BACKGROUNDCredit Agreement • May 29th, 2003 • Environmental Tectonics Corp • Miscellaneous electrical machinery, equipment & supplies • Pennsylvania
EXHIBIT 10.7 AMENDED AND RESTATED REVOLVING CREDIT NOTERevolving Credit Note • May 29th, 2003 • Environmental Tectonics Corp • Miscellaneous electrical machinery, equipment & supplies
This Note amends and completely restates and evidences the indebtedness outstanding under and is substituted for, but not in payment, satisfaction, cancellation or novation of, the Revolving Credit Note dated February 18, 2003 issued by the Borrower to the Bank and, as of the date hereof, shall be deemed to be the Revolving Credit Note referred to in, evidences indebtedness incurred under, and is entitled to the benefits of, the Credit Agreement, dated as of the date hereof (as it may be amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), between the Borrower and the Bank. The Credit Agreement, among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional or mandatory prepayments of the principal hereof prior to the maturity thereof, for a higher rate of interest upon the occurrence of an Event of Default and for certain security interests granted by the Borrower and certain rel
