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REVOLVING CREDIT NOTE

Revolving Credit Agreement

REVOLVING CREDIT NOTE | Document Parties: IPEC HOLDINGS INC You are currently viewing:
This Revolving Credit Agreement involves

IPEC HOLDINGS INC

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Title: REVOLVING CREDIT NOTE
Governing Law: Pennsylvania     Date: 2/25/2005

REVOLVING CREDIT NOTE, Parties: ipec holdings inc
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REVOLVING CREDIT NOTE

$3,500,000

 

 Pittsburgh, Pennsylvania

 

 

February 18, 2005

                FOR VALUE RECEIVED, the undersigned, INTERNATIONAL PLASTICS AND EQUIPMENT CORP., a Pennsylvania corporation (“ Borrower ”) hereby promises to pay on or before the Expiration Date (as defined in the Loan Agreement, defined below), to the order of CITIZENS BANK OF PENNSYLVANIA (the “ Bank ”) the lesser of (i) the principal sum of THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($3,500,000) or (ii) the aggregate unpaid principal amount of all Revolving Credit Loans (as defined in the Loan Agreement) made by the Bank to the Borrower pursuant to the Revolving Credit and Term Loan Agreement, dated as of February 18, 2005, by and between the Borrower and the Bank (the “ Loan Agreement ”), together with interest on the unpaid principal balance hereof from time to time outstanding from the date hereof until maturity at the rate or rates per annum determined pursuant to Section 2.04 of, or as otherwise provided in, the Loan Agreement, payable on the dates set forth in Section 2.17 and Section 2.18 of, or as otherwise provided in, the Loan Agreement.

                All payments and prepayments to be made in respect of principal, interest or other amounts due from the Borrower under this Revolving Credit Note (the “ Revolving Credit Note ”) shall be payable no later than 2:00 p.m. Pittsburgh time, on the day when due. Such payments shall be made to the Bank at the office of the Bank located at 29 th Floor, 525 William Penn Place, Pittsburgh, PA 15219, or at such other place as the Bank may designate in writing, in lawful money of the United States of America in immediately available funds without setoff, counterclaim or other deduction of any nature. Borrower expressly waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Revolving Credit Note, and an action for any amounts due and unpaid shall therefore accrue immediately.

                If any payment of principal or interest under this Revolving Credit Note becomes due on a day which is a Saturday, Sunday or other day on which banking institutions are authorized or obligated to close in Pittsburgh, Pennsylvania, such payment will be made on the next following business day on which the Bank is open for business and such extension of time will be included in computing interest in connection with such payment.

                This Revolving Credit Note is the Revolving Credit Note referred to in, and is entitled to the benefits of, the Loan Agreement, which Loan Agreement, among other things, provides for acceleration of the maturity hereof upon the happening of certain stated events. This Revolving Credit Note is secured by, and is entitled to the benefits of, the Security Agreements, the Mortgages and certain other Loan Documents (as those terms are defined in the Loan Agreement), as each of them may be amended, modified or supplemented from time to time. Capitalized terms used in this Revolving Credit Note which are de


 
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