EXHIBIT 10.11
Term Note
$981,308.41 July 29, 1999
ACT Manufacturing, Inc. and CMC Industries, Inc. (collectively the
"Borrowers"), for value received, hereby jointly and severally promise to pay to
the order of IBJ Whitehall Business Credit Corporation (the "Lender") at the
office of The Chase Manhattan Bank at Xxx Xxxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxx
00000, for the account of the Lender, the principal sum of Nine Hundred
Eighty-One Thousand Three Hundred Eight Dollars and 41/100 ($981,308.41), in
lawful money of the United States of America and in immediately available funds,
on the date(s) and in the manner provided in the Amended and Restated Credit
Agreement described below. The Borrowers also promise to pay interest on the
unpaid principal balance hereof, for the period such balance is outstanding, at
said principal office for the account of said Xxxxxx, in like money, at the
rates of interest as provided in the Amended and Restated Credit Agreement
described below, on the date(s) and in the manner provided in said Amended and
Restated Credit Agreement.
This is one of the Notes referred to in that certain Xxxxxxx and Restated
Credit Agreement (as amended from time to time the "Credit Agreement") dated as
of July 29, 1999 among the Borrowers, the Subsidiary Guarantor named therein,
the Lenders named therein (including the Lender), and The Chase Manhattan Bank,
as Agent, and evidences the Term Loans made by the Lender to the Borrowers
thereunder. All terms not defined herein shall have the meanings given to them
in the Credit Agreement.
The Credit Agreement provides for the acceleration of the maturity of
principal upon the occurrence and during the continuance of certain Events of
Default and for prepayments on the terms and conditions specified therein.
The Borrowers waive presentment, notice of dishonor, protest and any other
notice or formality with respect to this Note.
This Note shall be governed by, and interpreted and construed in
accordance with, the laws of the State of New York.
ATTEST: ACT MANUFACTURING, INC.
By: By: /s/ Xxxxxxx X. Xxxxx
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Name: Name: Xxxxxxx X. Xxxxx
Title: Chief Financial Officer
ATTEST: CMC INDUSTRIES, INC.
By: By: /s/ Xxxxxxx X. Xxxxx
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Name: Xxxxxxx X. Xxxxx
Title: Chief Financial Officer
