SEC Contract Filing

Filing Date: 2016-06-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>blonderex10to8k060316.htm
<DESCRIPTION>FIFTEENTH AMENDEMENT TO REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT
<TEXT>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT 10.1</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">FIFTEENTH AMENDMENT TO REVOLVING CREDIT,</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">TERM LOAN AND SECURITY AGREEMENT</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">THIS FIFTEENTH AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT (the &#8220;Agreement&#8221;) is entered into as of June 1, 2016, by and among BLONDER TONGUE LABORATORIES, INC., a corporation organized under the laws of the State of Delaware (<font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8220;BTL&#8221;</font>), R. L. DRAKE HOLDINGS, LLC, a limited liability company organized under the laws of the State of Delaware (<font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8220;RL Drake&#8221;</font> and collectively with BTL, the <font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8220;Borrower&#8221;</font>), the financial institutions which are now or which hereafter become a party hereto (collectively, the <font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8220;Lenders&#8221;</font> and individually a <font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8220;Lender&#8221;</font>) and SANTANDER BANK, N.A. (formerly known as Sovereign Bank, N.A.) (<font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8220;Santander&#8221;</font>), as agent for Lenders (Santander, in such capacity, the <font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8220;Agent&#8221;</font>).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">RECITALS</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Whereas, the Borrower and the Lenders entered into a Revolving Credit, Term Loan and Security Agreement dated August 6, 2008, as amended by that certain First Amendment to Revolving Credit Term Loan and Security Agreement dated January 14, 2011, that certain Second Amendment to Revolving Credit Term Loan and Security Agreement dated February 1, 2012, that certain letter agreement dated August 10, 2012 (constituting the third amendment to the Revolving Credit, Term Loan and Security Agreement), that certain Fourth Amendment to Revolving Credit, Term Loan and Security Agreement dated March 27, 2013, that certain Fifth Amendment to Revolving Credit, Term Loan and Security Agreement dated November 13, 2013, that certain Sixth Amendment to Revolving Credit, Term Loan and Security Agreement dated March 28, 2014, that certain Seventh Amendment to Revolving Credit, Term Loan and Security Agreement dated January 21, 2015, that certain Eighth Amendment to Revolving Credit, Term Loan and Security Agreement dated May 14, 2015, that certain Ninth Amendment to Revolving Credit, Term Loan and Security Agreement dated August 12, 2015, that certain Tenth Amendment to Revolving Credit, Term Loan and Security Agreement dated October 14, 2015, that certain Eleventh Amendment to Revolving Credit, Term Loan and Security Agreement dated November 14, 2015, that certain Twelfth Amendment to Revolving Credit, Term Loan and Security Agreement dated as of December 16, 2015 and that certain Thirteenth Amendment to Revolving Credit, Term Loan and Security Agreement dated as of February 1, 2016, and that certain Fourteenth Amendment to Revolving Credit, Term Loan and Security Agreement dated as of March 1, 2016, as the same shall be further amended by this Agreement (as may be further amended, restated, replaced and/or modified from time to time, the <font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8220;Loan Agreement&#8221;</font>); and</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Whereas, the Borrower and the Lenders have agreed to modify the terms of the Loan Agreement as set forth in this Agreement to, among other things, modify the interest rate accrual under the loans set forth in loan agreement, amend certain financial covenants set forth in the Loan Agreement, extend the availability and termination date of the loans under the Loan Agreement, and remove the option to obtain LIBOR Loans under the Loan Agreement.</font></div>

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