THIRD AMENDED AND RESTATED LINE OF CREDIT NOTE
$15,000,000 Philadelphia, Pennsylvania
October 29, 1997
FOR VALUE RECEIVED, BLONDER TONGUE LABORATORIES, INC., a Delaware
corporation (the "Borrower"), hereby promises to pay to the order of CORESTATES
BANK, N.A. (successor to Meridian Bank) (the "Bank") on the Termination Date the
principal amount of FIFTEEN MILLION DOLLARS (15,000,000) or, if less, the
aggregate outstanding principal under the Line of Credit extended under the
Third Amended and Restated Loan Agreement dated the date hereof by and between
the Borrower and the Bank as may be 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, are 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 Second Amended and Restated Line of
Credit Note dated September 26, 1996, 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 or rates 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 Xxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxxxx 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 construction, interpretation and enforcement of this Note shall be
governed by the internal laws of the Commonwealth of Pennsylvania.
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
Xxxxx X. Xxxxxx
President
/s/ Xxxxxxx X. Xxxx
Notary Public of New Jersey
My Commission expires June 4, 2000
