EXHIBIT 10.7
Revolving Credit Note
$16,822,429.91 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 Sovereign Bank (the "Lender") at the office of The Chase Manhattan
Bank at Xxx Xxxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxx 00000, for the account of such
Lender, the principal sum of Sixteen Million Eight Hundred Twenty-Two Thousand
Four Hundred Twenty-Nine Dollars and 91/100 ($16,822,429.91) or, if less, the
amount of Revolving Credit Loans loaned by the Lender to the Borrowers pursuant
to the Amended and Restated Credit Agreement referred to below, in lawful money
of the United States of America and in immediately available funds, on the
date(s) and in the manner provided in said Amended and Restated Credit
Agreement. 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 Revolving Credit 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: Name: Xxxxxxx X. Xxxxx
Title: Chief Financial Officer
