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SEC Filings
10-Q
ARGON ST, INC. filed this Form 10-Q on 12/13/1995
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                                               Exhibit 4.54


                                EXHIBIT "B"

                           REVOLVING CREDIT NOTE


$1,700,000                                     Ann Arbor, Michigan
                                               October 30, 1995   


      On or before November 1, 1996, FOR VALUE RECEIVED, the undersigned,
DAEDALUS ENTERPRISES, INC., a Delaware corporation (herein called
"Company") promises to pay to the order of COMERICA BANK, a Michigan
banking corporation, successor in interest by reason of merger to
Manufacturers Bank, N.A., (herein called "Bank") at its Main Office at
500 Woodward Avenue, Detroit, Michigan 48226, the indebtedness or so much
of the Commitment Amount as may from time to time have been advanced and
then be outstanding hereunder and under a certain Revolving Credit,
Overline Credit and Term Loan Agreement by and between Company and Bank
dated as of March 1, 1991, as amended and as may be further amended
(herein called "Loan Agreement"). "Commitment Amount" initially shall
mean One Million Seven Hundred Thousand Dollars ($1,700,000). On November
30, 1995, the Commitment Amount shall be permanently reduced to One
Million Five Hundred Thousand Dollars ($1,500,000).

      The indebtedness outstanding under this Note from time to time
shall bear interest at a per annum rate equal to one and one half percent
(1-1/2%) above Bank's Prime Rate. Upon the occurrence of any default or

event of default hereunder or under the Loan Agreement, interest shall
accrue on the unpaid balance hereunder at a per annum rate equal to four
and one half percent (4-1/2%) above the Prime Rate. Interest shall be
payable monthly on the unpaid principal balance from time to time
outstanding commencing on November 1, 1995 and on the 1st day of each
month thereafter until November 1, 1996, when the entire unpaid balance
of principal and interest shall be due and payable. Interest shall be
computed on a daily basis using a year of 360 days for the actual number
of days elapsed, and, in such computation, effect shall be given to any
change in the interest rate resulting from a change in the Prime Rate on
the date of such change in the Prime Rate. "Prime Rate" shall mean the
rate of interest established by Bank as its prime rate as the same may be
changed from time to time, which may not necessarily be Bank's lowest
rate for loans. This Note may be prepaid at any time without premium or
penalty.

      This Note evidences borrowing under, is subject to, is secured
pursuant to, shall be prepaid in accordance with, and may be matured
under the terms of the Loan Agreement, to which reference is hereby made.
As additional security, Bank is granted a lien on all property and assets
(including deposits and other credits) of Company at any time in
possession or control of (or owing by) Bank for any purpose.

      All agreements between Company and Bank pertaining to the
indebtedness described herein are expressly limited so that in no event
whatsoever shall the amount of interest paid or agreed to be paid to Bank
exceed the highest rate of interest permissible under applicable law. If,
from any circumstances whatsoever, fulfillment of any provision of the
Loan Agreement, this Note or any other instrument securing this Note or
all or any part of the indebtedness secured thereby, at the time
performance of such provision shall be due, shall involve exceeding the
interest limitation validly prescribed by law which a court of competent
jurisdiction may deem applicable hereto, then, the obligation to be
fulfilled shall be reduced to an amount computed at the highest rate of
interest permissible under such applicable law, and if, for any reason
whatsoever, Bank shall ever receive as interest an amount which would be
deemed unlawful under such applicable law, such interest shall be
automatically applied to the payment of the principal amount described
herein or otherwise owed by Company to Bank, (whether or not then due and
payable) and not to the payment of interest.

      Notwithstanding anything herein to the contrary, nothing shall
limit any rights granted Bank by other instruments or by law.

      This Note replaces, by renewal, that certain Revolving Credit Note
dated November 30, 1993 made in the principal amount of $3,000,000 by
Company in favor of Bank.

                                          DAEDALUS ENTERPRISES, INC.

                                          By:
                                            ---------------------------
                                          Its:
                                            ---------------------------


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