FIRST RESTATEMENT OF THE
FIFTH AMENDED AND RESTATED LINE OF CREDIT NOTE
$7,000,000 As of November 12, 1999
Restated on March 24, 2000
FOR VALUE RECEIVED, BLONDER TONGUE LABORATORIES, INC., a Delaware
corporation (the "Borrower"), hereby promises to pay to the order of FIRST UNION
NATIONAL BANK (the "Bank") on the Termination Date the principal amount of SEVEN
MILLION DOLLARS ($7,000,000) or, if less, the aggregate outstanding principal
under the Line of Credit extended under the Fifth Amended and Restated Loan
Agreement dated November 12, 1999 by and between the Borrower and the Bank as
amended by the First Amendment and Waiver to the Fifth Amended and Restated Loan
Agreement dated the date hereof as may be further amended, modified or restated
from time to time (the "Loan Agreement"). Terms capitalized but not defined
herein shall have the meanings given to them respectively in the Loan Agreement.
Reference is made to the Loan Agreement for a statement of the terms and
conditions under which the loans evidenced hereby have been made, secured, and
may be prepaid or accelerated. This Note amends and restates and replaces (but
does not discharge) the obligations of the Borrower under the Fifth Amended and
Restated Line of Credit Note dated as of November 12, 1999, as such note has
been amended, modified and/or extended.
Until maturity (whether by acceleration or otherwise) interest shall accrue
on the outstanding principal balance hereof at the rate set forth in the Loan
Agreement. Interest shall be calculated on the basis of a 360-day year, counting
the actual number of days elapsed. Subsequent to maturity or the occurrence of
any Event of Default, and continuing after entry of any judgment against the
Borrower with respect to the obligations evidenced by this Note, interest shall
accrue at an annual rate which shall be two percent (2%) above the rate of
interest otherwise payable hereunder. Accrued interest shall be payable monthly
on the first day of each month commencing with the month immediately following
date hereof and if not paid when due, shall be added to the principal. All
amounts payable by the Borrower to the Bank hereunder shall be paid directly to
the Bank at 000 Xxxxx Xxxx, Xxxxxx, Xxx Xxxxxx 00000 (or at such other address
of which the Bank shall give notice to the Borrower in accordance with the Loan
Agreement) in immediately available funds.
The Borrower hereby waives the requirements of demand, presentment,
protest, notice of protest and dishonor and all other demands or notices of any
kind in connection with the delivery, acceptance, performance, default, dishonor
or enforcement of this Note. The internal law of the State of New Jersey shall
govern the construction, interpretation and enforcement of this Note.
This note amends, restates, replaces and continues (but not a novation or
repayment of) the Fifth Amended and Restated Line of Credit Note dated November
12, 1999.
IN WITNESS WHEREOF, and intending to be legally bound hereby, the Borrower
has caused this Note to be executed by its duly authorized officer as of the day
and year first above written.
BLONDER TONGUE LABORATORIES, INC.
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx, President
