TERM LOAN NOTE
Chicago, Illinois
$7,000,000 January 6, 1999
This Term Loan Note is executed and delivered under and pursuant
to the terms of that certain Credit Agreement dated as of January 6,
1999 entered into by and among Circuit Systems, Inc., an Illinois
corporation, Circuit Systems of Tennessee, L.P., a Tennessee limited
partnership, SVPC Circuit Systems, Inc., a California corporation,
their successors and assigns (each a "Borrower" and collectively, the
"Borrowers"), the lenders which are parties thereto and LaSalle
National Bank, a national banking association, as the Agent (in such
capacity, the "Agent") together with all extensions, renewals,
amendments, restatements, substitutions and replacements thereto and
thereof (the "Credit Agreement").
FOR VALUE RECEIVED, the Borrowers promise to pay to the order of
LaSalle National Bank, its successors and assigns (the "Lender") at
the office of the Agent at 000 Xxxxx XxXxxxx Xxxxxx, Xxxxxxx, Xxxxxxxx
00000, or at such other place as Agent may from time to time designate
to Borrowers in writing, the principal sum of Seven Million Dollars
($7,000,000), together with interest, without relief from valuation
and appraisement laws, principal and interest to be paid as follows:
(a) the principal payable in consecutive monthly
installments of $97,222.22, beginning on January 31, 1999 and
continuing thereafter on the last day of each month, until the Term
Loan Maturity Date, at which time all of the unpaid principal of this
Term Loan Note shall be and become due and payable, and
(b) interest on the unpaid principal sum of this Term Loan
Note shall accrue from the date hereof at the applicable interest Rate
Option and shall. be calculated in accordance with the terms of the
Credit Agreement, including without limitation, at the Default Rate
(as defined in the Credit Agreement), whether or not judgment has been
entered on this Term Loan Note, payable monthly in arrears on the last
day of each month commencing on January 31, 1999 and continuing
through the Term Loan Maturity Date.
This Term Loan Note is one of the Term Loan Notes referred to in
the Credit Agreement. This Term Loan Note is secured by the Liens
granted pursuant to the Credit Agreement and the other Loan Documents.
All capitalized terms used in this Term Loan Note as defined terms
which are not defined herein but which are defined in the Credit
Agreement shall have the meanings given them in the Credit Agreement.
Reference is made to the Credit Agreement for provisions requiring
prepayment of principal and for the acceleration of the maturity of
this Term Loan Note. All of the terms, conditions, covenants,
representations and warranties of the Credit Agreement are
incorporated herein by reference as if such terms, conditions,
covenants, representations and warranties were fully set forth herein.
All payments of principal and interest shall be made at the
office of the Agent set forth above.
Upon the occurrence of any Event of Default specified in the
Credit Agreement, the principal hereof and accrued interest hereon may
become forthwith due and payable and the Lender may exercise any other
rights and remedies, including, without limitation, its rights and
remedies against the Collateral given to secure the repayment of the
Term Loan Note, all as provided in the Credit Agreement.
All amounts payable under the terms of this Term Loan Note shall
be payable with expenses of collection, including reasonable
attorneys' fees, and without relief from valuation and appraisement
laws. All payments on account of this Term Loan Note shall be applied
first to expenses and costs of collection, including reasonable
attorney's fees, next to all accrued and unpaid interest, to any
unpaid Fees under the Credit Agreement and to any other outstanding
Obligations relating to this Term Loan Note, and only after the
satisfaction of all of such expenses, fees, interest and costs, to
principal.
Demand, presentation, protest, notice of dishonor and notice of
default are hereby waived.
Time is of the essence of this Term Loan Note and each and every
provision hereof.
EACH OF THE BORROWERS HEREBY WAIVES THE RIGHT TO TRIAL BY JURY IN
ANY COURT AND IN ANY ACTION OR PROCEEDING OF ANY TYPE IN WHICH ANY
BORROWER IS A PARTY AS TO ALL MATTERS AND THINGS ARISING OUT OF THIS
TERM LOAN NOTE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE.
IN WITNESS WHEREOF, this Term Loan Note has been duty executed
and delivered as of this _ day of January, 1999.
Circuit Systems, Inc.
/s/
__________________
Name: Xxxxx X. Xxxxx
Title: VP Finance
Circuit Systems of Tennessee, L.P.,
by Circuit Systems of Tennessee, Inc.,
its general partner
/s/
By:_______________________
Name: Xxxxx X. Xxxxx
Title: VP Finance:
SVPC Circuit Systems, Inc.
/s/
By:_______________________
Name: Xxxxx X. Xxxxx
Title: VP Finance
