Exhibit 10.38
THIRD AMENDMENT TO COMMERCIAL LOAN AGREEMENT
THIS AMENDMENT ("Amendment") dated as of May 15, 2003, is entered into
by and among NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP ("NCP-7"),
and BANK OF AMERICA, N.A. as Agent ("Agent") and the Banks defined in that
certain Commercial Loan Agreement dated December 1, 1997.
RECITALS
A. The parties hereto have entered into that Commercial Loan Agreement
dated December 1, 1997 as subsequently amended (the "Agreement"). Capitalized
terms used but not otherwise defined herein shall have the meanings given in
this Agreement.
B. The parties hereto now desire to amend certain terms and conditions
contained in the Credit Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
Section 1.01. Section 7.7(b) is hereby deleted in its entirety and replaced with
the following:
Minimum Subscribers. NCP-7 shall maintain at least 21,900 subscribers.
Section 1.02. Effectiveness. This Amendment is effective as of March 31, 2003.
Section 1.03. 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 shall be deemed to be an original, and all of which taken
together shall constitute one and the same Amendment.
Section 1.04. Ratification. Except as expressly modified by the foregoing, the
terms and conditions of the Credit Agreement are hereby ratified and reaffirmed
by the parties hereto and shall continue in full force and effect.
ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO
FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers or agents thereunto duly authorized as of
the date first written above.
BORROWER:
NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP, a Washington limited
Partnership
By: Northland Communications Corporation, Managing General Partner
By: /s/ Xxxx X. Xxxxx
----------------------
Title: President
BANKS:
BANK OF AMERICA, N.A.
By: /s/ XXXXX XXXXXXX
-----------------
Title: Vice President
BANK ONE NATIONAL ASSOCIATION
By: /s/ XXXXX X. XXXX
Title: AVP
BANK OF MONTREAL, CHICAGO BRANCH
By: /s/ XXXXXXX TURF
----------------
Title: Vice President
CONSENT OF NORTHLAND COMMUNICATIONS
The undersigned acknowledges receipt of a copy of the Third Amendment to that
certain Commercial Loan Agreement dated December 1, 1997, between Northland
Cable Properties Seven Limited Partnership and Bank of America, N.A.,
attached hereto, and consents to its contents.
Dated: May 15, 2003
NORTHLAND COMMUNICATIONS CORPORATION, a Washington Corporation
By: /s/ XXXX X. XXXXX
-----------------
Title: President
AGENT:
BANK OF AMERICA, N.A.
By: /s/ XXX XXXX
-----------------
Title: Vice President
