Dear Mr. Ludwig:
EXHIBIT
10.3
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Suntrust
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Xxxxxx
X. Xxxxxx
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SunTrust
Bank
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Senior
Vice President
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000
Xxxxxxxx Xxxxxx
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Xxxxx
0000
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Xxxxxxxxx
XX 00000
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Tel
000.000.0000
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Fax
000.000.0000
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xxx
xxxxxx@suntrust com
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Re:
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Commercial
Note and Loan Facility for $500,000 dated August 22,
2008
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Obligation
No. 10969113; Note No. 2.6
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Collateral
Letter
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Dear
Xx.
Xxxxxx:
This
Sun
Trust Collateral Letter dated August 22, 2008 is entered into by and between
SunTrust
and Debut Broadcasting Mississippi, Inc. ("Borrower"). Sun
Trust
and
Borrower simultaneous
herewith have entered into a Commercial Note and Loan Facility in the amount
of
$500,000
("the Loan") secured by certain Collateral owned by Borrower. SunTrust hereby
agrees that
the
Collateral subject to the Loan is confined only to the radio station assets
currently or hereafter
owned by Borrower that relate to Borrower's ownership, control or operation
of
certain radio stations located in and around Greenville, MS and known as
WIQQ-FM, WBAQ-FM, WNIX-AM,
WNLA-AM and WNLA-FM (the "Greenville Stations"). The Collateral does not include
any radio station assets not used in connection with the ownership, control
or
operation of the
Greenville Stations that Borrower presently or in the future owns, controls
or
operates pursuant
to a Time Brokerage Agreement including but not limited to WBBV-F M and KLSM-FM
owned
by
Xxxxxxxx Broadcasting of Louisiana ("Future Stations"), Sun Trust hereby waives
any interest
or lien on the Future Stations and will provide Borrower, at Borrower's expense,
with such
documentation as Borrower my reasonably request evidencing Sun
Trust
's
waiver of any lien on such Future Stations.
Unless
otherwise defined herein, the capitalized terms in this Collateral Letter shall
have the
meanings contained in the Loan documents. This Collateral Letter and waiver
shall inure to the
benefit of and shall be binding upon the heirs, successors and assigns of'
the
parties hereto.
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SunTrust
Bank
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By:
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx
X. Xxxxxx
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Senior
Vice President
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Accepted:
/s/ Xxxxxx Xxxxxx
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Xxxxxx
Xxxxxx, CEO
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Debut
Broadcasting Mississippi, Inc.
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By:
/s/ Xxxxxx Xxxxxxxx
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Xxxxxx
Xxxxxxxx
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Chairman
& President
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