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EXHIBIT 10.30
SWINGLINE NOTE
$15,000,000 March 14, 1997
FOR VALUE RECEIVED, the undersigned, PROSOURCE RECEIVABLES CORPORATION, a
Delaware corporation (the "Borrower"), promises to pay to the order of THE BANK
OF NOVA SCOTIA (the "Swingline Bank") the principal sum of FIFTEEN MILLION
DOLLARS ($15,000,000) or, if less, the aggregate unpaid principal amount of all
Swingline Loans made by the Swingline Bank to the Borrower pursuant to that
certain Secured Credit Agreement, dated as of March 14, 1997 (together with all
amendments and other modifications, if any, from time to time thereafter made
thereto, the "Secured Credit Agreement"), among the Borrower, ProSource Services
Corporation, the Swingline Bank, The Bank of Nova Scotia, as Issuer and as
Administrative Agent, and the various financial institutions as are, or may from
time to time become, parties thereto as Lenders.
The Borrower also promises to pay interest on the unpaid principal amount
hereof from time to time outstanding from the date hereof until maturity
(whether by acceleration or otherwise) and, after maturity, until paid, at the
rates per annum and on the dates specified in the Secured Credit Agreement.
Payments of both principal and interest are to be made in lawful money of
the United States of America in same day or immediately available funds to the
account designated by the Swingline Bank pursuant to the Secured Credit
Agreement.
The Swingline Bank shall, and is hereby authorized to, record on the
schedule attached hereto, or to otherwise record in accordance with the usual
practice, the date and amount of each Swingline Loan and the date and amount of
each principal payment hereunder.
This Swingline Note is the Swingline Note referred to in, and evidences
Indebtedness incurred under, the Secured Credit Agreement, to which reference is
made for a description of the security for this Swingline Note and for a
statement of the terms and conditions on which the Borrower is permitted and
required to make prepayments and repayments of principal of the Indebtedness
evidenced by this Swingline Note and on which such Indebtedness may be declared
to be immediately due and payable. Unless
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otherwise defined, terms used herein have the meanings provided in the Secured
Credit Agreement.
All parties hereto, whether as makers, endorsers, or otherwise, severally
waive presentment for payment, demand, protest and notice of dishonor.
THIS NOTE HAS BEEN DELIVERED IN NEW YORK, NEW YORK AND SHALL
BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF NEW YORK.
PROSOURCE RECEIVABLES CORPORATION
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇
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Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇
Title: Vice President, Secretary
and Treasurer
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SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
TO
SWINGLINE NOTE OF PROSOURCE SERVICES CORPORATION
DATED ___________, 1997
Principal
Amount Maturity Principal Unpaid
Date of Loan Date Amount Paid Balance
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