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Exhibit 10.24
LOAN AGREEMENT
This Loan Agreement ("Agreement") is made and entered into this 30th day of
January 1998 by and between Amkor Electronics, Inc. ("Amkor"), 0000 Xxxxxxxxxx
Xxxxx, Xxxx Xxxxxxx, Xxxxxxxxxxxx 00000 and Xx. Xxxx Xxxxxx, c/o 0000 Xxxxx
Xxxxx Xxxx, Xxxxxxxx, Xxxxxxx 00000 ("Borrower").
1. LOAN
Subject to and in accordance with this Agreement, its terms, conditions, and
covenants, Amkor agrees to lend to Borrower the principal amount of One
Hundred Twenty Thousand Dollars ($120,000.00) ("Loan.").
2. INTEREST
The Loan will bear interest on the unpaid principal at an annual rate of
seven percent (7%). In the even of a default in payment, the aforesaid
interest rate shall apply to the total of principal and interest due at the
time of default.
3. PAYMENT
Payments on the Loan will be made annually in the amount of Twenty-Nine
Thousand Two Hundred Sixty-Six Dollars and Eighty-Eight Cents ($29,266.88).
(See payment schedule attached hereto as Exhibit A.) The Loan may, at any
time and from time to time, be paid or prepaid, in whole or in part, without
premium or penalty. Upon the payment of the outstanding principal in full or
all of the installments, if any, the interest on the Loan shall be computed
and a final adjustment and payment of interest shall be made within five (5)
days of the receipt of notice. Interest shall be calculated on the basis of a
three hundred sixty (360) day year and the actual number of days elapsed.
4. NOTE
The Loan shall be evidenced by a Note in the form attached hereto as Exhibit
B (the "Note") executed by the Borrower and delivered to Amkor upon execution
of this Agreement.
5. INDEMNITY
Borrower shall fully indemnify Amkor from and against any commercially
reasonable expense, loss, damage, or liability which it may suffer or incur
as a consequence of any event of default or in seeking to enforce this
Agreement. This shall include, but not be limited to, attorney's fees.
6. DEFAULT
Borrower shall be in default: (i) if any payment due hereunder is not made
within thirty (30) days of the date due; (ii) in the event of assignment by
Borrower for the benefit of
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creditors; or (iii) upon the filing of any voluntary or involuntary
petition in bankruptcy by or against Borrower.
7. GOVERNING LAW
This Agreement shall be governed by and interpreted in accordance with the
laws of the Commonwealth of Pennsylvania, USA. Borrower hereby consents and
submits to the personal jurisdiction of the courts located in the
Commonwealth of Pennsylvania and waives any other venue to which Borrower
might in any way be entitled, by virtue of domicile or otherwise. Borrower
agrees that the federal and state courts of the Commonwealth of
Pennsylvania shall exclusively have jurisdiction in regard to any dispute
arising under this Agreement.
8. MISCELLANEOUS
8.1 No amendment to this Agreement shall be effective unless and until
reduced to a writing and duly executed for and on behalf of the
parties hereto.
8.2 If any provisions of this Agreement become invalid, illegal, or
unenforceable in any respect under any law, the validity, legality,
and enforceability of the remaining provisions shall not in any way be
affected or impaired.
INTENDING TO BE LEGALLY BOUND, the parties hereto have caused this Agreement to
be executed as of the date first above written.
Amkor Electronics, Inc.
By: [SIG] By: [SIG]
----------------------------- -----------------------------
Xxxx Xxxxxx Xxxxx X. Xxxxxxxx
Executive Vice President
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EXHIBIT B
PROMISSORY NOTE
$120,000.00 7% Interest Per Annum
January 30, 1998
In installments, as set forth, for value received, the undersigned, Xxxx Xxxxxx
promises to pay Amkor Electronics, Inc., a Pennsylvania corporation, 0000
Xxxxxxxxxx Xxxxx, Xxxx Xxxxxxx, Xxxxxxxxxxxx 00000, the sum of One Hundred
Twenty Thousand Dollars ($120,000.00), together with interest from the date
above on the unpaid principal balance due at the rate of seven percent (7%) per
annum. Principal and interest shall be payable yearly in installments of
Twenty-Nine Thousand Two Hundred Sixty-Six Dollars and Eighty-Eight Cents
($29,266.88) beginning on December 31, 1998 and continuing each December 31
until the loan amount and interest have been paid in full.
Should interest not be paid when due it shall thereafter bear interest at the
same rate as the principal, but such unpaid interest so compounded shall not
exceed an amount equal to the maximum rate of interest permitted by law
computed on the unpaid principal balance. All payments shall be payable in
lawful currency of the United States of America. The undersigned agrees to pay
all costs of collection including reasonable attorneys' fees.
This Note may be prepaid at any time or from time to time in whole or in part
without penalty, premium or permission. Any partial payment under this section
shall be applied to the installments of the Note in the inverse order of their
maturities.
This Note is the Note referred to in a certain Loan Agreement between Xxxx
Xxxxxx and Amkor Electronics, Inc. dated the 30 day of January 1998 and is
subject to all of the terms and provisions of the Agreement.
[SIG]
--------------------------
Xxxx Xxxxxx
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PRINCIPAL 120,000.00
INTEREST 7%
TERM (YEARS) 5
ANNUAL PAYMENT 29,266.88
PRINCIPAL PRINCIPAL PRINCIPAL
YEAR BEGINNING PAYMENT INTEREST REDUCTION ENDING
---- ---------- --------- -------- --------- ---------
1 120,000.00 29,266.88 8,400.00 20,866.88 99,133.12
2 99,133.12 29,266.88 6,939.32 22,327.57 76,805.55
3 76,805.55 29,266.88 5,376.39 23,890.49 52,915.06
4 52,915.06 29,266.88 3,704.05 25,562.83 27,352.23
5 27,352.23 29,266.88 1,914.66 27,352.23 0.00
