  "PLEDGE AND SECURITY AGREEMENT COUNTERPART" means the
         Counterpart and Acknowledgment to Pledge and Security Agreement
         executed and delivered in connection with the Second Amendment by the
         New Borrowers substantially in the form of Exhibit XXI annexed hereto.

                  "SECOND AMENDMENT" means that certain Second Amendment to
         Credit Agreement dated as of December 30, 1999 by and among Borrowers
         and the Lenders party thereto.

                  "SECOND AMENDMENT EFFECTIVE DATE" has the meaning assigned to
that term in the Second Amendment.

         B. Subsection 1.1 of the Credit Agreement is hereby amended by deleting
the definitions of "Borrower", "Excluded Collateral" and "Loan Documents" in
their entirety and substituting therefor the following:

                  "BORROWER" and "BORROWERS" have the meanings assigned to those
         terms in the introduction to this Agreement; provided, however that
         after the execution and delivery of the New Borrower Counterparts, all
         references to "Borrower" or "Borrowers" shall thereafter include each
         New Borrower.

                  "EXCLUDED COLLATERAL" means (i) until Beasley Radio shall have
         taken or caused to be taken action such that Administrative Agent on
         behalf of Lenders has a valid and perfected first priority security
         interest in the assets used in the business of radio station WWCN, the
         assets of Beasley Radio used solely in the business of radio station
         WWCN and (ii) the KRTH Property.

                  "LOAN DOCUMENTS" means (i) this Agreement, (ii) the Notes,
         (iii) the Letters of Credit (and any applications for, or reimbursement
         agreements or other documents or certificates executed by any Borrower
         in favor of Issuing Lender relating to, the Letters of Credit), (iv)
         the Subsidiary Guaranty, (v) the Security Documents, (vi) the New
         Borrower Counterparts and (vii) any Interest Rate Agreements entered
         into by Borrowers with any Person that is or was a Lender or an
         Affiliate of a Lender at the time of entry into such agreement.

1.2      AMENDMENTS TO SECTION 2:  AMOUNTS AND TERMS OF COMMITMENTS AND LOANS

         A. Subsection 2.4B(iii)(b) of the Credit Agreement is hereby amended by
adding at the end thereof the following sentence:

         "Anything to the contrary in this subsection 2.4B(iii) notwithstanding
         and as long as no Event of Default or Potential Event of Default has
         occurred and is continuing, or would result therefrom, the Net
         Securities Proceeds of the 2000 IPO received by Borrowers shall not be
         required to be applied as provided in the foregoing sentence but shall
         instead be applied by the Borrowers on the date of receipt thereof to
         repay, to the full extent thereof, the Revolving Loans without reducing
         the Revolving Loan Commitments."

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1.3      AMENDMENT TO SECTION 5:  BORROWERS' AFFIRMATIVE COVENANTS

         Section 5 of the Credit Agreement is hereby amended by deleting
subsection 5.19 in its entirety and substituting therefor the following:

         "5.19             YEAR 2000 PROBLEMS.

                  The Credit Parties have (i) adopted and have implemented a
         plan of correction ("PLAN OF CORRECTION") which the Credit Parties
         reasonably believe will result in a substantial elimination of Year
         2000 Problems before any processing failure of a System or of Systems
         due to Year 2000 Problems which might have a material adverse effect on
         the business, operations or financial performance of the Credit
         Parties; (ii) adopted and have implemented validation procedures
         reasonably calculated to test on an ongoing basis the sufficiency of
         the Plan of Correction, its implementation, and the correction of Year
         2000 Problems in any System; and (iii) adopted and have implemented
         policies and procedures requiring regular reports to, and monitoring
         by, senior management of the Credit Parties concerning the foregoing
         matters."

1.4      AMENDMENTS TO SECTION 7:  BORROWERS' NEGATIVE COVENANTS

         A. Subsection 7.1 of the Credit Agreement is hereby amended by deleting
subdivision (vi) in its entirety and substituting therefor the following:

                  "(vi) Borrowers and their respective Subsidiaries may become
         and remain liable with respect to Affiliate Subordinated Indebtedness
         in an aggregate amount not to exceed $48,500,000 at any time; and".

         B. Subsection 7.4 of the Credit Agreement is hereby amended by (i)
deleting the "and" at the end of subdivision (iii) thereof, (ii) deleting the
"." at the end of subdivision (iv) thereof and substituting therefor "; and",
and (iii) adding at the end thereof a new subdivision (v) as follows:

                  "(v) Contingent Obligations consisting of a guaranty by
         Borrowers of promissory notes issued with respect to transactions
         permitted pursuant to subsection 7.3(x) in an aggregate amount not to
         exceed $3,000,000; provided, that all such Contingent Obligations are
         subordinated to the Obligations substantially in the form of Exhibit A
         attached hereto."

         C. Subsection 7.5 of the Credit Agreement is hereby amended by (i)
deleting the "and" at the end of subdivision (vi) thereof, (ii) deleting the "."
at the end of subdivision (vii) thereof, and (iii) adding at the end thereof new
subdivisions (viii) and (ix) as follows:

                  "(viii) As long as no Event of Default or Potential Event of
         Default has occurred and is continuing, or would result therefrom,
         Borrowers may make a payment to Parent on or before December 31, 1999
         in respect of the Parent Notes in an aggregate amount not to exceed
         $1,000,000 in order to reduce the aggregate principal amount of the
         Parent Notes to an amount which shall not exceed $3,000,000; and

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                  (ix) As long as no Event of Default or Potential Event of
         Default has occurred and is continuing, or would result therefrom, and
         notwithstanding anything to the contrary in any Loan Documents or
         Related Documents, Borrowers may repay Affiliate Subordinated
         Indebtedness evidenced by the Affiliate Subordinated Note Documents
         outstanding on the date of the 2000 IPO in an aggregate amount not to
         exceed the aggregate amount of the Revolving Loans repaid with the Net
         Securities Proceeds received by Borrowers from the 2000 IPO."

1.5      ADDITIONAL EXHIBITS

         The Credit Agreement is hereby amended by adding a new Exhibit XIX, a
new Exhibit XX and a new Exhibit XXI thereto in the forms of Annex A, Annex B
and Annex C, respectively, to this Amendment.

SECTION 2.        LIMITED CONSENT TO THE CREDIT AGREEMENT

         On and after the effectiveness of this Amendment on the Second
Amendment Effective Date in accordance with the terms hereof, the Lenders hereby
acknowledge, consent and agree, and the other parties hereto hereby acknowledge,
consent and agree, to the following, all in accordance with, and as described
in, this Amendment and the Credit Agreement as amended hereby:

         Each of the New Borrowers shall be a "Borrower" and a "Credit Party"
for all purposes under the Credit Agreement and the other Loan Documents
including, without limitation, for purposes of assuming all Obligations on a
joint and several basis with the Original Borrowers; provided, however, the New
Borrowers shall satisfy the conditions set forth in subsection 4.2 of the Credit
Agreement to the same extent as if each such New Borrower was a new Credit Party
acquired pursuant to a Permitted Acquisition, as soon as practicable following
the execution and delivery of this Amendment, but in any event no later than the
earlier of (i) February 28, 2000 or (ii) the date of consummation of the 2000
IPO; provided, further, that New Borrowers shall not be permitted to borrow, or
use the proceeds of, any Loans under the Credit Agreement until the New
Borrowers shall have satisfied the applicable conditions set forth in subsection
4.2 of the Credit Agreement; and provided, further, that the New Borrowers shall
not be required to deliver (x) Mortgages in respect of real property owned in
fee on the date the New Borrowers become Borrowers and Credit Parties under the
Credit Agreement and (y) Phase I environmental assessments for each fee owned
Facility to the extent that the New Borrowers have not already ordered such
Phase I environmental assessments prior to the date hereof. Without limiting the
foregoing, all Credit Parties hereby agree to take all such action as Agent may
reasonably request pursuant to the Credit Agreement and the other Loan Documents
to effect the changes set forth in this Amendment and the addition of the New
Borrowers and to insure that all Loans and Obligations continue to be the direct
or guarantied obligations of all Credit Parties and secured by all Credit
Parties, including, without limitation, the New Borrowers.

SECTION 3.        LIMITATION OF AMENDMENTS AND CONSENT

                  Without limiting the generality of the provisions of
subsection 10.6 of the Credit Agreement, the amendments and consent set forth
above shall be limited precisely as written and

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relate solely to the matters expressly set forth in Sections 1 and 2 hereof, in
the manner and to the extent described above, and nothing in this Amendment
shall be deemed to:

                  (a) constitute a waiver of compliance by Borrowers with
                  respect to the Credit Agreement in any other instance or any
                  other term, provision or condition of the Credit Agreement or
                  any other instrument or agreement referred to therein; or

                  (b) prejudice any right or remedy that Agent or any Lender may
                  now have (except to the extent such right or remedy was based
                  upon existing defaults that will not exist after giving effect
                  to this Amendment) or may have in the future under or in
                  connection with the Credit Agreement or any other instrument
                  or agreement referred to therein.

                  Except as expressly set forth herein, the terms, provisions
and conditions of the Credit Agreement and the other Loan Documents shall remain
in full force and effect and in all other respects are hereby ratified and
confirmed.

SECTION 4.        BORROWERS' REPRESENTATIONS AND WARRANTIES

                  In order to induce Lenders to enter into this Amendment and to
amend the Credit Agreement in the manner provided herein, Borrowers represent
and warrant to each Lender that the following statements are true, correct and
complete:

         A. POWER AND AUTHORITY. Each Credit Party is a corporation, limited
liability company, partnership or limited partnership validly existing and in
good standing under the laws of its state of organization. Each Credit Party has
all requisite corporate, partnership or limited partnership power and authority
to enter into this Amendment and to carry out the transactions contemplated by,
and perform its obligations under, the Credit Agreement as amended by this
Amendment (as so amended, the "AMENDED AGREEMENT").

         B. AUTHORIZATION OF AGREEMENT. The execution and delivery of this
Amendment, and the performance of the Amended Agreement have been duly
authorized by all necessary corporate, partnership or limited partnership action
on the part of each Credit Party.

         C. NO CONFLICT. The execution and delivery by each Credit Party of this
Amendment (to the extent it is a party thereto) and the performance by Borrowers
of the Amended Agreement do not and will not (i) violate any provision of any
law or any governmental rule or regulation applicable to any Credit Party, the
Certificate or Articles of Incorporation, Certificate of Limited Partnership,
Partnership Agreement or Bylaws of any Credit Party or any order, judgment or
decree of any court or other agency of government binding on any Credit Party,
(ii) conflict with, result in a breach of or constitute (with due notice or
lapse of time or both) a default under any Contractual Obligation of any Credit
Party, (iii) result in or require the creation or imposition of any Lien upon
any of the properties or assets of any Credit Party (other than any Liens
created under any of the Loan Documents in favor of Agent on behalf and for the
ratable benefit of Lenders), or (iv) require any approval of stockholders or any
approval or consent of any Person under any Contractual Obligation of any Credit
Party.

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<PAGE>   7
         D. GOVERNMENTAL CONSENTS. The execution and delivery by each Credit
Party of this Amendment and the performance by Borrowers of the Amended
Agreement do not and will not require any registration with, consent or approval
of, or notice to, or other action to, with or by, any federal, state or other
governmental authority or regulatory body including, without limitation, the
FCC, except for filings required in connection with the perfection of the
security interests or the exercise of the rights granted pursuant to the
Security Documents and filings required with the FCC in connection with the
filing of this Amendment and related documents with the FCC.

         E. BINDING OBLIGATION. This Amendment and the Amended Agreement have
been duly executed and delivered by each Credit Party which is a party thereto
and are the legally valid and binding obligations of each such Credit Party,
enforceable against each such Credit Party in accordance with their respective
terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors' rights generally
or by equitable principles relating to enforceability.

         F. INCORPORATION OF REPRESENTATIONS AND WARRANTIES FROM CREDIT
AGREEMENT. The representations and warranties contained in Section 5 of the
Credit Agreement are and will be true, correct and complete in all material
respects on and as of the Second Amendment Effective Date to the same extent as
though made on and as of that date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case they were
true, correct and complete in all material respects on and as of such earlier
date.

         G. ABSENCE OF DEFAULT. No event has occurred and is continuing or will
result from the consummation of the transactions contemplated by this Amendment
that would constitute an Event of Default or a Potential Event of Default.

SECTION 5.        ACKNOWLEDGMENT AND CONSENT

                  Each of the Borrowers, each of the Persons indicated as (i)
Subsidiary Guarantors or (ii) Subordinated Creditors on the signature pages
hereof (each individually a "CREDIT SUPPORT PARTY" and collectively, the "CREDIT
SUPPORT PARTIES") hereby acknowledges and agrees that each Loan Document and
Related Agreement to which it is a party is in full force and effect and shall
not be limited or impaired in any manner by the effectiveness of this Amendment
and the transactions contemplated hereby.

SECTION 6.        MISCELLANEOUS

         A. REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS.

                  (i) On and after the Second Amendment Effective Date, each
         reference in the Credit Agreement to "this Agreement", "hereunder",
         "hereof'", "herein" or words of like import referring to the Credit
         Agreement, and each reference in the other applicable Loan Documents to
         the "Credit Agreement", "thereunder", "thereof" or words of like import
         referring to the Credit Agreement shall mean and be a reference to the
         Amended Agreement.

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<PAGE>   8
                  (ii) Except as specifically amended by this Amendment, the
         Credit Agreement and the other Loan Documents shall remain in full
         force and effect and are hereby ratified and confirmed.

                  (iii) The execution, delivery and performance of this
         Amendment shall not, except as expressly provided herein or therein,
         constitute a waiver of any provision of, or operate as a waiver of any
         right, power or remedy of any Agent or any Lender under, the Credit
         Agreement or any of the other Loan Documents.

         B. FEES AND EXPENSES. Borrowers acknowledge that all reasonable costs,
fees and expenses incurred by Agent and its counsel with respect to this
Amendment and the documents and transactions contemplated hereby shall be for
the account of Borrowers, jointly and severally.

         C. HEADINGS. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

         D. APPLICABLE LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HERETO AND ALL OTHER ASPECTS HEREOF SHALL BE DEEMED TO BE MADE UNDER,
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

         E. COUNTERPARTS. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. This Amendment shall become effective upon (i) the execution
of a counterpart hereof by each Original Borrower, each New Borrower, each
Credit Support Party and Requisite Lenders, and receipt by Borrowers and Agent
of written or telephonic notification of such execution and authorization of
delivery thereof and (ii) the execution and delivery to Agent of the New
Borrower Counterparts by all parties thereto (the "SECOND AMENDMENT EFFECTIVE
DATE").

                  [Remainder of page left intentionally blank]

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

ORIGINAL BORROWERS:

                                   BEASLEY FM ACQUISITION CORP.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

                                   BEASLEY BROADCASTING OF EASTERN NORTH
                                   CAROLINA, INCORPORATED

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Vice President

                                   BEASLEY BROADCASTING OF EASTERN
                                   PENNSYLVANIA, INC.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

                                   BEASLEY BROADCASTING OF NEW JERSEY, INC.
                                   (formerly known as Beasley
                                   Broadcasting of Arkansas, Inc.)

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

                                      S-1
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                                   W&B MEDIA, INC.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Vice President

                                   BEASLEY BROADCASTING OF SOUTHWEST
                                   FLORIDA, INC.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

                                   BEASLEY BROADCASTING OF COASTAL
                                     CAROLINA, INC.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

                                   BEASLEY-REED ACQUISITION PARTNERSHIP

                                   By:      BEASLEY FM ACQUISITION CORP.,
                                            its general partner

                                            By: /s/  Caroline Beasley
                                                     Name: Caroline Beasley
                                                     Title: Secretary

                                      S-2
<PAGE>   11
                                   BEASLEY RADIO, INC.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

NEW BORROWERS:

                                   CSRA BROADCASTERS, INC.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

                                   BEASLEY BROADCASTING OF AUGUSTA, INC.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

                                   BEASLEY COMMUNICATIONS, INC.

                                   By: /s/  Caroline Beasley
                                            Name: Caroline Beasley
                                            Title: Secretary

                                      S-3
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SUBSIDIARY GUARANTORS:

                                   WXTU LICENSE LIMITED PARTNERSHIP
                                   WPOW LICENSE LIMITED PARTNERSHIP
                                   WRXK LICENSE LIMITED PARTNERSHIP
                                   WEWO LICENSE LIMITED PARTNERSHIP
                                   WFLB LICENSE LIMITED PARTNERSHIP
                                   WDAS LICENSE LIMITED PARTNERSHIP
                                   WKIS LICENSE LIMITED PARTNERSHIP
                                   WIKS LICENSE LIMITED PARTNERSHIP
                                   WMGV LICENSE LIMITED PARTNERSHIP
                                   WXNR LICENSE LIMITED PARTNERSHIP
                                   WAZZ LICENSE LIMITED PARTNERSHIP
                                   WJBX LICENSE LIMITED PARTNERSHIP

                                   By:      BEASLEY FM ACQUISITION CORP.,
                                            the general partner of each of the
                                            foregoing

                                            By: /s/ Caroline Beasley
                                                     Name: Caroline Beasley
                                                     Title: Secretary

                                   WTMR LICENSE LIMITED PARTNERSHIP

                                   By:      BEASLEY BROADCASTING OF NEW JERSEY,
                                            INC. (formerly known as Beasley
                                            Broadcasting of Arkansas, Inc.),
                                            its general partner

                                            By: /s/ Caroline Beasley
                                                     Name: Caroline Beasley
                                                     Title: Secretary

                                      S-4
<PAGE>   13
                                   WNCT LICENSE LIMITED PARTNERSHIP

                                   By:      BEASLEY BROADCASTING OF COASTAL
                                            CAROLINA, INC.,
                                            its general partner

                                            By: /s/  Caroline Beasley
                                                     Name: Caroline Beasley
                                                     Title: Secretary

                                   WKML LICENSE LIMITED PARTNERSHIP

                                   By:      BEASLEY BROADCASTING OF EASTERN
                                            NORTH CAROLINA, INCORPORATED,
                                            its general partner

                                            By: /s/  Caroline Beasley
                                                     Name: Caroline Beasley
                                                     Title: Vice President

                                   WWDB LICENSE LIMITED PARTNERSHIP

                                   By:      BEASLEY BROADCASTING OF EASTERN
                                            PENNSYLVANIA, INC.,
                                            its general partner

                                            By: /s/  Caroline Beasley
                                                     Name: Caroline Beasley
                                                     Title: Secretary

                                      S-5
<PAGE>   14
                              WXKB LICENSE LIMITED PARTNERSHIP

                              By:      BEASLEY BROADCASTING OF SOUTHWEST
                                       FLORIDA, INC.,
                                       its general partner

                                       By: /s/  Caroline Beasley
                                                Name: Caroline Beasley
                                                Title: Secretary

                              WSFL LICENSE LIMITED PARTNERSHIP

                              By:      W&B MEDIA, INC.,
                                       its general partner

                                       By: /s/  Caroline Beasley
                                                Name: Caroline Beasley
                                                Title: Vice President

                              WQAM LICENSE LIMITED PARTNERSHIP

                              By:     BEASLEY-REED ACQUISITION PARTNERSHIP,
                                      its general partner

                                       By:    BEASLEY FM ACQUISITION CORP.,
                                              its general partner

                                                By: /s/  Caroline Beasley
                                                         Name: Caroline Beasley
                                                         Title: Secretary

                                      S-6
<PAGE>   15
SUBORDINATED CREDITORS:

                                    BEASLEY BROADCASTING OF PHILADELPHIA, INC.

                                    By: /s/  Caroline Beasley
                                             Name: Caroline Beasley
                                             Title: Assistant Secretary

                                    BEASLEY-REED BROADCASTING OF MIAMI, INC.

                                    By: /s/  Caroline Beasley
                                             Name: Caroline Beasley
                                             Title: Assistant Secretary

                                    BEASLEY BROADCASTING MANAGEMENT CORP.

                                    By: /s/  Caroline Beasley
                                             Name: Caroline Beasley
                                             Title: Secretary

                                    GEORGE BEASLEY,
                                    an individual
                                              /s/ George Beasley

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LENDERS:                                    BANK OF MONTREAL, CHICAGO BRANCH,
                                            individually and as Agent

                                            By: /s/ Juliet Barnes
                                                     Name: Juliet Barnes
                                                     Title: Director

                                      S-8
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                                            FLEET NATIONAL BANK

                                            By: /s/  Garret Komjathy
                                                     Name: Garret Komjathy
                                                     Title: Vice President

                                      S-9
<PAGE>   18
                                           KEY CORPORATE CAPITAL INC.

                                           By: /s/  Kenneth J. Keeler
                                                    Name: Kenneth J. Keeler
                                                    Title: Senior Vice President

                                      S-10
<PAGE>   19
                                           BANK OF AMERICA, N.A.

                                           By: /s/  Todd Shipley
                                                    Name: Todd Shipley
                                                    Title: Senior Vice President

                                      S-11
<PAGE>   20
                                   PARIBAS (formerly known as Banque Paribas)

                                   By: /s/  Ernie Sibal
                                            Name: Ernie Sibal
                                            Title: AVP

                                   By: /s/  Thomas Brandt
                                            Name: Thomas G. Brandt
                                            Title: Managing Director

                                      S-12
<PAGE>   21
                                            THE BANK OF NEW YORK

                                            By: /s/  Cynthia L. Rogers
                                                     Name: Cynthia L. Rogers
                                                     Title: Vice President

                                      S-13
<PAGE>   22
                                    UNION BANK OF CALIFORNIA

                                    By: /s/  Jean-Pierre Knight
                                             Name: Jean-Pierre Knight
                                             Title: Investment Banking Officer

                                      S-14
<PAGE>   23
                                     ANNEX A

                                   EXHIBIT XIX

                     [FORM OF COUNTERPART AND ACKNOWLEDGMENT
                              TO CREDIT AGREEMENT]

               COUNTERPART AND ACKNOWLEDGMENT TO CREDIT AGREEMENT

                  This COUNTERPART AND ACKNOWLEDGMENT TO CREDIT AGREEMENT (this
"COUNTERPART AND ACKNOWLEDGMENT") is dated as of December 30, 1999 and entered
into by the undersigned, and is made with reference to that certain Credit
Agreement dated as of March 30, 1998, as amended by that certain First Amendment
to Credit Agreement (the "FIRST AMENDMENT") dated as of August 11, 1999 and as
further amended by that certain Second Amendment to Credit Agreement (the
"SECOND AMENDMENT") dated as of the date hereof (such agreement as amended, and
as it may be further amended, supplemented or otherwise modified from time to
time, the "CREDIT AGREEMENT"), by and among Beasley FM Acquisition Corp., a
Delaware corporation ("FM ACQUISITION CORP."), Beasley Broadcasting of Eastern
North Carolina, Incorporated, a North Carolina corporation ("BEASLEY OF NORTH
CAROLINA"), Beasley Broadcasting Of Eastern Pennsylvania, Inc., a Delaware
corporation ("BEASLEY OF PENNSYLVANIA"), Beasley Broadcasting Of New Jersey,
Inc. (formerly known as Beasley Broadcasting of Arkansas, Inc.), a Delaware
corporation ("BEASLEY OF NEW JERSEY"), W&B Media, Inc., a North Carolina
corporation ("W&B"), Beasley Broadcasting Of Southwest Florida, Inc., a Delaware
corporation ("BEASLEY OF FLORIDA"), Beasley Broadcasting Of Coastal Carolina,
Inc., a Delaware corporation ("BEASLEY OF COASTAL CAROLINA"), Beasley-Reed
Acquisition Partnership, a Delaware general partnership ("BEASLEY-REED"), and
Beasley Radio, Inc., a Delaware corporation ("BEASLEY RADIO"; each of FM
Acquisition Corp., Beasley of North Carolina, Beasley of Pennsylvania, Beasley
of New Jersey, W&B, Beasley of Florida, Beasley of Coastal Carolina,
Beasley-Reed and Beasley Radio is an "ORIGINAL BORROWER" and collectively, the
"ORIGINAL BORROWERS"), the financial institutions from time to time party
thereto as Lenders ("LENDERS"), and Bank of Montreal, Chicago Branch, as Agent.
Capitalized terms used herein without definition shall have the same meanings
herein as set forth in the Credit Agreement.

                  WHEREAS, each New Borrower, as identified below, desires to
become a party to the Credit Agreement as a borrower for all purposes thereunder
and under the other Loan Documents including without limitation, each of the
promissory notes (the "NOTES") dated the Second Amendment Effective Date, issued
to each Lender in accordance with the terms of the Credit Agreement) and to be
jointly and severally liable for all Obligations of Borrowers arising under the
Credit Agreement, the Notes and the other Loan Documents to the full extent set
forth therein;

                  NOW THEREFORE, as an inducement to the Lenders to provide
credit accommodations to the New Borrowers and as a further inducement to the
Lenders to continue to

                                      A-1
<PAGE>   24
provide credit accommodations to the Original Borrowers, each New Borrower
hereby covenants and agrees as follows.

                  1. Each New Borrower hereby confirms that it has received a
copy of, and is fully familiar with, the Credit Agreement, the Pledge and
Security Agreement and the other Loan Documents.

                  2. As and from the date hereof, each New Borrower shall be
considered, and deemed to be, for all purposes of the Credit Agreement and the
other Loan Documents a borrower under the Credit Agreement as fully as though
such New Borrower had executed and delivered the Credit Agreement as a
"Borrower" thereunder at the time originally executed and delivered and hereby
ratifies and confirms its obligations under the Credit Agreement, all in
accordance with the terms thereof.

                  3. Each New Borrower hereby covenants and agrees with and in
favor of the parties hereto and each of the Lenders that as of the date
indicated above, it (i) shall be deemed to be a borrower under the Credit
Agreement to the same extent and with the same effect as though it were a party
thereto and one of the Original Borrowers therein, (ii) covenants and agrees to
observe and perform at all times from and after the date hereof all of the
obligations contained in the Credit Agreement on the part of the Original
Borrowers to be observed and performed with respect to any Loans or other uses
of the Loans as a borrower under the terms of the Credit Agreement, and (iii)
confirms for itself all of the representations and warranties of the Original
Borrowers under the Credit Agreement mutatis mutandis with respect to the
execution, delivery and performance of this Counterpart (and the Credit
Agreement as modified hereby) by it and the enforceability of its obligations
under the Credit Agreement as modified by this Counterpart. In accordance with
the definition of "Borrowers" contained in the Credit Agreement, each reference
in the Credit Agreement to the "Borrower" or the "Borrowers" shall be a
reference to the New Borrower and to the Original Borrowers except where the
context clearly requires that a reference to the "Borrower" refer only to one or
the other.

                  4. Without limiting subsection 2.11 of the Credit Agreement,
Original Borrowers and each New Borrower agree that all Obligations of Borrowers
under the Credit Agreement and the other Loan Documents are the joint and
several Obligations of each Borrower.

                  5. Each New Borrower acknowledges and agrees that it shall not
be entitled to borrow, or use the proceeds of, any Loans under the Credit
Agreement prior to the satisfaction of the conditions set forth in Section 2 of
the Second Amendment.

                  6. Without limiting any of the foregoing, each New Borrower
agrees to execute and deliver concurrently herewith, a Counterpart and
Acknowledgment to each of the Notes and the Pledge and Security Agreement in the
forms annexed to the Second Amendment, and to execute and/or deliver all other
Security Documents and documents and instruments required pursuant to the Credit
Agreement and the other Loan Documents.

                                      A-2
<PAGE>   25
                  7. Pursuant to subsection 10.8, each New Borrower hereby
notifies Agent and Lenders that its notice address shall be the address
currently in effect for each other Borrower under the Credit Agreement.

                  8. Nothing herein contained shall in any manner be construed
to constitute novation of, or to impair, cancel or extinguish the Credit
Agreement or the obligations of the Original Borrowers as borrowers thereunder,
and this Counterpart is made under express reserve of all of the terms and
conditions in the Credit Agreement and all rights in favor of the Agent and the
Lenders thereunder.

                  9. This Counterpart shall be governed by, and construed in
accordance with, the internal laws of the state of New York (including Section
5-1401 of the General Obligations Law of the State of New York), without regard
to conflicts of laws principles, and shall be binding upon the Borrower, the New
Borrower and their successors and permitted assigns and shall be for the benefit
of the Banks and the Agent and their successors and assigns.

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

                  11. This Counterpart shall become effective upon (i) the
execution of a counterpart hereof by each of the parties hereto and receipt by
Agent of written or telephone notification of such execution and authorization
of delivery thereof and (ii) the occurrence of the Second Amendment Effective
Date.

                  [Remainder of page left intentionally blank]

                                      A-3
<PAGE>   26
                  IN WITNESS WHEREOF, each New Borrower has caused this
Counterpart to be duly executed and delivered by its officer thereunto duly
authorized as of the date first written above.

NEW BORROWERS:

                                     CSRA BROADCASTERS, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF AUGUSTA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY COMMUNICATIONS, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      A-4
<PAGE>   27
                  ACKNOWLEDGMENT. Each of the undersigned hereby consents to
this Counterpart and agrees that each Loan Document to which it is a party shall
continue in full force and effect and shall be valid and enforceable and shall
not be impaired or limited by the execution and delivery of this Counterpart and
is hereby ratified and confirmed.

ORIGINAL BORROWERS:

                                     BEASLEY FM ACQUISITION CORP.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF EASTERN NORTH
                                     CAROLINA, INCORPORATED

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF EASTERN
                                     PENNSYLVANIA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF NEW JERSEY, INC.
                                     (formerly known as Beasley Broadcasting of
                                     Arkansas, Inc.)

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      A-5
<PAGE>   28
                                     W&B MEDIA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF SOUTHWEST
                                     FLORIDA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF COASTAL
                                     CAROLINA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY-REED ACQUISITION PARTNERSHIP

                                     By:  BEASLEY FM ACQUISITION CORP.,
                                          its general partner

                                          By:
                                              ----------------------------------
                                               Name:
                                               Title:

                                      A-6
<PAGE>   29
                                     BEASLEY RADIO, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      A-7
<PAGE>   30
                                     ANNEX B

                [FORM OF COUNTERPART AND ACKNOWLEDGMENT TO NOTE]

                     COUNTERPART AND ACKNOWLEDGMENT TO NOTE

                  This COUNTERPART AND ACKNOWLEDGMENT TO NOTE (this
"COUNTERPART") is dated as of December 30, 1999 and is made with reference to
that certain Revolving Note dated as of August 11, 1999 (as amended to the date
hereof, the "NOTE") in the principal amount of up to _________________
($___________) issued jointly and severally by Beasley FM Acquisition Corp., a
Delaware corporation ("FM ACQUISITION CORP."), Beasley Broadcasting of Eastern
North Carolina, Incorporated, a North Carolina corporation ("BEASLEY OF NORTH
CAROLINA"), Beasley Broadcasting Of Eastern Pennsylvania, Inc., a Delaware
corporation ("BEASLEY OF PENNSYLVANIA"), Beasley Broadcasting Of New Jersey,
Inc. (formerly known as Beasley Broadcasting of Arkansas, Inc.), a Delaware
corporation ("BEASLEY OF NEW JERSEY"), W&B Media, Inc., a North Carolina
corporation ("W&B"), Beasley Broadcasting Of Southwest Florida, Inc., a Delaware
corporation ("BEASLEY OF FLORIDA"), Beasley Broadcasting Of Coastal Carolina,
Inc., a Delaware corporation ("BEASLEY OF COASTAL CAROLINA"), Beasley-Reed
Acquisition Partnership, a Delaware general partnership ("BEASLEY-REED"), and
Beasley Radio, Inc., a Delaware corporation ("BEASLEY RADIO"; each of FM
Acquisition Corp., Beasley of North Carolina, Beasley of Pennsylvania, Beasley
of New Jersey, W&B, Beasley of Florida, Beasley of Coastal Carolina,
Beasley-Reed and Beasley Radio is an "ORIGINAL BORROWER" and collectively, the
"ORIGINAL BORROWERS"), to [PAYEE] pursuant to that certain Credit Agreement
dated as of March 30, 1998, as amended by that certain First Amendment to Credit
Agreement dated as of August 11, 1999 and that certain Second Amendment to
Credit Agreement dated as of the date hereof (as amended, the "CREDIT
AGREEMENT"), by and among the Original Borrowers, the financial institutions
listed on the signature pages thereof ("LENDERS") and Bank of Montreal, Chicago
Branch, as agent for Lenders ("AGENT"). Capitalized terms used herein without
definition shall have the same meanings herein as set forth in the Credit
Agreement.

                  By execution of this Counterpart, each New Borrower as
identified below agrees to become a party to the Note as a Borrower and Payor
for all purposes thereunder and under the other Loan Documents and to be jointly
and severally liable for all Obligations arising under the Note to the full
extent set forth therein.

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

                  This Counterpart may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument; signature pages may
be detached from multiple separate counterparts and attached to

                                      B-1
<PAGE>   31
a single counterpart so that all signature pages are physically attached to the
same document and all such counterparts shall be attached to, and be a part of,
the Note.

                  This Counterpart shall become effective upon (i) the execution
of a counterpart hereof by each of the parties hereto and receipt by Agent of
written or telephone notification of such execution and authorization of
delivery thereof, and (ii) the occurrence of the Second Amendment Effective
Date.

                  [Remainder of page left intentionally blank]

                                      B-2
<PAGE>   32
                  IN WITNESS WHEREOF, each New Borrower has caused this
Counterpart to be duly executed and delivered by its officer thereunto duly
authorized as of the date first written above.

NEW BORROWERS:

                                     CSRA BROADCASTERS, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF AUGUSTA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY COMMUNICATIONS, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      B-3
<PAGE>   33
                  ACKNOWLEDGMENT. Each of the undersigned hereby consents to
this Counterpart and agrees that each Loan Document to which it is a party shall
continue in full force and effect and shall be valid and enforceable and shall
not be impaired or limited by the execution and delivery of this Counterpart and
is hereby ratified and confirmed.

ORIGINAL BORROWERS:

                                     BEASLEY FM ACQUISITION CORP.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF EASTERN NORTH
                                     CAROLINA, INCORPORATED

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF EASTERN
                                     PENNSYLVANIA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF NEW JERSEY, INC.
                                     (formerly known as Beasley Broadcasting of
                                     Arkansas, Inc.)

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      B-4
<PAGE>   34
                                     W&B MEDIA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF SOUTHWEST
                                     FLORIDA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    BEASLEY BROADCASTING OF COASTAL
                                    CAROLINA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    BEASLEY-REED ACQUISITION PARTNERSHIP

                                    By: BEASLEY FM ACQUISITION CORP.,
                                        its general partner

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                      B-5
<PAGE>   35
                                    BEASLEY RADIO, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      B-6
<PAGE>   36
                                     ANNEX C

                                   EXHIBIT XX

                     [FORM OF COUNTERPART AND ACKNOWLEDGMENT
                        TO PLEDGE AND SECURITY AGREEMENT]

                        COUNTERPART AND ACKNOWLEDGMENT TO
                          PLEDGE AND SECURITY AGREEMENT

                  This COUNTERPART AND ACKNOWLEDGMENT TO PLEDGE AND SECURITY
AGREEMENT (this "COUNTERPART") is dated as of December 30, 1999, and entered
into by the undersigned, and is made with reference to that certain Pledge and
Security Agreement dated as of March 30, 1998 (as amended to the date hereof,
and as it may be further amended, supplemented or otherwise modified from time
to time, the "PLEDGE AND SECURITY AGREEMENT"), by and among Beasley FM
Acquisition Corp., a Delaware corporation ("FM ACQUISITION CORP."), Beasley
Broadcasting of Eastern North Carolina, Incorporated, a North Carolina
corporation ("BEASLEY OF NORTH CAROLINA"), Beasley Broadcasting Of Eastern
Pennsylvania, Inc., a Delaware corporation ("BEASLEY OF PENNSYLVANIA"), Beasley
Broadcasting Of New Jersey, Inc. (formerly known as Beasley Broadcasting of
Arkansas, Inc.), a Delaware corporation ("BEASLEY OF NEW JERSEY"), W&B Media,
Inc., a North Carolina corporation ("W&B"), Beasley Broadcasting Of Southwest
Florida, Inc., a Delaware corporation ("BEASLEY OF FLORIDA"), Beasley
Broadcasting Of Coastal Carolina, Inc., a Delaware corporation ("BEASLEY OF
COASTAL CAROLINA"), Beasley-Reed Acquisition Partnership, a Delaware general
partnership ("BEASLEY-REED"), and Beasley Radio, Inc., a Delaware corporation
("BEASLEY RADIO"; each of FM Acquisition Corp., Beasley of North Carolina,
Beasley of Pennsylvania, Beasley of New Jersey, W&B, Beasley of Florida, Beasley
of Coastal Carolina, Beasley-Reed and Beasley Radio is an "ORIGINAL BORROWER"
and collectively, the "ORIGINAL BORROWERS"), the financial institutions from
time to time party thereto as Lenders ("LENDERS"), and Bank of Montreal, Chicago
Branch, as Agent. Capitalized terms used herein without definition shall have
the same meanings herein as set forth in the Pledge and Security Agreement.

                  By execution of this Counterpart, each New Borrower, as
identified below, agrees to become a party to the Borrower Security Agreement as
a Grantor for all purposes thereunder and under the other Loan Documents and to
be jointly and severally liable for all Secured Obligations to the full extent
set forth therein. Without limiting the foregoing, to secure the Secured
Obligations, each New Borrower hereby assigns and pledges to Agent as security
and hereby grants to Agent, in each case for the benefit of Secured Parties to
the full extent permitted by law, a security interest in the Collateral.

                  Annexed hereto are supplements to the Schedules for the
Borrower Security Agreement, setting forth in each instance the information
necessary to make such Schedules true, correct and complete and not misleading
as a result of the addition of each New Borrower as a

                                      C-1
<PAGE>   37
Grantor thereunder as of the Second Amendment Effective Date (as defined in the
Credit Agreement).

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

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

                  This Counterpart shall become effective upon (i) the execution
of a counterpart hereof by each of the parties hereto and receipt by Agent of
written or telephone notification of such execution and authorization of
delivery thereof and (ii) the occurrence of the Second Amendment Effective Date.

                  [Remainder of page intentionally left blank]

                                      C-2
<PAGE>   38
         IN WITNESS WHEREOF, each New Borrower has caused this Counterpart to be
duly executed and delivered by its officer thereunto duly authorized as of the
date first written above.

NEW BORROWERS:

                                     CSRA BROADCASTERS, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF AUGUSTA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY COMMUNICATIONS, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      C-3
<PAGE>   39
                  ACKNOWLEDGMENT. Each of the undersigned hereby consents to
this Counterpart and agrees that each Loan Document to which it is a party shall
continue in full force and effect and shall be valid and enforceable and shall
not be impaired or limited by the execution and delivery of this Counterpart and
is hereby ratified and confirmed.

ORIGINAL BORROWERS:

                                     BEASLEY FM ACQUISITION CORP.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF EASTERN NORTH
                                     CAROLINA, INCORPORATED

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF EASTERN
                                     PENNSYLVANIA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF NEW JERSEY, INC.
                                     (formerly known as Beasley Broadcasting of
                                     Arkansas, Inc.)

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      C-4
<PAGE>   40
                                      W&B MEDIA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF SOUTHWEST
                                     FLORIDA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY BROADCASTING OF COASTAL
                                     CAROLINA, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     BEASLEY-REED ACQUISITION PARTNERSHIP

                                     By:  BEASLEY FM ACQUISITION CORP.,
                                          its general partner

                                          By:
                                              ----------------------------------
                                              Name:
                                              Title:

                                      C-5
<PAGE>   41
                                      BEASLEY RADIO, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      C-6<PAGE>   1

                                                                    EXHIBIT 10.9

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE
ABSENCE OF REGISTRATION OR AN EXEMPTION UNDER SAID ACT OR ANY APPLICABLE STATE
SECURITIES LAW.

THE INDEBTEDNESS EVIDENCED BY THIS INSTRUMENT IS SUBORDINATED TO THE PRIOR
PAYMENT IN FULL OF THE SENIOR INDEBTEDNESS AS DEFINED IN THE SUBORDINATION
AGREEMENT (AS DEFINED HEREIN).

                          BEASLEY FM ACQUISITION CORP.

                               PURCHASE PRICE NOTE

$24,545,566.53                                                August 11, 1994

          BEASLEY FM ACQUISITION CORP., a Delaware corporation ("Payor"), for
value received, promises to pay to the order of BEASLEY BROADCASTING OF
PHILADELPHIA, INC. ("Payee") the principal amount of Twenty-Four Million Five
Hundred Forty-Five Thousand Five Hundred Sixty-Six and 53/100 Dollars
($24,545,566.53), together with interest on the unpaid principal balance
thereof, calculated and payable as set forth below. The principal and interest
on this Note are payable to the Payee in lawful money of the United States of
America at the offices of Beasley Broadcast Group, 3033 Riviera Drive, Suite
200, Naples, Florida 33940, or such other place in the United States as the
Payee may from time to time designate in writing.

     1.   Payment of Principal and Interest.

          1.1  Interest.  This Note shall accrue interest (computed on the basis
of a 365-day year for the actual number of days elapsed) at the rate of 7.67
percent per annum, compounded annually, commencing on the date hereof.

          1.2  Payment of Principal.  The unpaid principal balance of this Note,
together with accrued but unpaid interest thereon, shall be due and payable on
the tenth anniversary of the date hereof.

          1.3  Optional Prepayment.  Payor may, from time to time, without
premium or penalty, pay all or any portion of the principal balance or interest
accrued thereon prior to the date on which such amounts become due and payable.
Any prepayment shall be applied, first, to accrued but unpaid interest and,
second, to principal. Prepayments shall not excuse or defer Payor's obligation
to continue to make any other required payments when due until the principal
balance of this Note and accrued interest thereon is paid in full.

          2.  Events of Default.  The following shall constitute "Events of
Default" under this Note:

<PAGE>   2

                   (a)  Failure by Payor to make any payment required under this
      Note when the same shall become due and payable (whether at maturity, by
      acceleration or otherwise) and the continuation of such failure for a
      period of five (5) Business Days; provided, however, failure to make any
      payment required to be made hereunder shall not constitute an Event of
      Default if such payment is prohibited under the Subordination Agreement
      (as defined below); or

                   (b)  There shall have occurred in respect of Payor an event
      which would constitute an Event of Default under Section 9.01(f) of the
      Credit Agreement (as defined in the Subordination Agreement).

          If an Event of Default specified in Section 2(a) shall have occurred
and be continuing, Payee by notice in writing to Payor of which Payee has been
notified in writing prior to the date of such notice (the "Acceleration
Notice"), may declare the entire principal amount of this Note immediately due
and payable. If an Event of Default specified in Section 2(b) hereof occurs, the
principal amount of, and accrued interest on, this Note shall become due and
payable immediately without any declaration or other act on the part of the
Payee.

          If any Event of Default shall have occurred and be continuing, Payee
may proceed to protect and enforce its rights either by suit in equity or by
action at law, or both, whether for specific performance of any provision of
this Note or in aid of the exercise of any power granted to Payee under this
Note.

     3.   Subordination.  This Note is subject to the terms and provisions of
that certain Amended and Restated Subordination Agreement dated as of the date
hereof among Payor, Payee, George G. Beasley and NationsBank of Texas, N.A. (the
"Subordination Agreement") and is subordinated to interests of the Senior Lender
(as defined therein) to the extent set forth therein. Nothing contained in this
Section 3 or the Subordination Agreement is intended to or shall impair the
obligation of Payor, which is absolute and unconditional, to pay to Payee the
principal of and interest on this Note or is intended to or shall affect the
relative rights of Payee and the creditors of Payor other than NationsBank of
Texas, N.A., individually and in its role as Administrative Lender in connection
with Credit Agreement (as defined in the Subordination Agreement).

     4.   Miscellaneous

          4.1  Section Headings.  The section headings contained in this Note
are for reference purposes only and shall not affect the meaning or
interpretation of this Note.

          4.2  Amendment and Waiver.  No provision of this Note may be amended
or waived unless Payor shall have obtained the written agreement of Payee. No
failure or delay in exercising

                                        2

<PAGE>   3

any right, power or privilege hereunder, shall imply or otherwise operate as a
waiver of any rights of Payee nor shall any single or partial exercise thereof
preclude any other or future exercise thereof or the exercise of any other
right, power or privilege.

          4.3  Successors, Assigns and Transferors.  The obligations of Payor
and Payee under this Note shall be binding upon, and inure to the benefit of,
and be enforceable by, Payor and Payee, and their respective successors and
permitted assigns, whether or not so expressed.

          4.4  Governing Law.  This Note shall be governed by, and construed in
accordance with, the laws of the State of Florida without giving effect to any
conflicts of laws principles thereof that would otherwise require the
application of the law of any other jurisdiction.

          4.5  Lost, Stolen, Destroyed or Mutilated Note.  Upon receipt of
evidence reasonably satisfactory to Payor of the loss, theft, destruction or
mutilation of this Note and of a letter of indemnity reasonably satisfactory to
Payor from the holder of this Note, and upon surrender or cancellation of this
Note if mutilated, Payor shall make and deliver a new note of like tenor in lieu
of such lost, stolen, destroyed or mutilated Note.

          4.6  Waiver of Presentment, Etc.  Except as otherwise provided herein,
presentment, demand, protest, notice of dishonor and all other notices are
hereby expressly waived by the Payor.

          4.7  Usury.  Nothing contained in this Note shall be deemed to
establish or require the payment of a rate of interest in excess of the maximum
rate legally enforceable. If the rate of interest called for under this Note at
any time exceeds the maximum rate legally enforceable, the rate of interest
required to be paid hereunder shall be automatically reduced to the maximum rate
legally enforceable. If such interest rate is so reduced and thereafter the
maximum rate legally enforceable is increased, the rate of interest required to
be paid hereunder shall be automatically increased to the maximum rate legally
enforceable, which in no event shall exceed the rate otherwise provided for in
this Note.

                [Remainder of the page intentionally left blank.]

                                       3
<PAGE>   4

          IN WITNESS WHEREOF, Payor has executed and delivered this Note as of
the date first above written.

                                 BEASLEY FM ACQUISITION CORP.

                                 BY: /s/ SIMON T
                                    --------------------------------------------
                                    Name: Simon T
                                         ---------------------------------------
                                    Title:    President/Assistant Secretary
                                          --------------------------------------

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