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EXHIBIT 10.50
AMENDED AND RESTATED REVOLVING CREDIT NOTE
$6,000,000.00 Boston, Massachusetts
October 31, 2001
FOR VALUE RECEIVED, CHASE CORPORATION, a Massachusetts corporation (the
"Borrower"), hereby promises to pay to the order of FLEET NATIONAL BANK (the
"Bank") the principal amount of Six Million Dollars ($6,000,000.00) or such
portion thereof as may be advanced by the Bank pursuant to Section 1.2 of that
First Amended and Restated Loan Agreement of even date herewith between the Bank
and the Borrower, as amended, restated, supplemented, replaced or otherwise
modified from time to time (the "Loan Agreement") and remains outstanding from
time to time hereunder ("Principal"), with interest, at the rate hereinafter set
forth, on the daily balance of all unpaid Principal, from the date hereof until
payment in full of all Principal and interest hereunder. Terms defined in the
Loan Agreement are used herein with the meanings so defined.
Interest on all unpaid Principal shall be due and payable, in arrears, on
the Interest Payment Dates, and on the date of payment of this note in full and
termination of the Revolving Commitment, at a fluctuating rate per annum
(computed on the basis of a year of three hundred sixty (360) days for the
actual number of days elapsed) which shall at all times (except as described in
the next sentence) be equal to the Alternate Base Rate, as in effect from time
to time (but in no event in excess of the maximum rate permitted by then
applicable law), with a change in the aforesaid rate of interest to become
effective on the same day on which any change in the Alternate Base Rate is
effective; PROVIDED, HOWEVER, that if all or any portion of outstanding
Principal consists of a Eurodollar Loan for any Interest Period, then interest
for such Interest Period on such Eurodollar Loan shall be payable at a rate per
annum equal to the sum of (x) the applicable Eurodollar Rate (determined as
provided in the Loan Agreement), PLUS (y) the Eurodollar Rate Increment then in
effect (but in no event in excess of the maximum rate permitted by applicable
law). After the occurrence and during the continuance of any Event of Default,
interest under this note will, at the option of the Bank, accrue and be payable
at a fluctuating rate per annum which at all times shall be equal to the sum of
(i) four percent (4.0%) per annum PLUS (ii) the Prime Rate (but in no event in
excess of the maximum rate permitted by then applicable law). If the entire
amount of any required Principal and/or interest is not paid within ten (10)
days after the same is due, the Borrower shall pay to the Bank a late fee equal
to five percent (5%) of the required payment.
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All outstanding Principal and all interest accrued thereon shall be due and
payable in full on the first to occur of: (i) an acceleration under Section
5.2(a) of the Loan Agreement or (ii) (t)he Expiration Date (as defined in the
Loan Agreement). The Borrower may at any time and from time to time prepay all
or any portion of said Principal, without premium or penalty, but, as to
Eurodollar Loans, only at the times and in the manner, and with the yield
maintenance fee (if any), provided for in the Loan Agreement. Under certain
circumstances set forth in the Loan Agreement, prepayments of Principal may be
required.
Payments of both Principal and interest shall be made, in lawful money of
the United States in immediately available funds, at the office of the Bank
located at 100 Federal Street, Boston, MA 02110, or at such other address as the
Bank may from time to time designate.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
on a schedule attached to this note or on the books of the Bank, at or following
the time of making any Revolving Loan and of receiving any payment of Principal,
an appropriate notation refl ecting such transaction and the then aggregate
unpaid balance of Principal. Failure of the Bank to make any such notation shall
not, however, affect any obligation of the Borrowers hereunder or under the Loan
Agreement. The unpaid Principal amount of this note, as recorded by the Bank
from time to time on such schedule or on such books, shall constitute
presumptive evidence of the aggregate unpaid principal amount of the Revolving
Loans.
The Borrower hereby (a) waives notice of and consents to any and all
advances, settlements, compromises, favors and indulgences (including, without
limitation, any extension or postponement of the time for payment), any and all
receipts, substitutions, additions, exchanges and releases of collateral, and
any and all additions, substitutions and releases of any person primarily or
secondarily liable, (b) waives presentment, demand, notice, protest and all
other demands and notices generally in connection with the delivery, acceptance,
performance, default or enforcement of or under this note, and (c) agrees to pay
all reasonable costs and expenses, including, without limitation, reasonable
attorneys' fees, incurred or paid by the Bank in enforcing this note and any
collateral or security therefore, all whether or not litigation is commenced, as
and to the extent provided in the Loan Agreement.
. This note is the Revolving Note referred to in, and entitled to the
benefits of, the Loan Agreement. This note amends, restates and replaces the
Promissory Note of the Borrower in favor of the Bank, as amended and restated on
September 11, 1996. This note is subject to prepayment (with a yield maintenance
fee consequent thereon in certain cases, as and to the extent provided in the
Loan Agreement) as set forth in the Loan Agreement. The maturity of this note
may be accelerated upon the occurrence of an Event of Default, as and to the
extent provided in the Loan Agreement.
THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE
RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED ON THIS NOTE OR ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY RELATED DOCUMENTS OR OUT OF
ANY COURSE OF
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CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF
ANY PERSON. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR THE BANK TO ACCEPT
THIS NOTE AND TO MAKE LOANS AS CONTEMPLATED IN THE LOAN AGREEMENT.
** THE NEXT PAGE IS THE SIGNATURE PAGE
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Executed, as an instrument under seal, as of the day and year first above
written
By /s/ Everett Chadwick
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Title: Treasurer
Chase Corporation