Attached files
file | filename |
---|---|
10-Q - 3RD QTR 2009 - Omega Flex, Inc. | form10-q3rdqtr2009.htm |
EX-31 - CFO CERTIFICATION - Omega Flex, Inc. | ex31-2cfocertifications.htm |
EX-31 - CEO CERTIFICATION - Omega Flex, Inc. | ex31-1ceocertifications.htm |
EX-10 - AMEND TO LOAN AGREEMNT - Omega Flex, Inc. | ex10-2amendtoloanagreemnt.htm |
EX-32 - CEO CFO CERTIFICATIONS - Omega Flex, Inc. | ex32-1ceocfocertifications.htm |
EX-10 - AMENDMENT HUNTER REPURCHASE PLAN - Omega Flex, Inc. | ex10-3amendhunterrepurchase.htm |
EXHIBIT 10.1
SECOND ALLONGE TO REVOLVING LINE OF CREDIT NOTE
This Second Allonge to Revolving Line of Credit Note (the Second Allonge) made and entered into as of the 4th day of September, 2009 to the Revolving Line of Credit Note dated September 4, 2007, as amended by a First Allonge to Revolving Line of Credit Note dated September 18, 2008 (as amended, the Note) in favor of SOVEREIGN BANK, a federal savings bank with a usual office at 1350 Main Street, Springfield, Massachusetts as made by OMEGA FLEX, INC., a Pennsylvania corporation with a usual address of 213 Court Street, Suite 701, Middletown, Connecticut (the Borrower).
FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, the Borrower agrees that the Note is hereby amended as follows:
1. Terms not otherwise defined in this Second Allonge shall have the same meanings as set forth in the Note.
2. Paragraph 1.6 is hereby modified by deleting the date of September 4, 2009 and substituting therefor the date of September 1, 2010.
3. Paragraph 2. entitled: INTEREST RATE is hereby deleted in its entirety and replaced with the following new Paragraph 2:
2. INTEREST RATE: The interest rate payable with respect to the outstanding principal balance hereunder shall be, at the Borrowers election either:
(i) the LIBOR Rate plus one and three-quarters (1.75%) percent, for successive Interest Periods of 30, 60, or 90 days each, as selected by the Borrower; or
(ii) the Banks Base Rate, less one-quarter (0.25%) percent, as such rate changes from time to time.
4. Paragraph 4.1 is hereby modified by deleting the date of September 4, 2009 and substituting therefor the date of September 1, 2010.
5. Paragraph 5.2 is hereby modified by deleting the date of September 4, 2009 and substituting therefor the date of September 1, 2010.
6. Subsections (a) and (b) of Paragraph 6.1 entitled: Election of Interest Rate are hereby deleted in their entirety and replaced with the following new Subsections (a) and (b):
|
(a) the LIBOR Rate plus one and three-quarters (1.75%) percent; or |
|
(b) the Banks Base Rate less one-quarter (0.25%) percent. |
7. All references in the Note and all other instruments or documents executed or delivered in connection therewith to the Note and Revolving Line of Credit Note shall be deemed to mean the Note as amended by this Second Allonge.
8. As hereby amended, the Note is hereby ratified and confirmed in all respects, and all terms and provisions not amended shall remain in full force and effect.
[END OF ALLONGE EXCEPT FOR SIGNATURE PAGE]
EXECUTED as a sealed instrument as of the day and year first above written.
|
THE BORROWER, |
|
OMEGA FLEX, INC. |
s/ Yolanda C. Hunnicutt |
By: s/ Paul J. Kane |
Witness |
Its Vice President and Chief Financial |
|
Officer Paul J. Kane |