Loan Agreement Addendum
Exhibit 10-6
Loan Agreement Addendum
9660933120/00007
This Loan Agreement Addendum to a loan agreement dated the 17th of September, 2012 for account number 9660933120 note 00007, in the original principal amount of $4,250,000 by and between BRANCH BANKING AND TRUST COMPANY (“Bank”), a North Carolina banking corporation and Southeast Power Corporation, a State of Florida corporation (“Borrower”), having its executive offices at Melbourne, Florida is made this 15th day of January 2013 by and between BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (“Bank”) and Southeast Power Corporation, a State of Florida corporation (“Borrower”), having its executive offices at Melbourne, Florida.
Section V. FINANCIAL COVENANTS is amended as follows:
The paragraph beginning Tangible Net Worth is deleted and replaced with the following:
Tangible Net Worth. A minimum tangible net worth of not less than $18,000,000.00 as evidenced by Borrower’s consolidated annual audited financial statement as included in the Form 10-K beginning with its fiscal year ending December 31, 2012. Tangible Net Worth is defined as net worth, plus obligations contractually subordinated to debts owed to Bank, minus goodwill, contract rights, and assets representing claims on stockholders or affiliated entities.
All other conditions of the loan agreement are to remain unchanged including the paragraph beginning Debt to Tangible Net Worth following the section replaced in this addendum.
SIGNATURE PAGE
IN WITNESS WHEREOF, the Bank, Borrower and Guarantor(s) have caused this Agreement to be duly executed under seal all as of the date first above written.
Witness: | BORROWER: | ||
Southeast Power Corporation, a Florida corporation | |||
Xxxx X. Xxxxxxx | By: /s/ Xxxxxxx X. Xxxxxx | ||
Print Name: | /s/ Xxxx X. Xxxxxxx | Xxxxxxx X. Xxxxxx | |
/s/ Xxxx Xxxxxx | Title: Treasurer | ||
Print Name: | Xxxx Xxxxxx | ||
Witness: | GUARANTORS: | ||
The Goldfield Corporation, a Delaware corporation | |||
Xxxx X. Xxxxxxx | By: /s/ Xxxxxxx X. Xxxxxx | ||
Print Name: | /s/ Xxxx X. Xxxxxxx | Xxxxxxx X. Xxxxxx | |
/s/ Xxxx Xxxxxx | Title: Senior Vice President | ||
Print Name: | Xxxx Xxxxxx | ||
Pineapple House of Brevard, Inc., a Florida corporation | |||
Xxxx X. Xxxxxxx | By: /s/ Xxxxxxx X. Xxxxxx | ||
Print Name: | /s/ Xxxx X. Xxxxxxx | Xxxxxxx X. Xxxxxx | |
/s/ Xxxx Xxxxxx | Title: Vice President | ||
Print Name: | Xxxx Xxxxxx | ||
Bayswater Development Corporation, a Florida corporation | |||
Xxxx X. Xxxxxxx | By: /s/ Xxxxxxx X. Xxxxxx | ||
Print Name: | /s/ Xxxx X. Xxxxxxx | Xxxxxxx X. Xxxxxx | |
/s/ Xxxx Xxxxxx | Title: Treasurer | ||
Print Name: | Xxxx Xxxxxx | ||
Witness: | BANK: | ||
Branch Banking and Trust Company | |||
Xxxx X. Xxxxxxx | By: /s/ Xxxxx Xxxxxx | ||
Print Name: | /s/ Xxxx X. Xxxxxxx | ||
/s/ Xxxx Xxxxxx | Name: Xxxxx Xxxxxx | ||
Print Name: | Xxxx Xxxxxx | Title: Sr. Vice President | |
