EXHIBIT 10.29 NON-RECOURSE LINE OF CREDIT NOTE --------------------------------Non-Recourse Line of Credit Note • March 30th, 2004 • Blonder Tongue Laboratories Inc • Radio & tv broadcasting & communications equipment
FOR VALUE RECEIVED, BLONDER TONGUE LABORATORIES, INC., a Delaware corporation ("Borrower"), promises to pay to the order of ROBERT J. PALLE, Jr. an individual with a principal residence address in the State of New Jersey ("Lender"), at such place as Lender may designate from time to time in writing, the principal sum of NINE HUNDRED FIFTY THOUSAND DOLLARS ($950,000.00), lawful money of the United States of America, or, if less, the outstanding principal balance on all Line of Credit Loans made by Lender pursuant to that certain Loan and Security Agreement of even date herewith by and between Lender and Borrower (as the same may be amended, restated, supplemented or otherwise modified, the "Loan Agreement"), together with interest thereon from the date of each Line of Credit Loan at the rate hereinafter provided and payable as hereinafter provided. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Loan Agreement.
