Exhibit 10.7
REVOLVING NOTE
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Date: December 8,
2005
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Amount: $5,000,000.00
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Maturity Date: March
8, 2006
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Bank:
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Borrower:
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Bank of America, N.A.
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Private Business, Inc.
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Banking Center:
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9010 Overlook
Boulevard
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Brentwood, TN
37027
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Attn: Brian
Sallee
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414 Union Street
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Nashville, TN
37239
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FOR
VALUE RECEIVED, the undersigned Borrower unconditionally promises
to pay to the order of Bank, its successors and assigns, without
setoff, at Bank’s offices identified above, or at any other
place Bank designates, the principal amount of Five Million and
No/100 Dollars ($5,000,000.00), or so much thereof as may be
advanced from time to time, in immediately available funds,
together with interest computed daily on the outstanding principal
balance at an annual interest rate, and in accordance with the
payment schedule, indicated below. This Note is delivered pursuant
to that Credit Agreement dated January 19, 2004, as amended by the
First Amendment to Credit Agreement between Borrower, Bank and the
Guarantors (collectively, the “Credit Agreement”), the
First Amendment being executed contemporaneously herewith.
Capitalized terms not defined herein shall have the meaning
contained in the Credit Agreement.
1. Rate.
Interest shall accrue as set forth
in the Credit Agreement.
Notwithstanding
any provision of this Note, Bank does not intend to charge and
Borrower shall not be required to pay any amount of interest or
other charges that exceed the maximum permitted by applicable law.
Any payment in excess of that maximum amount will be refunded to
Borrower or credited against principal, at Bank’s
option.
2. Accrual
Method. Unless
otherwise indicated, interest at the Rate set forth above will be
calculated by the 365/360 day method (a daily amount of interest is
computed for a hypothetical year of 360 days; that amount is
multiplied by the actual number of days for which any principal is
outstanding hereunder).
3. Rate
Change Date. The
Rate is a fluctuating index or base rate, as described in the
Credit Agreement, and will change each time and as of the date that
the index or base rate changes, as described in the Credit
Agreement. In the event the index or fluctuating rate is
discontinued, Bank shall substitute an index determined by Bank to
be comparable, in its sole discretion.
4. Note
Term and Payment Schedule. Principal is due and payable as set forth in the
Credit Agreement. All outstanding principal plus accrued and unpaid
interest shall be due and payable on March 8, 2006 (the
“Maturity Date”). Total or partial prepayments
may be made at any time, subject to any Breakage Costs as set forth
in the Credit Agreement. If an Event of Default exists under
the Credit Agreement, Bank may demand payment of the balance
outstanding under this Note in full immediately.
All
payments will be applied first to any expense or charge due under
this Note or any other documents executed in connection with this
Note, then to interest due and payable; and then to principal, or
in such other order as Bank determines, at its option.
5. Revolving
Feature. Except as
limited in this Section and in the Credit Agreement, Borrower may
borrow, repay and reborrow under this Note at any time, up to the
principal amount of this Note, provided that Borrower is not in
default under this Note or any other Loan Document, and provided
that the borrowings hereunder do not exceed any applicable other
borrowing limitations. Bank shall incur no liability for refusing
to advance funds based on its determination that any conditions of
future advances have not been met. Bank records of the amounts
borrowed from time to time shall be conclusive proof of those
borrowings.
6. Waivers,
Consents and Covenants. Borrower, and any endorser or any other party to
this Note (“Obligor”), jointly and severally: (a) waive
presentment, demand, protest, and any notice required to be given
under the law in connection with the delivery, acceptance,
performance, default or enforcement of this Note; (b) consent to
all delays, extensions, renewals or other modifications of this
Note or the Loan Documents, or waivers of any provisions of the
Note or the Loan Documents, or Bank’s release or discharge of
any such party, or release, substitution or exchange of any
security for the payment of this Note, or Bank’s failure to
act, or any indulgence shown by Bank and agree that no such action,
failure to act or failure to exercise any right or remedy by Bank
shall in any way affect the obligations of any such party or be
construed as a waiver by Bank of, or otherwise affect, any of
Bank’s rights under this Note, or under any of the Loan
Documents; and (c) agree to pay, on demand, all costs and expenses
of collection or defense of this and/or the enforcement or defense
of Bank’s rights with respect to, or the administration,
supervision, preservation, or protection of, or realization upon,
any property securing payment hereof, including, without
limitation, reasonable attorneys’ fees related to any suit,
mediation or arbitration proceeding, out of court payment
agreement, trial, appeal, bankruptcy proceedings or other
proceeding, in such amount as may be determined reasonable by an
arbitrator or court as appropriate.
7. Delinquency
Charge. To the
extent permitted by law, Bank may impose a delinquency charge of up
to four percent (4%) of any payment that is more than fifteen days
late.
8. Events
of Default. The
following are events of default under this Note: an Event of
Default under the Credit Agreement.
9. Remedies
upon Default. Whenever there is an Event of Default under this
Note (a) the entire balance outstanding under this Note and all
other obligations of any Obligor to Bank shall, at the option of
Bank, become immediately due and payable and any obligation of Bank
to permit further borrowing under this Note shall immediately cease
and terminate, and/or (b), to the extent permitted by law, the rate
of interest on the unpaid principal shall be increased at
Bank’s discretion up to the Default Rate. Imposition of a
Default Rate shall n