Exhibit 10.1
AMENDED & RESTATED TERM
NOTE
NOTE DATE: _______________
$1,058,219.44
LOAN NO. ________________
FOR VALUE RECEIVED, M-tron Industries,
Inc., a Delaware corporation, and Piezo Technology, Inc., a Florida
corporation (collectively, the “Borrowers”), jointly
and severally promise to pay to the order of First National Bank of
Omaha, a national banking association (the “Bank”), at
its principal office or such other address as Bank or holder may
designate from time to time, the principal sum of $1,058,219.44, or
the amount shown on Bank’s records to be outstanding, plus
interest (calculated on the basis of actual days elapsed in a
360-day year) accruing each day on the unpaid principal balance at
the annual interest rates defined below. Absent manifest
error, Bank’s records shall be conclusive evidence of the
principal and accrued interest owing hereunder.
This Amended & Restated Term Note
(this “Term Note”) is executed pursuant to that certain
Amended & Restated Loan Agreement, of even date herewith,
between Borrowers and Bank (the “Loan Agreement”).
All capitalized terms not otherwise defined in this Term Note
shall have the meanings provided in the Loan Agreement.
Interest Accrual
. The interest rate on this Term
Note is subject to change from time to time based on changes in the
LIBOR Rate (as hereinafter defined), adjusted and determined,
without notice to Borrowers, as of the date of this Term Note and
on the twenty-fourth (24th) day of each calendar month hereafter
(“Interest Rate Change Date”). The “LIBOR
Rate” shall mean the London Interbank Offered Rate of
Interest for an interest period of one (1) month, on the day that
is two London Business Days preceding each Interest Rate Change
Date (the “Reset Date”). “London Business
Day” shall mean any day on which commercial banks in London,
England are open for general business (the “Index”).
The Index is currently 0.273% per annum. The interest
rate to be applied to the unpaid principal balance under this Term
Note prior to the Term Loan Termination Date will be at a rate of
2.10% percentage points plus the Index resulting in an
initial rate of interest of 2.373%. After the Term Loan
Termination Date, the interest rate to
