Revolving Credit Note



 Exhibit 10.10 
  
 REVOLVING CREDIT NOTE 
  

	$5,454,545.46	 	January 9, 2002

  
 FOR VALUE RECEIVED,
INTEGRATED CIRCUIT SYSTEMS, INC.; ICST, INC.; ICS TECHNOLOGIES, INC.; INTEGRATED CIRCUIT SYSTEMS PTE LTD; MICRO NETWORKS CORPORATION (hereinafter jointly and severally the “Borrower”) hereby promise to pay to the order of
FIRST UNION NATIONAL BANK, its successors and assigns (the “Lender”) on the Termination Date, in lawful money of the United States and in immediately available funds, the principal amount of FIVE MILLION FOUR HUNDRED FIFTY FOUR
THOUSAND FIVE HUNDRED FORTY FIVE DOLLARS AND FORTY SIX CENTS ($5,454,545.46) or, if less, the aggregate unpaid principal amount of all Revolving Credit Loans made to the Borrower by the Lender pursuant to the Revolving Credit and Term Loan
Agreement dated December 31, 2001 (as such agreement may be amended or modified, the “Loan Agreement”) by and among the Borrower, the Lender (as Agent and Bank), its successors and assigns, and Fleet National Bank. All capitalized terms
used and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 
  
 This Note is one of the Revolving Credit Notes referred to in the Loan Agreement, and reference is made to the Loan Agreement for a statement of the terms
and conditions under which the Revolving Credit Loans evidenced hereby have been made, are secured, and may be repaid or accelerated. The Loan Agreement, among other things, contains provisions regarding borrowings under a Revolving Credit Facility,
interest to be payable at either a Base Rate or LIBOR Rate, acceleration of the maturity of the Revolving Credit Loans upon the happening of certain stated events, prepayments on account of the principal, late charges, a Default Rate of interest
after the occurrence of an Event of Default, and remedies of the Lender after the occurrence of an Event of Default. The terms and conditions of the Loan Agreement are incorporated herein by reference thereto. This Note renews, extends and replaces
that certain Revolving Credit Note (“Revolving Credit Note”) dated December 31, 2001, evidencing an original principal amount of $5,454,545.46. This Note is not a novation and shall not be deemed to diminish, terminate, or satisfy all or
any of the Obligations or any Collateral security therefor under the Loan Agreement, the Revolving Credit Note, or any other Loan Document. 
  
 Until maturity (whether by acceleration or otherwise), or the occurrence of an Event of Default, interest shall accrue on the outstanding principal
balance hereof at the per annum rate or rates as set forth in the Loan Agreement. Subsequent to maturity or the occurrence of an Event of Default or the entry of any judgment hereunder or otherwise, interest shall accrue at the Default Rate. Accrued
interest shall be payable at the times provided for in the Loan Agreement. 
  
 All amounts payable by the Borrower to the Lender hereunder shall be paid directly to the Agent at 201 S. College Street, Charlotte, North Carolina 29288 (or at such other address which the Agent shall give notice to
the Borrower in accordance with the Loan Agreement) in immediately available funds. 
  
 The Borrower hereby waives the requirements of demand, presentment, protest, notice of protest and dishonor and all other demands or notices of any kind in connection with the delivery, acceptance, performance,
default, dishonor or enforcement of this Note. 
  
 The Borrower
hereby authorizes the Lender to keep computer stored records of the amount and Type of all Revolving Credit Loans made to the Borrower and all renewals, conversions, and payment of principal amounts in respect of such Revolving Credit Loans, which
records shall, in the absence of manifest error, be conclusive as to the outstanding principal amount of all Revolving Credit Loans; provided, however, that the failure to keep such records with respect to any Revolving Credit Loan or renewal,
conversion or payment shall not limit or otherwise affect the obligations of the Borrower under the Loan Agreement or this Note. 
  
 Borrower specifically waives any right to any form of notice or to any acknowledgment by agent which might be applicable pursuant to the Pennsylvania
Probate, Estates and Fiduciaries Code (“Probate Code”), as amended, to any power of attorney, or any warrant of attorney to 







 confess judgment, granted herein and hereby directs that any power of attorney, or any warrant of attorney to confess
judgment, granted herein not be construed in accordance with the terms of the Probate Code. 
  
 Borrower hereby certifies that this Note and the Loan Documents were executed in the Commonwealth of Pennsylvania and delivered to Lender in the
Commonwealth of Pennsylvania. The construction, interpretation and enforcement of this Note shall be governed by the internal laws of the Commonwealth of Pennsylvania without reference to that Commonwealth’s conflicts of law principles. Any
reference herein to Borrower shall be deemed to refer to and be applicable to each signatory separately as well as all of them jointly. The obligations and liabilities hereunder of each signatory shall be joint and several and the term
“Borrower” shall mean all or some or any of them. 
  
 CONFESSION OF
JUDGMENT. THE FOLLOWING PARAGRAPH SETS FORTH A POWER OF AUTHORITY FOR ANY ATTORNEY TO CONFESS JUDGMENT AGAINST BORROWER. IN GRANTING THIS WARRANT OF ATTORNEY TO CONFESS JUDGMENT AGAINST BORROWER, THE BORROWER, JOINTLY AND SEVERALLY, FOLLOWING
CONSULTATION WITH COUNSEL FOR BORROWER AND WITH KNOWLEDGE OF THE LEGAL EFFECT HEREOF, HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY, INTELLIGENTLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS THE BORROWER HAS OR MAY HAVE TO PRIOR NOTICE AND AN
OPPORTUNITY FOR HEARING UNDER THE RESPECTIVE CONSTITUTIONS AND LAWS OF THE UNITED STATES OF AMERICA, COMMONWEALTH OF PENNSYLVANIA, OR ELSEWHERE INCLUDING, WITHOUT LIMITATION, A HEARING PRIOR TO GARNISHMENT AND ATTACHMENT OF THE
BORROWER’S BANK ACCOUNT AND OTHER ASSETS. BORROWER ACKNOWLEDGES AND UNDERSTANDS THAT BY ENTERING INTO THIS NOTE CONTAINING A CONFESSION OF JUDGMENT CLAUSE THAT BORROWER IS VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY GIVING UP ANY AND ALL
RIGHTS, INCLUDING CONSTITUTIONAL RIGHTS, THAT BORROWER HAS OR MAY HAVE TO NOTICE AND A HEARING BEFORE JUDGMENT CAN BE ENTERED AGAINST BORROWER AND BEFORE THE BORROWER’S ASSETS, INCLUDING, WITHOUT LIMITATION, ITS BANK ACCOUNTS, MAY BE GARNISHED,
LEVIED, EXECUTED UPON AND/OR ATTACHED. BORROWER UNDERSTANDS THAT ANY SUCH GARNISHMENT, LEVY, EXECUTION AND/OR ATTACHMENT SHALL RENDER THE PROPERTY GARNISHED, LEVIED, EXECUTED UPON OR ATTACHED IMMEDIATELY UNAVAILABLE TO BORROWER. IT IS
SPECIFICALLY ACKNOWLEDGED BY BORROWER THAT THE LENDER HAS RELIED ON THIS WARRANT OF ATTORNEY AND THE RIGHTS WAIVED BY BORROWER HEREIN IN RECEIVING THIS NOTE AND AS AN INDUCEMENT TO GRANT FINANCIAL ACCOMMODATIONS TO THE BORROWER.

  
 If an Event of Default occurs under this Note or any other Loan Documents, the
Borrower hereby jointly and severally authorizes and empowers any attorney of any court of record or the prothonotary or clerk of any county in the Commonwealth of Pennsylvania, or in any jurisdiction where permitted by law or the clerk of any
United States District Court, to appear for Borrower in any and all actions which may be brought hereunder and enter and confess judgment against the Borrower or any of them in favor of the Lender for such sums as are due or may become due hereunder
or under any other Loan Documents, together with costs of suit and actual collection costs including, without limitation, reasonable attorneys’ fees equal to 10% of the full amount confessed hereunder but in no event less than $5,000.00, with
or without declaration, without prior notice, without stay of execution and with release of all procedural errors and the right to issue executions forthwith. The Borrower agrees that the confession may include the amounts of the attorneys’
commission specified in the preceding sentence for the purpose of establishing a sum certain and reserves the right only to contest the collection by Lender of any attorneys’ fees which are unreasonable or have not been actually incurred by
Lender. To the extent permitted by law, Borrower waives the right of inquisition on any real estate levied on, voluntarily condemns the same, authorizes the prothonotary or clerk to enter upon the writ of execution this voluntary condemnation
and agrees that such real estate may be sold on a writ of execution; and also waives any relief from any appraisement, stay or exemption law of any state now in force or hereafter enacted. Borrower further waives the right to any notice and
hearing prior to the execution, levy, attachment or other type of enforcement of any judgment obtained hereunder, including, without limitation, the right to be notified and heard prior to the garnishment, levy, execution upon and 
  

 2 








 attachment of Borrower’s bank accounts and other property. If a copy of this Note verified by affidavit of
any officer of the Lender shall have been filed in such action, it shall not be necessary to file the original thereof as a warrant of attorney, any practice or usage to the contrary notwithstanding. The authority herein granted to confess judgment
shall not be exhausted by any single exercise thereof, but shall continue and may be exercised from time to time as often as the Lender shall find it necessary and desirable and at all times until full payment of all amounts due hereunder and under
any other Loan Documents. The Lender may confess one or more judgments in the same or different jurisdictions for all or any part of the Obligations arising hereunder or under any other Loan Documents to which Borrower is a party, without regard to
whether judgment has theretofore been confessed on more than one occasion for the same Obligations. In the event that any judgment confessed against the Borrower is stricken or opened upon application by or on behalf of Borrower or any Obligor for
any reason, the Lender is hereby authorized and empowered to again appear for and confess judgment against Borrower for any part or all of the Obligations owing under this Note and/or for any other liabilities, as herein provided. 
  
 IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned
have caused this Note to be executed under seal by its duly authorized officer as of the day and year first above written. 
  
 BORROWER 
  

	INTEGRATED CIRCUIT SYSTEMS, INC.	 	 	 	INTEGRATED CIRCUIT SYSTEMS PTE LTD
					
	By:	 	/s/  JUSTINE LIEN        	 	 	 	By:	 	/s/  HOCK E. TAN        
	 	
	 	 	 	 	

	 	 	Justine Lien, Chief Financial Officer	 	 	 	 	 	Tan Hock Eang, Director


					
	Attest: 	 	/s/  JUSTINE LIEN        	 	 	 	Attest: 	 	/s/  JUSTINE LIEN        
	 	
	 	 	 	 	

	 	 	Justine Lien, Secretary	 	 	 	 	 	Justine Lien, Chief Financial Officer
					
	 	 	[SEAL]	 	 	 	 	 	[SEAL]


			
	ICST, INC.	 	 	 	ICS TECHNOLOGIES, INC.
					
	By:	 	/s/  JUSTINE LIEN        	 	 	 	By:	 	/s/  JUSTINE LIEN        
	 	
	 	 	 	 	

	 	 	Justine Lien, Chief Financial Officer	 	 	 	 	 	Justine Lien, Chief Financial Officer


					
	Attest: 	 	/s/  JUSTINE LIEN        	 	 	 	Attest: 	 	/s/  JUSTINE LIEN        
	 	
	 	 	 	 	

	 	 	Justine Lien, Secretary	 	 	 	 	 	Justine Lien, Secretary
					
	 	 	[SEAL]	 	 	 	 	 	[SEAL]


			
	MICRO NETWORKS CORPORATION	 	 	 	 
					
	By: 	 	/s/    HOCK E. TAN        	 	 	 	 	 	 
	 	
	 	 	 	 	 	 
	 	 	Tan Hock Eang, President	 	 	 	 	 	 


					
	Attest: 	 	/s/  JUSTINE LIEN        	 	 	 	 	 	 
	 	
	 	 	 	 	 	 
	 	 	Justine Lien, Secretary	 	 	 	 	 	 
					
	 	 	[SEAL]	 	 	 	 	 	 

  

 3