Document:

FORM OF EXCHANGE NOTE

EXHIBIT 4.7 
 
FORM OF EXCHANGE NOTE 
 
[FRONT OF NOTE] 
 
THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE
IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II)
THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY
BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF AMERICAN TOWERS, INC. 
 
THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT UNDER SECTION 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY CONTACT THE CHIEF FINANCIAL OFFICER OF THE COMPANY AT
116 HUNTINGTON AVENUE, BOSTON, MA 02116, (617) 375-7500, WHO WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ORIGINAL ISSUE DISCOUNT. 

CUSIP                 
 
12.25% Senior Subordinated Discount Notes Due 2008 
 
No. 1 $808,000,000.00 
 
AMERICAN TOWERS, INC. 
 
promises to pay to CEDE & CO. or registered assigns, the principal sum of EIGHT HUNDRED AND EIGHT MILLION DOLLARS on August 1, 2008. 
 

	 Dated:
                            , 2003

	
	 AMERICAN TOWERS, INC.

	
	 By:
	 	 
	 	

	 Name:

	 Title:

	
	 By:
	 	 
	 	

	 Name:

	 Title:

 
This is one of the
Notes referred to 
in the within-mentioned Indenture: 
 

	
	 THE BANK OF NEW YORK,

as Trustee

	
	 By:
	 	 
	 	

	 	 	 Authorized Signatory

 

2 

[Back of Note] 
 
12.25% Senior Subordinated Discount Notes Due 2008 
 
Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated. 
 
1.    Interest.    American Towers, Inc. (together with its successors, the “Company”), shall pay no interest on the principal amount of this Note. The Accreted
Value of this Note will increase between the Issue Date and maturity at a rate of 12.25% per annum calculated on a semi-annual bond equivalent basis using a 360-day year comprised of twelve 30-day months, such that the Accreted Value at maturity of
this Note will equal the full principal amount at maturity of this Note. If (i) on or prior to the 90th day following the Issue Date (or such longer period as required by applicable law), neither a registration statement (the “Exchange
Registration Statement”) under the Securities Act, registering a note substantially identical to this Note (except that such Note will not contain terms with respect to the Additional Interest payments described below or transfer
restrictions) pursuant to an exchange offer (the “Exchange Offer”) nor a registration statement registering this Note for resale (a “Shelf Registration Statement”) has been filed with the Securities and Exchange
Commission, (ii) on or prior to the 180th day following the Issue Date, neither the Exchange Registration Statement nor the Shelf Registration Statement has become or been declared effective, (iii) on or prior to 30 business days following the
Effectiveness Target Date, the Exchange Offer has not been consummated, or (iv) either the Exchange Registration Statement or, if applicable, the Shelf Registration Statement is declared effective but (A) thereafter ceases to be effective or (B)
ceases to be usable in connection with certain resales, in each case (i) through (iv) upon the terms and conditions set forth in the Registration Rights Agreement (each such event referred to in clauses (i) through (iv), a “Registration
Default”), then liquidated damages will be assessed with respect to this Note at an amount of $0.05 per week per $1,000 of Accreted Value of this Note (the “Liquidated Damages”) for the 90-day period immediately following
the occurrence of the Registration Default, which amount shall be increased by $0.05 per week per $1,000 of Accreted Value of this Note at the beginning of each subsequent 90-day period (provided that such amount shall not exceed $0.50 per
week per $1,000 of Accreted Value of this Note in the aggregate) and such amount shall be payable until such time (the “Step-Down Date”) as no Registration Default is in effect (after which such amount will be restored to its
initial amount). In no event shall the Company be required to pay Liquidated Damages for more than one Registration Default at any given time. Liquidated Damages shall be paid semi-annually on February 1 and August 1 in each year; and the amount of
Liquidated Damages shall be determined on the basis of the number of days actually elapsed. Any unpaid Liquidated Damages on this Note upon the issuance of an Exchange Note (as defined in the Indenture) in exchange for this Note shall cease to be
payable to the Holder hereof but such Liquidated Damages shall be payable on the next February 1 or August 1 to the Holder thereof. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue Accreted Value and premium or Liquidated Damages, if any, at a rate that is 1% per annum in excess of the then applicable rate of accretion of the Notes, to the extent lawful. 
 
2.    Method of Payment.    The Notes shall be payable as to
Accreted Value, premium or Liquidated Damages, if any, at the office or agency of the Paying Agent and Registrar maintained for such purpose within the City and State of New York, or, at the option of the Company, payment may be made by check mailed
to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to Accreted Value of and premium, if any, on, all Global Notes and all other
Notes the Holders of which have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts. 
 
3.    Paying Agent and Registrar.    Initially, The Bank of New York, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or
Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 
4.    Indenture.    The Company issued the Notes under an Indenture dated as of January 29,
2003 (the “Indenture”) among the Company, the Guarantors (from and after the consummation of the Escrow Corp. 

 

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Merger) and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of
such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are obligations of the Company. The Original Notes are limited to
$808 million in aggregate principal at maturity amount. Unless the context otherwise requires, the Original Notes and the Exchange Notes shall constitute one series for all purposes under the Indenture, including without limitation, amendments,
waivers, redemptions and Asset Sale Offers. 
 
5.    Optional Redemption.    The Notes shall not be redeemable at the Company’s option prior to February 1, 2006. On or after February 1, 2006, the Company may redeem all or a part
of the Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of Accreted Value) set forth below plus Liquidated Damages, if any, on the Notes redeemed, to the applicable redemption date,
if redeemed during the twelve-month period beginning on February 1 of the years indicated below: 
 

	 Year

	  	 Percentage

	 
	 2006
	  	 106.125 
	 %

	 2007
	  	 103.063 
	 %

	 2008 and thereafter
	  	 100.000 
	 %

 
6.    Mandatory Redemption. 
 
The Company shall not be required to make mandatory redemption payments with respect to the Notes. 
 
7.    Repurchase at Option of Holder. 
 
(a)    If a Change of Control occurs, the Company shall make an offer (a
“Change of Control Offer”) to each Holder to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes at a purchase price, in cash, equal to 101% of the Accreted Value of the Notes on
the date of purchase plus Liquidated Damages, if any, on the Notes purchased, to the date of purchase (a “Change of Control Payment”). Within 15 days following any Change of Control, the Company shall mail a notice to each Holder
setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
 
(b)    When the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company shall commence
an offer to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of
assets (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount at maturity of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds at an
offer price in cash in an amount equal to 100% of the Accreted Value thereof, plus Liquidated Damages, if any, to the date of purchase, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes
tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the remaining Excess Proceeds may be used for any purpose not otherwise prohibited by the Indenture. If the aggregate Accreted Value of Notes surrendered by Holders thereof,
and the amounts due to any holders of any other debt of the Company entitled to receive a comparable asset sales offer, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such other pari passu Indebtedness to be purchased
on a pro rata basis. Holders of Notes that are the subject of an offer to purchase shall receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Notes. 
 
8.    Notice of Redemption.    Notice of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed at its registered address. Notes 

 

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in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder
are to be redeemed. On and after the redemption date, the Accreted Value of Notes or portions thereof called for redemption ceases to increase. 
 
9.    Denominations, Transfer, Exchange.    The Notes are in registered form without
coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the
period between a record date and the corresponding Interest Payment Date. 
 
10.    Persons Deemed Owners.    The registered Holder of a Note may be treated as its owner for all purposes. 
 
11.    Amendment, Supplement and Waiver.    Subject to certain
exceptions, the Indenture, the Note Guarantees and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal at maturity of the then outstanding Notes. Any existing default or
non-compliance with any provision of the Indenture, Note Guarantees or the Notes may be waived with the consent of the Holders of a majority in aggregate principal at maturity of the then outstanding Notes, voting as a single class. Without the
consent of any Holder of Notes, the Indenture, the Note Guarantees or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to
provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely
affect the legal rights under the Indenture of any such Holder, to comply with the requirements of the Securities and Exchange Commission in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act or to conform
the text of the Indenture, the Note Guarantees or the Notes to any provision of the Description of Notes in the Offering Circular to the extent that such provision in such Description of Notes was intended to be a verbatim recitation of a provision
of this Indenture, the Note Guarantees or the Notes. 
 
12.    Defaults and Remedies.    Events of Default include: (i) default for 30 days in the payment when due of Liquidated Damages with respect to the Notes, whether or not prohibited by
the subordination provisions of Article 11 of the Indenture; (ii) default in payment when due of the Accreted Value of, or premium, if any, on the Notes, whether or not prohibited by the subordination provisions of Article 11 of the Indenture; (iii)
failure by the Company to comply with the provisions of Article 5 of the Indenture or failure by the Company to consummate a Change of Control Offer or Asset Sale Offer in accordance with the provisions of the Indenture; (iv) failure by the Company
or any of the Sister Guarantors for 30 days after notice to comply with any of the other agreements in this Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be
secured or evidenced any Indebtedness for money borrowed by the Company or any of its Significant Subsidiaries (or the payment of which is guaranteed by the Company or any of its Significant Subsidiaries) whether such Indebtedness or Guarantee now
exists, or is created after the Issue Date, if that default: (a) is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date
of such default (a “Payment Default”) or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more; (vi) failure by the Company or any of its Significant Subsidiaries to pay final judgments
aggregating in excess of $20.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; (vii) except as permitted by this Indenture, any Note Guarantee by any Significant Subsidiary of the Company shall be held in final
and non-appealable judgment to be unenforceable or invalid or shall cease 

 

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for any reason to be in full force and effect or any such Guarantor that is a Significant Subsidiary of the Company, or any Person acting on
behalf of any such Guarantor, shall in writing deny or disaffirm its obligations under its Note Guarantee; (viii) failure by the Company to effect the mandatory redemption of the Notes if required pursuant to Section 3.08 of the Indenture, and (ix)
certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary. If any Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable in an amount equal to the Accreted Value of the Notes outstanding on the date of acceleration.
Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or
the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of Accreted Value) if it determines that withholding notice is in their interest. The Holders of a majority in
aggregate principal at maturity of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing
Default or Event of Default in the payment of Accreted Value of, and Liquidated Damages and premium, if any, on the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the
Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 
13.    Subordination.    Payment of Accreted Value, premium and Liquidated Damages, if any,
on the Notes is subordinated to the prior payment of Senior Debt on the terms found in the Indenture. 
 
14.    Trustee Dealings with Company.    The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 
15.    No Recourse Against
Others.    A director, officer, employee, incorporator or stockholder of the Company or the Guarantors, as such, shall not have any liability for any obligations of the Company or the Guarantors under the Notes or the
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of
the Notes. 
 
16.    Authentication.    This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 
17.    Abbreviations.    Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN
(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 
18.    CUSIP Numbers.    Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 
19. Guarantees. This Note shall be entitled to the benefits of the Note Guarantees made by the
Guarantors under the Indenture. Additional Guarantors may be added and Guarantors may be released from their Note Guarantees as provided in the Indenture. 
 
The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: American
Tower Corporation, 116 Huntington Avenue, Boston, MA 02116, Attention: Chief Financial Officer and Secretary. 
 

6LINE OF CREDIT AGREEMENT FOR TH ACQUISITION OF EQUIPMENT

Exhibit 10 (a) 
 
EASTERN BANK 
 
LINE OF CREDIT AGREEMENT 
FOR THE ACQUISITION OF EQUIPMENT 
 
January 14, 2003 
 
International Electronics, Inc. 
427 Turnpike Street 
Canton, Massachusetts 02021 
Attn: John Waldstein, President and Treasurer 
 
Gentlemen: 
 
We (hereinafter “Bank”) are please to advise you (hereinafter referred to as the “Borrower”) that Bank
has established a line of credit of up to Five Hundred Thousand ($500,000.00) Dollars (hereinafter the “Credit Limit”) for Borrower to be used exclusively for the purchase of new or used equipment; subject to Bank’s
periodic review. This line of credit will be subject to the following terms and conditions: 
 
1. Any advances, extensions of credit, or loan of funds pursuant to this line of credit (hereinafter collectively and
separately referred to as the “Loan”) will be made only if in the opinion of Bank there has been no material adverse change of circumstances and if there exists no Event(s) of Default (as hereinafter defined). No advances,
extensions of credit or loan of funds will be made on or after February 29, 2004. Any sums repaid hereunder shall not be readvanced. 
 
2. Borrower may draw upon this line of credit from time to time by presenting to Bank for each Loan: (i) an invoice from
the vendor of such equipment in a form reasonably acceptable to Bank, which includes, without limitation, the purchase price of such equipment, including all accessions thereto, net of all discounts, rebates, and other dealer or manufacturer
incentives; (ii) a certificate of origin, bill of sale, or other documentation reasonably satisfactory to Bank indicating whether the equipment being purchased is new or used (hereinafter referred to as the “Equipment
Documentation”); and (iii) an Equipment Documentation Certification in the form of Exhibit A annexed hereto. Except for the last draw which may be in the amount of the unused portion of the Credit Limit, all draws will be in the amounts
equal to or greater than Fifty Thousand ($50,000.00) Dollars. 
 
3. The aggregate principal amount of any Loan made against any Equipment Documentation shall not exceed the lesser of (i) the Credit Limit, less any previous Loan, or (ii) one hundred (100%) percent of
the net purchase price (exclusive of any soft costs, transportation or installation charges) of the new equipment referred to therein, or (iii) seventy (70%) percent of the net purchase price (exclusive of any soft costs, transportation or
installation charges) of the used equipment referred to therein, provided, however, that the above limit may be exceeded if the Bank’s appraisal (conducted on an auction value basis) of Borrower’s equipment would exceed the limit for the
purpose of purchasing used equipment. 

4. The aggregate principal amount of any Loan made hereunder shall be
payable in thirty-six (36) successive equal monthly installments over a term that begins on the first day of the month which begins not less than thirty (30) days after the date of such Loan with the proviso that all Loans shall come due and payable
upon (a) the occurrence of an Event of Default (other than the Event of Default described in Section 15(a) of the Demand Loan and Security Agreement Accounts Receivable and Inventory between Bank and Borrower dated February 28, 1997, as amended (the
“Loan Agreement”), or (b) one (1) year after the occurrence of the Event of Default described in Section 15(a) of the Loan Agreement. All such loans, at the option of Bank, shall be evidenced by promissory notes in form satisfactory
to Bank, but in the absence of notes, shall be conclusively evidenced by Bank’s records of disbursements and repayments. 
 
5. Interest, net of those loans (if any) which bear interest calculated by reference to the Cost of Funds Rate (as defined
below), will be charged to Borrower at a rate which is the daily equivalent to the Base Rate in effect from time to time, or such other rate as Bank and Borrower may from time to time agree to, upon any balance owing to Bank at the close of each
day. The rate of interest payable by Borrower shall be changed effective as of that date in which a change in the Base Rate becomes effective. Interest shall be computed on the basis of the actual number of days elapsed over a year of three hundred
sixty (360) days. Such interest shall be payable monthly in arrears on the first (1st) day of each month, commencing
on the first of such dates next succeeding the date hereof. 
 
 
At Borrower’s option, interest, net of those loans (if any) which bear interest calculated by reference to the Base
Rate, will be charged to Borrower at a fixed rate which is equivalent to the then Cost of Funds Rate, such election by Borrower to be made on the date of the making of the applicable loan by Bank to Borrower. 
 
The term “Base Rate” as used
herein and in any supplement and amendment hereto shall mean the per annum rate of interest announced from time to time by Bank, at its head office, as its Base Rate, it being understood that such rate is a reference rate and not necessarily the
lowest rate of interest charged by the Bank. The Base Rate on the date hereof is agreed to be four and one-quarter (4.25%) percent. 
 
The term “Cost of Funds Rate” as used herein means the sum of (a) the fixed per annum rate of interest as
of the date of the applicable Loan determined by Bank in good faith in accordance with Bank’s customary practices for loans in United States currency and based on Bank’s cost of obtaining funds with a maturity approximately equal to the
period between the date the Cost of Funds Rate Loan is to be made and the maturity of the applicable Loan from sources as may be selected by Bank in its sole and absolute discretion, plus (b) two and three-quarters of one (2.75%) percent per annum
(i.e., two hundred seventy-five (275) basis points). 
 
Upon occurrence of an Event of Default hereunder, interest on unpaid balances shall thereafter be payable at an interest rate per annum equal to three (3%) percent greater than the rate of interest specified herein.

 
6. Borrower will pay or
reimburse Bank for all reasonable expenses, including attorneys’ fees, which Bank may incur in connection with this agreement or any other agreement between Borrower and Bank or with any Loan or which result from any claim or 
 

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action by any third person against Bank which would not have been asserted were it not for
Bank’s relationship with Borrower hereunder or otherwise. 
 
7. Upon the occurrence of any one or more of the following events (hereinafter “Events of Default”), any and all obligations of Borrower to Bank shall become immediately due and
payable, at the option of Bank and without notice or demand: 
 
(a) The failure by Borrower to pay when due any amount due under this Line of Credit Agreement or any secured term note issued pursuant to this Line of Credit Agreement. 
 
(b) The termination of the Loan Agreement
(other than pursuant to Section 15(a) thereof) or the occurrence of an Event of Default as described in the Loan Agreement (other than pursuant to Section 15(a) thereof). 
 
(c) The occurrence of one or more of the events of default in any secured term note referred
to in Paragraph 4 above. 
 
(d) The
occurrence of any such Event of Default shall also constitute, without notice or demand, a default under all other agreements between Bank and Borrower and instruments and papers given Bank by Borrower, whether such agreements, instruments, or
papers now exist or hereafter arise. 
 
8. Borrower agrees that notwithstanding anything contained herein, the Loan Agreement or otherwise, if the Borrower shall terminate the Loan Agreement or any successor agreement, Bank shall have the right to terminate this line of
credit and demand the immediate payment of the balance due under this Line of Credit Agreement. 
 
9. The execution, delivery and performance of this Line of Credit Agreement, any note or any other instrument or document
at any time required in respect hereof or of the Loan are within the corporate powers of Borrower, and not in contravention of law, the Articles of Organization or By-Laws of Borrower or any amendment thereof, or of any indenture, agreement or
undertaking to which Borrower is a party or may otherwise be bound, and each such instrument and document represents a valid and binding obligation of Borrower and is fully enforceable according to its terms. Borrower will, if requested by Bank,
furnish Bank with the opinion of counsel for Borrower with respect to any or all of the foregoing or other matters, such opinion to be in substance and form satisfactory to Bank. 
 
10. This Line of Credit Agreement is supplementary to each and every other agreement between
Borrower and Bank and shall not be so construed as to limit or otherwise derogate from any of the rights or remedies of Bank or any of the liabilities, obligations or undertakings of Borrower under any such agreement, nor shall any contemporaneous
or subsequent agreement between Borrower and Bank be construed to limit or otherwise derogate from any of the rights or remedies of Bank or any of the liabilities, obligations or undertakings of Borrower hereunder unless such other agreement
specifically refers to this Line of Credit Agreement and expressly so provides. 
 
11. This Line of Credit Agreement and the covenants and agreements herein contained shall continue in full force and effect and shall be applicable not only in respect of the Loan, but also to all
other obligations, liabilities and undertakings of Borrower to Bank whether direct or indirect, absolute or contingent, due or to become due, now existing or 
 

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hereafter arising or acquired, until all such obligations, liabilities and undertakings
have been paid or otherwise satisfied in full. No delay or omission on the part of Bank in exercising any right hereunder shall operate as a waiver of such right or any other right and waiver on any one or more occasions shall not be construed as a
bar to or waiver of any right or remedy of Bank on any future occasion. This Line of Credit Agreement is intended to take effect as a sealed instrument, shall be governed by and construed according to the laws of the Commonwealth of Massachusetts,
shall be binding upon Borrower’s successors and assigns and shall inure to the benefit of Bank’s successors and assigns. 
 
12. THE BORROWER AND BANK EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THEY MAY HAVE OR HEREAFTER
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS LINE OF CREDIT AGREEMENT. The Borrower hereby certifies that neither Bank nor any of its representatives, agents or counsel has represented,
expressly or otherwise, that Bank would not, in the event of any such suit, action or proceeding, seek to enforce this waiver of right to trial by jury. The Borrower acknowledges that it has read the provisions of this Line of Credit Agreement and
in particular, this Section; has consulted legal counsel; understands the right it is granting in this Line of Credit Agreement and is waiving in this section in particular; and makes the above waiver knowingly, voluntarily and intentionally.

 
13. The Borrower and Bank agree
that any action or proceeding to enforce or arising out of this Line of Credit Agreement may be commenced in any court of the Commonwealth of Massachusetts sitting in the counties of Suffolk or Middlesex, or in the District Court of the United
States for the District of Massachusetts, and the Borrower waives personal service of process and agrees that a summons and complaint commencing an action or proceeding in any such court shall be properly served and confer personal jurisdiction if
served by next day Federal Express or comparable overnight delivery service providing proof of delivery to the Borrower, or as otherwise provided by the laws of the Commonwealth of Massachusetts or the United States of America. 
 
14. Borrower’s obligations pursuant to
this Line of Credit Agreement are secured pursuant to the Loan Agreement. 
 

	 Very truly yours,
  
 EASTERN BANK

	
	 By:
	 	 /s/    ALAN
ROBERTS        

	 	 	 Alan Roberts,
 Vice President

 

	 ACCEPTED:
  
 INTERNATIONAL ELECTRONICS, INC.

	
	 By:
	 	 /s/    JOHN
WALDSTEIN        

	 	 	 John Waldstein,
 President and Treasurer

 
 

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EXHIBIT
A 
 
EQUIPMENT DOCUMENTATION
CERTIFICATION 
 
The undersigned, the
                             of International Electronics, Inc. (the “Borrower”),
hereby certifies to Eastern Bank that: 
 

	 	1.	 	The attached copy of the Equipment Documentation (as defined in Paragraph 2 of the Borrower’s Line of Credit Agreement for the Acquisition of Equipment dated
January 14, 2003) is a true, correct and complete copy of the Equipment Documentation; 

 

	 	2.	 	The net purchase price (exclusive of soft cost, transportation and installation charges) of the new equipment referred to in the attached Equipment Documentation is
in the amount of $                            ; 

 

	 	3.	 	The net purchase price (exclusive of soft cost, transportation and installation charges) of the used equipment referred to in the attached Equipment Documentation is
in the amount of $                        ; 

 

	 	4.	 	The soft cost, transportation and installation charges of the equipment referred to in the attached Equipment Documentation is in the amount of
$                        ; 

 

	 	5.	 	The total purchase price of the equipment referred to in the attached Equipment Documentation (the net purchase price, plus the soft cost, transportation and
installation charges) is in the amount of $                            ; 

 

	 	6.	 	The aggregate principal amount of the Loan requested in connection with the attached Equipment Documentation does not exceed the lesser of (i) the Credit Limit, less
any previous Loan; (ii) the sum of (a) one hundred (100%) percent of the net purchase price of the new equipment set forth in Item 2 above, and (b) seventy (70%) percent of the net purchase price of the used equipment set forth in Item 3 above
(except as may be permitted under Paragraph 3 of the Borrower’s Line of Credit Agreement for the Acquisition of Equipment dated January 14, 2003). 

 

	
	

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