AMENDED AND RESTATED REVOLVING
NOTE
|
$9,500,000
|
Grand Rapids, Michigan
March 12, 2004
|
FOR
VALUE RECEIVED, on or before the Termination Date (or, if such day
is not a Business Day, on the next following Business Day), the
undersigned, Clarion Technologies, Inc., a Delaware corporation
(the “Company”), and the subsidiaries of the Company
signatory hereto (herein, the “Subsidiaries”, together
with the Company and their respective successors and assigns,
called the “Loan Parties”), jointly and severally,
promise to pay to the order of Bank One, NA, a national banking
association with its main office in Chicago, Illinois (herein,
together with its successors and assigns, called the
“Bank”), the maximum principal sum available of Nine
Million Five Hundred Thousand and 00/100 Dollars ($9,500,000) or,
if less, the aggregate unpaid principal amount of all Revolving
Loans made by the Bank to the undersigned pursuant to an Amended
and Restated Credit Agreement dated as of April 14, 2003 among the
Loan Parties, the financial institutions, including the Bank, that
are or from time to time may become parties thereto, and Bank One,
NA, a national banking association with its main office in Chicago,
Illinois, as agent (herein, as the same may be amended, modified or
supplemented from time to time, including any agreement entered
into in replacement thereof, called the “Credit
Agreement”) as shown in the Bank’s records.
The
Loan Parties further promise to pay to the order of the Bank
interest on the aggregate unpaid principal amount hereof from time
to time outstanding from the date hereof until paid in full at such
rates and at such times as shall be determined in accordance with
the provisions of the Credit Agreement. Accrued interest shall be
payable on the dates specified in the Credit Agreement.
Payments
of both principal and interest are to be made in the lawful money
of the United States of America in immediately available funds at
the Agent’s office at 200 Ottawa Avenue, N.W., Grand Rapids,
Michigan 49503, or at such other place as may be designated by the
Agent to the Loan Parties in writing.
This
Amended and Restated Revolving Note (herein called this
“Note”) amends, restates, replaces and re-evidences all
the indebtedness contained in that certain
