ACQUISITION NOTE
$5,000,000 New York, New York
March 24, 1998
FOR VALUE RECEIVED, the undersigned UNIDIGITAL INC., a
Delaware corporation (the "Borrower"), hereby unconditionally promises to pay to
the order of CANADIAN IMPERIAL BANK OF COMMERCE (the "Lender"), at the office of
Canadian Imperial Bank of Commerce located at 425 Lexington Avenue, New York,
New York 10017 in lawful money of the United States of America and in
immediately available funds, the principal amount of the lesser of (a) FIVE
MILLION DOLLARS ($5,000,000) and (b) the aggregate unpaid principal amount of
all Acquisition Loans made by the Lender to the undersigned pursuant to Section
3.1 of the Credit Agreement referred to below. Such installments shall be
payable on the dates and in the amounts set forth on Schedule 3.2 to the Credit
Agreement.
The undersigned further agrees to pay interest in like money
at such office on the unpaid principal amount hereof from time to time from the
date hereof at the rates per annum and on the dates as provided in Section 6.1
of the Credit Agreement referred to below, until paid in full (both before and
after judgment).
The holder of this Acquisition Note is authorized to, and so
long as it holds this Note shall, record the date, Type and amount of each
Acquisition Loan made by the Lender pursuant to Section 3.1 of the Credit
Agreement, each Continuation thereof and each Conversion of all or a portion
thereof to another Type pursuant to Section 6.2 of the Credit Agreement, the
date and amount of each payment or prepayment of principal thereof and, in the
case of Eurodollar Loans, the length of each Interest Period and the Eurodollar
Rate with respect thereto, on the schedules annexed hereto and constituting a
part hereof, or on a continuation thereof which shall be annexed hereto and
constitute a part hereof, and any such recordation shall constitute prima facie
evidence of the accuracy of the information so recorded, provided that failure
of the Lender to make any such recordation (or any error in such recordation)
shall not affect the obligations of the Borrower under this Acquisition Note or
under the Credit Agreement.
This Acquisition Note is one of the Acquisition Notes referred
to in the Credit Agreement, dated as of March 24, 1998 (as amended, supplemented
or otherwise modified from time to time, the "Credit Agreement"), among the
Borrower, the lenders from time to time parties thereto (the "Lenders") and
Canadian Imperial Bank of Commerce, as Administrative Agent for the Lenders
thereunder, is entitled to the benefits thereof, is secured as provided therein
and is subject to optional and mandatory prepayment in whole or in part as
provided therein. Terms used herein which are defined in the Credit Agreement
shall have such defined meanings unless otherwise defined herein or unless the
context otherwise requires.
Upon the occurrence of any one or more of the Events of
Default specified in the Credit Agreement, all amounts then remaining unpaid on
this Note shall become, or may be declared to be, immediately due and payable,
all as provided therein.
The Borrower expressly waives diligence, presentment, protest,
demand and other notices of any kind.
This Acquisition Note shall be governed by, and construed and
interpreted in accordance with, the laws of the State of New York.
UNIDIGITAL INC.
By/s/ William E. Dye
---------------------------------
Name: William E. Dye
Title: Chief Executive Officer
SCHEDULE A to
Acquisition Note
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LOANS, CONVERSIONS AND PAYMENTS
OF BASE RATE LOANS
Amount of
Amount of Base Rate
Eurodollar Loans Unpaid
Amount Loans Converted Principal
of Base Converted into Amount of Balance of
Rate into Base Eurodollar Principal Base Rate Notation
Date Loan Rate Loans Loans Repaid Loans Made by
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SCHEDULE B to
Acquisition Note
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LOANS, CONVERSIONS AND PAYMENTS
OF EURODOLLAR LOANS
Amount
of
Euro- Amount of
dollar Amount of Interest Eurodollar
Loan Base Rate Period and Loans Unpaid
(and Loans Eurodollar Converted Amount Principal
Contin- Converted Rate with into Base of Prin- Balance of
uations into Euro- Respect Rate cipal Eurodollar Notation
Date Thereof) dollar Loans Thereto Loans Repaid Loans Made by
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