Document:

EXHIBIT 10.31

                                AMENDMENT NO. 10
                                       TO
                           LOAN AND SECURITY AGREEMENT

     Amendment  No. 10 dated as of  October  1, 2002  ("Amendment")  to Loan and
Security Agreement originally dated as of December 28, 1999 and originally among
IEC ELECTRONICS  CORP. ("IEC" or "Debtor") and IEC  ELECTRONICS-EDINBURG,  TEXAS
INC.  ("IEC-Edinburg")  and HSBC BANK USA, as Agent  ("Agent") and HSBC BANK USA
("HSBC Bank") and GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital") as lenders
(collectively, the "Lenders").

                                   BACKGROUND

     1. Debtor,  Agent and Lenders  entered  into a Loan and Security  Agreement
dated as of December  28, 1999  ("LSA") and  Amendment  Nos. 1 through 9 thereto
dated as of March 30, 2000, December 1, 2000, April 24, 2001, December 21, 2001,
February 15, 2002, February 28, 2002, March 15, 2002, April 8, 2002 and June 20,
2002,  respectively,   ("Amendments"),   and  certain  modification  letters  to
Amendment  9 dated  August 9, 2002,  August 23,  2002,  September  17,  2002 and
September 24, 2002 ("Modifications"), (collectively, the LSA, the Amendments and
the  Modifications  are  referred  to  herein as the  "Agreement").  On or about
January 27,  2000,  IEC-Edinburg  merged into IEC leaving IEC as the sole Debtor
under the Agreement.  All capitalized  terms not otherwise  defined herein shall
have the meanings set forth in the Agreement.

     2. Debtor has requested that Agent and Lenders consider  extending the term
of the Agreement  through December 31, 2002 and has represented to Agent and the
Lenders that Debtor has undertaken efforts to cause certain asset sales to occur
in the immediate future, and is pursuing with third-party  lenders a refinancing
of all of the  indebtedness  of  Debtor  to  Agent  and the  Lenders  under  the
Agreement ("Indebtedness").

     3. In  response  to  Debtor's  request  and subject to all of the terms and
conditions  set forth  herein,  the Agent and the  Lenders  are  willing to make
certain  amendments  to the Agreement as set forth below on the  conditions  set
forth  below.  NOW,  THEREFORE,  Debtor,  the Agent and the Lenders for good and
valuable  consideration,  receipt  of  which  is  hereby  acknowledged,  and  in
contemplation of the foregoing, hereby agree as follows:

     A. Conditions. The amendments and waivers contained herein shall be granted
upon satisfaction of the following terms and conditions:

     1. Debtor shall have executed, and shall have caused IEC Electronics, S. de
R.L.  de C.V.  ("IEC-Mexico")  and IEC  Electronics  Foreign  Sales  Corporation
("IEC-FSC") to have executed,  this Amendment to indicate their consent  hereto,
and  four  executed  duplicate  originals  of this  Agreement  shall  have  been
delivered to Agent.

     2. Debtor's continuing  agreement,  evidenced by Debtor's signature on this
Amendment,  that Debtor will:  (i) continue to cooperate with Getzler & Company,
Inc. ("Getzler") so that Getzler may review Debtor's business and business plans
in order to report  thereon to Agent's  counsel  and the  Lenders;  (ii)  permit
Getzler to access Debtor's places of business and its books and records in order
to complete  such review and report;  (iii)  reimburse the Agent or its counsel,
upon demand,  for the cost and expenses of Getzler;  and (iv) promptly advise in
writing, any professionals  engaged by Debtor or its Affiliates to advise Debtor
or its  Affiliates  with  respect  to their  business  or  financial  prospects,
including,   without   limitation,   Lincoln  Partners  LLC  (individually,   an
"Investment Banker" and collectively, the "Investment Bankers"), that Debtor (a)
consents to Agent and the Lenders  communicating with such Investment Bankers on
a weekly basis for the purpose of being advised by, and  discussing  with,  such
Investment Bankers, the Investment Bankers' timeline,  process,  recommendations
and  proposals  for any asset or stock  sales,  or the  refinancing  of Debtor's
indebtedness,  or for the  recapitalization  of Debtor or any Affiliate,  or any
other plans for increasing Debtor's equity,  reducing the indebtedness of Debtor
and its Affiliates,  or otherwise  improving the financial condition or business
of Debtor  and its  Affiliates,  and (b)  agrees  that such  Investment  Bankers
provide such information to the Agent and the Lenders, and also provide to Agent
and the  Lenders  a copy of any  contact,  or  other  reports  prepared  by such
Investment  Bankers for Debtor when such reports are  delivered  to Debtor,  and
deliver to Agent and the Lenders duplicate copies of any proposal letters,  term
sheets or written communications  received from any prospective purchaser of any
of IEC's assets when any such  documents are delivered to Debtor by or on behalf
of such Investment Bankers.

                                     Page 1

                                 Page 88 of 104
<PAGE>
     3. Debtor's agreement evidenced by Debtor's signature on this Amendment, to
pay to Agent, for the account of the Lenders,  an additional  $150,000 extension
fee  ("Extension  Fee"),  with  such fee being  earned  upon  execution  of this
Agreement by all parties, and payable in the amounts and on the due dates listed
below:

          The Extension Fee consists of two components, namely, a fee amounting
        to $100,000 in the aggregate ("Base Fee") and an additional fee
        amounting to $50,000 in the aggregate ("Additional Fee"). The Base Fee
        shall be due and payable as follows:

                $15,000 payable on the date of execution of this Amendment;
              $15,000 payable on November 15, 2002; $30,000 payable on December
              16, 2002; and $40,000 payable on December 31, 2002.

              The Additional Fee shall be due and payable as follows:

                $25,000 payable on October 31, 2002 and $25,000 payable on
              November 27, 2002; provided, however, if Debtor delivers to the
              Agent and the Lenders by either October 31, 2002 or November 27,
              2002 either (i) the Purchase Offer required by Section 10.19 of
              the Agreement as modified by this Amendment, or (ii) a commitment
              or term sheet accepted by Debtor and satisfactory to Debtor's
              Board of Directors and the Lenders which provides for adequate
              financing from a third-party lender to repay the Indebtedness in
              full ("Financing Commitment), then the Agent and the Lenders shall
              waive payment of any portion of the Additional Fee which is
              scheduled to be payable on or after the date of receipt of such
              Purchase Offer or Financing Commitment.

     In the event the  Indebtedness is fully and irrevocably paid in full ("Full
Payment")  as of a  particular  date prior to the end of the Initial Term ("Full
Payment Date"), then payment of any of the above amounts which were scheduled to
be  payable  after the Full  Payment  Date  shall be waived by the Agent and the
Lenders.

     B. Amendments.  Debtor,  the Agent and the Lenders agree that upon Debtor's
satisfaction  of, or agreement to, as  appropriate,  the conditions set forth in
Section A above,  the  Agreement  and the Schedule are amended in the  following
respects:

        1.  Item 1 of the Schedule  to the  Agreement  is hereby  deleted in its
entirety as of the date hereof and replaced by the following:

                "1. Borrowing Capacity ((1.1(e))

                    Borrowing Capacity at any time shall be the net amount
                determined by taking the lesser of the following amounts:

                (A) The applicable Maximum Limit of $1,750,000;

                                   or

                (B) The amount equal to the sum of the IEC  Borrowing Capacity
                (as defined below)

                and subtracting from the lesser of (A) and (B) above, the sum of
                (a) banker's acceptances, plus (b) letters of guaranty, plus (c)
                Letters of Credit.

                        'IEC Borrowing Capacity' at any time shall be the amount
                equal to the sum of up to 85% of the IEC Receivables Borrowing
                Base.

                        The Lenders, in their sole discretion, may from time to
                time permit Debtor to borrow in excess of the IEC Borrowing
                Capacity (each, an "Overadvance" and collectively, the
                "Overadvances") provided, however, in no event may the aggregate
                amount of all Advances and all such Overadvances outstanding at
                any one time exceed the Maximum Limit, and in no event may the
                aggregate outstanding amount of such Overadvances at any one
                time exceed $300,000 from October 1, 2002 to October 13, 2002;
                or exceed $400,000 from October 14, 2002 to October 20, 2002; or
                exceed $300,000 from October 21, 2002 to October 27, 2002; and
                from and after October 28, 2002 no Overadvances shall be
                permitted; and provided further that in no event may the
                aggregate amount of the Overadvances outstanding at any one time
                ever exceed the amount of the Term Loan Reserve then in effect.

                        Nothing herein shall detract from the discretionary
                nature of any Advances or Overadvances requested, or made, under
                this Agreement."

                                     Page 2

                                 Page 89 of 104
<PAGE>
     2. Item 18(g) of the  Schedule to the  Agreement  is hereby  deleted in its
entirety and replaced with the following new text:

        "(g) Pricing Grid - Advances and Term Loan. The applicable rates of
     interest to be charged during each time period listed below for each Prime
     Rate Loan and Libor Loan made or outstanding hereunder as an Advance or
     under the Term Notes are listed below:

                                  PRICING GRIDS

     A. ADVANCES

        Period                  Prime Rate Option       Libor Rate Option
        ------                  -----------------       -----------------
        10/1/02 - 12/31/02      Prime Rate plus 3.5%            None

     B. TERM LOAN

        Period                  Prime Rate Option       Libor Rate Option
        ------                  -----------------       -----------------
        10/1/02 - 12/31/02      Prime Rate plus 4.0%            None."

     3.  Item 32 of the  Schedule  to the  Agreement  is hereby  deleted  in its
entirety and replaced with the following new text:

         "Initial Term:  To expire on December 31, 200
         Renewal Term:  NONE"

     4. The  existing  Section  10.19 of the  Agreement  is hereby  deleted  and
replaced with the following new text:

       "10.19. SALE OF DEBTOR'S BUSINESS OR STOCK. Unless the Indebtedness is
     sooner repaid in its entirety through a refinancing with one or more third-
     party lenders or otherwise, Debtor will obtain and deliver to Agent and the
     Lenders by October 31, 2002 a satisfactory letter of intent or term sheet
     from a satisfactory purchaser to purchase substantially all of the assets
     or business or stock of Debtor on terms satisfactory to Debtor's Board of
     Directors and the Agent and the Lenders ("Purchase Offer"), and Debtor will
     immediately upon closing of the sale pursuant to the Purchase Offer pay to
     Agent, for the benefit of the Agent and the Lenders, a sufficient amount of
     the net proceeds from such sale to repay in full all of the Indebtedness."

     5. The  existing  Section  10.21 of the  Agreement  is hereby  deleted  and
replaced with the following new text:

     "10.21. SALE OF TEXAS PROPERTY. Debtor shall not fail to diligently pursue
the sale of Debtor's property in Edinburgh, Texas and obtain and deliver to
Agent by October 25, 2002 a copy of either (i) an executed bona fide purchase
offer from a qualified purchaser, such offer and purchaser to be acceptable to
Debtor, Agent and the Lenders, or (ii) an executed written auction agreement
with a qualified auctioneer to conduct a commercially reasonable auction of such
property by December 31, 2002, such auction agreement and auctioneer to be
acceptable to the Debtor, Agent and the Lenders."

        D. Reaffirmations and Release.

     1. The Agreement,  except as specifically  modified hereby, shall remain in
full force and effect and Debtor hereby reaffirms the Agreement,  as modified by
this Amendment, and all collateral and other documents executed and delivered to
Agent and the Lenders in connection with the Agreement.

     2. Debtor  reaffirms  that Debtor intends to refinance the Advances and the
Term Loans under the Agreement with one or more  different  lenders on or before
the expiration of the Initial Term as amended herein, and agrees that, upon such
payment of the Advances under the Agreement,  the Term Notes of the Debtor dated
December  28, 1999 in favor of the  Lenders  become due and payable by the terms
thereof since such financing would not come from  internally  generated funds in
the ordinary course of business.

     3. IEC-Mexico and IEC-FSC,  by their execution  hereof,  consent hereto and
hereby reaffirm the execution and delivery of their respective  Guaranties dated
December 28, 1999 and each agrees that its respective guaranty shall continue in
full force and effect and shall be applicable to all  indebtedness,  obligations
and  liabilities  of  Debtor  to  Agent  and  the  Lenders,   including  without
limitation,  all  indebtedness  evidenced by or arising under the Agreement,  as
modified by this Amendment.

                                     Page 3

                                 Page 90 of 104
<PAGE>
     4. By their execution hereof, each of Debtor, IEC-Mexico and IEC-FSC, (each
individually a "Releasor",  and  collectively,  the  "Releasors"),  for good and
valuable  consideration,  and  by  these  presents  does  for  itself,  and  its
representatives,  successors and assigns,  remise, release and forever discharge
the  Agent  and the  Lenders  in any and  every  capacity,  their  predecessors,
successors,  assigns, directors, officers,  shareholders,  employees, attorneys,
advisors and agents  (collectively,  the  "Releasees")  of and from all, and all
manner of action and actions,  cause and causes of action,  suits,  debts, dues,
sums of money,  accounts,  reckonings,  bonds,  bills,  specialties,  covenants,
contracts, controversies,  agreements, promises, variances, trespasses, damages,
judgments,  extents,  executions,  claims and demands  whatsoever,  in law or in
equity,  which against such  Releasees or any one or more of them,  any Releasor
ever  had,   now  has  or  which  any   Releasor   or  any  of  any   Releasor's
representatives, successors or assigns hereafter can, shall or may claim to have
for or by reason of any  cause,  matter or thing  whatsoever,  arising  from the
beginning of time to and through and including the date hereof.

     E. Other Provisions.

     1.  Debtor  agrees  to pay on demand  by Agent  all  expenses  of Agent and
Lenders  including  without  limitation,  fees and  disbursements of counsel for
Agent and the Lenders, in connection with the transactions  contemplated by this
Amendment,  the negotiations for and preparation of this Amendment and any other
documents  related  hereto,  and the  enforcement of the rights of Agent and the
Lenders under the Agreement as amended by this Amendment.

     2. This  Amendment  shall be governed by and  construed  under the internal
laws of the State of New York,  as the same may from time to time be in  effect,
without regard to principles of conflicts of law.

     Agreed to as of the date first set forth above.

IEC ELECTRONICS CORP.                   HSBC BANK USA, as Agent
as Debtor

By: /s/ W. Barry Gilbert                By: /s/ Gary T. Fowler
------------------------                ----------------------
        W. Barry Gilbert                        Gary T. Fowler
        Chief Executive Officer                 Senior Vice President

GENERAL ELECTRIC CAPITAL                HSBC BANK USA, as a Lender
CORPORATION, as a Lender

By: /s/ Donald J. Cavanagh              By: /s/ Gary T. Fowler
--------------------------              ----------------------
        Donald J. Cavanagh                      Gary T. Fowler
        Duly Authorized Signatory               Senior Vice President

CONSENTED TO AND AGREED AS OF THIS 1st DAY OF OCTOBER, 2002.

IEC ELECTRONICOS, S. de R.L. de C.V.    IEC ELECTRONICS FOREIGN SALES
as Guarantor                            CORPORATION, as Guarantor

By: /s/ W. Barry Gilbert                By: /s/ W. Barry Gilbert
------------------------                ------------------------
        W. Barry Gilbert                        W. Barry Gilbert
        Chief Executive Officer                 Chief Executive Officer

                                     Page 4

                                 Page 91 of 104EXHIBIT 10.32

                                AMENDMENT NO. 11

                                       TO

                           LOAN AND SECURITY AGREEMENT

     Amendment  No. 11 dated as of November 12, 2002  ("Amendment")  to Loan and
Security Agreement originally dated as of December 28, 1999 and originally among
IEC ELECTRONICS  CORP. ("IEC" or "Debtor") and IEC  ELECTRONICS-EDINBURG,  TEXAS
INC.  ("IEC-Edinburg")  and HSBC BANK USA, as Agent  ("Agent") and HSBC BANK USA
("HSBC Bank") and GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital") as lenders
(collectively, the "Lenders").

                                   BACKGROUND

     1. Debtor,  Agent and Lenders  entered  into a Loan and Security  Agreement
dated as of December  28, 1999 ("LSA") and  Amendment  Nos. 1 through 10 thereto
dated as of March 30, 2000, December 1, 2000, April 24, 2001, December 21, 2001,
February 15, 2002,  February 28, 2002,  March 15, 2002,  April 8, 2002, June 20,
2002 and October 1, 2002, respectively, ("Amendments"), and certain modification
letters to Amendment 9 dated August 9, 2002, August 23, 2002, September 17, 2002
and September 24, 2002 ("Modifications"), (collectively, the LSA, the Amendments
and the Modifications  are referred to herein as the  "Agreement").  On or about
January 27,  2000,  IEC-Edinburg  merged into IEC leaving IEC as the sole Debtor
under the Agreement.  All capitalized  terms not otherwise  defined herein shall
have the meanings set forth in the Agreement.

     2. Debtor has requested that Agent and Lenders consider revising certain
terms of the Agreement to provide the Debtor with increased Borrowing Capacity;
     has represented to the Lenders that the Debtor is actively pursuing with
third-party lenders a refinancing of all of the indebtedness of Debtor to Agent
and the Lenders under the Agreement ("Indebtedness"); and has delivered to Agent
and the Lenders a Term Sheet from Keltic Financial Partners LP ("Keltic") which
was accepted by Debtor after approval by Debtor's Board of Directors and was
acceptable to Agent and the Lenders.

     3. In  response  to  Debtor's  request  and subject to all of the terms and
conditions  set forth  herein,  the Agent and the  Lenders  are  willing to make
certain  amendments  to the Agreement as set forth below on the  conditions  set
forth below.

     NOW,  THEREFORE,  Debtor,  the Agent and the Lenders for good and  valuable
consideration,  receipt of which is hereby acknowledged, and in contemplation of
the foregoing, hereby agree as follows:

     A. Conditions. The amendments and waivers contained herein shall be granted
upon satisfaction of the following terms and conditions:

     1. Debtor shall have executed, and shall have caused IEC Electronics, S. de
R.L.  de C.V.  ("IEC-Mexico")  and IEC  Electronics  Foreign  Sales  Corporation
("IEC-FSC") to have executed,  this Amendment to indicate their consent  hereto,
and  four  executed  duplicate  originals  of this  Agreement  shall  have  been
delivered to Agent.

     2. Debtor's continuing  agreement,  evidenced by Debtor's signature on this
Amendment,  that Debtor will:  (i) continue to cooperate with Getzler & Company,
Inc. ("Getzler") so that Getzler may review Debtor's business and business plans
in order to report  thereon to Agent's  counsel  and the  Lenders;  (ii)  permit
Getzler to access Debtor's places of business and its books and records in order
to complete  such review and report;  (iii)  reimburse the Agent or its counsel,
upon demand,  for the cost and expenses of Getzler;  and (iv) promptly advise in
writing, any professionals  engaged by Debtor or its Affiliates to advise Debtor
or its  Affiliates  with  respect  to their  business  or  financial  prospects,
including,   without   limitation,   Lincoln  Partners  LLC  (individually,   an
"Investment Banker" and collectively, the "Investment Bankers"), that Debtor (a)
consents to Agent and the Lenders  communicating with such Investment Bankers on
a weekly basis for the purpose of being advised by, and  discussing  with,  such
Investment Bankers, the Investment Bankers' timeline,  process,  recommendations
and  proposals  for any asset or stock  sales,  or the  refinancing  of Debtor's
indebtedness,  or for the  recapitalization  of Debtor or any Affiliate,  or any
other plans for increasing Debtor's equity,  reducing the indebtedness of Debtor
and its Affiliates,  or otherwise  improving the financial condition or business
of Debtor  and its  Affiliates,  and (b)  agrees  that such  Investment  Bankers
provide such information to the Agent and the Lenders, and also provide to Agent
and the  Lenders  a copy of any  contact,  or  other  reports  prepared  by such
Investment  Bankers for Debtor when such reports are  delivered  to Debtor,  and
deliver to Agent and the Lenders duplicate copies of any proposal letters,  term
sheets or written communications  received from any prospective purchaser of any
of IEC's assets when any such  documents are delivered to Debtor by or on behalf
of such Investment Bankers.

                                     Page 1

                                 Page 92 of 104
<PAGE>
     3. Debtor's agreement evidenced by Debtor's signature on this Amendment, to
pay to Agent, for the account of the Lenders,  an additional  $25,000  amendment
fee, with such fee being earned upon execution of this Agreement by all parties,
and payable on December 31, 2002 or such earlier date as the Lenders are paid in
full,  at which time the Base Fee earned in  connection  with  Amendment  No. 10
shall also be payable.  The  Additional Fee provided for in Amendment No. 10 has
been waived by the Agent and the Lenders.

     B. Amendments.  Debtor,  the Agent and the Lenders agree that upon Debtor's
satisfaction  of, or agreement to, as  appropriate,  the conditions set forth in
Section A above,  the  Agreement  and the Schedule are amended in the  following
respects:

        1. Item 1 of the Schedule to the Agreement regarding Borrowing Capacity
is hereby deleted in its entirety as of the date hereof and replaced by the
following:

           "1. Borrowing Capacity (1.1(e))

               Borrowing Capacity at any time shall be the net amount determined
           by taking the lesser of the following amounts:

           (A) The applicable Maximum Limit of $2,000,000 which amount may be:
           (i)increased to $2,300,000 on November 15, 2002 provided:(a) Debtor
           obtains and delivers to Agent and the Lenders satisfactory written
           evidence from Keltic Financial Partners LP ("Keltic") confirming that
           Keltic has completed its due diligence review of the assets and
           records of the Debtor, is satisfied with the results thereof, and is
           continuing to proceed with its credit underwriting toward a loan
           commitment for a $4,700,000 senior secured facility to refinance all
           of the Revolving Loan and part of the Term Loans ("Keltic
           Refinancing"), and (b) Debtor obtains and delivers to Agent and the
           Lenders from other third-party lenders a satisfactory confirmation
           that such lenders are proceeding to document a loan to Debtor to
           refinance the balance of the Term Loans not being refinanced in the
           Keltic Refinancing ("Third-Party Confirmation"); and (ii) decreased
           to (a) $1,750,000 on November 22, 2002 if on or before November 22,
           2002, the Company has not obtained and delivered to Agent and the
           Lenders: (x) a commitment letter from Keltic for the Keltic
           Refinancing providing for a Closing not later than December 31, 2002
           with such commitment to be satisfactory to Debtor and its Board of
           Directors and to Agent and the Lenders, and to have been accepted by
           Debtor, and (y) an updated Third-Party Confirmation; and (b)
           decreased to $2,000,000 as of December 2, 2002 if not sooner
           decreased below such amount as a result of (b)(ii) above or
           otherwise; and (c) decreased to $1,750,000 as of December 9, 2002 in
           any event.

                                       or

          (B) The amount equal to the sum of the IEC  Borrowing Capacity (as
          defined below)

         and subtracting from the lesser of (A) and (B) above, the sum of (a)
         banker's acceptances, plus (b) letters of guaranty, plus (c) Letters of
         Credit.

              'IEC Borrowing Capacity' at any time shall be the amount equal to
         the sum of up to 85% of the IEC Receivables Borrowing Base.

              Nothing herein shall detract from the discretionary nature of any
        Advances requested, or made, under this Agreement."

                                     Page 2

                                 Page 93 of 104
<PAGE>

     2. Item 18(g) of the Schedule to the Agreement  regarding  Pricing Grids is
hereby deleted in its entirety and replaced with the following new text:

        "(g) Pricing Grid - Advances and Term Loan. The applicable rates of
        interest to be charged during each time period listed below for each
        Prime Rate Loan and Libor Loan made or outstanding hereunder as an
        Advance or under the Term Notes are listed below:

                                  PRICING GRIDS

     A. ADVANCES

        Period                  Prime Rate Option       Libor Rate Option

        11/7/02 - 12/31/02      Prime Rate plus 6.0%    None

     B. TERM LOAN

        Period                  Prime Rate Option       Libor Rate Option

        11/7/02 - 12/31/02      Prime Rate plus 6.0%    None."

     3. The existing  Section 10.19 of the Agreement  regarding Sale of Debtor's
Business or Stock is hereby deleted in its entirety.

     4. The existing  Section  10.21 of the  Agreement  regarding  Sale of Texas
Property is hereby deleted and replaced with the following new text:

        "10.21. SALE OF TEXAS PROPERTY. Debtor shall not fail to diligently
     pursue the sale of Debtor's property in Edinburgh, Texas and cause Michael
     J. Fox International to conduct a commercially reasonable auction of such
     property by December 17, 2002, pursuant to the accepted auction agreement
     heretofore delivered by Debtor to Agent and the Lenders."

     5.  The  Term  Loan  Reserve  and the  Principal  Payment  Reserve  will be
cancelled upon execution of this Amendment by all parties hereto.

                    D. Reaffirmations and Release.

     1. The Agreement,  except as specifically  modified hereby, shall remain in
full force and effect and Debtor hereby reaffirms the Agreement,  as modified by
this Amendment, and all collateral and other documents executed and delivered to
Agent and the Lenders in connection with the Agreement.

     2. Debtor  reaffirms  that Debtor intends to refinance the Advances and the
Term Loans under the Agreement with one or more  different  lenders on or before
the expiration of the Initial Term of the Agreement,  and agrees that, upon such
payment of the Advances under the Agreement,  the Term Notes of the Debtor dated
December  28, 1999 in favor of the  Lenders  become due and payable by the terms
thereof since such financing would not come from  internally  generated funds in
the ordinary course of business.

     3. IEC-Mexico and IEC-FSC,  by their execution  hereof,  consent hereto and
hereby reaffirm the execution and delivery of their respective  Guaranties dated
December 28, 1999 and each agrees that its respective guaranty shall continue in
full force and effect and shall be applicable to all  indebtedness,  obligations
and  liabilities  of  Debtor  to  Agent  and  the  Lenders,   including  without
limitation,  all  indebtedness  evidenced by or arising under the Agreement,  as
modified by this Amendment.

                                     Page 3

                                 Page 94 of 104
<PAGE>

     4. By their execution hereof, each of Debtor, IEC-Mexico and IEC-FSC, (each
individually a "Releasor",  and  collectively,  the  "Releasors"),  for good and
valuable  consideration,  and  by  these  presents  does  for  itself,  and  its
representatives,  successors and assigns,  remise, release and forever discharge
the  Agent  and the  Lenders  in any and  every  capacity,  their  predecessors,
successors,  assigns, directors, officers,  shareholders,  employees, attorneys,
advisors and agents  (collectively,  the  "Releasees")  of and from all, and all
manner of action and actions,  cause and causes of action,  suits,  debts, dues,
sums of money,  accounts,  reckonings,  bonds,  bills,  specialties,  covenants,
contracts, controversies,  agreements, promises, variances, trespasses, damages,
judgments,  extents,  executions,  claims and demands  whatsoever,  in law or in
equity,  which against such  Releasees or any one or more of them,  any Releasor
ever  had,   now  has  or  which  any   Releasor   or  any  of  any   Releasor's
representatives, successors or assigns hereafter can, shall or may claim to have
for or by reason of any  cause,  matter or thing  whatsoever,  arising  from the
beginning of time to and through and including the date hereof.

     E. Other Provisions.

        1. Debtor agrees to pay on demand by Agent all expenses of Agent and
Lenders including without limitation, fees and disbursements of counsel for
Agent and the Lenders, in connection with the transactions contemplated by this
Amendment, the negotiations for and preparation of this Amendment and any other
documents related hereto, and the enforcement of the rights of Agent and the
Lenders under the Agreement as amended by this Amendment.

        2. This Amendment shall be governed by and construed under the internal
laws of the State of New York, as the same may from time to time be in effect,
without regard to principles of conflicts of law.

     Agreed to as of the date first set forth above.

IEC ELECTRONICS CORP.                           HSBC BANK USA, as Agent
as Debtor

By: /s/ W. Barry Gilbert               By: /s/ Vincent J. Harper
------------------------               -------------------------
        W. Barry Gilbert                       Vincent J. Harper
        Chief Executive Officer                First Vice President

GENERAL ELECTRIC CAPITAL                        HSBC BANK USA, as a Lender
CORPORATION, as a Lender

By: /s/ Donald J. Cavanagh              By: /s/ Vincent J. Harper
--------------------------              -------------------------
        Donald J. Cavanagh                      Vincent J. Harper
        Duly Authorized Signatory               First Vice President

CONSENTED TO AND AGREED AS OF THIS 12th DAY OF NOVEMBER, 2002.

IEC ELECTRONICOS, S. de R.L. de C.V.    IEC ELECTRONICS FOREIGN SALES
as Guarantor                            CORPORATION, as Guarantor

By: /s/ W. Barry Gilbert                By: /s/ W. Barry Gilbert
------------------------                ------------------------
        W. Barry Gilbert                        W. Barry Gilbert
        Chief Executive Officer                 Chief Executive Officer

                                     Page 4

                                 Page 95 of 104

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