Phone (937) 276-3931 • 2875 Needmore Road • Dayton, Ohio 45414 • Fax (937) 276-2713
February 6,2009
Bank of America
Mr. Rick Hill
MA5-100-09-09
100 Federal Street, 9th Floor
Boston, MA 02110
Dear Rick,
This letter serves as notice that Rex Radio and Television, Inc., As The Lead Borrower, wishes to terminate the Revolving Credit Commitment dated September 14, 2004 as allowed for in Section 3.01 upon at least five (5) Business Days’ notice (February 13, 2009). Please advise the date the Agent Bank agrees to make the notice effective and any matters needed to be settled. Please obtain executed mortgage releases on the Company real estate included in the Borrowing Base (list attached) and have them available to us at your earliest opportunity.
Thank you for the many years of a great working relationship and we hope we can do business together at a later date.
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Sincerely, |
|
Douglas L. Bruggeman |
Enclosures
DB/kep
Appraised Values
Bank of America
April 1, 2007
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| Land |
| Market |
| Dark |
| Insurable |
| NBV |
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1 |
| Needmore Rd |
| 780,000 |
| 9,000,000 |
| 7,140,000 |
| 11,450,000 |
| 4,615,000 |
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25 |
| Greenville MS |
| 600,000 |
| 840,000 |
| 640,000 |
| 660,000 |
| 860,000 |
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82 |
| Ottumwa, Iowa |
| 260,000 |
| 1,000,000 |
| 580,000 |
| 880,000 |
| 635,000 |
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127 |
| Vicksburg MS |
| 450,000 |
| 1,170,000 |
| 930,000 |
| 610,000 |
| 995,000 |
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137 |
| Meridian MS |
| 400,000 |
| 1,300,000 |
| 1,040,000 |
| 660,000 |
| 965,000 |
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138 |
| Columbus MS |
| 400,000 |
| 970,000 |
| 750,000 |
| 660,000 |
| 925,000 |
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264 |
| Monroe Ml |
| 300,000 |
| 1,300,000 |
| 1,060,000 |
| 1,350,000 |
| 1,260,000 |
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290 |
| Clinton, Iowa |
| 400,000 |
| 1,250,000 |
| 1,010,000 |
| 880,000 |
| 960,000 |
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298 |
| Troy OH |
| 330,000 |
| 1,600,000 |
| 1,400,000 |
| 900,000 |
| 910,000 |
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801 |
| Needmore Rd (New |
| 400,000 |
| 5,400,000 |
| 4,520,000 |
| 5,650,000 |
| 3,660,000 |
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| 23,830,000 |
| 19,070,000 |
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