Document:

ex_321680.htm

Exhibit 10.1

 

JOINDER AND SECOND AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

THIS JOINDER AND SECOND AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (the “Amendment”) is effective as of December 30, 2021 (“Effective Date”), by and between INTEST CORPORATION, a Delaware corporation, (“Borrower”), AMBRELL CORPORATION, a Delaware corporation, INTEST SILICON VALLEY CORPORATION, a Delaware corporation, INTEST EMS, LLC, a Delaware limited liability company, TEMPTRONIC CORPORATION, a Delaware corporation, VIDEOLOGY IMAGING CORPORATION, a Delaware corporation (individually and collectively, jointly and severally, the “Original Guarantors”), ACCULOGIC LTD., a Delaware corporation (“Acculogic US”) and ACCULOGIC INC., an Ontario corporation (“Acculogic CAN” and together with Acculogic US and Original Guarantors, individually and collectively, jointly and severally, the “Guarantors”) and M&T Bank (together with its successors and assigns, “Bank”).

 

BACKGROUND

 

A.    Borrower, Original Guarantors and Bank have previously entered into a certain Amended and Restated Loan and Security Agreement dated October 15, 2021, as amended by that certain Joinder and Amendment to Amended and Restated Loan and Security Agreement dated October 28, 2021 (as amended and as it may be further amended, supplemented or restated from time to time, the “Loan Agreement”), pursuant to which, inter alia, Bank agreed to extend to Borrower certain credit facilities subject to the terms and conditions set forth therein.

 

B.    Borrower has requested and Bank has agreed to amend the terms of the Loan Agreement in accordance with the terms and conditions hereof.

 

C.    Capitalized terms used herein and not otherwise defined in this Amendment shall have the meanings set forth therefor in the Loan Agreement.

 

NOW THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.    Approval of Acculogic Acquisition as a Permitted Acquisition under the Term Loan. Borrower has requested and Bank has agreed to approve Borrower’s acquisition of Acculogic US and Acculogic CAN (“Acculogic Acquisition”) as a Permitted Acquisition under the Term Loan. Acculogic will be holding the assets (including equity interests) acquired through the Acculogic Acquisition.

 

2.    Joinder. Acculogic US and Acculogic CAN each hereby agree that (a) effective as of the date hereof, it is hereby and shall be deemed to be a Guarantor under the Loan Agreement, Surety Agreement and all other Loan Documents to which Original Guarantors are parties, and (b) from the date hereof until payment in full of the Obligations and termination of the Loan Agreement, Acculogic US and Acculogic CAN have each assumed the obligations of a Guarantor under, and Acculogic US and Acculogic CAN shall each perform, comply with and be subject to and bound by, jointly and severally with each of the Original Guarantors, each of the terms, provisions, conditions and waivers of the Loan Agreement, Surety Agreement and other Loan Documents which are stated to apply to or are made by a Guarantor, to the same extent as it were an original signatory thereto. Without limiting the generality of the foregoing, Acculogic US and Acculogic CAN each hereby represents and warrants to Bank that (x) each representation made by Original Guarantors in the Loan Agreement are true and correct as to Acculogic US and Acculogic CAN on and as of the date hereof, and (y) Acculogic US and Acculogic Can have each heretofore received a true and correct copy of the Loan Agreement, Surety Agreement and other Loan Documents as in effect on the date hereof.

 

 

 

 

3.    Amended Definitions. The following defined terms in Section 1.1 of the Loan Agreement are hereby amended and restated in their entirety to read as follows:

 

“Base Rate means the greater of the (i) rate of interest announced by the Bank each day as its Prime Rate or (ii) the Federal Funds Effective Rate plus one-half of one percent (1⁄2%) per annum or (iii) SOFR plus one percent (1%) per annum. Notwithstanding anything to the contrary herein, to the extent the Prime Rate or Federal Funds Effective Rate shall, at any time, be less than zero percent (0.00%), the Prime Rate or Federal Funds Effective Rate, as applicable, shall be deemed to be zero percent (0.00%) for purposes hereof.”

 

“Guarantor means Ambrell Corporation, a Delaware corporation, inTEST Silicon Valley Corporation, a Delaware corporation, inTEST EMS, LLC, a Delaware limited liability company, Temptronic Corporation, a Delaware corporation, and Videology Imaging Corporation, a Delaware corporation, individually, and Guarantors means Ambrell Corporation, a Delaware corporation, inTEST Silicon Valley Corporation, a Delaware corporation, inTEST EMS, LLC, a Delaware limited liability company, Temptronic Corporation, a Delaware corporation, Videology Imaging Corporation, a Delaware corporation, Acculogic Ltd., a Delaware corporation, and Acculogic Inc., an Ontario corporation, collectively, and their respective successors and assigns.”

 

4.    FEIN. Section 10.22 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

“10.22 FEIN. The FEIN and state organizational number of each Obligor is:

 

	
			NAME

				
			Tax ID/FEIN Number

				
			Government/State Organizational Number

				
			State of Incorporation

			
	
			inTEST Corporation

				
			22-2370659

				
			2726308

				
			Delaware

			
	
			Ambrell Corporation

				
			16-1271448

				
			5695927

				
			Delaware

			
	
			inTEST Silicon Valley Corporation

				
			94-3043339

				
			2916520

				
			Delaware

			
	
			inTEST EMS, LLC

				
			83-2411891

				
			7130712

				
			Delaware

			
	
			Temptronic Corporation

				
			52-2222202

				
			3142413

				
			Delaware

			
	
			Videology Imaging Corporation

				
			87-2955379

				
			6283703

				
			Delaware

			
	
			Acculogic Ltd.

				
			26-0789538

				
			4083653

				
			Delaware

			
	
			Acculogic Inc.

				 	
			1000061234

				
			Ontario

			

 

-2-

 

 

5.    Amended and Restated Term Note. Coincident with the execution of this Amendment, Borrower shall execute and deliver to Bank a (i) Delayed Draw Term Note 1B in the original principal amount of $8,500,000 (“Term Note 1B”) and (ii) Second Amended and Restated Delayed Draw Term Note 1A in the original principal amount of $4,500,000 (“Amended and Restated Note”). Term Note 1B and Amended and Restated Note shall be in form and content acceptable to Bank and the Amended and Restated Note shall re-evidence the existing indebtedness of Borrower to Bank under that certain Amended and Restated Delayed Draw Term Note 1A in the original principal amount of $13,000,000 and dated October 28, 2021 (each a “Prior Note”). All references to the Term Notes in the Loan Agreement and other Loan Documents shall be deemed to be references to Term Note 1B and Amended and Restated Note. The parties hereby expressly acknowledge and agree that the Amended and Restated Note merely re-evidences the indebtedness evidenced by the Prior Note and is given in substitution of and not as payment of the Prior Note.

 

6.    Updated Schedules. The Schedules to the Loan Agreement are hereby amended and replaced, in its entirety, with Schedules attached hereto as Exhibit A.

 

7.    Confirmation of Collateral. Nothing contained herein shall be deemed to be a compromise, satisfaction, accord and satisfaction, novation or release of any of the Loan Documents, or any rights or obligations thereunder, or a waiver by Bank of any of its rights under the Loan Documents or at law or in equity. All liens, security interests, rights and remedies granted to Bank in the Loan Documents are hereby ratified, confirmed and continued.

 

8.    Covenants, Representations and Warranties. Borrower and Guarantors (as applicable to itself) hereby:

 

8.1    ratifies, confirms and agrees that the Loan Agreement, as amended by this Amendment, and all other Loan Documents are valid, binding and in full force and effect as of the date of this Amendment, and enforceable in accordance with their terms.

 

8.2    agrees that it has no defense, set-off, counterclaim or challenge against the payment of any sums owed or owing under the Loan Documents or the enforcement of any of the terms of the Loan Documents.

 

-3-

 

 

8.3    ratifies, confirms and continues all liens, security interests, pledges, rights and remedies granted to Bank in the Loan Documents and agrees that such liens, security interests and pledges shall secure all of the Obligations under the Loan Documents as amended by this Amendment.

 

8.4    represents and warrants that all representations and warranties in the Loan Documents are true and complete as of the date of this Amendment.

 

8.5    agrees that its failure to comply with or perform any of its covenants or agreements in this Amendment will constitute an Event of Default under the Loan Documents.

 

8.6    represents and warrants that no condition or event exists after taking into account the terms of this Amendment which would constitute an Event of Default (or will, upon the giving of notice or the passage of time, or both constitute an Event of Default).

 

8.7    represents and warrants that the execution and delivery of this Amendment by Borrower and Guarantors and all documents and agreements to be executed and delivered pursuant to this Amendment:

 

(a)    have been duly authorized by all requisite corporate, company and/or partnership action of Borrower and Guarantors, as applicable;

 

(b)    will not conflict with or result in a breach of, or constitute a default (or with the passage of time or the giving of notice or both, will constitute a default) under, any of the terms, conditions, or provisions of any applicable statute, law, rule, regulation or ordinance or any Borrower’s or Guarantor’s Governing Documents or any indenture, mortgage, loan or credit agreement or instrument to which any Borrower or Guarantor is a party or by which such may be bound or affected, or any judgment or order of any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign; and

 

(c)    will not result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the property or assets of any Borrower or Guarantor under the terms or provisions of any such agreement or instrument, except liens in favor of Bank.

 

9.    Conditions.  The obligation of Bank to enter into this Amendment is subject to the fulfillment, to the satisfaction of Bank, of each of the following conditions, and all agreements, documents and other items must be in form, content and in all other respects satisfactory to Bank in its sole discretion.  Bank is not waiving a breach of any warranty or representation made by any Borrower or Guarantor hereunder or under any agreement, document, or instrument delivered to Bank or otherwise referred to herein, and any claims and rights of the Bank resulting from any breach or misrepresentation by any Borrower or Guarantor are specifically reserved by the Bank.

 

9.1    Searches. Bank shall have received copies of record searches (including UCC searches, patent searches, trademark searches, copyright searches and judgments, suits, bankruptcy, litigation, tax and other lien searches) against each of Acculogic US and Acculogic CAN.

 

-4-

 

 

9.2    Executed Documents. Borrower, Guarantors and all other required persons and entities will have executed and delivered to Bank:

 

(a)    this Amendment;

 

(b)    Term Note 1B;

 

(c)    the Amended and Restated Note;

 

(d)    the Second Amended and Restated Surety Agreement;

 

(e)    the Second Amended and Restated Assignment of Patents, Trademarks, Copyrights and Licenses Security Agreement;

 

(f)    the UCC-3 financing statement;

 

(g)    the UCC-1 financing statement;

 

(h)    the Collateral Access Agreement (post closing);

 

(i)    the Pledge Agreement;

 

(j)    Guarantee and Indemnity Agreement executed by Acculogic CAN;

 

(k)    General Security Agreement executed by Acculogic CAN;

 

(l)    Confirmation of Security Interest in Intellectual Property executed by Acculogic CAN; and

 

(m)    The financing statement registered under the Personal Property Security Act (Ontario) against Acculogic CAN;

 

(n)    and such other documents, as the Bank may reasonably require.

 

9.3    Representations and Warranties.  All representations and warranties of Borrower and Guarantors set forth in the Loan Documents shall be true at and as of the date hereof.

 

9.4    No Default.   No condition or event shall exist or have occurred which would constitute a default or an Event of Default hereunder or under the Loan Agreement.

 

9.5    Advance Request. Borrower requests an Advance under the Term Loan in writing, which request shall set forth in reasonable detail the target of the proposed Permitted Acquisition, the type of acquisition, a copy of the related purchase agreement; the criteria establishing the qualifications as a Permitted Acquisition set forth in Section 1.1 of the Loan Agreement, the amortization period elected for such Loan, information regarding the formation of any new subsidiary in anticipation of such acquisition including, but not limited to ownership name and structure, type of organization, state of formation, operating agreement/articles of incorporation, organizational document number, federal tax identification number, authorized signatories and such other information as reasonably requested by Bank and in such form and content acceptable to Bank.

 

9.6    Good Standing Certificate. Bank shall have received a certificate of good standing with respect to each of Acculogic US and Acculogic CAN, dated within 30 days of the Effective Date of this Amendment, such certificate to be issued by the appropriate officer of each jurisdiction in which Acculogic US and Acculogic CAN is required to be qualified or licensed which certificates shall indicate that Acculogic US and Acculogic CAN is in good standing in such jurisdiction.

 

-5-

 

 

9.7    Authorizing Resolutions. Bank shall have received a certificate from the Secretary of each of Borrower, Acculogic US and Acculogic CAN attesting to the resolutions of each of Borrower’s, Acculogic US’, and Acculogic CAN’s Board of Directors authorizing its execution, delivery, and performance of this Amendment and the other Loan Documents to which Borrower and/or Acculogic US and/or Acculogic CAN, as applicable, is a party and authorizing specific officers of Borrower and/or Acculogic and/or Acculogic CAN, as applicable, to execute the same.

 

9.8    Governing Documents. Bank shall have received copies of each of Acculogic US and Acculogic CAN’s Governing Documents, as amended, modified, or supplemented to the Effective Date of this Amendment, certified by the Secretary of Acculogic US and Acculogic CAN.

 

9.9    Licenses, Approvals, Etc. Bank shall have received copies of all material licenses, approvals, consents, authorizations and filings of Acculogic US and Acculogic CAN required or necessary for the operation of its Business.

 

9.10    Material Agreements. Bank shall have received copies of all material agreements, leases and other documents related to Acculogic US and Acculogic CAN.

 

9.11    KYC Documentation. Bank shall have received, sufficiently in advance of closing, all “Know your customer” documentation and other governing documents, required by Bank in accordance with all applicable banking laws and regulations in effect from time to time, including without limitation, the USA PATRIOT Act.

 

9.12    Other.  All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered, executed or recorded.

 

10.    Additional Documents; Further Assurances.   Borrower and Guarantors covenant and agree to execute and deliver to Bank, or to cause to be executed and delivered to Bank contemporaneously herewith, at the sole cost and expense of Borrower and Guarantors, any and all other documents, agreements, statements, resolutions, certificates, consents and information as Bank may require in connection with the matters or actions described herein.  Borrower and Guarantors further covenant and agree to execute and deliver to Bank, or to cause to be executed and delivered, at the sole cost and expense of Borrower and Guarantors, from time to time, any and all other documents, agreements, statements, certificates and information as Bank shall request to evidence or effect the terms hereof or to enforce or protect Bank’s rights.  All of such documents, agreements, statements, certificates and information shall be in form and content acceptable to Bank in its sole discretion.

 

11.    Certain Fees, Costs, Expenses and Expenditures. Borrower and Guarantors agree to pay all of Bank’s costs and expenses in connection with the review, preparation, negotiation, documentation and closing of this Amendment and the consummation of the transactions contemplated hereunder, including without limitation, costs, fees and expenses of counsel retained by Bank and all fees related to filings, recording of documents and searches, whether or not the transactions contemplated hereunder are consummated. Nothing contained herein shall limit in any manner whatsoever Bank’s right to reimbursement under any of the Loan Documents.

 

-6-

 

 

12.    No Novation.Nothing contained herein and no actions taken pursuant to the term hereof are intended to constitute a novation of the Loan Agreement or any of the Loan Documents and shall not constitute a release, termination or waiver of any of the liens, security interests, rights or remedies granted to Bank in the Loan Documents.

 

13.    No Waiver.  Except as otherwise provided herein, nothing herein contained and no actions taken by Bank in connection herewith shall constitute nor shall they be deemed to be a waiver, release or amendment of or to any rights, remedies, or privileges afforded to Bank under the Loan Documents.  Nothing herein shall constitute a waiver by Bank of Borrower’s’ and Guarantors’ compliance with the terms of the Loan Documents, nor shall anything contained herein constitute an agreement by Bank to enter into any further amendments with Borrower and Guarantors.

 

14.    Inconsistencies.  To the extent of any inconsistency between the terms and conditions of this Amendment and the terms and conditions of the other Loan Documents, the terms and conditions of this Amendment shall prevail.  All terms and conditions of the Loan Documents not inconsistent herewith shall remain in full force and effect and are hereby ratified and confirmed by Borrower and Guarantors.

 

15.    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

16.    No Third Party Beneficiaries.  The rights and benefits of this Amendment and the Loan Documents shall not inure to the benefit of any third party.

 

17.    Time of the Essence.  Time is of the essence in the performance by Borrower and Guarantors of all the obligations hereunder.

 

18.    Headings.  The headings of the Sections of this Amendment are inserted for convenience only and shall not be deemed to constitute a part of this Amendment.

 

19.    Severability.  The provisions of this Amendment and all other Loan Documents are deemed to be severable, and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions which shall continue in full force and effect.

 

20.    Modifications.  No modifications of this Amendment or any of the Loan Documents shall be binding or enforceable unless in writing and signed by or on behalf of the party against whom enforcement is sought.

 

21.    Law Governing.  This Amendment has been made, executed and delivered in the Commonwealth of Pennsylvania and will be construed in accordance with and governed by the laws of such Commonwealth, without regard to any rules or principles regarding conflicts of law or any rule or canon of construction which interprets agreements against the draftsman.

 

22.    Counterparts; Electronic Signatures.  This Amendment may be executed in any number of counterparts, all of which when taken together constitute one and the same instrument, and any of the parties hereto may execute this Amendment by signing any such counterpart.  Delivery of a photocopy, pdf, telecopy or other electronic version of an executed counterpart of a signature page to this Amendment shall be as effective as delivery of a manually executed counterpart of this Amendment.

 

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23.    Waiver of Right to Trial by Jury.  BORROWER, GUARANTORS AND BANK WAIVE ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS AMENDMENT, (b) ARISING UNDER ANY OF THE OTHER LOAN DOCUMENTS OR (c) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF BORROWER OR GUARANTORS, WITH RESPECT TO THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. BORROWER, GUARANTORS AND BANK AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER, GUARANTORS AND BANK TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.  BORROWER AND GUARANTORS ACKNOWLEDGE THAT THEY HAVE HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION, THAT THEY FULLY UNDERSTAND ITS TERMS, CONTENT AND EFFECT, AND THAT THEY VOLUNTARILY AND KNOWINGLY AGREE TO THE TERMS OF THIS SECTION.

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

-8-

 

 

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this Amendment as of the date first above written.

 

 

	 	
			BORROWER:

			 

			INTEST CORPORATION,

			a Delaware corporation       

			
	 	 
	 	
			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Secretary, Treasurer and Chief Financial Officer

			

 

 

[Signature Page to Joinder and Second Amendment to Amended and Restated Loan and Security Agreement]

 

 

 

 

	 	
			GUARANTORS:

			 

			AMBRELL CORPORATION,

			a Delaware corporation

			
	 	 
	 	 
	 	
			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			
	 	 
	 	
			INTEST SILICON VALLEY CORPORATION,

			a Delaware corporation

			
	 	 
	 	 
	 	
			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			
	 	 
	 	 
	 	
			INTEST EMS, LLC,

			a Delaware limited liability company

			
	 	 
	 	 
	 	
			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			
	 	 
	 	 
	 	
			TEMPTRONIC CORPORATION,

			a Delaware corporation

			
	 	 
	 	 
	 	
			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			
	 	 
	 	 
	 	
			VIDEOLOGY IMAGING CORPORATION,

			a Delaware corporation

			
	 	 
	 	 
	 	
			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			

 

 

[Signature Page to Joinder and Second Amendment to Amended and Restated Loan and Security Agreement]

 

 

 

 

	 	
			ACCULOGIC LTD.,

			a Delaware corporation        

			
	 	 
	 	 
	 	
			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			
	 	 
	 	 
	 	
			ACCULOGIC INC.,

			an Ontario corporation

			
	 	 
	 	 
	 	
			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			
	 	 
	 	 
	 	 
	 	
			BANK:

			 

			M&T BANK

			
	 	 
	 	 
	 	By: /s/ Steven A. Vilardi

			         Steven A. Vilardi, Vice President

 

 

[Signature Page to Joinder and Second Amendment to Amended and Restated to Loan and Security Agreement]

 

 

 

 

Exhibit A

 

SCHEDULES

 

	
			Schedule 10.3

				
			- Ownership Interests

			
	 	 
	
			Schedule 10.4

				
			- Subsidiaries

			
	 	 
	
			Schedule 10.14

				
			- Names

			
	 	 
	
			Schedule 10.16

				
			- Pension and Benefit Plans

			
	 	 
	
			Schedule 10.17

				
			- Leases and Contracts

			
	 	 
	
			Schedule 10.18

				
			- Intellectual Property

			
	 	 
	
			Schedule 10.20

				
			- Affiliate Transactions

			
	 	 
	
			Schedule 10.21(b)

				
			- Licenses

			
	 	 
	
			Schedule 10.21(c)

				
			- Operating Agreements

			
	 	 
	
			Schedule 10.21(d)

				
			- Facility Sites

			
	 	 
	
			Schedule 10.21(e)

				
			- Leases

			
	 	 
	
			Schedule 10.24

				
			- Subordinated Indebtedness

			
	 	 
	
			Schedule 12.1

				
			- Permitted Indebtedness

			
	 	 
	
			Schedule 12.2

				
			- Loans

			
	 	 
	
			Schedule 12.3

				
			- Permitted Investments

			
	 	 
	
			Schedule 12.7

				
			- Permitted Liens

			

 

 

 

 

Schedule 10.3

Ownership Interests

 

	
			Entity

				
			Owner

				
			Percentage Ownership

				
			Options, Warrants, Rights of Conversion or Purchase

			
	
			Ambrell Corporation

				
			inTEST Corporation

				
			100%

				
			None

			
	
			inTEST Silicon Valley Corporation

				
			inTEST Corporation

				
			100%

				
			None

			
	
			inTEST EMS, LLC

				
			inTEST Corporation

				
			100%

				
			None

			
	
			inTEST Thermal Solutions GmbH

				
			inTEST Corporation

				
			100%

				
			None

			
	
			inTEST PTE Ltd.

				
			inTEST Corporation

				
			100%

				
			None

			
	
			TEMPTRONIC CORPORATION

				
			inTEST Corporation

				
			100%

				
			None

			
	
			Ambrell B.V.

				
			Ambrell Corporation

				
			100%

				
			None

			
	
			Ambrell Limited

				
			Ambrell Corporation

				
			100%

				
			None

			
	
			Videology Imaging Corporation

				
			inTEST Corporation

				
			100%

				
			None

			
	
			Acculogic Inc.

				
			inTEST Corporation

				
			100%

				
			None

			
	
			Acculogic Ltd.

				
			inTEST Corporation

				
			100%

				
			None

			

 

 

 

 

Schedule 10.4

Subsidiaries

 

Schedule 10.3 is hereby incorporated by reference.

 

 

 

 

Schedule 10.14

Names

 

	
			Exact Legal Name

				
			Former Legal Names

			(including date of change)

			
	
			inTEST Corporation

				
			None

			
	
			Ambrell Corporation

				
			Concourse Acquisition Corp. (5/25/2017)

			
	
			inTEST Silicon Valley Corporation

				
			inTEST Sunnyvale Corporation (1/26/2005)

			TD Acquisition Corp. (8/3/1998)

			TestDesign Corporation (8/3/1998 merged into TD Acquisition Corp.)

			
	
			TEMPTRONIC CORPORATION

				
			None

			
	
			inTEST EMS, LLC

				
			None

			
	
			Videology Imaging Corporation

				
			None

			
	
			Acculogic Inc.

				
			None

			
	
			Acculogic Ltd.

				
			None

			

 

 

 

 

Schedule 10.16

United States Pension and Benefit Plans

 

None.

 

 

 

 

Schedule 10.17

Leases and Contracts

 

1.    Lease Agreement between Exeter 804 East Gate, LLC and the Company dated May 10, 2010.

 

2.    Lease Agreement between AMB-SGP Seattle/Boston, LLC and TEMPTRONIC CORPORATION (a subsidiary of the Company), dated October 25, 2010.

 

3.    First Amendment to Lease between AMB-SGP Seattle/Boston, LLC and TEMPTRONIC CORPORATION dated March 1, 2011.

 

4.    Second Amendment to Lease between James Campbell Company, LLC and TEMPTRONIC CORPORATION dated April 8, 2019.

 

5.    Lease Agreement between Columbia California Warm Springs Industrial, LLC and inTEST Silicon Valley Corporation dated January 9, 2012.

 

6.    First Amendment to Lease Agreement between Columbia California Warm Springs Industrial, LLC and inTEST Silicon Valley Corporation dated November 18, 2016.

 

7.    Guaranty Agreements between Columbia California Warm Springs Industrial, LLC and inTEST Corporation dated January 9, 2012.

 

8.    Second Amendment to Standard Lease Agreement, dated January 23, 2020, by and between inTEST Silicon Valley Corporation and Fremont Business Center, LLC.

 

9.    Lease Agreement between Maguire Family Properties, Inc. and Ambrell Corporation dated December 19, 2017

 

10.    Guaranty of Lease between Maguire Family Properties, Inc. and Ambrell Corporation dated December 19, 2017

 

	 	
			11.

				
			Lease between Taheri Properties Inc. and Acculogic Inc. dated December 21, 2021 for the premises municipally known as 175 Riviera Drive Markham, Ontario.

			

 

	 	
			12.

				
			Lease between Spinnaker Properties Inc. and Acculogic Ltd. dated December 21, 2021 for the premises municipally known as 6475 Sycamore Court North, Maple Grove, MN, 55360.

			

 

	 	
			13.

				
			Lease between Icon Owner Pool 1 LA Business Parks, LLC and Acculogic Inc. dated March 10, 2011 for the premises municipally known as 20992 Bake Parkway, Suite 112, Lake Forest, CA 92630, together with lease extensions dated April 30, 2014, May 23, 2016, and April 16, 2019. 

			

 

	 	
			14.

				
			Lease between Ruppert Immobilien GmbH & Co. KG and Acculogic GmbH dated September 20, 2006 for the premises municipally known as Papenreye 51, 22453 Hamburg, together with lease extensions dated March 4, 2010, and March 25, 2014 and lease to adjacent parking spaces dated May 6, 2010. 

			

 

 

 

 

Schedule 10.18

Intellectual Property

 

Trademarks

 

	
			Registered Owner

				
			Mark

				
			Registration Number

				
			Date of Registration

			
	
			TEMPTRONIC CORPORATION

				
			TEMPTRONIC

				
			3748381

				
			Feb. 16, 2010

			
	
			TEMPTRONIC CORPORATION

				
			THERMONICS

				
			4278707

				
			Jan. 22, 2013

			
	
			TEMPTRONIC CORPORATION

				
			

				
			1094282

				
			Jun. 27, 1978

			
	
			TEMPTRONIC CORPORATION

				
			THERMOJOGGER

				
			1433671

				
			Mar. 24, 1987

			
	
			TEMPTRONIC CORPORATION

				
			THERMO CHUCK

				
			1197134

				
			Jun. 8, 1982

			
	
			TEMPTRONIC CORPORATION

				
			THERMO STREAM

				
			1085339

				
			Feb. 14, 1984

			
	
			TEMPTRONIC CORPORATION

				
			THERMO SPOT

				
			5261537

				
			Aug. 5, 2017

			
	
			inTEST Corporation

				
			INTEST

				
			2503999

				
			Nov. 6, 2001

			
	
			inTEST Corporation

				
			inTEST

				
			1268558

				
			Feb. 28, 1984

			
	
			inTEST Corporation

				
			in2

				
			1255204

				
			Oct. 25, 1983

			
	
			inTEST Corporation

				
			CENTAUR

				
			3657110

				
			Jul. 21, 2009

			
	
			inTEST Corporation

				
			TRANSPAR

				
			3635236

				
			Jun. 9, 2009

			
	
			Ambrell

				
			EXPERIENCE THE EXCELLENCE

				
			5101636

				
			Dec. 13, 2016

			
	
			Ambrell

				
			EVIEW

				
			4922677

				
			Mar. 22, 2016

			
	
			Ambrell

				
			EKOHEAT

				
			4751860

				
			Jun. 9, 2015

			

 

 

 

 

	Registered Owner	Mark	Registration Number	Date of Registration
	
			Ambrell

				
			EASYCOIL

				
			4746013

				
			Jun. 2, 2015

			
	
			Ambrell

				
			AMBRELL

				
			4623638

				
			Oct. 21, 2014

			
	
			Ambrell

				
			AMBRELL

				
			3317193

				
			Oct. 23, 2007

			
	
			Ambrell

				
			EKOHEAT

				
			3526330

				
			Nov. 4, 2008

			
	
			Ambrell

				
			AMERITHERM

				
			2299340

				
			Dec. 14, 1999

			
	
			Ambrell

				
			

				
			2301415

				
			Dec. 21, 1999

			
	
			Videology

				
			

				
			85018528

				 
	
			Videology

				
			

				
			78865148

				 

 

 

	Trademark	Country	App. #	Reg # 	
			Filing

			Date

				
			Reg.

			Date

			
	 	 	 	 	 	 
	ACCULOGIC	Canada	1,430,624	TMA771,692	2009/3/11	2010/07/12
	ACCULOGIC	U.S.	77/779941	4,065,067	2009/7/13	2011/12/6
	
			

				Germany	300228058	30022805	2000/3/23 	2000/7/31

 

 

 

 

Trademark Applications - None.

 

Patents

 

	
			Registered Owner

				
			Patent Name

				
			Registration Number

				
			Date of Registration

			
	
			inTEST Corporation

				
			Method and apparatus for docking a test head with a peripheral

				
			9,897,628

				
			18-Sep-14

			
	
			inTEST Corporation

				
			Test head manipulator

				
			9,557,371

				
			6-May-08

			
	
			inTEST Corporation

				
			Test head manipulator

				
			9,347,804

				
			23-Feb-07

			
	
			inTEST Corporation

				
			Test head positioner system

				
			9,134,387

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Positioner system and method of positioning

				
			8.981,807

				
			27-Jul-10

			
	
			inTEST Corporation

				
			Cradle and cable handler for a test head manipulator

				
			8,763,962

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Test head docking system and method with sliding linkage

				
			8,760,182

				
			14-Jul-08

			
	
			inTEST Corporation

				
			Test head vertical support system

				
			8,700,218

				
			29-Dec-06

			
	
			inTEST Corporation

				
			Test head manipulator

				
			8,618,822

				
			23-Feb-07

			
	
			inTEST Corporation

				
			Wrist joint for positioning a test head

				
			8,444,107

				
			28-Jan-03

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			8,350,584

				
			29-Dec-06

			
	
			inTEST Corporation

				
			Test head positioner system

				
			8,212,578

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Test head positioning system

				
			8,141,834

				
			10-Aug-06

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			8,035,406

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Safety mechanism for materials handling system

				
			7,845,607

				
			18-Feb-03

			
	
			inTEST Corporation

				
			Modular interface

				
			7,834,718

				
			13-Dec-04

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			7,728,579

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Modular interface

				
			7,605,583

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Modular interface

				
			7,605,582

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Computer cabinet

				
			D585,662

				
			20-Sep-07

			
	
			inTEST Corporation

				
			Test head docking system and method

				
			7,466,122

				
			16-Jul-01

			
	
			inTEST Corporation

				
			Apparatus and method for balancing and for providing a compliant range to a test head

				
			7,340,972

				
			22-Sep-00

			
	
			inTEST Corporation

				
			Modular interface

				
			7,301,326

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Signal module

				
			D554,594

				
			22-Nov-06

			
	
			inTEST Corporation

				
			Signal module

				
			D554,593

				
			22-Nov-06

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			7,235,964

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Signal module

				
			D535,260

				
			13-Jul-04

			

 

 

 

 

	Registered Owner	Patent Name	Registration Number	Date of Registration
	inTEST Corporation	Signal module	D528,989	13-Jul-04
	
			inTEST Corporation

				
			Test head docking system and method

				
			7,109,733

				
			16-Jul-01

			
	
			inTEST Corporation

				
			Apparatus and method for balancing and for providing a compliant range to a test head

				
			7,084,358

				
			20-Sep-01

			
	
			inTEST Corporation

				
			Side supports with adjustable center of gravity

				
			6,975,105

				
			20-Sep-00

			
	
			TEMPTRONIC CORPORATION

				
			Apparatus for attachment of accessories to processing equipment

				
			10,578,237

				
			12-Aug-16

			
	
			TEMPTRONIC CORPORATION

				
			Temperature-controlled enclosures and temperature control system using the same

				
			10,060,668

				
			13-Mar-07

			
	
			TEMPTRONIC CORPORATION

				
			Temperature system having an impurity filter

				
			9,335,080

				
			17-Oct-11

			
	
			TEMPTRONIC CORPORATION

				
			Environmental test system and method eith in-situ temperature sensing of device under test (DUT)

				
			8,602,641

				
			2-May-13

			
	
			TEMPTRONIC CORPORATION

				
			Temperature-controlled enclosures and temperature control system using the same

				
			8,408,020

				
			13-Mar-07

			
	
			TEMPTRONIC CORPORATION

				
			Temperature-controlled enclosures and temperature control system using the same

				
			7,629,533

				
			13-Mar-07

			
	
			TEMPTRONIC CORPORATION

				
			High-flow cold air chiller (THERMONICS)

				
			7,603,871

				
			29-Jun-06

			
	
			TEMPTRONIC CORPORATION

				
			Method and apparatus for latent temperature control for a device under test (SIGMA)

				
			7,483,769

				
			30-Jan-06

			
	
			TEMPTRONIC CORPORATION

				
			Method and apparatus for latent temperature control for a device under test (SIGMA)

				
			6,993,418

				
			2-Aug-02

			
	
			TEMPTRONIC CORPORATION

				
			Workpiece chuck with temperature control assemble having spacers between layers providing clearance for thermoelectric modules

				
			6,886,347

				
			10-Jul-03

			
	
			TEMPTRONIC CORPORATION

				
			Workpiece chuck with temperature control assemble having spacers between layers providing clearance for thermoelectric modules

				
			6,745,575

				
			11-Jul-02

			
	
			TEMPTRONIC CORPORATION

				
			Apparatus and method for controlling temperature in a device under test using integrated temperature sensing diode

				
			6,552,561

				
			20-Apr-01

			

 

 

 

 

	Registered Owner	Patent Name	Registration Number	Date of Registration
	
			TEMPTRONIC CORPORATION

				
			Apparatus and method for controlling temperature in a wafer using integrated temperature sensing diode

				
			6,545,494

				
			10-Jul-00

			
	
			Ambrell Corp

				
			Food heater

				
			10,206,250

				
			20-Apr-06

			
	
			Ambrell Corp

				
			Induction heating system

				
			9,554,423

				
			25-Oct-12

			
	
			Ambrell Corp

				
			Dynamic power balancing among multiple induction heater power units

				
			9,439,246

				
			15-Mar-13

			
	
			Ambrell Corp

				
			Power system component protection system for use with an induction heating system

				
			9,167,631

				
			25-Aug-06

			
	
			Ambrell Corp

				
			Food heater

				
			9,000,335

				
			21-Apr-06

			
	
			Ambrell Corp

				
			Induction heating systems and methods for producing an object having a varying hardness along the length of the object

				
			8,803,047

				
			14-Jun-12

			
	
			Ambrell Corp

				
			Portable food heater

				
			8,481,893

				
			28-Aug-06

			
	
			Ambrell Corp

				
			Power switching system to increase induction heating to a load from available AC mains power

				
			8,331,115

				
			15-Nov-07

			
	
			Ambrell Corp

				
			Automatic frequency compensation for pulse width modulated RF level control

				
			8,283,985

				
			25-Aug-06

			
	
			Ambrell Corp

				
			Constant phase angle control for frequency agile power switching systems

				
			8,269,532

				
			10-Aug-06

			
	
			Ambrell Corp

				
			High voltage full bridge circuit and method for operating the same

				
			7,995,362

				
			15-Jun-06

			
	
			Ambrell Corp

				
			Constant phase angle control for frequency agile power switching systems

				
			7,906,997

				
			10-Aug-06

			
	
			Ambrell Corp

				
			Radio frequency (RF) induction cooking food heater

				
			7,829,827

				
			21-Apr-06

			
	
			Ambrell Corp

				
			Portable food heater

				
			7,804,045

				
			28-Aug-06

			
	
			Ambrell Corp

				
			Power switching system to increase induction heating to a load from available AC mains power

				
			7,787,268

				
			15-Nov-07

			
	
			Ambrell Corp

				
			Automatic frequency compensation for pulse width modulated RF level control

				
			7,626,463

				
			25-Aug-06

			
	
			Ambrell Corp, BASF Corp

				
			Fast-drying, radiofrequency-activatable inkjet inks and methods and systems for their use

				
			7,520,600

				
			1-Nov-04

			

 

 

 

 

	Registered Owner	Patent Name	Registration Number	Date of Registration
	
			Ambrell Corp

				
			Constant phase angle control for frequency agile power switching systems

				
			7,551,011

				
			10-Aug-06

			
	
			Ambrell Corp

				
			High voltage full bridge circuit and method for operating the same

				
			7,489,530

				
			15-Jun-05

			
	
			Ambrell Corp

				
			Electrode apparatus for stray field radio frequency heating

				
			6,995,345

				
			18-Mar-02

			
	
			Ambrell Corp

				
			Induction furnace for heating a workpiece in an inert atmosphere or vacuum

				
			6,861,629

				
			9-May-02

			

 

 

 

Registered owner of Acculogic Active and Expired Patents—Acculogic Inc.

 

 

 

 

 

 

Patent Applications

 

	
			Registered Owner

				
			Patent Name

				
			Application Number

				
			Filing Date

			
	
			TEMPTRONIC CORPORATION

				
			Temperature forcing system and method with conductive thermal probes

				
			15/437861

				
			21-Feb-17

			
	
			TEMPTRONIC CORPORATION

				
			System and method for device under test cooling using digital scroll compressor

				
			15/947415

				
			6-Apr-18

			
	
			TEMPTRONIC CORPORATION

				
			Apparatus and method for controlling temperature at multiple test sites

				
			16/692334

				
			22-Nov-19

			

 

 

Copyrights and Copyright Applications - None.

 

Material IP Licenses - None.

 

 

 

 

Schedule 10.20

Affiliate Transactions

 

None

 

 

 

 

Schedule 10.21(b)

Licenses

 

ITAR Registration – The iTS (inTEST Thermal Solutions) business unit has this registration because it sells certain products to customers in the defense/aerospace industries.

 

 

 

 

Schedule 10.21(c)

Operating Agreements

 

None.

 

 

 

 

Schedule 10.21(d)

Addresses

 

	
			Entity

				
			Locations

			
	
			inTEST Corporation

				
			Chief Executive Office

			804 East Gate Drive Suite 200, Mount Laurel, NJ 08054

			Other Places of Business 

			41 Hampden Rd, Mansfield, MA 02048

			Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			
	
			Ambrell Corporation

				
			Chief Executive Office

			1655 Lyell Avenue, Rochester, New York 14606

			Other Places of Business / Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			Other Location Where Books Are Held

			1655 Lyell Avenue, Rochester, New York 14606

			Previous Address (No Longer Used)

			39 Main Street, Scottsville, NY 14546

			
	
			inTEST Silicon Valley Corporation

				
			Chief Executive Office

			47777 Warm Springs Boulevard, Fremont, California 94539

			Other Places of Business / Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			Other Location Where Books Are Held

			47777 Warm Springs Boulevard, Fremont, California 94539

			
	
			TEMPTRONIC CORPORATION

				
			Chief Executive Office

			41 Hampden Rd, Mansfield, MA 02048

			Other Places of Business / Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			Other Location Where Books Are Held

			41 Hampden Rd, Mansfield, MA 02048

			
	
			inTEST EMS, LLC

				
			Chief Executive Office

			804 East Gate Drive Suite 200, Mount Laurel, NJ 08054

			Other Places of Business / Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			
	
			Videology Imaging Corporation

				
			37M Lark Industrial Parkway, Greenville, Rhode Island 02828

			
	
			Acculogic Inc.

				
			Chief Executive Office

			40 King Street West, 2100, Toronto, Ontario, Canada, M5H 3C2

			Other Places of Business / Books / Inventory and Equipment

			175 Riviera Drive Markham, Ontario

			
	
			Acculogic Ltd.

				
			Chief Executive Office

			804 East Gate Drive Suite 200, Mount Laurel, NJ 08054

			Other Places of Business / Books / Inventory and Equipment

			6475 Sycamore Court North, Maple Grove, MN, 55360

			

 

 

 

 

Schedule 10.21(e)

Leases

 

	
			Lease Description

				
			Landlord

				
			Locations

			
	
			Lease Agreement between Exeter 804 East Gate, LLC and the Company dated May 10, 2010

				
			Exeter 804 East Gate 2018 LLC

			Exeter Property Group

			101 West Elm Street, Suite 600

			Conshohocken, PA 19428

				
			804 East Gate Drive Suite 200

			Mount Laurel, NJ 08054

			
	
			Second Amendment to Lease between James Campbell Company, LLC and TEMPTRONIC CORPORATION dated April 8, 2019

				
			James Campbell Company, LLC

			425 California Street Suite 500

			San Francisco, CA 94104-2112

				
			41 Hampden Rd

			Mansfield, MA 02048

			
	
			Lease Agreement between Maguire Family Properties, Inc. and Ambrell Corporation dated December 19, 2017

				
			Maguire Family Properties Inc.

			770 Rock Beach Road

			Rochester, NY 14617

				
			1655 Lyell Avenue

			Rochester, New York 14606

			
	
			Second Amendment to Standard Lease Agreement, dated January 23, 2020, by and between inTEST Silicon Valley Corporation and Fremont Business Center, LLC

				
			Fremont Business Center LLC

			c/o CIP Real Restate

			19762 MacArthur Blvd., Suite 300

			Irvine, California 92612-2498

				
			47777 Warm Springs Boulevard

			Fremont, California 94539

			
	
			Lease between Taheri Properties Inc. and Acculogic Inc. dated December 21, 2021.

				
			Taheri Properties Inc.

				
			75 Riviera Drive Markham, Ontario.

			
	
			Lease between Spinnaker Properties Inc. and Acculogic Ltd. dated December 21, 2021.

				
			Spinnaker Properties Inc.

				
			6475 Sycamore Court North, Maple Grove, MN, 55369

			

 

 

 

 

Schedule 10.24

Subordinated Indebtedness

 

None.

 

 

 

 

Schedule 12.1

Existing Indebtedness

 

None.

 

 

 

 

Schedule 12.2

Loans

 

None.

 

 

 

 

Schedule 12.3

Permitted Investments

 

Schedule 10.3 is hereby incorporated by reference.

 

 

 

 

Schedule 12.7

Liens

 

None.ex_321681.htm

Exhibit 10.2

 

SECOND AMENDED AND RESTATED SURETY AGREEMENT

 

THIS SECOND AMENDED AND RESTATED SURETY AGREEMENT (“Surety Agreement”) is made effective as of December 30, 2021 by AMBRELL CORPORATION, a Delaware corporation, INTEST SILICON VALLEY CORPORATION, a Delaware corporation, INTEST EMS, LLC, a Delaware limited liability company, TEMPTRONIC CORPORATION, a Delaware corporation, VIDEOLOGY IMAGING CORPORATION, a Delaware corporation (individually and collectively, jointly and severally, the “Existing Guarantors”) ACCULOGIC LTD., a Delaware corporation (“Acculogic” and the Existing Guarantors, individually and collectively, jointly and severally, the “Guarantor”) in favor of M&T BANK (together with its successors and assigns, “Bank”).

 

BACKGROUND

 

A.         INTEST CORPORATION, a Delaware corporation (the “Borrower”), Existing Guarantors and Bank are parties to that certain Amended and Restated Loan and Security Agreement dated of October 15, 2021, as amended by that certain Joinder and Amendment to Amended and Restated Loan and Security Agreement dated as of October 28, 2021, and as amended by that certain Joinder and Second Amendment to Amended and Restated Loan and Security Agreement dated as of the date hereof (as it may be further amended, supplemented or restated from time to time, the “Loan Agreement”) and Existing Guarantors previously executed and delivered that certain Amended and Restated Surety Agreement dated as of October 28, 2021 in favor of Bank (“Existing Surety Agreement”).

 

B.         Bank is willing to continue to extend the Loans to Borrower under the Loan Agreement, only if Guarantor agrees to continue to guarantee and remain surety for the full, prompt, complete and faithful payment and performance of all Obligations of Borrower subject to the terms and conditions of this Surety Agreement, and to execute and deliver this Surety Agreement.

 

C.         Guarantor will benefit directly and indirectly from the extension or continuation of such credit facilities to Borrower.

 

D.         Capitalized terms not otherwise defined in this Surety Agreement will have the meanings set forth in the Loan Agreement.

 

NOW, THEREFORE, for good and valuable consideration, and intending to be legally bound hereby, Guarantor irrevocably and unconditionally agrees as follows:

 

1.    Unlimited Continuing Guaranty and Suretyship Obligation. Guarantor guarantees to Bank and becomes a surety to Bank, for the Obligations. The liability of Guarantor hereunder is unlimited. THIS SURETY AGREEMENT IS A CONTINUING GUARANTY AND SURETYSHIP AGREEMENT AND SHALL CONTINUE IN FORCE UNTIL ALL OBLIGATIONS HAVE BEEN PAID OR SATISFIED IN FULL AS DETERMINED BY BANK AND BANK HAS NO FURTHER OBLIGATION OR COMMITMENT TO ADVANCE SUMS OR EXTEND ANY CREDIT FACILITY TO BORROWER. GUARANTOR EXPRESSLY AGREES THAT BORROWER MAY CREATE OR INCUR OBLIGATIONS AND MAY REPAY AND SUBSEQUENTLY CREATE OR INCUR OBLIGATIONS, ALL WITHOUT NOTICE TO GUARANTOR, AND GUARANTOR SHALL BE BOUND THEREBY. ALL ADVANCES TO AND BORROWINGS OF BORROWER FROM BANK SHALL CONSTITUTE ONE SINGLE OBLIGATION GUARANTEED BY GUARANTOR PURSUANT TO THE TERMS HEREOF. 

 

 

 

 

2.    Costs and Expenses. Guarantor shall pay upon demand all costs and expenses incurred by Bank in connection with Bank interpreting, enforcing, protecting and/or preserving its rights or remedies hereunder and any amount thereof not paid promptly following demand therefor shall be added to the sum payable hereunder and shall bear interest at the Default Rate from the date of such demand until paid in full. If Bank employs counsel to enforce this Surety Agreement by suit or otherwise, Guarantor will reimburse Bank upon demand for all costs of suit and other expenses in connection therewith, whether or not suit is actually instituted, together with Bank’s reasonable attorney’s fees together with interest on any judgment obtained by Bank at such Default Rate, including interest at such Default Rate from and after the date of execution, judicial or foreclosure sale until actual payment is made to Bank of the full amount due Bank hereunder.

 

3.    Scope and Duration of Liability.

 

3.1    Primary Liability. The obligations of Guarantor hereunder are primary, absolute, independent, irrevocable and unconditional. Guarantor’s obligation to pay any of the Obligations is a guaranty of payment, not of collection. This agreement is an agreement of suretyship as well as of guaranty and without being required to proceed first against Borrower or any other person or entity, or against any other security for the Obligations, Bank may proceed directly against Guarantor upon the occurrence of an Event of Default.

 

3.2    Duration. This Surety Agreement shall remain in full force and effect until all of the Obligations are fully, finally and irrevocably paid, complied with and performed and until all sums received by Bank thereunder are no longer subject to rescission or repayment upon Bankruptcy, insolvency or reorganization of Borrower or Guarantor. If at any time a payment or payments by Borrower or Guarantor on any of the Obligations, or any part thereof, are subsequently invalidated, declared to be fraudulent or preferential, set aside or are required to be repaid to a trustee, receiver or any other person or entity under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or payments, the Obligations intended to be satisfied shall be revived and continued in full force and effect as if such payment or payments had not been made.

 

3.3    Remedies. Upon the occurrence of an Event of Default, Guarantor shall immediately pay, comply with and perform such of the Obligations as Bank shall direct, irrespective of whether the Obligations directed by Bank to be paid, complied with and performed by Guarantor are those which gave rise to the Event of Default.

 

4.    Unconditional Enforceability.

 

4.1    Enforceability. The obligations of Guarantor under this Surety Agreement shall be unconditional and irrevocable, irrespective of:

 

(A)    the genuineness, validity or enforceability of any of the Loan Documents;

 

 

 

 

(B)    any limitation of liability of Borrower or any other person or entity contained in the Loan Documents;

 

(C)    the existence of any security given to secure the Loan Documents;

 

(D)    any change in Borrower’s financial condition, operations, loan status or collateral position, or the impossibility or illegality of performance on the part of Borrower obligations under the Loan Documents;

 

(E)    any defense that may arise by reason of the incapacity or lack of authority of Borrower, any other guarantor or other person or entity or the failure of Bank to file or enforce a claim against the estate of Borrower in any bankruptcy or other proceedings; or

 

(F)    any other circumstances, occurrences or conditions, whether similar or dissimilar to any of the foregoing, which might otherwise constitute a legal or equitable defense, discharge or release of a guarantor or surety.

 

4.2    Acceleration. If Borrower or any other person or entity defaults under the Loan Documents and Bank is prevented from accelerating payment thereunder, either by operation of any bankruptcy laws or otherwise, Bank shall be entitled to receive from Guarantor, upon demand by Bank, the sums which would have otherwise been due and payable had such acceleration occurred.

 

5.    Consideration. Guarantor acknowledges and agrees (a) that it has received good and valuable consideration for guaranteeing the obligations of Borrower under this Surety Agreement, and (b) based upon Guarantor’s financial condition, Borrowers’ financial consideration and the reasonable likelihood that Borrower might default under its obligations to Bank and Guarantor would be compelled to perform under this Surety Agreement, Guarantor is not rendered insolvent by the execution of this Surety Agreement. Guarantor represents and warrants to Bank that, based upon Guarantor’s knowledge of and familiarity with, the financial condition and business operations of Borrower, Borrower’s business and operations are financially viable and Borrowers should be able to pay their debts and obligations as and when due in the ordinary course of business.

 

6.    Release/Modification/Information. Bank may at any time and from time to time, with or without consideration, release or discharge Guarantor, Borrower or any one or more other guarantors of or sureties for any or all of the Obligations, agree to the substitution, exchange or release of all or any part of the collateral securing the Obligations, obtain or receive any additional collateral or suretyship obligations securing the Loan Documents, and/or modify, amend, increase, extend, renew or supplement any of the Obligations or the Loan Documents, all without notice to or further consent from Guarantor. Except as may be expressly agreed to by Bank in writing, none of the foregoing actions shall in any way affect or diminish the liability of Guarantor under this Surety Agreement. Bank has no obligation or commitment of any kind to inform or advise Guarantor of any information, occurrences or events regarding Borrower or its financial condition, operations, loan status or collateral position, including, without limitation, any material adverse change in such financial condition, operations, loan status or collateral position. Guarantor acknowledges that it shall be solely responsible for keeping itself informed as to any of the foregoing matters.

 

 

 

 

7.    Subrogation. Guarantor hereby agrees that:

 

7.1    Subordination. Any and all rights of subrogation that Guarantor may have against Borrower or against any collateral or security for any of the Obligations, and any and all rights of contribution, indemnity and/or substitution that Guarantor may have against Borrower or any other guarantor or surety, shall be junior and subordinate to the Obligations, to any rights that Bank may have against Borrower, to all right, title and interest that Bank may have in any such collateral or security for the Obligations, and to any right Bank may have against such other guarantor or surety. Bank may use, sell or dispose of any item of collateral or security for the Obligations as it sees fit without regard to any subrogation rights Guarantor may have, and upon any such disposition or sale of such collateral or security any rights of subrogation that Guarantor may have with respect to such collateral or security shall terminate.

 

7.2    Limitations. Until the Obligations shall have been indefeasibly paid in full, Guarantor shall not take, or permit to be taken, any action to exercise (a) any right of subrogation arising in respect of the Obligations, (b) any right of contribution arising in respect of the Obligations that Guarantor may have against any other guarantor or surety of the Obligations, (c) any right to enforce any remedy which Bank now has or may hereafter have against Borrower, or (d) any benefit of, and any right to participate in, any security now or hereafter held by Bank. If any amount shall be paid to Guarantor on account of such subrogation or contribution rights at any time when all Obligations shall not have been paid in full, such amount shall be held in trust for Bank and shall forthwith be paid over to Bank to be credited and applied against the Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents.

 

8.    Representations. Guarantor represents and warrants to Bank that:

 

8.1    Valid Organization, Good Standing and Qualification. Guarantor is a corporation duly incorporated or a limited liability company duly formed, as applicable, validly existing and in good standing under the laws of the applicable state described on Schedule 8.1, has full power and authority to execute, deliver and comply with the Loan Documents, and to carry on its business as it is now being conducted and is duly licensed or qualified as a foreign corporation or limited liability company in good standing under the laws of each other jurisdiction described on Schedule 8.1 and in which the character or location of the properties owned by it or the business transacted by it requires such licensing or qualification.

 

8.2    Due Authorization; No Legal Restrictions. The execution and delivery by Guarantor of the Loan Documents, the consummation of the transactions contemplated by the Loan Documents and the fulfillment and compliance with the respective terms, conditions and provisions of the Loan Documents: (a) have been duly authorized by all requisite corporate or company action of Guarantor, as applicable, (b) will not conflict with or result in a breach of, or constitute a default (or might, upon the passage of time or the giving of notice or both, constitute a default) under, any of the terms, conditions or provisions of any applicable statute, law, rule, regulation or ordinance or Guarantor’s Articles of Incorporation, By-Laws, Articles of Formation, Operating Agreement or any indenture, mortgage, loan or credit agreement or instrument to which Guarantor is a party or by which it may be bound or affected, or any judgment or order of any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, and (c) will not result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the property or assets of Guarantor under the terms or provisions of any such agreement or instrument, except liens in favor of Bank.

 

 

 

 

8.3    Enforceability. This Surety Agreement has been duly executed by Guarantor and delivered to Bank and constitutes a legal, valid and binding obligation of Guarantor, enforceable in accordance with its terms.

 

8.4    No Default Under Other Obligations, Orders or Governmental Regulations. Guarantor is not in violation of its Articles of Incorporation or Operating Agreement, or in default in the performance or observance of any of its obligations, covenants or conditions contained in any indenture or other agreement creating, evidencing or securing any indebtedness or obligation or pursuant to which any such indebtedness or obligations are issued and Guarantor is not in violation of or in default under any other agreement or instrument or any judgment, decree, order, statute, rule or governmental regulation, applicable to it or by which its properties may be bound or affected.

 

8.5    Governmental Consents. No consent, approval or authorization of or designation, declaration or filing with any governmental authority on the part of Guarantor is required in connection with the execution, delivery or performance by Guarantor of the Surety Agreement or the consummation of the transactions contemplated hereby.

 

8.6    Review of Loan Documents. Guarantor’s authorized officers have either examined the Loan Documents or have had an opportunity to examine the Loan Documents and Guarantor has waived the right to examine them.

 

8.7    Benefit. Guarantor has a direct financial interest in Borrower and will benefit directly and indirectly from the execution of the Loan Documents.

 

8.8    Independent Review. Guarantor has executed this Surety Agreement after conducting its own independent review and analysis of the financial condition and operations of Borrower, and Guarantor has not relied upon any representation, statement or information of or from Bank in connection with the same.

 

9.    Notices. All notices, requests and other communication made or given in connection with this Surety Agreement shall be in writing and, unless receipt is stated herein to be required, shall be deemed to have been validly given if delivered personally to the individual, division or department to whose attention notices to a party are to be addressed, or by private carrier, or by registered or certified mail, return receipt requested, in all cases with postage prepaid, addressed as follows until some other address (or individual, division or department for attention) shall be designated by notice given in accordance with this paragraph:

 

	
			To Guarantor:

				
			c/o INTEST Corporation

			804 East Gate Drive, Suite 200

			Mount Laurel, NJ 08054

			Attention: Duncan Gilmour, Treasurer and CFO

			Telephone: [REDACTED]

			E-Mail: [REDACTED]

			

 

 

 

 

	
			To Bank:

				
			M&T Bank

			210 Lake Drive East Suite 102

			Woodlands Falls Corporate Park

			Cherry Hill, NJ 08002

			Attention: Steven A. Vilardi, Vice President

			

 

10.    Set-Off. Without limiting the rights of Bank under applicable law, Bank has and may exercise a right of set-off, a lien against and a security interest in all property of Guarantor now or at any time in Bank’s possession in any capacity whatsoever, including but not limited to any balance of any deposit, trust or agency account, or any other bank account with Bank, as security for the Obligations. At any time and from time to time following the occurrence of an Event of Default, or an event which with the giving of notice or passage of time or both would constitute an Event of Default, Bank may without notice or demand, set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by Bank to or for the credit of Borrower or Guarantor against any or all of the Obligations and Borrower’s and Guarantor’s obligations under the Loan Documents.

 

If any bank account of Guarantor with Bank are attached or otherwise liened or levied upon by any third party, Bank need not await the running of any applicable grace period hereunder, but Bank shall have and be deemed to have the immediate right of set-off and may apply the funds or amount thus set-off against Guarantor’s obligations to Bank.

 

11.    Cumulative Remedies. The rights, remedies, powers and privileges provided to Bank herein or in any of the Loan Documents shall not be deemed exclusive, but shall be cumulative and shall be in addition to any other rights, remedies, powers and privileges of Bank at law or in equity.

 

12.    Waivers. Guarantor hereby fully, finally, unconditionally and irrevocably waives the following:

 

12.1    Notices. Notice of acceptance of this Surety Agreement by Bank and any notice of the incurring by Borrower of any Obligations; presentment for payment, notice of nonpayment or demand, demand, protest, notice of protest and notice of dishonor or default to any party including Borrower and Guarantor; notice of any change in Borrower’s financial condition, operations, loan status or collateral position; notice of any of the actions described in Section 6 hereof; and all other notices to which Guarantor may be entitled but which may legally be waived.

 

12.2    Demand. Demand for payment as a condition of liability under this Surety Agreement.

 

12.3    Disability. Any disability of Borrower or defense available to Borrower, including absence or cessation of Borrower’s liability for any reason whatsoever.

 

 

 

 

12.4    Defenses. Any defense or circumstance which might otherwise constitute a legal or equitable discharge of a guarantor or surety, including, without limitation, any obligation of Bank to proceed against Borrower prior to exercising any rights hereunder.

 

12.5    Possession/Marshalling. Any demand for possession of any collateral and any and all rights to subrogation or realization on any of Borrower’s property, including any right to require or participate in the marshalling of Borrower’s assets.

 

12.6    Termination. Any and all right to terminate Guarantor’s obligations hereunder by delivery of written notice to Bank or otherwise.

 

12.7    Limitations on Actions. All benefits under any present or future laws exempting any property, real or personal (with the exception of Guarantor’s officer’s primary residence), or any part of any proceeds thereof, from attachment, levy or sale under execution, or providing for any stay of execution to be issued on any judgment recovered under any of the Loan Documents or in any replevin or foreclosure proceedings, or otherwise providing for any valuation, appraisal or exemption.

 

12.8    Inquisition. All rights to inquisition on any real estate, which real estate may be levied upon pursuant to a judgment obtained under any of the Loan Documents and sold upon any writ of execution issued thereon in whole or in part, in any order desired by Bank.

 

12.9    Bond. Any requirement for bonds, security or sureties required by statute, court rule or otherwise.

 

12.10    Expenses. All rights to claim or recover attorney’s fees and costs in the event that Guarantor is successful in any action to remove, suspend or prevent the enforcement of a judgment entered by confession.

 

12.11    Subrogation. ANY AND ALL RIGHTS GUARANTOR MAY HAVE AT ANY TIME (WHETHER ARISING DIRECTLY OR INDIRECTLY, BY OPERATION OF LAW OR CONTRACT) TO ASSERT ANY CLAIM AGAINST BORROWER OR ANY OTHER GUARANTOR ON ACCOUNT OF PAYMENTS MADE OR OBLIGATIONS PERFORMED UNDER THIS SURETY AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY AND ALL RIGHTS OF SUBROGATION, REIMBURSEMENT, EXONERATION, CONTRIBUTION OR INDEMNITY.

 

12.12    Imperfections. Any and all errors, defects and imperfections in any action by Bank in replevin, foreclosure or other court process or in connection with any other action related to any of the Loan Documents or the transactions contemplated therein.

 

13.    Delay or Omission Not Waiver. Neither the failure nor any delay on the part of Bank to exercise any right, remedy, power or privilege under the Loan Documents upon the occurrence of any Event of Default or otherwise shall operate as a waiver thereof or impair any such right, remedy, power or privilege. No waiver of any Event of Default shall affect any later Event of Default or shall impair any rights of Bank. No single, partial or full exercise of any rights, remedies, powers and privileges by Bank shall preclude further or other exercise thereof. No course of dealing between Bank, Borrower or Guarantor shall operate as or be deemed to constitute a waiver of Bank’s rights under the Loan Documents or affect the duties or obligations of Borrower or Guarantor.

 

 

 

 

14.    Binding Effect. This Surety Agreement and all rights and powers granted hereby will bind and inure to the benefit of the parties hereto and their respective successors and assigns.

 

15.    Prior Guaranties. Nothing contained in this Surety Agreement is intended to release, supersede, modify or otherwise affect any other guaranty or suretyship agreement from Guarantor to Bank.

 

16.    Construction. For purposes of this Surety Agreement, the singular shall be deemed to include the plural and the neuter shall be deemed to include the masculine and feminine as the context may require.

 

17.    Severability. The provisions of this Surety Agreement and all other Loan Documents are deemed to be severable, and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions which shall continue in full force and effect.

 

18.    Governing Law. This Surety Agreement has been made, executed and delivered in the Commonwealth of Pennsylvania and will be construed in accordance with and governed by the laws of such Commonwealth without regard to any rules or principles regarding conflict of laws or any rule or canon of construction which interprets agreements against the draftsman.

 

19.    Joint and Several Liability. All obligations of Guarantor hereunder are joint and several with those of all other guarantors of or surety for all or any part of the Obligations. All agreements, conditions, covenants and provisions hereof shall be the joint and several obligation of Guarantor.

 

20.    Counterparts. This Surety Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Surety Agreement by signing any such counterpart.

 

21.    Submission to Jurisdiction. Guarantor hereby consents to the jurisdiction of any state or federal court located within the Commonwealth of Pennsylvania, and irrevocably agrees that, subject to Bank’s election, all actions or proceedings relating to the Loan Documents or the transactions contemplated hereunder shall be litigated in such courts, and Guarantor waives any objection which Guarantor may have based on lack of personal jurisdiction, improper venue or forum non conveniens to the conduct of any proceeding in any such court and waives personal service of any and all process upon Guarantor, and consents that all such service of process be made by mail or messenger directed to Guarantor at the address set forth in Section 9. Nothing contained in this Section 21 shall affect the right of Bank to serve legal process in any other manner permitted by law or affect the right of Bank to bring any action or proceeding against Guarantor or Guarantor’s property in the courts of any other jurisdiction.

 

22.    Limitation on Damages. Guarantor and Bank agree that, in any action, suit or proceeding, in respect of or arising out of this Surety Agreement, the Loan Documents or the transactions contemplated hereunder, each mutually waives to the fullest extent permitted by law, any claim for consequential, punitive or special damages.

 

 

 

 

23.    JURY TRIAL WAIVER. GUARANTOR AND BANK WAIVE ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN DOCUMENTS OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF BORROWER, GUARANTOR OR BANK WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. GUARANTOR AND BANK AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THE LOAN DOCUMENTS MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF GUARANTOR AND BANK TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. GUARANTOR ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENTS AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS SECTION.

 

24.    No Novation. This Surety Agreement shall amend and restate, but not satisfy, the obligations of Existing Guarantors under the Existing Surety Agreement. Nothing contained herein shall be deemed to constitute a novation or satisfaction of the Existing Surety Agreement, but the terms and conditions of this Surety Agreement shall amend, restate, and supersede the terms and conditions of the Existing Surety Agreement.

 

25.    Joinder of Acculogic. Acculogic hereby agrees that (a) effective as of the date hereof, it is hereby and shall be deemed to be a Guarantor under the Surety Agreement, and (b) from the date hereof until payment in full of the Obligations and termination of the Loan Agreement, Acculogic has assumed the obligations of a Guarantor under, and Acculogic shall perform, comply with and be subject to and bound by, jointly and severally with each of the Existing Guarantors, each of the terms, provisions, conditions and waivers of the Surety Agreement to the same extent as it were an original signatory thereto.

 

Acculogic joins in, makes, affirms, and ratifies in favor of Bank, the Surety Agreement given by the Existing Guarantors to Bank. Without limiting the foregoing, Acculogic hereby pledges, collaterally assigns and grants a lien on and security interest in its right, title and interest in and to its Collateral to Lender to secure the payment and performance of the Obligations. Acculogic hereby authorizes Bank to file such UCC financing statements or amendments or other similar filings as Bank shall determine to be necessary or desirable in connection with the foregoing. Acculogic also agrees to execute and deliver (or cause to be executed and delivered) at any time and from time to time such further instruments and documents and do or cause to be done such further acts as may be reasonably requested by Bank to effect the provisions of this Section 25.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

IN WITNESS WHEREOF, the undersigned have caused this Surety Agreement to be executed the day and year first above written.

 

	 	
			GUARANTOR:

			 

			AMBRELL CORPORATION,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			 

			INTEST SILICON VALLEY CORPORATION,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			 

			 

			INTEST EMS, LLC,

			a Delaware limited liability company

			 

			 

			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			 

			 

			TEMPTRONIC CORPORATION,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			 

			 

			VIDEOLOGY IMAGING CORPORATION,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			

 

 

 

 

	 	
			ACCULOGIC LTD.,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			

 

 

Bank hereby joins in this Surety Agreement for the sole purpose of ratifying and confirming its consent to the provisions contained in Section 23 above.

 

	 	
			BANK:

			 

			M&T BANK

			
	 	 
	 	 
	 	By:	/s/ Steven A. Vilardi
	 	 	Name: Steven A. Vilardi
	 	 	Title: Vice President

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