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Title: |
Revolving Credit Promissory Note |
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Date: |
2007 |
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$37 |
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#2715683 |
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REVOLVING CREDIT PROMISSORY NOTE
$10,000,000.00 PHILADELPHIA, PENNSYLVANIA
FEBRUARY 15, 2007
FOR VALUE RECEIVED, PEOPLES EDUCATIONAL HOLDINGS, INC. ("Borrower"), with a
mailing address of 299 MARKET STREET, SADDLE BROOK, NJ 07663 promises to pay to
the order of SOVEREIGN BANK, a corporation authorized to do business in
Pennsylvania and New Jersey with an office at 1500 MARKET STREET, PHILADELPHIA,
PA 19102 ("Bank"), at such office of Bank or at such other place as Bank may
designate from time to time in writing, the principal balance ("Principal
Balance") of TEN MILLION AND 00/100 DOLLARS ($10,000,000.00) in lawful money of
the United States of America, together with interest thereon from the date
hereof at the rates hereinafter provided, and both payable as hereinafter
provided. This note ("Note") evidences a revolving credit loan ("Revolving
Credit Loan ") in the amount of $10,000,000.00 ("REVOLVING CREDIT LOAN
COMMITMENT") by Bank to Borrower.
1. INTEREST RATE.
(a) For the purposes of this Note, the following terms shall have the meanings
ascribed to them
1
{PAGE}
below:
(i) "Business Day" means:
(A) any day which is neither a Saturday or Sunday nor a legal holiday
on which commercial banks are authorized or required to be closed
in New York City;
(B) when such term is used to describe a day on which a payment or
prepayment is to be made in respect of a LIBOR Rate Loan, any day
which is: (i) neither a Saturday or Sunday nor a legal holiday on
which commercial banks are authorized or required to be closed in
New York City; and (ii) a London Banking Day; and
(C) when such term is used to describe a day on which an interest
rate determination is to be made in respect of a LIBOR Rate Loan,
any day which is a London Banking Day.
(ii) Interest Period: means the period of time commencing one (1) business
day after an Interest Rate Election Date and either:
(A) in the case of a LIBOR Rate Tranche:
(I) If the LIBOR Rate selected for such LIBOR Rate Tranche is
"one-day": the following day and continuing from day to day;
provided, however, that if an Interest Period would end on a
day that is not a Business Day, such Interest Period shall
be extended to the next succeeding Business Day.
(II) the LIBOR Rate selected for such LIBOR Rate Tranche is other
than "one-day": and continuing for a period of time
associated with a LIBOR Rate offered by Bank and chosen by
Borrower, (i.e., 1 month LIBOR Rate, 2 month LIBOR Rate, 3
month LIBOR Rate, 6 month LIBOR Rate); provided, however,
that if an Interest Period would end on a day that is not a
Business Day, such Interest Period shall be extended to the
next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which
case such Interest Period shall end on the immediately
preceding Business Day.
or (B) in the case of a Prime Rate Tranche the following day
and continuing from day to day; provided, however, that if
an Interest Period would end on a
2
{PAGE}
day that is not a Business Day, such Interest Period shall
be extended to the next succeeding Business Day.
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