AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT THIS AGREEMENT is made as of May 1, 1998, by and between CTI Industries Corporation, a Delaware corporation (the "Borrower"), and First American Bank, an Illinois banking corporation (the "Bank")....Loan and Security Agreement • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries
First Term Note Page TwoTerm Note • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries
FOR VALUE RECEIVED, the undersigned, CTI Industries Corporation, a Delaware corporation (the "Borrower"), hereby promises to pay to the order of First American Bank, an Illinois banking corporation (the "Bank"), the principal sum of One Million Seven Hundred Eighty Eight Thousand Three Hundred Twenty Eight and 39/100 Dollars ($1,788,328.39) on May 1, 2002 (or earlier as hereinafter provided), or so much thereof as may be advanced by the Bank and evidenced by this Note under the Amended and Restated Loan and Security Agreement dated May 1, 1998 between the Borrower and the Bank (the "Loan Agreement"), together with interest to maturity (whether by lapse of time, acceleration, or otherwise) on the balance of principal remaining from time to time outstanding at a fixed rate per annum equal to eight and one-quarter percent (8.25%) per annum. Interest shall be calculated on the basis of a 360-day year and actual days.
Exhibit 10.24 THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT This Agreement is made as of September 1, 1998 among CTI Industries Corporation, a Delaware corporation (the "Borrower"), and First American Bank, an Illinois banking...Loan and Security Agreement • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries • Illinois
Revolving Note Page TwoRevolving Note • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries
FOR VALUE RECEIVED, the undersigned, CTI Industries Corporation, a Delaware corporation (the "Borrower"), hereby promises to pay to the order of First American Bank, an Illinois banking corporation (the "Bank"), the principal sum of Four Million Five Hundred Thousand and No/100 Dollars ($4,500,000.00), or so much thereof as may be advanced by the Bank and evidenced by this Note under the Amended and Restated Loan and Security Agreement dated May 1, 1998 between the Borrower and the Bank (the "Loan Agreement"), on May 1, 1999 (or earlier as hereinafter provided), together with interest to maturity (whether by lapse of time, acceleration, or otherwise) on the balance of principal remaining from time to time outstanding at a fluctuating rate per annum equal to one-half of one percent (.5%) per annum over the Prime Rate announced from time to time by the Bank (which may not be the Bank's lowest rate of interest) which shall be adjusted daily when and as the Bank's Prime Rate changes. Inter
THIS INSTRUMENT WAS ) PREPARED BY AND AFTER ) RECORDING RETURN TO: ) Krysha X. Donoso ) First American Bank ) 1650 Louis Avenue ) Elk Grove Village, ) Illinois 60007 ) ) PERMANENT INDEX #: ) 13-21-400-019 ) ) STREET ADDRESS: ) 22222 North Pepper Road...Mortgage • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries • Illinois
FIRST AMENDMENT TO SECOND TERM NOTE Loan No. 600804665-56Second Term Note • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries
Fourth Term Note Page TwoFourth Term Note • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries
FOR VALUE RECEIVED, the undersigned, CTI Industries Corporation, a Delaware corporation (the "Borrower"), hereby promises to pay to the order of First American Bank, an Illinois banking corporation (the "Bank"), the principal sum of One Million Two Hundred Sixty Eight Thousand and No/100 Dollars ($1,268,000.00) on September 1, 2003 (or earlier as hereinafter provided), or so much thereof as may be advanced by the Bank and evidenced by this Note under the Amended and Restated Loan and Security Agreement dated May 1, 1998, between the Borrower and the Bank (the "Loan Agreement"), together with interest to maturity (whether by lapse of time, acceleration, or otherwise) on the balance of principal remaining from time to time outstanding at a rate per annum equal to eight and one-quarter percent (8.25%). Interest shall be calculated on the basis of a 360-day year and actual days.
Third Term Note Page TwoThird Term Note • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries
FOR VALUE RECEIVED, the undersigned, CTI Industries Corporation, a Delaware corporation (the "Borrower"), hereby promises to pay to the order of First American Bank, an Illinois banking corporation (the "Bank"), the principal sum of Two Million Two Hundred Fifty Eight Thousand and No/100 Dollars ($2,258,000.00) on August 1, 2003 (or earlier as hereinafter provided), or so much thereof as may be advanced by the Bank and evidenced by this Note under the Amended and Restated Loan and Security Agreement dated May 1, 1998 between the Borrower and the Bank (the "Loan Agreement"), together with interest to maturity (whether by lapse of time, acceleration, or otherwise) on the balance of principal remaining from time to time outstanding at a fixed rate per annum equal to eight and one-quarter percent (8.25%) per annum. Interest shall be calculated on the basis of a 360-day year and actual days.
GUARANTYGuaranty • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries
FIRST AMENDMENT TO THIRD TERM NOTE Loan No. 600804665-64First Amendment to Third Term Note • February 16th, 1999 • Cti Industries Corp • Miscellaneous manufacturing industries
