SEC Contract Filing

Filing Date: 2017-04-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>exhibit103amendedandrestat.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<div><a name="sf8e1f5792d7f4d348bf8a33db4e0c1d7"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:10px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">EXHIBIT 10.3</font></div><div style="line-height:120%;padding-bottom:10px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">THIS AMENDED AND RESTATED REVOLVING LINE OF CREDIT NOTE IS SUBJECT TO ARBITRATION PURSUANT TO THE FEDERAL ARBITRATION ACT AND/OR &#167;15-48-10 OF THE SOUTH CAROLINA CODE OF LAWS (1976), AS AMENDED</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">AMENDED AND RESTATED REVOLVING LINE OF CREDIT NOTE</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">[FACILITY A]</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$2,000,000.00</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Charleston, South Carolina</font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">April 20, 2017</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, Vicon Industries, Inc., a New York corporation, with a principal place of business at 135 Fell Court, Hauppauge, New York 11788 (the &#8220;Borrower&#8221;), executed that certain Amended and Restated Revolving Line of Credit Note in the original principal amount of up to Four Million and No/100 Dollars ($4,000,000.00), dated as of August 18, 2016, in favor of NIL Funding Corporation, a Delaware corporation (&#8220;Lender&#8221;) at its office at 4838 Jenkins Avenue, North Charleston, South Carolina 29405 (&#8220;Original Note&#8221;).</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, Borrower and Lender desire to amend and restated the Original Note in its entirety.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Original Note is hereby amended and restated in its entirety with the following:</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FOR VALUE RECEIVED, the undersigned Borrower promises to pay to the order of Lender in lawful money of the United States of America and in immediately available funds, the principal sum of Two Million and No/100 Dollars ($2,000,000.00), or so much thereof as may be advanced and be outstanding, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Note is subject to the terms and conditions set forth in that certain Amended and Restated Credit Agreement with Consent of Guarantor, of even date herewith, by and among Borrower, IQinVision, Inc., and Lender (the &#8220;Credit Agreement&#8221;).</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">INTEREST:</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Interest</font><font style="font-family:inherit;font-size:11pt;">. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at 6.95% per annum.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;t