FIVE YEAR REVOLVING CREDIT NOTE
$11,666,667.00 New York, New York
February 12, 1999
FOR VALUE RECEIVED, the undersigned ARMOR HOLDINGS, INC., a Delaware
corporation (the "Borrower"), hereby unconditionally promises to pay on the Five
Year Termination Date to the order of CIBC, INC. (the "Lender"), at the office
of Canadian Imperial Bank of Commerce located at 425 Lexington Avenue, New York,
New York 10017, in lawful money of the United States of America and in
immediately available funds, the principal amount of the lesser of (a) ELEVEN
MILLION SIX HUNDRED SIXTY-SIX THOUSAND SIX HUNDRED SIXTY-SEVEN DOLLARS
($11,666,667.00) and (b) the aggregate unpaid principal amount of all Five Year
Revolving Credit Loans made by the Lender to the undersigned pursuant to Section
3.1 of the Credit Agreement referred to below.
The undersigned further agree to pay interest in like money at such
office on the unpaid principal amount hereof from time to time from the date
hereof at the rates per annum and on the dates as provided in Section 6.1 of the
Credit Agreement referred to below, until paid in full (both before and after
judgment).
The holder of this Five Year Revolving Credit Note is authorized to,
and so long as it holds this Revolving Credit Note shall, record the date, Type
and amount of each Revolving Credit Loan made by the Lender pursuant to Section
3.1 of the Credit Agreement, each Continuation thereof and each Conversion of
all or a portion thereof to another Type pursuant to Section 6.2 of the Credit
Agreement, the date and amount of each payment or prepayment of principal
thereof and, in the case of Eurodollar Loans, the length of each Interest Period
and the Eurodollar Rate with respect thereto, on the schedules annexed hereto
and constituting a part hereof, or on a continuation thereof which shall be
annexed hereto and constitute a part hereof, and any such recordation shall
constitute prima facie evidence of the accuracy of the information so recorded,
provided that failure of the Lender to make any such recordation (or any error
in such recordation) shall not affect the obligations of the Borrower under this
Five Year Revolving Credit Note or under the Credit Agreement.
This Five Year Revolving Credit Note is one of the Five Year Revolving
Credit Notes referred to in the Credit Agreement, dated as of February 12, 1999
(as amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among the Borrower, the lenders from time to time parties thereto
(the "Lenders"), NationsBank, N.A., as Documentation Agent, and Canadian
Imperial Bank of Commerce, as Administrative Agent for the Lenders thereunder,
is entitled to the benefits thereof, and is secured as provided therein and is
subject to optional and mandatory prepayment in whole or in part as provided
therein. Terms
used herein which are defined in the Credit Agreement shall have such defined
meanings unless otherwise defined herein or unless the context otherwise
requires.
Upon the occurrence of any one or more of the Events of Default
specified in the Credit Agreement, all amounts then remaining unpaid on this
Five Year Revolving Credit Note shall become, or may be declared to be,
immediately due and payable, all as provided therein.
The Borrower expressly waives diligence, presentment, protest, demand
and other notices of any kind.
This Five Year Revolving Credit Note shall be governed by, and
construed and interpreted in accordance with, the laws of the State of New York.
ARMOR HOLDINGS, INC.
By:
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Name: Robert R. Schiller
Title: Vice President - Corporate
Development
SCHEDULE A to
Five Year Revolving Credit Note
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LOANS, CONVERSIONS AND PAYMENTS
OF BASE RATE LOANS
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Amount of
Amount of Base Rate
Eurodollar Loans Unpaid
Amount Loans Converted Principal
of Base Converted into Amount of Balance of
Rate into Base Eurodollar Principal Base Rate Notation
Date Loan Rate Loans Loans Repaid Loans Made by
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SCHEDULE B to
Five Year Revolving Credit Note
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LOANS, CONVERSIONS AND PAYMENTS
OF EURODOLLAR LOANS
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Amount
of
Euro- Amount of
dollar Amount of Interest Eurodollar
Loan Base Rate Period and Loans Unpaid
(and Loans Eurodollar Converted Amount Principal
Contin- Converted Rate with into Base of Prin- Balance of
uations into Euro- Respect Rate cipal Euro-dollar Notation
Date Thereof) dollar Loans Thereto Loans Repaid Loans Made by
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