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Title: |
Loan and Security Agreement |
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Entities: |
Commerce Bank, NA; Fleet Bank, NA; Interep National Radio Sales Inc.; Wolf, Block, Schorr and Solis-Cohen |
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Date: |
2003 |
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Size: |
Preview shows 44KB of 140KB total |
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Price: |
$50 |
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ID: |
#990777 |
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Start of Preview |
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LOAN AND SECURITY AGREEMENT
among
COMMERCE BANK, N.A.,
as Lender
INTEREP NATIONAL RADIO SALES, INC.,
as Borrower
and
THE OTHER ENTITIES PARTY HERETO,
as Guarantors
Dated as of September 25, 2003
TABLE OF CONTENTS
| Page | ||||
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ARTICLE 1 DEFINITIONS AND ACCOUNTING TERMS |
1 | |||
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Section 1.1 |
Accounting Terms |
1 | ||
|
Section 1.2 |
Specific Terms Defined |
1 | ||
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Section 1.3 |
Business Day |
9 | ||
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ARTICLE 2 THE REVOLVING LOANS |
9 | |||
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Section 2.1 |
The Revolving Loans |
9 | ||
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Section 2.2 |
Interest. |
11 | ||
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Section 2.3 |
Payments. |
14 | ||
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Section 2.4 |
General Provisions Relating to Payments, Etc. |
15 | ||
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ARTICLE 3 COLLATERAL SECURITY |
15 | |||
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Section 3.1 |
Collateral |
15 | ||
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ARTICLE 4 CONDITIONS OF LENDING |
17 | |||
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Section 4.1 |
Conditions Precedent to Initial Revolving Loans |
17 | ||
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Section 4.2 |
Conditions Precedent to Additional Revolving Loans |
19 | ||
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ARTICLE 5 REPRESENTATIONS AND WARRANTIES |
20 | |||
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Section 5.1 |
Corporate Existence; Good Standing. |
20 | ||
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Section 5.2 |
Authority, Etc |
20 | ||
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Section 5.3 |
Indebtedness; Liens |
21 | ||
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Section 5.4 |
Binding Effect of Documents, Etc |
21 | ||
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Section 5.5 |
No Default |
21 | ||
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Section 5.6 |
Litigation |
21 | ||
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Section 5.7 |
Compliance with Laws Generally |
21 | ||
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Section 5.8 |
Environmental Matters. |
22 | ||
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Section 5.9 |
Location of Collateral |
23 | ||
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Section 5.10 |
Title to Properties |
23 | ||
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Section 5.11 |
Consents |
23 | ||
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Section 5.12 |
Restrictions on Credit Parties |
23 | ||
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Section 5.13 |
Taxes |
23 | ||
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Section 5.14 |
Banks Security Interests and Liens |
23 | ||
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Section 5.15 |
Licenses and Approvals |
24 | ||
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Section 5.16 |
Full Disclosure |
24 | ||
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Section 5.17 |
Brokerage |
24 | ||
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Section 5.18 |
ERISA |
24 | ||
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Section 5.19 |
Insurance |
24 | ||
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Section 5.20 |
Subsidiaries |
25 | ||
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Section 5.21 |
Survival of Representations and Warranties |
25 | ||
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ARTICLE 6 AFFIRMATIVE COVENANTS |
25 | |||
i
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Section 6.1 |
Financial Statements and other Information to be Furnished to the Bank |
25 | ||
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Section 6.2 |
Insurance |
27 | ||
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Section 6.3 |
Payment of Obligations |
28 | ||
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Section 6.4 |
Maintenance of Existence; Compliance with Laws |
28 | ||
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Section 6.5 |
Inspection by the Bank |
28 | ||
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Section 6.6 |
Bank Accounts |
28 | ||
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Section 6.7 |
Compliance with ERISA |
29 | ||
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Section 6.8 |
Limitations on Transactions with Affiliates |
29 | ||
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Section 6.9 |
Environmental Covenants. |
29 | ||
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Section 6.10 |
Security Interests |
29 | ||
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Section 6.11 |
Maintenance of Properties; Permits |
30 | ||
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ARTICLE 7 NEGATIVE COVENANTS |
30 | |||
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Section 7.1 |
New Lease Agreements; Amendment of Lease Agreements |
30 | ||
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Section 7.2 |
Levy; Impairment |
30 | ||
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Section 7.3 |
Modification of Organization Documents; Issuance of Additional Stock. |
30 | ||
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Section 7.4 |
Negative Pledge |
31 | ||
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Section 7.5 |
Merger, Consolidation or Sale of Assets |
32 | ||
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Section 7.6 |
Capital Acquisitions and Investments |
32 | ||
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Section 7.7 |
Loans |
33 | ||
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Section 7.8 |
Borrowings |
33 | ||
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Section 7.9 |
Other Business; Other Names |
33 | ||
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Section 7.10 |
Receivables |
33 | ||
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Section 7.11 |
Capital Expenditures |
33 | ||
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Section 7.12 |
Minimum Operating EBITDA |
34 | ||
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Section 7.13 |
Minimum Eligible Accounts Receivable |
34 | ||
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Section 7.14 |
Minimum Representative Contract Value |
34 | ||
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Section 7.15 |
Minimum Cash and Cash Equivalents |
34 | ||
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Section 7.16 |
Restrictions in Payments and Distributions |
34 | ||
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Section 7.17 |
Fiscal Year |
34 | ||
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ARTICLE 8 EVENTS OF DEFAULT; REMEDIES |
35 | |||
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Section 8.1 |
Events of Default |
35 | ||
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Section 8.2 |
Acceleration and Remedies. |
37 | ||
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Section 8.3 |
Set-Off |
37 | ||
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Section 8.4 |
Waiver of Presentment, Demand, Etc |
37 | ||
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Section 8.5 |
Exercise of Remedies |
38 | ||
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Section 8.6 |
Cumulative Remedies |
38 | ||
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ARTICLE 9 ENVIRONMENTAL INDEMNIFICATION |
38 | |||
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ARTICLE 10 MISCELLANEOUS |
38 | |||
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Section 10.1 |
No Waiver |
38 | ||
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Section 10.2 |
Insurance; Discharge of Taxes, etc |
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End of Preview |
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