Exhibit 10.7
SWING LINE NOTE
Chicago, Illinois
$5,000,000 September 24, 1999
FOR VALUE RECEIVED, the undersigned, UST DELIVERY SYSTEMS, INC., a
Delaware corporation formerly known as Corporate Express Delivery Systems, Inc.
("Borrower"), ▇▇▇▇▇▇ PROMISES TO PAY to the order of GENERAL ELECTRIC CAPITAL
CORPORATION, a New York corporation ("Agent"), at its address at ▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, or at such other place as
Agent may designate from time to time in writing, in lawful money of the United
States of America and in immediately available funds, the amount of Five Million
Dollars ($5,000,000) or, if less, the aggregate unpaid amount of all Swing Line
Advances under the Credit Agreement (as hereinafter defined). All capitalized
terms used but not otherwise defined herein have the meanings given to them in
the Credit Agreement or in Annex A thereto.
This Swing Line Note is issued pursuant to that certain Credit
Agreement dated as of the date hereof by and among Borrower, Agent, the Credit
Parties signatory thereto and the Persons signatory thereto from time to time as
Lenders (including all annexes, exhibits or schedules thereto and as from time
to time amended, restated, supplemented or otherwise modified, the "Credit
Agreement"), and is entitled to the benefit and security of the Credit
Agreement, the Security Agreement and all of the other Loan Documents referred
to therein. Reference is hereby made to the Credit Agreement for a statement of
all of the terms and conditions under which the Loans evidenced hereby are made
and are to be repaid.
The principal amount of the indebtedness evidenced hereby shall be
payable in the amounts and on the dates specified in the Credit Agreement, the
terms of which are hereby incorporated herein by reference. Interest thereon
shall be paid until such principal amount is paid in full at such interest rates
and at such times, and pursuant to such calculations, as are specified in the
Credit Agreement.
If any payment on this Swing Line Note becomes due and payable on a
day other than a Business Day, the maturity thereof shall be extended to the
next succeeding Business Day (except as otherwise provided in the Credit
Agreement) and, with respect to payments of principal, interest thereon shall be
payable at the then applicable rate during such extension.
Upon and after the occurrence of any Event of Default, this Swing
Line Note may, in accordance with the Credit Agreement, and without demand,
notice or legal process of any kind, be declared, and immediately shall become,
due and payable.
Demand, presentment, protest and notice of nonpayment and protest
are hereby waived by ▇▇▇▇▇▇▇▇.
THIS SWING LINE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS APPLICABLE TO CONTRACTS MADE
AND PERFORMED IN THAT STATE.
UST DELIVERY SYSTEMS, INC.
By______________________________________
Title___________________________________
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