RESTATED
PROMISSORY NOTE
|
$2,026,306.59
|
Dated Effective February 28,
2009
|
|
|
Rochester, New York
|
For value
received, IEC Electronics Corp., a Delaware Corporation
(hereinafter referred to as "Undersigned" or "Maker"), promises to
pay to the order of Kathleen Brudek at 127 Amann Road, Honeoye
Falls, New York 14472 ("Holder"), the sum of Two Million Twenty-six
Thousand Three Hundred Six and 59/100 Dollars ($2,026,306.59), with
interest on the unpaid balance at the rate of four percent (4%) per
annum, in eighteen (18) quarterly installments of principal and
interest as follows:
1. As
set forth on the amortization schedule attached hereto as Exhibit A
and made a part hereof, until the entire obligation is paid in
full. If not sooner paid, the entire unpaid principal
balance of this Promissory Note ("Note") with accrued interest
shall be all due and payable on June 1, 2013. All
payments shall be applied first to interest and the balance to
principal.
2.
The Undersigned shall have the right to prepay this obligation in
whole or in part at any time without premium or penalty.
3.
In the event that any payment shall not be made within fifteen (15)
days of its due date, then the Undersigned agrees to pay a "late
charge" in the sum of two percent (2%) of the amount then
due.
4. This
Note and all other obligations of the Maker or any endorser or
guarantor hereof, direct or contingent, shall immediately become
all due and payable and the then unpaid balance of this Note shall
be accelerated and the same, with all interest accrued thereon,
shall forthwith become due and payable without notice or demand,
which are hereby expressly waived, upon the occurrence, with
respect to any Maker, endorser or guarantor hereof, of any of the
following events of default (each hereinafter referred to as an
"Event of Default"
and collectively referred to
as A
Events of Default
@ ):
A. failure
to pay any installment of principal or interest within thirty (30)
days of the due date;
B. suspension
or liquidation by any of them of their usual business;
C. filing
by or against any of them of any proceeding, suit or action for
reorganization, dissolution or liquidation or a petition under any
of the provisions of the Bankruptcy Act not stayed, bonded or
vacated within sixty (60) days of any filing;
D. application
for, or appointment of, a receiver of any of them or their
property, , unless the same shall be dismissed within sixty days
after such application or appointment;
F. making
or sending notice of an intended bulk sale or any other transfer of
substantially all of the Undersigned's assets and the subsequent
consummation of any such transaction, unless the purchaser or
transferee of such assets also assumes this Note; or
F. if
any judgment, attachment or execution against any of them or their
property for any amount in excess of $100,000.00 remains unpaid,
unstayed, or undismissed for a period of more than thirty (30)
days.
5. Upon
the occurrence and during the continuance of any Event of Default,
Holder may change the rate of interest on this Note from the rate
set forth herein to the rate set forth herein plus four percent
(4%), such change of rate to become effective on the date notice of
such Event of Default is given to Maker and to remain in effect
until such Event of Default is cured or this Note is paid in full,
regardless of whether Holder elects to accelerate the indebtedness
evidenced by this Note by reason of such Event of
Default. If this Note is not paid in full when it
becomes due, or if any installment thereof is not paid when that
installment becomes due, the Maker agrees to pay all costs and
expenses of collection incurred after the occurrence of such Event
of Default, including reasonable attorneys' fees.
6. The
failure of the Holder to exercise any of its options to call this
Note due and payable upon any Event of Default shall not operate as
a waiver or estoppel on its part to declare the total amount of
unpaid principal and interest due and payable on any subsequent
default which shall not be cured.
7. This
Note shall be construed in accordance with the laws of the State of
New York. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE
PARTIES EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY ON ANY
CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR COUNTERCLAIM ARISING
UNDER OR IN ANY WAY RELATED TO THIS NOTE AND UNDER ANY THEORY OF
LAW OR EQUITY.
8. The
Undersigned and all endorsers, sureties and guarantors hereof,
hereby jointly and severally waive presentment, demand for payment,
notice of dishonor, notice of protest and protest, and all other
notices or demands in connection with the delivery, acceptance,
performance, default, endorsement, or guarantee of this
Note.
