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EXHIBIT 10.2
 
PROMISSORY NOTE TO M&W FIBERGLASS, LLC

 
 
 

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UNSECURED PROMISSORY NOTE
 
$1,120,328.35
 
December 31, 2008
     

FOR VALUE RECEIVED, ADVANCED FIBERGLASS TECHNOLOGIES, INC., a Wisconsin
corporation (herein called “Maker”), promises to pay to the order of M & W
FIBERGLASS, LLC (herein together with all subsequent permitted holders of this
Note collectively called “Payee”), in Wisconsin Rapids, Wood County, Wisconsin,
the principal sum of One Million One Hundred Twenty Thousand Three Hundred
Twenty-eight and Thirty-five Hundredths Dollars ($1,120,328.35) (“Principal
Amount”) subject to the terms and conditions set forth below.
 
1.  Payment.  The outstanding principal amount of this Note shall bear interest
at the LIBOR Rate (as defined herein) as of the date hereof plus two and
seventy-five hundredths percent (2.75%) per annum payable in quarterly
installments of principal and interest amortized over a period of fifteen years
with the unpaid principal balance due and payable with interest on the seventh
(7th) anniversary of the date hereof.  For purposes of this Note, “LIBOR Rate”
shall mean the one-year London Interbank Offered Rate determined using customary
quotation services.
 
2.  Prepayment.  Maker shall be entitled to prepay all or any part of the
principal of this Note at any time or from time to time prior to maturity
without premium or penalty.  All prepayments by Maker shall be applied first to
the then outstanding principal amount of this Note until paid in full and then
to the interest thereon.
 
3.  Unsecured Obligation.  The payment of principal and interest on this Note is
an unsecured obligation of Maker.
 
4.  Place of Payment.  All payments of principal and interest hereunder shall be
made to Payee at: 4400 Commerce Drive, Wisconsin Rapids, Wisconsin or at such
other address, as Payee may from time to time designate in writing to Maker.
 
5.  No Waiver of Right.  Payee’s partial or complete exercise, delay, or failure
to exercise any of the options, rights, or powers granted to Payee hereunder
shall not constitute a waiver of the right to exercise the same or any other
option, right, or power at any subsequent time.  Any rights or options of Payee
hereunder shall not be affected by any renewal or extension in the time of
payment hereof, or by the acceptance in advance of due date of any payment
hereunder, or by any acceptance of a payment hereunder that is less than payment
in full of all amounts due and payable at the time of such payment regardless of
the number of such renewals, extensions, releases changes, or acceptances.
 
6.  Waiver of Notice.  Maker waives presentment and demand for payment, protest,
and notice of protest, and nonpayment.
 
7.  Amendment.  None of the terms or provisions of this Note may be waived,
altered, modified or amended except as Maker and Payee may consent thereto in
writing.
 
 
 

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8.  Laws Governing.  This Note shall be governed by and construed in accordance
with the laws of the State of Wisconsin in all respects, including matters of
construction, validity, and performance.  This Note is intended to be performed
in accordance with, and only to the extent permitted by, such laws.  If any
provision of this Note or the application thereof to any person or circumstance
shall, for any reason and to any extent, be invalid or unenforceable, neither
the remainder of this Note nor the application of such provision to any other
person or circumstance shall be affected thereby, but rather same shall be
enforced to the greatest extent permitted by law.
 
9.  Headings.  The titles and headings of paragraphs are included for
convenience of reference only and are not to be considered in construing the
provisions of this Note.
 

EXECUTED AND EFFECTIVE this 31st day of December, 2008.
 

        Maker:            ADVANCED FIBERGLASS TECHNOLOGIES, INC.                
 
 
By:
        Jeffrey Keuntjes        Controller          

 
 
 
 
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