Promissory Note

(Term Loan)

 

| $2,400,000.00  | Charlotte, North      Carolina      July 23, 2001
 
**THIS NOTE AND THE    INDEBTEDNESS EVIDENCED HEREBY HAVE BEEN SUBORDINATED TO CERTAIN OBLIGATIONS    OF THE MAKER PURSUANT TO AN INTERCREDITOR AND SUBORDINATION AGREEMENT    BETWEEN BANK OF AMERICA, N.A., AS JUNIOR AGENT, AND BANK OF AMERICA, N.A.    AND THE CIT GROUP/BUSINESS CREDIT, INC., AS SENIOR AGENTS, AS AMENDED FROM    TIME TO TIME.

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FORVALUE RECEIVED, MILLER INDUSTRIES, INC., a Tennessee corporation having itsprincipal place of business located in Ooltewah, Tennessee (“Miller”)and MILLER INDUSTRIES TOWING EQUIPMENT INC., a Delaware corporation having itsprincipal place of business located in Ooltewah, Tennessee (“MillerTowing”) (Miller and Miller Towing each are referred to as a “Borrower” and collectively, the“Borrowers”), herebypromise to pay to the order of WACHOVIA BANK, N.A. (the “Lender”), inits individual capacity, at the office of BANK OF AMERICA, N.A., as agent forthe Lenders (the “Agent”), located at One Independence Center, 101North Tryon Street, NC1-001-15-04, Charlotte, North Carolina 28255 (or at suchother place or places as the Agent may designate in writing) at the times setforth in the Amended and Restated Credit Agreement dated as of July 23, 2001among the Borrowers, the financial institutions party thereto (collectively, the“Lenders”) and the Agent (as amended, supplemented or restated and ineffect from time to time, the “Agreement”; all capitalized terms nototherwise defined herein shall have the respective meanings set forth in theAgreement), in lawful money of the United States of America in immediatelyavailable funds, the principal amount of TWO MILLION FOUR-HUNDRED THOUSANDDOLLARS ($2,400,000.00) on the Term Loan Termination Date or such earlier dateas may be required pursuant to the terms of the Agreement, and to pay interestfrom the date hereof on the unpaid principal amount hereof, in like money, atsaid office, on the dates and at the rates provided in Article II of theAgreement. All or any portion of the principal amount of the Term Loan may beprepaid or required to be prepaid as provided in the Agreement.

EachBorrower shall be jointly and severally liable as a primary obligor.

Ifpayment of all sums due hereunder is accelerated under the terms of theAgreement or under the terms of the other Loan Documents executed in connectionwith the Agreement, the then remaining principal amount hereof and accrued butunpaid

 

 

interest thereonevidenced by this Note shall become immediately due and payable, withoutpresentation, demand, protest or notice of any kind, all of which are herebywaived by the Borrower.

Inthe event this Note is not paid when due at any stated or accelerated maturity,the Borrower agrees to pay, in addition to the principal and interest duehereunder, all costs of collection, including reasonable attorneys’ fees, andinterest thereon at the rates set forth above.

Interesthereunder shall be computed as provided in the Agreement.

ThisNote is one of the Notes referred to in the Agreement evidencing the Term Loanand is issued pursuant to and entitled to the benefits and security of theAgreement to which reference is hereby made for a more complete statement of theterms and conditions upon which the Term Loan evidenced hereby was made and isto be repaid. The obligations evidenced hereby are secured by the SecurityInstruments. This Note is subject to certain restrictions on transfer orassignment as provided in the Agreement.

Theindebtedness evidenced by this Note constitutes a continuation and modificationof a portion of that indebtedness previously outstanding under the ExistingCredit Agreement. This Note is given as a substitution of, and not as a paymentof, the existing Amended and Restated Promissory Note (Revolving Loan) and theexisting Promissory Note (Term Loan), each dated July 26, 2000, of the Borrowerspayable to the Lender (the “Existing Notes”). All of the indebtedness,liabilities and obligations owing by the Borrower under the Existing Notes shallcontinue and be evidenced in part by this Note delivered in partial substitutionfor, and not payment or novation of, the Existing Note.

ThisNote shall be governed by and construed in accordance with the laws of the Stateof Georgia.

AllPersons bound on this obligation, whether primarily or secondarily liable asprincipals, sureties, guarantors, endorsers or otherwise, hereby waive to thefull extent permitted by law all defenses based on suretyship or impairment ofcollateral and the benefits of all provisions of law for stay or delay ofexecution or sale of property or other satisfaction of judgment against any ofthem on account of liability hereon until judgment be obtained and executionissued against any other of them and returned unsatisfied or until it can beshown that the maker or any other party hereto had no property available for thesatisfaction of the debt evidenced by this instrument, or until any otherproceedings can be had against any of them, also their right, if any, to requirethe holder hereof to hold as security for this Note any collateral deposited byany of said Persons as security. Protest, notice of protest, notice of dishonor,diligence or any other formality are hereby waived by all parties bound hereon.

 
**[Signature pagefollows.]

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INWITNESS WHEREOF, each of the Borrowers has caused this Note to be made, executedand delivered by its duly authorized representative as of the date and yearfirst above written, all pursuant to authority duly granted.

 

 

 
**MILLER INDUSTRIES,      INC.****ATTEST:**     /s/ Frank Madonia      By:    */s/      J. Vincent Mish* Frank Madonia, SecretaryName:    J.      Vincent MishTitle:       VP,      CFO **(SEAL)** 
******MILLER INDUSTRIES      TOWING      EQUIPMENT INC.****ATTEST:**     /s/ Frank Madonia      By:    */s/      J. Vincent Mish* Frank Madonia, SecretaryName:   J.      Vincent MishTitle:      VP,      CFO **(SEAL)** 
 

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