Document:

EXHIBIT 10.26

                                AMENDMENT NO. 4
                                       TO
                          LOAN AND SECURITY AGREEMENT

     Amendment No. 4 dated as of December 21, 2001 ("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.

                                   BACKGROUND

     1. Debtor, Agent and Lenders entered into a Loan and Security Agreement
dated as of December 28, 1999 and Amendment Nos. 1, 2 and 3 thereto dated as of
March 30, 2000, December 1, 2000 and April 24, 2001, respectively (together, 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 waiving certain
covenants in the Loan Agreement concerning (i) the Minimum Tangible Net Worth
requirement for the period ending September 30, 2001, and (ii) the Minimum Net
Income Before Taxes requirement for the period ending September 30, 2001
(collectively, the "Financial Covenant Defaults").

     3. Debtor has also requested that Agent and the Lenders consider amending
certain financial covenants in the Agreement in order to allow Debtor more
flexibility.

     4. In response to Debtor's requests and subject to all of the terms and
conditions set forth herein, the Agent and the Lenders are willing to make
certain waivers and 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 paid to Agent for the benefit of the Lenders an
amendment fee of $10,000 in consideration of the agreements and waivers herein.

        2. Debtor shall have executed, and shall have caused IEC-Mexico and
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.

        3. By January 11, 2002, Debtor shall have executed, and shall have
delivered to Agent and Lenders, an original executed Collateral Mortgage in the
amount of $1,400,000.00 on the real property owned by Debtor in Arab, Alabama,
in form and content satisfactory to Agent and Lenders, along with a survey and
title insurance satisfactory to Agent and Lenders, and evidence of the recording
of the Collateral Mortgage, and payment of all applicable mortgage recording
fees and taxes.

     B. Waivers. Upon fulfillment of the conditions set forth in Section A
above, the Debtor, the Agent and Lenders hereby waive the Financial Covenant
Defaults. The foregoing consent and waiver is only applicable and shall only be
effective in the specific instance and for the specific purpose for which made,
is expressly limited to the facts and circumstances referred to herein, and
shall not operate as (i) a waiver of, or consent to non-compliance with any
other provision of the Agreement or any other Loan Document, (ii) a waiver of
any right, power or remedy of either the Agent or any Lender under the Agreement
or any Loan Document, or (iii) a waiver of or consent to any Event of Default or
Default under the Agreement or any Loan Document.

                                      -1-

                                Page 55 of 60
<PAGE>

     C. Amendments. Debtor, the Agent and the Lenders agree that upon
fulfillment of 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 $5,000,000;

                                       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:

                (i)     up to 85% of the IEC Receivables Borrowing Base; and

                (ii)    the amount of the IEC Inventory Borrowing Base; provided
                        however, for calculation purposes, in no event shall the
                        amount of the IEC Inventory Borrowing Base be greater
                        than $2,000,000."

        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 Note are listed below:

                                 PRICING GRIDS

        A.      ADVANCES

             Period              Prime Rate Option          Libor Rate Option
        =======================================================================

        12/21/01 - 1/31/02      Prime Rate plus 1/2%     Libor Rate plus 325 BP
         2/1/02  - 2/15/02      Prime Rate plus 3/4%     Libor Rate plus 350 BP

        B.      TERM LOAN

             Period              Prime Rate Option          Libor Rate Option
        =======================================================================

        12/21/01 - 1/31/02      Prime Rate plus 3/4%     Libor Rate plus 350 BP
         2/1/02  - 2/15/02      Prime Rate plus 1%       Libor Rate plus 375 BP"

        3. Item 27 of the Schedule to the Agreement is hereby deleted in its
     entirety and replaced with the following new text:

           "27. Permitted Capital Expenditures ( 10.11) Combined for IEC and

                Consolidated Subsidiaries:

                Time Periods                     Maximum Cumulative
                ============                Capital Expenditures (000's omitted)
                                            ====================================

                10/31/01 - 12/31/01                     $650
                10/31/01 -  2/15/02                      800

                                      -2-

                               Page 56 of 60

<PAGE>

        4. Item 30 (b) of the Schedule to the Agreement is hereby deleted in its
           entirety and replaced with the following new text:

           "(b) Minimum Tangible Net Worth: Debtor shall maintain a consolidated
                Minimum Tangible Net Worth in the amounts set forth below for
                each fiscal month during the time periods set forth below:

                Time Period(s)          Amount (000's omitted)
                ==============          ======================

                10/31/01                     $16,000
                11/30/01                     $15,550
                12/31/01                     $14,850
                01/31/02                     $14,650

        5. Item 30(c) of the Schedule to the Agreement is hereby deleted in its
           entirety as of the date hereof and replaced with the following new
           text:

           "(c) Maximum Debt to Tangible Net Worth: Debtor shall maintain a
                ratio ('Debt-to-Worth Ratio') of total consolidated liabilities
                (excluding the principal balance of any debt that is
                subordinated to the Indebtedness in a manner satisfactory to
                Agent) to consolidated Tangible Net Worth (as defined above) of
                no greater than the ratio set forth below for each fiscal month
                during the time periods set forth below:

                Time Period(s)                  Ratio
                ==============                  =====

                10/31/01 - 11/30/01             1.75 to 1.0
                12/1/01 - 12/31/01              1.80 to 1.0
                01/01/02 - 02/15/02             2.00 to 1.0

        6. Item 30(e) of the Schedule to the Agreement regarding Minimum Cash
           Flow Coverage Ratio is hereby deleted in its entirety.

        7. Item 30 of the Schedule to the Agreement is hereby amended to add the
           following new section 30(f) as follows:

           "(f) Minimum EBIT: Debtor shall maintain EBIT (as defined below) at
                no less than the level set forth below, tested monthly, during
                the period set forth below:

                Time Period                     Amount (000's omitted)
                ===========                     ======================

                October 2001                    <900>
                November 2001                   <1575>
                December 2001                   <1950>
                January 2002                    <2325>

                "EBIT" means, with respect to the Debtor and its Consolidated
                Subsidiaries on a consolidated basis, for any period, earnings
                before interest and taxes and excluding extraordinary events
                such as restructuring charges or sale of assets not in the
                ordinary course of business."

        8. 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 February 15, 2002
                Renewal Term: NONE"

        9. Debtor acknowledges 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-

                               Page 57 of 60
<PAGE>

     D. Reaffirmations.

        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. IEC Electronicos, S. de R.L. de C.V. and IEC Electronics Foreign
           Sales Corporation, 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.

      E. Other Provisions.

        1. Debtor agrees to pay on demand by Agent all expenses of Agent,
           including without limitation, fees and disbursements of counsel for
           Agent, 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:________________________________     By:_________________________________
   Richard L. Weiss, Vice President        Douglas D. Smith
   and Chief Financial Officer             Vice President (6964)

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

By:____________________________         By:________________________________
Name:____________________________          Douglas D. Smith
        Duly Authorized Signatory          Vice President (6964)

CONSENTED TO AND AGREED AS OF THIS ____ DAY OF DECEMBER, 2001.

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

By:________________________________     By:________________________________
     Lawrence W. Swol, Chairman            Richard L. Weiss, Vice President
                                           and Chief Financial Officer

                                      -4-

                               Page 58 of 60FIRST AMENDMENT TO CREDIT AGREEMENT

                       Dated as of November 16, 2001

                                 among

                                 NIKE, INC.,
                            as the Borrower,

                          BANK OF AMERICA, N.A.,
                         as Administrative Agent,

                           CITICORP USA, INC.,
                          as Syndication Agent,

                             BANK ONE, NA,
                            HSBC BANK USA,
                                 and
                     THE BANK OF TOKYO-MITSUBISHI, LTD.

                        as Co-Documentation Agents,

                                  and

                          THE BANKS PARTY HERETO

                Joint Lead Arrangers and Joint Book Managers:

                       BANC OF AMERICA SECURITIES LLC
                                   and
                         SALOMON SMITH BARNEY INC.

                              NIKE, INC.
                            FIRST AMENDMENT
                           TO CREDIT AGREEMENT
                            (364-Day Facility)
     This FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is dated as
of November 16, 2001 and entered into by and among NIKE, Inc. (the
"Borrower"), the financial institutions listed on the signature pages hereof
(the "Facility B Banks"), Bank of America, N.A., as Administrative Agent,
Citicorp USA, Inc., as Syndication Agent, Bank One, N.A., HSBC Bank USA, and
The Bank of Tokyo-Mitsubishi, Ltd., as Co-Documentation Agents, and is made
with reference to that certain Credit Agreement dated as of November 17, 2000
(as amended or otherwise modified up to the date hereof, the "Credit
Agreement"), by and among the parties thereto.  Capitalized terms used herein
without definition shall have the same meanings herein as set forth in the
Credit Agreement.

                                  RECITALS

     WHEREAS, the Borrower and the Facility B Banks desire to amend the Credit
Agreement (a) to extend the Facility B Termination Date for an additional 364
day period, (b) adjust the Facility B Commitments, and (c) amend the
definition of "Applicable Facility Fee Rate" with respect to the Facility B
Commitments and amend the definition of "Applicable Margin" with respect to
the Facility B Loans;

     NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as
follows:

Section 1.     AMENDMENTS TO THE CREDIT AGREEMENT

1.1     Amendments to Article I:  Definitions

          A.     Section 1.1 of the Credit Agreement is hereby amended by
deleting in the definition of "Applicable Facility Fee Rate" the Facility B
Commitments column and substituting in lieu thereof the following:

               "Applicable Rating          Facility B Commitments
                     Level
               __________________          ______________________
                     Level I                        5.0
                     Level II                       5.0
                     Level III                      6.0
                     Level IV                       8.0
                     Level V                        8.0
                     Level VI                       8.0"

          B.     Section 1.1 of the Credit Agreement is hereby further amended
by deleting in the definition of "Applicable Margin" the Facility B Loans
column and substituting in lieu thereof the following column:

               "Applicable Rating          Facility B Loans
                     Level
               __________________          ________________
                     Level I                    17.5
                     Level II                   17.5
                     Level III                  24.0
                     Level IV                   32.0
                     Level V                    32.0
                     Level VI                   32.0"

          C.     Section 1.1 of the Credit Agreement is hereby further amended
by deleting, in the definition of Facility B Termination Date the date
"November 16, 2001" and substituting in lieu thereof the date "November 15,
2002".

          D.     Section 2.4.1 of the Credit Agreement is hereby amended by
adding "and the letter agreement dated October 8, 2001" after the reference to
October 5, 2000.
1.2     Substitution of Schedule.

        Schedule 3 to the Credit Agreement is hereby amended by deleting the
page providing Facility B Commitments in said Schedule 3 in its entirety and
substituting in place thereof Facility B Commitments in the form of Annex I to
this Amendment.

Section 2.     CONDITIONS TO EFFECTIVENESS

        This Amendment shall become effective on November 16, 2001 upon
receipt by the Administrative Agent of all of the following, in form and
substance satisfactory to the Administrative Agent (the date of satisfaction
of such condition being referred to herein as the "First Amendment Effective
Date"):

              A.     Amendment.  This Amendment executed by each party hereto;

              B.     Incumbency Certificate.  A certificate of the Secretary
or Assistant Secretary of the Borrower, certifying the names and true
signatures of the officers of the Borrower authorized to execute, deliver and
perform, as applicable, this Amendment, and all other Loan Documents to be
delivered by it hereunder;

              C.     Payment of Fees.  Evidence of payment by the Borrower of
all accrued and unpaid fees, costs and expenses to the extent then due and
payable on the First Amendment Effective Date, together with Attorney Costs of
Bank of America to the extent invoiced prior to or on the First Amendment
Effective Date; provided that, notwithstanding the above, such payment by the
Borrower shall include all accrued and unpaid facility fees with respect to
the Facility B Commitments through the First Amendment Effective Date;

              D.     Banks' Participation Fee.  Payment by the Borrower to the
Administrative Agent, for the account of each of the Facility B Banks as set
forth on Schedule 3 to the Credit Agreement, the Facility B Commitments of
which are attached as Annex I to this Amendment, in accordance with their
respective pro rata shares, a participation fee in an amount set forth in a
separate letter agreement between the Borrower, Bank of America and Banc of
America Securities LLC.

              E.     Borrower Certificate.  A certificate signed by an
authorized officer of the Borrower, dated as of the First Amendment Effective
Date, stating that:

                     (i)     the representations and warranties contained in
        Section 3 hereof and in Article V of the Credit Agreement are true and
        correct on and as of such date, as though made on and as of such date,
        except for changes in the Schedules hereto reflecting transactions
        permitted by this Agreement;

                     (ii)    no Default or Unmatured Default exists; and

                     (iii)   since August 31, 2001, there has been no change
        in the business, properties, condition (financial or otherwise) or
        results of operations of the Borrower and its Subsidiaries which could
        have a Material Adverse Effect.

Section 3.     BORROWER'S REPRESENTATIONS AND WARRANTIES

     In order to induce the Facility B Banks to enter into this Amendment and
to amend the Credit Agreement in the manner provided herein, the Borrower
represents and warrants to each Facility B Bank that the following statements
are true, correct and complete:

              A.     Authorization of Agreements.  The execution and delivery
of this Amendment and the performance of the Credit Agreement as amended by
this Amendment (the "Amended Agreement") have been duly authorized by all
necessary corporate action on the part of the Borrower.

              B.     Binding Obligation.  This Amendment has been duly
executed and delivered by the Borrower and this Amendment and the Amended
Agreement are the legally valid and binding obligations of the Borrower,
enforceable against the Borrower in accordance with their respective terms,
except as enforceability may be limited by bankruptcy, insolvency or similar
laws affecting the enforcement of creditors' rights generally.

              C.     No Outstanding Facility B Advances.  No Facility B
Advances are outstanding as of the First Amendment Effective Date.

Section 4.     MISCELLANEOUS

              A.     Reference to and Effect on the Credit Agreement and the
Other Loan Documents.

                     (i)     On and after the First Amendment Effective Date,
        each reference in the Credit Agreement to "this Agreement",
        "hereunder", "hereof", "herein" or words of like import referring to
        the Credit Agreement, and each reference in the other Loan Documents
        to the "Credit Agreement", "thereunder", "thereof" or words of like
        import referring to the Credit Agreement shall mean and be a reference
        to the Amended Agreement.

                     (ii)    Except as specifically amended by this Amendment,
        the Credit Agreement and the other Loan Documents shall remain in full
        force and effect and are hereby ratified and confirmed.

                     (iii)   The execution, delivery and performance of this
        Amendment shall not, except as expressly provided herein, constitute a
        waiver of any provision of, or operate as a waiver of any right, power
        or remedy of the Administrative Agent or any Bank under, the Credit
        Agreement or any of the other Loan Documents.

                     (iv)    The Credit Agreement, as amended hereby, together
        with the other Loan Documents, embodies the entire agreement and
        understanding among the Borrower, the Banks and the Administrative
        Agent, and supersedes all prior or contemporaneous agreements and
        understandings of such Persons, verbal or written, relating to the
        subject matter hereof and thereof.

              B.     Fees and Expenses.  The Borrower acknowledges that all
costs, fees and expenses incurred by the Administrative Agent and its counsel
with respect to this Amendment and the documents and transactions contemplated
hereby shall be for the account of the Borrower.

              C.     Headings.  Section and subsection headings in this
Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose or be given any
substantive effect.

              D.     Applicable Law.  THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH (AND NOT THE LAW OF CONFLICTS) OF
THE STATE OF OREGON BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS.

              E.     Counterparts.  This Amendment may be executed in any
number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document.

              IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above.

                                        NIKE, INC., as the Borrower

                                        By: _______________________________
                                            Marcia A. Stilwell
                                            Treasurer

                                        One Bowerman Drive
                                        Beaverton, OR 97005-6453
                                        Attention: Marcia A. Stilwell,
                                        Treasurer
                                        Telephone: (503) 532-2100
                                        Facsimile: (503) 532-2616

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