Document:

exhibit10-1.htm

Exhibit 10.1

 

	 

 

Amendment to 

Loan Agreement

 

	Borrowers:	       	CalAmp Corp., a Delaware corporation
	 	 	CalAmp Products, Inc., a Delaware corporation
	 	 	CalAmp Wireless Networks Corporation (formerly Dataradio
	 	 	Corporation), a Delaware corporation
	 	 	  
	Address:	 	1401 N. Rice Avenue
	 	 	Oxnard, California 93030
	 	 	  
	Date:	 	August 15, 2011

    THIS AMENDMENT TO LOAN AGREEMENT is entered into between SQUARE 1 BANK (“Lender”) and the borrower named above (“Borrower”).

 

    The Parties agree to amend the Loan and Security Agreement between them, dated December 22, 2009 (as amended, the “Loan Agreement”), as follows, effective as of the date hereof. (Capitalized terms used but not defined in this Amendment, shall have the meanings set forth in the Loan Agreement.)

 

    1. Credit Limit; New Term Loan. The portion of Section 1 of the Schedule to the Loan Agreement, which presently reads as follows:

 

	                	“1.	       	
Credit Limit (Section 1.1): An amount not to exceed the lesser of (a) and (b) below:

	   
	 	 	 	 	 
	 	 	 	“(a)	        	
a total of $12,000,000 at any one time outstanding (the “Maximum Credit Limit”); or

	 
	 	 	 	 	 	 	 
	 	 	 	“(b)	 	
85% (an “Advance Rate”) of the amount of Borrower’s Eligible Accounts (as defined in Section 8 above).

	 

“Lender may, from time to time, adjust the Advance Rate, in its Good Faith Business Judgment, upon notice to the Borrower, based on changes in collection experience with respect to Accounts, or other issues or factors relating to the Accounts or other Collateral or Borrower. In Lender’s discretion Loans may be made separately to each Borrower based on the Eligible Accounts of each Borrower.”

 

-1-

 

 

	Amendment to Loan Agreement     

is hereby amended to read as follows:

 

“The ‘Credit Limit’ shall be an amount equal to the combined maximum amount of the Term Loan and the Revolving Loans set forth below.

 

	                        	“(a)	       	
Revolving Loans. The Revolving Loans shall be in an amount up to the lesser of the following:

	   
	 	 	 
	 	 	 	“(i)	       	
An amount equal to $12,000,000 minus the unpaid principal balance of the Term Loan from time to time outstanding; or

	 
	 	 	 	 	 	 	 
	 	 	 	“(ii)	 	
85% (the ‘Advance Rate’) of the amount of Borrower’s Eligible Accounts (as defined in Section 8 above).

	 

“Lender may, from time to time, adjust the Advance Rate, in its Good Faith Business Judgment, upon notice to the Borrower, based on changes in collection experience with respect to Accounts, or other issues or factors relating to the Accounts or other Collateral or Borrower. In Lender’s discretion Revolving Loans may be made separately to each Borrower based on the Eligible Accounts of each Borrower.

 

	                         	“(b)	       	Term Loan.	   
	 	 	  	 	 
	 	 	 	“(i)	       	
Term Loan Amount; Disbursement. The Term Loan shall be in the original principal amount of $3,000,000, and, subject to the terms and conditions in this Agreement, shall be disbursed to the Borrower, in one disbursement, on or about August 15, 2011, provided that disbursement of the Term Loan is conditioned on the Subordinated Debt being concurrently paid in full.

	 
	 	 	 	 	 	   	 
	 	 	 	“(ii)	 	
Principal Payments. The principal of the Term Loan shall be repaid in monthly principal payments of $100,000 each, commencing on April 1, 2012, and continuing on the first day of each month thereafter until the Maturity Date (as defined below), on which date the entire unpaid principal balance of the Term Loan and all accrued and unpaid interest thereon shall be due and payable.

	 

-2-

 

 

	Amendment to Loan Agreement     

	                                    	“(iii)	       	
Interest Payments. Accrued interest on the Term Loan shall be paid monthly as provided in Section 1.2 of this Loan Agreement.”

	   

    2. Reduction in Interest Rate. The portion of Section 2 of the Schedule to the Loan Agreement, which presently reads as follows:

 

“A rate equal to the Prime Rate in effect from time to time, plus 2% per annum, provided that the interest rate in effect on any day shall not be less than 6% per annum, and provided that interest in each month shall not be less than $20,000.”

 

is hereby amended to read as follows:

 

“A rate equal to the Prime Rate in effect from time to time, plus 1% per annum.”

 

    3. Increase in Permitted Other Investments. Clause (ix) of the definition of “Permitted Investments” in Section 8 of the Loan Agreement, which presently reads as follows:

 

“(xi) other Investments not exceeding $100,000 in the aggregate at any one time.”

 

is hereby amended to reads as follows:

 

“(xi) other Investments not exceeding $1,000,000 in the aggregate at any one time.”

 

    4. New Maturity Date. Section 4 of the Schedule to the Loan Agreement is amended to read as follows:

 

“4. Maturity Date (Section 6.1): August 15, 2014.”

 

    5. Modification to Minimum EBITDA Covenant. The portion of Section 5 of the Schedule to the Loan Agreement, which presently reads as follows:

 

	Six Months Ending	Minimum EBITDA	   
	3/26/2011	$1,500,000	 
	4/23/2011	$1,500,000	 
	5/28/2011	$1,500,000	 
	6/25/2011	$1,500,000	 
	7/23/2011	$1,500,000	 

-3-

 

 

	Amendment to Loan Agreement     

	8/27/2011	$2,000,000	   
	9/24/2011	$2,000,000	 
	10/22/2011	$2,000,000	 
	11/26/2011	$2,000,000	 
	12/24/2011	$2,000,000	 
	1/21/2012	$2,000,000	 
	2/25/2012	$2,000,000	 

is hereby amended to read as follows:

 

	Six Months Ending	Minimum EBITDA	   
	3/26/2011	$1,500,000	 
	4/23/2011	$1,500,000	 
	5/28/2011	$1,500,000	 
	6/25/2011	$1,500,000	 
	7/23/2011	$2,500,000	 
	8/27/2011	$2,500,000	 
	9/24/2011	$2,500,000	 
	10/22/2011	$2,500,000	 
	11/26/2011	$2,500,000	 
	12/24/2011	$2,500,000	 
	1/21/2012	$2,500,000	 
	2/25/2012	$2,500,000	 

    6. Addition of Debt Service Coverage Ratio Covenant. The following is added to the end of Section 5 of the Schedule to the Loan Agreement:

 

“In addition to the covenants set forth above, Borrower shall maintain a Debt Service Coverage Ratio of not less than 1.50 to 1.00 for each twelvemonth period ending at the end of each fiscal month, commencing with the twelve-month period ending August 27, 2011 and continuing with the twelve-month period ending September 24, 2011 and each twelve-month period ending at the end of each fiscal month thereafter (collectively, the ‘Applicable Periods’).

 

“As used herein, ‘Debt Service Coverage Ratio’ means the ratio of

 

-4-

 

 

	Amendment to Loan Agreement     

“(i) Borrower’s EBITDA for the Applicable Period, minus Borrower’s capital expenditures actually made (other than capital expenditures which are financed) for the Applicable Period,

 

“TO

 

“(ii) the sum of (A) the Term Loan principal payments falling due in the next 12 months following the end of the Applicable Period, plus (B) interest on the Revolving Loans and the Term Loan for the Applicable Period.”

 

    7. Conforming Amendments.

 

       7.1 Section 1.1 of the Loan Agreement is amended to read as follows:

 

“1.1 Loans. Lender will make loans to Borrower (the ‘Loans’), in the amounts (the ‘Credit Limit’) shown on the Schedule, consisting of a Term Loan (the ‘Term Loan’) and Revolving Loans (the ‘Revolving Loans’), subject to the provisions of this Agreement and subject to, in the case of the Revolving Loans, deduction of Reserves for accrued interest and such other Reserves as Lender deems proper from time to time in its Good Faith Business Judgment.”

 

       7.2 References in Sections 1.6, 4.1, and 4.4 of the Loan Agreement to “Loans” shall be deemed to refer to “Revolving Loans”.

 

       7.3 The portion of Section 1.2 of the Loan Agreement, which presently reads “Accrued interest shall be payable monthly, on the last day of the month . . .” is amended to read as follows:

 

“Accrued interest for each month shall be payable monthly, on the first day of the following month . . .”

 

    8. Permitted Subordinated Debt Payments. Lender consents to Borrower making principal payments on Subordinated Debt in the total amount of $5,000,000, plus accrued interest, prior to, or concurrently with the disbursement of the Term Loan.

 

    9. Fee. In consideration for Lender entering into this Amendment, Borrower shall concurrently pay Lender a fee in the amount of $60,000, which shall be non-refundable and in addition to all interest and other fees payable to Lender under the Loan Documents. Lender is authorized to charge said fee to Borrower’s loan account or any of Borrower’s deposit accounts with Lender.

 

    10. Representations True. Borrower represents and warrants to Lender that all representations and warranties set forth in the Loan Agreement, as amended hereby, are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date.

 

    11. General Release. In consideration for Lender entering into this Amendment, Borrower hereby irrevocably releases and forever discharges Lender, and its successors, assigns, agents, shareholders, directors, officers, employees, agents, attorneys, parent corporations, subsidiary corporations, affiliated corporations, affiliates, participants, and each of them (collectively, the “Releasees”), from any and all claims, debts, liabilities, demands, obligations, costs, expenses, actions and causes of action, of every nature and description, known and unknown, which Borrower now has or at any time may hold, by reason of any matter, cause or thing occurred, done, omitted or suffered to be done prior to the date of this Amendment (collectively, the “Released Claims”). Borrower hereby irrevocably waives the benefits of any and all statutes and rules of law to the extent the same provide in substance that a general release does not extend to claims which the creditor does not know or suspect to exist in its favor at the time of executing the release, and Borrower irrevocably waives any benefits it may have under California Civil Code Section 1542 which provides: "A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. Borrower represents and warrants that it has not assigned to any other Person any Released Claim, and agrees to indemnify Lender against any and all actions, demands, obligations, causes of action, decrees, awards, claims, liabilities, losses and costs, including but not limited to reasonable attorneys' fees of counsel of Lender’s choice and costs, which Lender may sustain or incur as a result of a breach or purported breach of the foregoing representation and warranty.

 

-5-

 

 

	
Amendment to Loan Agreement      

 

     12. Governing Law; Jurisdiction; Venue. This Amendment and all acts, transactions, disputes and controversies arising hereunder or relating hereto, and all rights and obligations of the parties shall be governed by, and construed in accordance with, the internal laws (and not the conflict of laws rules) of the State of California. All disputes, controversies, claims, actions and other proceedings involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Amendment or the relationship between Borrower and Lender, and any and all other claims of Borrower against Lender of any kind, shall be brought only in a court located in Los Angeles County, California, and each party consents to the jurisdiction of any such court and the referee referred to in Section 9.20 of the Loan Agreement, and waives any and all rights the party may have to object to the jurisdiction of any such court, or to transfer or change the venue of any such action or proceeding, including, without limitation, any objection to venue or request for change in venue based on the doctrine of forum non conveniens; provided that, notwithstanding the foregoing, nothing herein shall limit the right of Lender to bring proceedings against Borrower in the courts of any other jurisdiction. Borrower consents to service of process in any action or proceeding brought against it by Lender, by personal delivery, or by mail addressed as set forth in the Loan Agreement or by any other method permitted by law. 

 

     13. Dispute Resolution. The provisions of Section 9.20 of the Loan Agreement relating to dispute resolution shall apply to this Amendment, and the terms thereof are incorporated herein by this reference. 

 

     14. General Provisions. This Amendment, the Loan Agreement, any prior written amendments to the Loan Agreement signed by Lender and Borrower, and the other written documents and agreements between Lender and Borrower set forth in full all of the representations and agreements of the parties with respect to the subject matter hereof and supersede all prior discussions, representations, agreements and understandings between the parties with respect to the subject hereof. Except as herein expressly amended, all of the terms and provisions of the Loan Agreement, and all other documents and agreements between Lender and Borrower shall continue in full force and effect and the same are hereby ratified and confirmed.

 

-6- 

 

 

	
Amendment to Loan Agreement     

 

     15. Mutual Waiver of Jury Trial. LENDER AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT IT MAY BE WAIVED. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AMENDMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY LENDER OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. IF FOR ANY REASON THE PROVISIONS OF THIS SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY OTHER TERM OR PROVISION OF THIS AMENDMENT, AND ALL OTHER TERMS AND PROVISIONS OF THIS AMENDMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE IN FULL FORCE AND EFFECT. 

 

[Signatures on Next Page] 

 

 

 

 

 

-7- 

 

 

	
Amendment to Loan Agreement     

 

Borrowers: 

 

	CalAmp Corp.	     	CalAmp Products, Inc.
	 	 	 	 
	By	/s/ Richard Vitelle	 	 	By	/s/ Garo Sarkissian	 
	Name   	Richard Vitelle	 	 	Name   	Garo Sarkissian	 
	Title	VP Finance & CFO	 	 	Title	Vice President	 
	 	 	 	 	 	 	 
	
CalAmp Wireless Networks Corporation 

	 	 	 	 
	  	 	 	 	 
	 	  	 	 	 	 	 
	By	/s/ Garo Sarkissian	 	 	 	 	 
	Name	Garo Sarkissian	 	 	 	 	 
	Title	Vice President	 	 	 	 	 
	 	 	 	 	 
	
Lender: 

	 	 	 	 
	 	 	 	 	 
	
Square 1 Bank

	 	 	 	 
	  	 	 	 	 
	  	 	 	 	 
	By	/s/ Richard Suhl	 	 	 	 	 
	Title	S.V.P.	 	 	 	 	 

 

-8-f8k0811ex10i_oneliberty.htm

Exhibit 10.1

 

SECOND AMENDMENT TO SECOND AMENDED

 

AND RESTATED LOAN AGREEMENT

 

This is a Second Amendment to Second Amended and Restated Loan Agreement (this “Second Amendment”) dated as of the 5th day of August, 2011, between VNB New York Corp., as assignee of Valley National Bank, Merchants Bank Division (“VNB”), a New York corporation having an office at 275 Madison Avenue, New York, NY 10016, Bank Leumi USA (“Leumi”), having an office at 562 Fifth Avenue, New York, New York 10036, Israel Discount Bank of New York (“IDB”), having an office at 511 Fifth Avenue, New York, New York 10017, Manufacturers and Traders Trust Company (“M&T”), having an office at 350 Park Avenue, New York, New York 10017 and One Liberty Properties, Inc., a Maryland corporation, having its principal place of business at 60 Cutter Mill Road, Suite 303, Great Neck, New York 11021 (the “Borrower”). Capitalized terms not otherwise defined in this Second Amendment shall have the meanings ascribed to them in the Loan Agreement (as defined below).

 

WHEREAS, Lender and Borrower entered into a certain Second Amended and Restated Loan Agreement made as of the 31st day of March, 2010 (the “Loan Agreement”) as amended from time to time;

 

WHEREAS, Lender and Borrower wish to supplement and amend the Loan Agreement by modifying (i) the applicable interest rate floor; and (ii) the calculation of Required Balances all upon the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, it is agreed as follows:

 

1. Section 1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of the term “Floating Rate” and replacing it with the following:

 

“Floating Rate” means a rate of interest equal to the Prime Rate plus the Applicable Margin.  Notwithstanding anything contained herein to the contrary, the Floating Rate shall never be less than five and one-half  (5 1⁄2%) percent per annum.”

 

2. Section 1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of the term “LIBOR Based Rate” and replacing it with the following:

 

“LIBOR Based Rate” means a rate of interest on the Libor Rate Loans equal to the Adjusted LIBOR Rate plus the Applicable Margin.  Notwithstanding anything contained herein to the contrary, the LIBOR Based Rate shall never be less than five and one-half (5 1⁄2%) percent per annum.

 

3. Section 2.09 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

  

1

  

 

Section 2.09. “Required Balances.  The Borrower and/or Guarantors and/or their respective Affiliates shall maintain annual average collected deposit balances of at least ten percent (10%) of each Lender’s Commitment (the “Required Balances”).  In the event that the Borrower and/or Guarantors and/or their respective Affiliates maintain the collected demand deposit balances with each Lender in accordance with Schedule 2.09, the remainder of the Required Balances requirement may be met with money market accounts and certificates of deposit (balances held in certificates of deposit will be calculated at 50% of their face value and money market accounts at 100% at their face value).  In the event that the Borrower and/or the Guarantors and/or their respective Affiliates fail to maintain such Required Balances, as sole remedy for such failure, the Borrower shall pay to each Lender a deficiency fee equal to four percent (4%) per annum of the difference between the Required Balances and the actual balances maintained by the Borrower and/or the Guarantors and/or their respective Affiliates, payable on each anniversary of the date of this Agreement in arrears.

 

4. Schedule 2.09 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

SCHEDULE 2.09

 

REQUIRED BALANCES

 

(Demand Deposit Amounts)

 

	
VNB NEW YORK CORP./VALLEY NATIONAL BANK

	
$1,000,000.00

	
BANK LEUMI USA

	
$375,000.00

	
ISRAEL DISCOUNT BANK OF NEW YORK

	
$375,000.00

	
MANUFACTURERS AND TRADERS TRUST COMPANY

	
$1,000,000.00

 

5. The effectiveness of this Second Amendment shall be expressly subject to receipt by the Lender of the following items:

 

	
(a)  

	
a fully executed Second Amendment;

 

	
(b)  

	
payment of all costs and expenses incurred by the Lender;

 

	
(c)  

	
payment to the Lender’s counsel for fees and expenses in connection with the preparation, negotiation and execution of this Second Amendment; and

 

	
(d)  

	
such other agreements and instruments as the Lender reasonably deems necessary to carry out the terms and provisions of this Second Amendment.

 

  

2

  

 

6. All terms and conditions of the Loan Agreement, except as modified by this agreement are hereby affirmed and ratified.

 

7. Borrower hereby represents and warrants that:

 

	
(a)  

	
Except as set forth on the attached schedules, any and all of the representations, warranties and schedules contained in the Loan Agreement or any of the other Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of such date;

 

	
(b)  

	
Except as otherwise expressly disclosed to Lender in writing by Borrower, no event has occurred and is continuing which constitutes an Event of Default under the Loan Agreement or under any of the other Loan Documents or which upon the giving of notice or the lapse of time or both would constitute an Event of Default;

 

	
(c)  

	
As of the date hereof and after giving effect to the provisions set forth in Section 6 hereof, it is legally, validly and enforceably indebted to VNB under its Revolving Credit Note in the principal amount of $2,545,364.00, to M&T under its Revolving Credit Note in the principal amount of $2,545,364.00, to Leumi under its Revolving Credit Note in the principal amount of $954,636.00, to IDB under its Revolving Credit Note in the principal amount of $954,636.00, all of which amounts are due without offset, claim, defense, counterclaim or right of recoupment; and

 

	
(d)  

	
Borrower and each Guarantor hereby release and discharge Lender from all claims or liabilities in any way arising from or in any way connected with the Loan Agreement or the Loan Documents to the extent arising through the date of execution hereof.

 

8.  This Second Amendment shall be governed and construed in accordance with the laws of the State of New York.

 

9. No modification or waiver of or with respect to any provisions of this Second Amendment and all other agreements, instruments and documents delivered pursuant hereto or thereto, nor consent to any departure by the Lender from any of the terms or conditions thereof, shall in any event be effective unless it shall be in writing and executed in accordance with the provisions of the Loan Agreement, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  No consent to or demand on the Borrower or any Guarantor in any case shall, of itself, entitle it, him or her to any other or further notice or demand in similar or other circumstances.

 

  

3

  

 

10. The provisions of this Second Amendment are severable, and if any clause or provision shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision in the Second Amendment in any jurisdiction.

 

11. This Second Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

12. This Second Amendment shall be binding upon and inure to the benefit of the Borrower and its successors and to the benefit of the Lender and its successors and assigns.  The rights and obligations of the Borrower under this Second Amendment shall not be assigned or delegated without the prior written consent of the Lender, and any purported assignment or delegation without such consent shall be void.

 

[Signature pages to follow.]

 

  

4

  

 

IN WITNESS WHEREOF, the parties have set their hands hereto effective as of August 5, 2011.

BORROWER:

ONE LIBERTY PROPERTIES, INC.

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

GUARANTORS:

OLP BATAVIA, INC.

 

 

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP COLUMBUS, INC.

 

 

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

 

 

OLP NEWARK LLC

By: One Liberty Properties, Inc., its sole member

 

 

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP-OD LLC

By: One Liberty Properties, Inc., its sole member

By: /s Mark H. Lundy

Mark H. Lundy, Senior Vice President

 

  

5

  

 

OLP EUGENE LLC

By: OLP-OD LLC, its sole member

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP TEXAS, INC.

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP PALM BEACH, INC.

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP SUNLAND PARK DRIVE LLC

By: OLP-OD LLC, its sole member

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP VETERANS HIGHWAY LLC

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP NAPLES LLC

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

 

  

6

  

 

OLP MIAMI SPRINGS LLC

By: OLP-OD LLC, its sole member

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP PENSACOLA LLC

By: OLP-OD LLC, its sole member

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP KENNESAW LLC

By: OLP-OD LLC, its sole member

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP CHICAGO LLC

By: OLP-OD LLC, its sole member

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP CARY LLC

By: OLP-OD LLC, its sole member

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

 

  

7

  

 

OLP ONALASKA LLC

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP SOUTH HIGHWAY HOUSTON, INC.

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP NEW HYDE PARK, INC.

By: /s/ Mark H, Lundy

Mark H. Lundy, Senior Vice President

OLP PLANO I L.P.

By: OLP Plano, Inc, general partner

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP MONROEVILLE L.P.

By: OLP PA Monroeville LLC, general partner

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP PAWENDY L.P.

By: OLP Pawendy I LLC, general partner

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

 

  

8

  

 

OLP ISLAND PARK LLC

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP HOUSTON GUITARS LLC

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP Farmington Avenue CT LLC

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP Boling Brook  LLC

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP El Paso I L.P.

By: OLP El Paso, Inc, general partner

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

OLP Durham, LLC

By: One Liberty Properties, Inc., its sole member

By: /s/ Mark H. Lundy

Mark H. Lundy, Senior Vice President

  

9

  

 

LENDERS:

VNB NEW YORK CORP.

 

By: /s/ Andrew Baron

Name:  Andrew Baron

Title:    First Vice President

BANK LEUMI USA

By: /s/ Cynthia C. Wilbur

Name:  Cynthia C. Wilbur

Title:    Vice President

ISRAEL DISCOUNT BANK OF NEW YORK

 

By:/s/ Marc G. Cooper

     Name: Marc G. Cooper

     Title:   First Vice President

By:/s/ Eileen Healy

      Name: Eileen Healy

      Title:   Vice President

MANUFACTURERS AND TRADERS

TRUST COMPANY

By: /s/ Shawn M. Field

Name: Shawn M. Field

Title:   Asst Vice President

 

 

 

10

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