Company: PDEX
Filing Date: 2025-01-30
Form Type: 10-Q
Source: 0001079973-25-000164
Chunk: 14

Company: PRO DEX INC
Filing Date: 2025-01-30
Form: 10-Q
Item: Item 2
Chunk 14
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     4,450  
     4,551 
  
    Amended Revolving Loan	 
     3,500  
     3,000 
  
    Total notes payable	 
    $16,431  
    $11,956 

Term
Loan A and B both bear interest at a fixed rate of 3.84% per annum, the Property Loan bears interest at a fixed rate of 3.55% per annum
and Term Note C bears interest at an annual rate equal to the greater of (a) 5%, or (b) the SOFR one-month rate plus 2.5% (the
“Adjusted Term SOFR Rate”). The Amended Revolving Loan bears interest at an annual rate
equal to the greater of (a) 4%, or (b) the Adjusted Term SOFR Rate. Term Loan A and Term Loan B are both fully amortizing and mature
on November 1, 2027, Term Loan C is fully amortizing and matures on August 1, 2029, the Property Loan matures on November 1, 2030, at
which time a balloon payment in the principal amount of $3.1 million is due (plus any accrued and unpaid interest), and the Amended Revolving
Loan matures on December 29, 2026.

Any
payment on Term Loan A, Term Loan B, Term Loan C, the Property Loan, or Amended Revolving Loan (collectively, the “Loans”)
not made within seven days after the due date is subject to a late payment fee equal to 5% of the overdue amount. Upon the occurrence
and during the continuance of an event of default under any of the Loans, the interest rate of all Loans will be increased by 3% and MBT
may, at its option, declare all of the Loans immediately due and payable in full. The Loans are secured by substantially all of the Company’s
assets pursuant to a Security Agreement entered into between the Company and MBT. The Property Loan is secured by the Franklin Property
pursuant to a Deed of Trust with Assignment of Leases and Rents, Security Agreement and Fixture Filing in favor of MBT and by an assignment
of Leases and Rents by PDEX Franklin in favor of MBT (collectively, the “Property Loan Security Agreements”).

The
Amended Credit Agreement, Amended Security Agreement, Property Loan Security