FORBEARANCE AND MODIFICATION AGREEMENTForbearance and Modification Agreement • June 4th, 2014 • Techprecision Corp • Fabricated structural metal products
This Forbearance and Modification Agreement (this “Agreement") is made as of May 30, 2014 by and among Ranor, Inc., a Delaware corporation, having a place of business and mailing address of 1 Bella Drive, Westminster, MA 01473-1058 (the “Borrower”), TechPrecision Corporation, a Delaware corporation, having a place of business and mailing address of 3477 Corporate Parkway - Suite 140, Center Valley, PA 18034 (the "Guarantor”) and Santander Bank, N.A. (formerly known as Sovereign Bank), a national banking association, with a place of business at 75 State Street, Boston, MA 02109 (the "Lender").
LOAN AND SECURITY AGREEMENTLoan and Security Agreement • June 4th, 2014 • Techprecision Corp • Fabricated structural metal products • Michigan
This Agreement dated as of May 30, 2014, is an agreement between UTICA LEASECO, LLC, a Florida limited liability company, with offices at 44225 Utica Road, Utica, Michigan 48317 (“Lender”), and RANOR, INC., a Delaware corporation, with offices at 1 Bella Drive, Westminster, Massachusetts 01473 (“Borrower”). In this Agreement, Lender and Borrower are collectively the “Parties”. The Borrower and any person who guarantees the obligations of Borrower (each a “Guarantor”) are individually and collectively an “Obligor”.
CREDIT LOAN NOTE Due Date: November 30, 2018 Dated: May 30, 2014Techprecision Corp • June 4th, 2014 • Fabricated structural metal products
FOR VALUE RECEIVED, the undersigned ("Borrower), promises to pay to the order of UTICA LEASECO, LLC, a Florida limited liability company (the "Lender"), at its office at 44225 Utica Road, Utica, Michigan 48317, or at such other place as Lender may designate in writing, the principal sum of Four Million One Hundred Fifty Thousand and No/100 ($4,150,000.00) Dollars, or such lesser sum as shall have been advanced by Lender to Borrower pursuant to that certain Loan and Security Agreement dated as of May 28, 2014, between Borrower and Lender (which, together with all amendments and modifications thereof, is hereinafter referred to as the "Loan Agreement"), plus interest as hereinafter provided, all lawful money of the United States of America, in accordance with the terms hereof. Capitalized terms not defined herein have the meanings assigned to them in the Loan Agreement.
