On March 1, 2021, IEC Electronics Corp. and Manufacturers and Traders Trust Company entered into the Second Amendment to the Sixth Amended and Restated Credit Facility Agreement that amended the Sixth Amended and Restated Credit Facility Agreement dated as of June 4, 2020 between M&T Bank and the Company, as previously amended. The Second Amendment provides for a new mortgage-backed term loan in the principal amount of $3,720,000 to refinance that portion of the existing line under the Credit Agreement which was used to finance the purchase of the property located at 50 Jetview Drive, Rochester, New York. The loan is evidenced by a five-year term loan note and secured by a lien and security interest in the Premises pursuant to a mortgage by the Company and the County of Monroe Industrial Development Agency to M&T Bank, each dated as of March 1, 2021. As part of this transaction, the Company entered into a separate agreement with COMIDA intended to provide the Company with certain associated tax benefits. The Note bears interest at a rate equal to one-month LIBOR, adjusting daily, plus 2.65%. The Note is payable in monthly installments of principal and interest based on a 15 year amortization schedule, with the entire remaining principal amount, together with accrued and unpaid interest, payable at maturity. The Company may voluntarily prepay amounts outstanding under the Note, in whole or in part, at any time and from time to time, provided that such prepayments are made in accordance with the applicable provisions of the Credit Agreement. The Note is subject to customary events of default including the non-payment of principal or interest as and when due, which may result in the acceleration of all amounts outstanding under the Note, the application of an interest rate at a default rate and M&T Bank’s exercise of any rights and remedies available under the Credit Agreement or under applicable law.