Date of Report (Date of earliest event reported): October 14, 2015
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Blonder Tongue Laboratories, Inc.
(Exact Name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of incorporation)
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1-14120
(Commission File Number)
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52-1611421
(I.R.S. Employer Identification No.)
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One Jake Brown Road, Old Bridge, New Jersey 08857
(Address of principal executive offices) (Zip Code)
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Registrant’s telephone number, including area code: (732) 679-4000
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Not Applicable
(Former name or former address, if changed since last report)
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(a)
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Not applicable
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(b)
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Not applicable
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(c)
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Not applicable
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(d)
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The following exhibits are filed herewith:
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Exhibit 99.1
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Tenth Amendment to Revolving Credit, Term Loan and Security Agreement, dated October 14, 2015, between Santander Bank, N.A. and Blonder Tongue Laboratories, Inc. and R. L. Drake Holdings, LLC.
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Exhibit No.
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Description
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Exhibit 99.1
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Tenth Amendment to Revolving Credit, Term Loan and Security Agreement, dated October 14, 2015, between Santander Bank, N.A. and Blonder Tongue Laboratories, Inc. and R. L. Drake Holdings, LLC.
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1)
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ACKNOWLEDGMENT OF BALANCE. The Borrower acknowledges that the most recent statement of account sent to the Borrower with respect to the Obligations is correct.
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2)
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MODIFICATIONS. The Loan Agreement be and hereby is modified as follows:
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(A)
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The following definition in Section 1.2 of the Loan Agreement is hereby deleted, and is replaced to read as follows:
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(B)
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The following definitions are hereby added to Section 1.2 of the Loan Agreement to read as follows:
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3)
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TEMPORARY ADVANCE RATE INCREASE. During the Additional Availability Period, the Inventory Advance Rate set forth in Subsection 2.1(a)(ii) of the Loan Agreement will be increased to 35%, reverting back to 25% immediately upon the expiration of such Additional Availability Period. In further clarification of the foregoing, upon the expiration of the Additional Availability Period, the Inventory Advance Rate will be 25%.
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4)
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ACKNOWLEDGMENTS. The Borrower acknowledges and represents that:
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5)
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PRECONDITIONS. As a precondition to the effectiveness of any of the modifications, consents, or waivers contained herein, the Borrower agrees to:
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6)
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MISCELLANEOUS. This Agreement shall be construed in accordance with and governed by the laws of the State of New Jersey, without reference to that state’s conflicts of law principles. This Agreement and the Other Documents constitute the sole agreement of the parties with respect to the subject matter thereof and supersede all oral negotiations and prior writings with respect to the subject matter thereof. No amendment of this Agreement, and no waiver of any one or more of the provisions hereof shall be effective unless set forth in writing and signed by the parties hereto. The illegality, unenforceability or inconsistency of any provision of this Agreement shall not in any way affect or impair the legality, enforceability or consistency of the remaining provisions of this Agreement or the Other Documents. This Agreement and the Other Documents are intended to be consistent. However, in the event of any inconsistencies among this Agreement and any of the Other Documents, the terms of this Agreement, then the Loan Agreement shall control. This Agreement may be executed in any number of counterparts and by the different parties on separate counterparts. Each such counterpart shall be deemed an original, but all such counterparts shall together constitute one and the same agreement.
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7)
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DEFINITIONS. The terms used herein and not otherwise defined or modified herein shall have the meanings ascribed to them in the Loan Agreement. The terms used herein and not otherwise defined or modified herein or defined in the Loan Agreement shall have the meanings ascribed to them by the Uniform Commercial Code as enacted in New Jersey.
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ATTEST:
By: /s/ Eric Skolnik
Name: ERIC SKOLNIK
Title: Assistant Secretary
WITNESS:
By: /s/ Eric Skolnik
Name: ERIC SKOLNIK
Title: Secretary
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BLONDER TONGUE LABORATORIES, INC.
By: /s/ Robert J. Pallé
Name: ROBERT J. PALLÉ
Title: Chief Executive Officer
R. L. DRAKE HOLDINGS, LLC
By: /s/ Robert J. Pallé
Name: ROBERT J. PALLÉ
Title: President
SANTANDER BANK, N.A.,
(formerly known as Sovereign Bank, N.A.),
as Lender and as Agent
By: /s/ John R. Giangrossi
Name: JOHN R. GIANGROSSI
Title: Vice President
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