REVOLVING CREDIT AND TERM LOAN AGREEMENTRevolving Credit and Term Loan Agreement • February 25th, 2005 • Ipec Holdings Inc • Metal forgings & stampings • Pennsylvania
THIS AGREEMENT, dated as of February 18, 2005, entered into by and among INTERNATIONAL PLASTICS AND EQUIPMENT CORP., a Pennsylvania corporation (“Borrower”)
REVOLVING CREDIT NOTEIpec Holdings Inc • February 25th, 2005 • Metal forgings & stampings
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
TERM NOTEIpec Holdings Inc • February 25th, 2005 • Metal forgings & stampings
FOR VALUE RECEIVED, the undersigned, INTERNATIONAL PLASTICS AND EQUIPMENT CORP., a Pennsylvania corporation (“Borrower”) hereby promises to pay to the order of CITIZENS BANK OF PENNSYLVANIA (the “Bank”) the lesser of (i) the principal sum of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) or (ii) the aggregate unpaid principal amount of the Term Loan (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. The Borrower further promises to pay to the Bank inte
SECURITY AGREEMENTSecurity Agreement • February 25th, 2005 • Ipec Holdings Inc • Metal forgings & stampings • Pennsylvania
THIS SECURITY AGREEMENT (this “Security Agreement”), is dated as of February 18, 2005, by and between INTERNATIONAL PLASTICS AND EQUIPMENT CORP., a Pennsylvania corporation (“Borrower”), and CITIZENS BANK OF PENNSYLVANIA, a Pennsylvania chartered banking institution (the “Bank”);
GUARANTY AND SURETYSHIP AGREEMENTGuaranty and Suretyship Agreement • February 25th, 2005 • Ipec Holdings Inc • Metal forgings & stampings • Pennsylvania
IN CONSIDERATION of the credit accommodation granted or to be granted by CITIZENS BANK OF PENNSYLVANIA, a banking institution organized under the laws of the Commonwealth of Pennsylvania (the “Lender”), to INTERNATIONAL PLASTICS AND EQUIPMENT CORP., a Pennsylvania corporation (the “Principal”), pursuant to that certain Revolving Credit and Term Loan Agreement dated as of February 18, 2005 between the Lender and the Principal (the “Loan Agreement”) and that certain Revolving Credit Loan Note in the maximum principal amount of $3,500,000, the Term Note in the original principal amount of $1,500,000 and the Multi-Draw Term Note in the maximum principal amount of $1,000,000 each dated as of February 18, 2005 and payable by the Principal to the Lender (the “Notes”) and under the other Guaranteed Liabilities (as hereinafter defined), the undersigned; (i) guarantees and unconditionally becomes surety to the Lender, its successors, endorsees and assigns, for the payment on demand or at maturit
MULTI-DRAW TERM NOTEIpec Holdings Inc • February 25th, 2005 • Metal forgings & stampings
FOR VALUE RECEIVED, the undersigned, INTERNATIONAL PLASTICS AND EQUIPMENT CORP., a Pennsylvania corporation (“Borrower”) hereby promises to pay to the order of CITIZENS BANK OF PENNSYLVANIA (the “Bank”) the lesser of (i) the principal sum of ONE MILLION DOLLARS ($1,000,000) or (ii) the aggregate unpaid principal amount of the Multi-Draw Term Loan (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. The Borrower further promises to pay to the Bank interim payment
