0000814427-00-000032 Sample Contracts

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IPAC PRECISION MACHINING, INC.
Term Note • November 14th, 2000 • National Manufacturing Technologies • Office machines, nec

FOR VALUE RECEIVED, the undersigned IPAC Precision Machining, Inc., a California corporation, and each other signer of this Note (the undersigned and each such other signer collectively called "Borrower"), jointly and severally promise to pay to the order of CELTIC CAPITAL CORPORATION ("Lender"), at its office at 2951 28th Street, Suite 2030, Santa Monica, California 90405 or at such other place as Lender may designate in writing, in lawful money of the United States of America and in immediately available funds, the principal amount of eight hundred thousand dollars ($800,000.00) (the "Term Loan"), with interest thereon from the date on which the Term Loan is disbursed until maturity, at a fluctuating rate per annum equal at all times to the sum of the Prime Rate (as defined in the Loan Agreement referred to below) plus four percent (4%) per annum. Terms defined in the Loan Agreement and not otherwise defined herein have the same respective meanings when used herein.

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