REVOLVING CREDIT NOTE
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$3,500,000
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Pittsburgh,
Pennsylvania
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February 18, 2005
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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