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EXHIBIT 10.5
REVOLVING CREDIT NOTE
$4,500,000 New York, New York
April 3, 1997
FOR VALUE RECEIVED, the undersigned, UNIDIGITAL ELEMENTS (NY), INC.,
a New York corporation, UNIDIGITAL/CARDINAL CORPORATION, a Delaware corporation,
UNIDIGITAL ELEMENTS (SF), INC., a Delaware corporation, and UNIDIGITAL/XXXXX
CORPORATION, a Massachusetts corporation (the "Borrowers"), hereby jointly and
severally, unconditionally promise to pay to the order of THE CHASE MANHATTAN
BANK (the "Lender"), at its office at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000
on the Maturity Date in lawful money of the United States of America and in
immediately available funds, the principal amount of (a) FOUR MILLION FIVE
HUNDRED THOUSAND DOLLARS ($4,500,000), or, if less, (b) the aggregate unpaid
principal amount of all Revolving Loans made by the Lender pursuant to the
Credit Agreement (referred to below). The Borrowers further agree, jointly and
severally, to pay interest on the unpaid principal amount outstanding hereunder
from time to time from the date hereof in like money at such office at the rates
and on the dates specified in the Credit Agreement.
The holder of this Note is authorized to record on the schedule
annexed hereto or on a continuation thereof the date, Type and amount of each
Revolving Loan made pursuant to the Credit Agreement, each continuation thereof,
each conversion of all or a portion thereof to another Type, the date and amount
of each payment or repayment of principal thereof and, in the case of Eurodollar
Loans, the length of each Interest Period with respect thereto (which
recordation shall, in accordance with Section 2.08(c) of the Credit Agreement,
constitute prima facie evidence of the accuracy of the information recorded);
provided, however, that the failure to make any such recordation shall not
affect the obligations of the Borrowers in respect of such Revolving Loans.
This Note is the Revolving Credit Note referred to in the Credit
Agreement dated as of April 3, 1997 (the "Credit Agreement"), among the
Borrowers and the Lender, and is secured as provided therein and in the Security
Documents and is subject to optional and mandatory prepayment as set forth in
the Credit Agreement.
Upon the occurrence of any one or more of the Events of Default
specified in the Credit Agreement, all amounts then remaining unpaid on this
Note shall become, or may be declared to be, immediately due and payable, all as
provided in the Credit Agreement.
All parties now and hereafter liable with respect to this Note,
whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive
presentment, demand, protest and all other notices of any kind.
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Terms defined in the Credit Agreement are used herein with their
defined meanings unless otherwise defined herein. This Note shall be governed
by, and construed and interpreted in accordance with, the laws of the State of
New York.
UNIDIGITAL ELEMENTS (NY), INC.
By:___________________________________
Name:
Title:
UNIDIGITAL/CARDINAL CORPORATION
By:___________________________________
Name:
Title:
UNIDIGITAL ELEMENTS (SF), INC.
By:___________________________________
Name:
Title:
UNIDIGITAL/XXXXX CORPORATION
By:___________________________________
Name:
Title:
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SCHEDULE 1
TO REVOLVING CREDIT NOTE
LOANS, CONVERSIONS AND PAYMENTS OF ABR LOANS
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Amount of Amount of Unpaid
ABR Loans Eurodollars Principal
Date Amount of Amount of Converted to Loans Balance Notation
ABR Loans Principal Eurodollar Loans Converted to of Made By
Repaid ABR Loans ABR Loans
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SCHEDULE 2
TO REVOLVING CREDIT NOTE
LOANS, CONVERSIONS AND PAYMENTS OF EURODOLLAR LOANS
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Amount of Amount of Unpaid
Date Amount of Amount of Eurodollar Loan ABR Loans Principal
Eurodollar Principal Converted to Converted to Balance of Notation
Loans Repaid ABR Loan Eurodollar Loans Eurodollar Loans Made By
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