EXHIBIT 4(b)
AMENDMENT NO. 3 TO AMENDED AND RESTATED LOAN AGREEMENT
This Amendment No. 3 to Amended and Restated Loan Agreement ("Amendment"),
is made as of the 18th day of September, 1997 by and between AMERICAN NATIONAL
BANK AND TRUST COMPANY OF CHICAGO, a national banking association with its
principal office located at 00 X. XxXxxxx Xxxxxx, Xxxxxxx, XX 00000 ("Bank"),
and KABLE NEWS COMPANY, INC., an Illinois corporation with its principal place
of business located at 00 Xxxxx Xxxxxx Xxxxxx, Xx. Xxxxxx, Xxxxxxxx 00000
("Company").
W I T N E S S E T H:
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WHEREAS, Company and Bank previously entered into a certain Amended and
Restated Loan Agreement dated as of October 6, 1995 as amended by that certain
Amendment No. 1 to Amended and Restated Loan Agreement dated as of September 26,
1996 and that certain Amendment No. 2 to Amended and Restated Loan Agreement
dated as of December 13, 1996 (as so amended, the "Agreement"); and
WHEREAS, Company has requested that certain provisions of the Agreement be
amended as set forth herein, and that Bank increase the amount available under
the Credit Loan to $37,000,000, and extend the maturity of the Credit Loan.
NOW THEREFORE, in consideration of the terms and conditions contained
herein, and of any extension of credit heretofore, now or hereafter made by Bank
to Company, the parties hereto hereby agree as follows:
1. All capitalized terms used herein without definition shall have the
meanings set forth in the Agreement.
2. Section 1.1(a) of the Agreement is amended in its entirety to read
as follows:
"(a) Credit Loan. Subject to terms of this Agreement, the Company
may borrow from the Bank and the Bank will thereupon lend to the Company,
and the Company shall repay in accordance with the terms of this Agreement
and may reborrow at any time prior to the Maturity Date any amount which
is a multiple of $100,000 up to a maximum amount at any one time
outstanding of $37,000,000 (herein called the 'Credit' or the 'Credit
Loan'), provided that the Bank receives prior to the initial borrowing the
certificates required by Sections 7.1 and 7.2 and, prior to all subsequent
borrowings, the representations and certificates required by Section 7.2."
3. Section 1.2(a) of the Agreement is amended in its entirety to read
as follows:
"(a) Revolving Note. The borrowing under the Revolving Credit
described in Section 1.1(a) will be evidenced by a note (herein called the
'Revolving Note'), in the form of Exhibit I hereto, dated September 18,
1997, which is payable to the order of Bank on August 31, 2000, in the
principal amount of $37,000,000. The principal amount of the Credit Loan
outstanding as of the date hereof shall be recorded by Bank on computer or
other records of Bank, and the principal amount of each additional Credit
Loan and of any payment of principal of the Revolving Note may be
evidenced by notations made by Bank on such records, showing the date and
amount of each additional Credit Loan or payment of principal. The
aggregate unpaid amount of Credit Loans set forth on such records shall be
rebuttable presumptive evidence of the principal amount thereof owing and
unpaid if Bank records all of the Credit Loans and makes notations of all
the payments of principal on such records, but Bank shall not be under any
obligation to do so."
4. Section 1.9 of the Agreement is amended by deleting the number
"$35,000,000" wherever occurring and substituting therefore the number
"37,000,000".
5. In Section 8.1(h) of the Agreement is amended by deleting the date
"August 31, 1999" and substituting therefore the date "August 31, 2000".
6. Section 9.1 of the Agreement is amended by deleting the number
"$35,000,000" and substituting therefore the number "$37,000,000".
7. Collateral. To induce Bank to enter into this Amendment and to make
the increased Credit Loan available to Company, Company hereby agrees,
acknowledges and confirms with Bank that (i) the security interest granted to
Bank in the Collateral as provided in Section 9 of the Agreement is hereby
confirmed and remains in full force and effect, and (ii) such security interest
in the Collateral shall extend to and the Collateral shall secure the increased
Credit Loan, in addition to all Other Obligations of Company under the
Agreement.
8. Company shall deliver to Bank a new Revolving Note dated as of the
date hereof in the principal amount of $37,000,000 (the "Replacement Note"), in
the form attached hereto, which Replacement Note shall be issued to Bank in
replacement of and substitution for, and not in payment of, the Revolving Note
dated December 13, 1996 and all Obligations evidenced thereby shall hereafter be
evidenced by the Replacement Note. All references in the Agreement to the
"Revolving Note" shall hereafter be deemed to refer to the Replacement Note.
Upon delivery of the executed Replacement Note by Company to Bank, Bank shall
xxxx the prior Revolving Note as "cancelled and replaced."
9. Company hereby represents and warrants to Bank that the execution,
delivery and performance by it of this Amendment has been duly authorized by all
necessary corporate action, and that this Amendment is a legal, valid and
binding obligation of Company enforceable against it in accordance with its
terms, except as the enforcement thereof may be subject to: (a) the effect of
any applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors' rights generally; and (b) general principles of equity
(regardless of whether such enforcement is sought in a proceeding in equity or
at law).
10. Company hereby represents and warrants to Bank that the execution,
delivery and performance by Company of this Amendment does not, and will not,
contravene or conflict with any provision of (i) law, (ii) any judgment, decree,
or order, or (iii) Company's articles of incorporation or by-laws, and does not,
and will not, contravene or conflict with, or cause any Lien to arise under, any
provision of any agreement or instrument binding upon Company or upon any
property of Company.
11. Company hereby certifies that each of the representations and
warranties contained in the Agreement and each of the other agreements delivered
in connection therewith (the "Other Agreements") is true and correct in all
material respects on and as of the date hereof as if made on the date hereof,
except to the extent specifically amended pursuant to this Amendment and that no
Event of Default or Default currently exists under the Agreement or any of the
Other Agreements or will exist after or be triggered by the execution and
delivery of this Amendment.
12. Except as specifically amended above, the Loan Agreement, as
amended, and each of the Other Agreements shall remain in full force and effect
and is hereby ratified and confirmed.
13. The execution, delivery and effectiveness of this Amendment shall be
limited precisely as written and shall not be deemed to (i) be consent to any
waiver or modification of any other term or condition of the Loan Agreement or
any of the Other Agreements or (ii) prejudice any right, power or remedy which
Bank now has or may have in the future under or in connection with the Loan
Agreement or any of the Other Agreements. Upon the effectiveness of this
Amendment, each reference in the Loan Agreement to "this Agreement,"
"hereunder," "hereof," "herein" or words of similar import shall mean and be a
reference to the Loan Agreement as amended hereby.
14. This Amendment shall be deemed to be effective as of September 18,
1997, provided that Company shall deliver to Bank the documents described on the
attached Schedule of Documents upon the execution hereof.
15. This Amendment may be executed in separate counterparts, each of
which shall, collectively and separately, constitute one agreement. To the
extent the terms of this Amendment conflict with the terms of the Agreement or
any Exhibit or Schedule thereto, the terms of this Amendment shall be
controlling.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment by
their respective duly authorized officers as of the day and year first written
above.
ATTEST: KABLE NEWS COMPANY, INC.
By: ________________ By: /s/ Xxxxx Xxxxxxx
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Its: ________________ Name: Xxxxx Xxxxxxx
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Its: Vice President
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AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO
By: ___________________
Name: Xxxxx X. Xxxxx
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Its: Assistant Vice President
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