Exhibit 99.f.15
REVOLVING NOTE
$240,000,000 June 24, 1998
Chicago, Illinois
FOR VALUE RECEIVED, the undersigned, MCG FINANCE CORPORATION, a
Delaware corporation ("Borrower"), hereby unconditionally promises to pay to the
order of XXXXXX FINANCIAL, INC., a Delaware corporation ("Lender"), at Agent's
office at 000 Xxxx Xxxxxx Xxxxxx, Xxxxxxx, Xxxxxxxx 00000, or at such other
place as the Agent may from time to time designate in writing, in lawful money
of the United States of America and in immediately available funds, the
principal sum of TWO HUNDRED FORTY MILLION AND NO/100 DOLLARS ($240,000,000.00),
or, if less, Xxxxxx's pro rata share of the aggregate unpaid principal amount of
all advances made pursuant to subsection 1.1(B) of the "Credit Agreement" (as
hereinafter defined), at such times as are specified in, and in accordance with
the provisions of, the Credit Agreement. This Revolving Note is referred to in
and was executed and delivered pursuant to that certain Credit Agreement of even
date herewith (the "Credit Agreement") among Borrower, Xxxxxx Financial, Inc.,
as Agent for the benefit of all lenders, and the other lenders who are parties
thereto, to which reference is hereby made for a statement of the terms and
conditions under which the Revolving Loan evidenced hereby was made and is to be
repaid. All terms which are capitalized and used herein (which are not otherwise
specifically defined herein) and which are defined in the Credit Agreement shall
be used in this Revolving Note as defined in the Credit Agreement. This
Revolving Note is secured by the Collateral.
Borrower further promises to pay interest on the outstanding unpaid
principal amount hereof, as provided in the Credit Agreement, from the date
hereof until payment in full hereof at the applicable rate specified in
subsection 1.2(A) of the Credit Agreement; provided, however, that if Agent, or
Requisite Lenders, so elect, following the occurrence and during the continuance
of an Event of Default, Borrower promises to pay to Lender interest on the
unpaid principal amount hereof at the applicable rate specified in subsection
1.2(D) of the Credit Agreement. Interest shall be payable in arrears on the
dates specified in subsection 1.2(C) of the Credit Agreement and at maturity,
whether by acceleration or otherwise. Interest shall be computed on the closing
daily principal balance in Borrower's Loan Account with respect to Revolving
Loan on the basis of a 360 day year for the actual number of days elapsed in the
period during which it accrues.
If a payment hereunder becomes due and payable on a day that is not a
Business Day, the payment may be made on the next succeeding Business Day, and
such extension of time shall be included in the computation of the amount of
interest due on such succeeding Business Day. Checks, drafts or similar items of
payment received by Lender shall not constitute payment, but credit therefor
shall, solely for the purpose of computing interest earned by Xxxxxx, be given
in accordance with the Credit Agreement. In no contingency or event whatsoever
shall interest charged hereunder, however such interest may be characterized or
computed, exceed the highest rate permissible under any law which a court of
competent jurisdiction determines is applicable hereto. In the event of any such
determination, the provisions of subsection 1.2(E) of the Credit Agreement shall
govern and control.
After the occurrence and during the continuance of an Event of Default,
Agent shall have the exclusive right (to the extent permitted by applicable law
and the Credit Agreement) to apply and to reapply any and all payments hereunder
against the Obligations of Borrower in such manner as Agent deems advisable
notwithstanding any previous entry by Agent upon Xxxxxxxx's Loan Account or any
other books and records.
If any suit or action is instituted or attorneys are employed to
collect this Revolving Note or any part thereof, Borrower (unless it is
determined not to be liable in such suit or action) hereby promises and agrees
to pay all costs of collection, including reasonable attorneys' fees and court
costs.
Borrower and each endorser, guarantor and surety of this Revolving Note
hereby waives presentment for payment, protest and demand, and notice of demand,
protest, dishonor and nonpayment of this Revolving Note. Except as otherwise
required pursuant to the Credit Agreement or applicable law, Borrower also
waives all rights to notice and hearing of any kind upon the occurrence of an
Event of Default and prior to the exercise by Agent of its rights to repossess
the Collateral without judicial process or to replevy, attach or levy upon the
Collateral without notice or hearing.
THIS REVOLVING NOTE HAS BEEN DELIVERED AT AND SHALL BE DEEMED TO HAVE
BEEN MADE AT CHICAGO, ILLINOIS AND SHALL BE INTERPRETED AND THE RIGHTS AND
LIABILITIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE
INTERNAL LAWS AND DECISIONS OF THE STATE OF ILLINOIS WITHOUT REGARD TO CONFLICTS
OF LAW PROVISIONS. Whenever possible each provision of this Revolving Note shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Revolving Note shall be prohibited by or invalid
under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Revolving Note. Whenever in this Revolving
Note reference is made to Agent, Lender or Borrower, such reference shall be
deemed to include, as applicable, a reference to their respective successors
and assigns (as and to the extent permitted under the Credit Agreement). The
provisions of this Revolving Note shall be binding upon and shall inure to the
benefit of such successors and assigns. Xxxxxxxx's successors and assigns shall
include, without limitation, a receiver, trustee or debtor in possession of or
for Borrower.
BALANCE OF PAGE INTENTIONALLY LEFT BLANK
- Signature Page Follows -
IN WITNESS WHEREOF, Xxxxxxxx has executed this Revolving Note as of the
day and year first written above.
MCG FINANCE CORPORATION, a Delaware
corporation
By: /s/ Xxxxx X. Xxxxxxxx
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Title: Pres/CEO
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