SECOND RESTATEMENT OF THE
FIFTH AMENDED AND RESTATED LINE OF CREDIT NOTE
$5,500,000 As of November 12, 1999
Restated on March 24, 2000
Further restated August 11, 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 FIVE
MILLION FIVE HUNDRED THOUSAND DOLLARS ($5,500,000) 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 March 24, 2000 and the Second 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 is not a
novation or repayment of) the First Restatement of the Fifth Amended and
Restated Line of Credit Note dated March 24, 2000.
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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Name: Xxxxx X. Xxxxxx
Title: President
