Loan Agreement Addendum between Branch Banking and Trust Company and Southeast Power Corporation (January 15, 2013)
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Summary
This addendum modifies a previous $1,500,000 loan agreement between Branch Banking and Trust Company and Southeast Power Corporation. The main change is an updated financial covenant requiring Southeast Power Corporation to maintain a minimum tangible net worth of $18,000,000, as shown in its annual audited financial statements starting with the 2012 fiscal year. All other terms of the original loan agreement remain unchanged. The agreement is also signed by several guarantors, including The Goldfield Corporation, Pineapple House of Brevard, Inc., and Bayswater Development Corporation.
EX-10.5 6 a10-5bbt_15mmxsepxequipxlo.htm EXHIBIT 10-5BBT_15MM_SEP_Equip_Loan_Addendum
Exhibit 10-5
Loan Agreement Addendum
9660933120/00005
This Loan Agreement Addendum to a loan agreement dated the 17th of April, 2012 for account number 9660933120 note 00005, in the original principal amount of $1,500,000 by and between BRANCH BANKING AND TRUST COMPANY (“Bank”), a North Carolina banking corporation and Southeast Power Corporation, a State of Florida corporation (“Borrower”), having its executive offices at Melbourne, Florida is made this 15th day of January 2013 by and between BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (“Bank”) and Southeast Power Corporation, a State of Florida corporation (“Borrower”), having its executive offices at Melbourne, Florida.
Section V. FINANCIAL COVENANTS is amended as follows:
The paragraph beginning Tangible Net Worth is deleted and replaced with the following:
Tangible Net Worth. A minimum tangible net worth of not less than $18,000,000.00 as evidenced by Borrower’s consolidated annual audited financial statement as included in the Form 10-K beginning with its fiscal year ending December 31, 2012. Tangible Net Worth is defined as net worth, plus obligations contractually subordinated to debts owed to Bank, minus goodwill, contract rights, and assets representing claims on stockholders or affiliated entities.
All other conditions of the loan agreement are to remain unchanged including the paragraph beginning Debt to Tangible Net Worth following the section replaced in this addendum.
SIGNATURE PAGE
IN WITNESS WHEREOF, the Bank, Borrower and Guarantor(s) have caused this Agreement to be duly executed under seal all as of the date first above written.
Witness: | BORROWER: | ||
Southeast Power Corporation, a Florida corporation | |||
John H. Sottile | By: /s/ Stephen R. Wherry | ||
Print Name: | /s/ John H. Sottile | Stephen R. Wherry | |
/s/ Mary Manger | Title: Treasurer | ||
Print Name: | Mary Manger |
Witness: | GUARANTORS: | ||
The Goldfield Corporation, a Delaware corporation | |||
John H. Sottile | By: /s/ Stephen R. Wherry | ||
Print Name: | /s/ John H. Sottile | Stephen R. Wherry | |
/s/ Mary Manger | Title: Senior Vice President | ||
Print Name: | Mary Manger | ||
Pineapple House of Brevard, Inc., a Florida corporation | |||
John H. Sottile | By: /s/ Stephen R. Wherry | ||
Print Name: | /s/ John H. Sottile | Stephen R. Wherry | |
/s/ Mary Manger | Title: Vice President | ||
Print Name: | Mary Manger |
Bayswater Development Corporation, a Florida corporation | |||
John H. Sottile | By: /s/ Stephen R. Wherry | ||
Print Name: | /s/ John H. Sottile | Stephen R. Wherry | |
/s/ Mary Manger | Title: Treasurer | ||
Print Name: | Mary Manger |
Witness: | BANK: | ||
Branch Banking and Trust Company | |||
John H. Sottile | By: /s/ Barry Forbes | ||
Print Name: | /s/ John H. Sottile | ||
/s/ Mary Manger | Name: Barry Forbes | ||
Print Name: | Mary Manger | Title: Sr. Vice President |